New Delhi: PropTiger reported a 6 per cent decrease in housing sales in the April-June period in the top eight cities, as builders and investors were wary because of the Lok Sabha polls. PropTiger, part of REA India that also owns Housing.com, published its quarterly report on housing demand and supply on Thursday.
Based on the information, there was a 6 percent decline in housing sales to 113,768 units in the April-June period from 120,642 units in the previous January-March quarter. Nevertheless, there was a 42 percent increase in housing sales in April-June compared to 80,245 units sold in the same period last year.
Wadhawan expressed optimism about increased sales numbers in the upcoming quarters, particularly during festive months, due to anticipation of a pro-investment Union Budget following the formation of a new government at the Centre.
According to the data comparing one quarter to another, housing sales in Ahmedabad decreased by 26 percent to 9,500 units from 12,915 units between April-June and January-March of this year.
On the other hand, Bengaluru experienced a 30% growth in sales, reaching 13,495 units from 10,381 units. Chennai saw a 10 per cent decrease in residential property sales, dropping from 4,427 units to 3,984 units.Delhi-NCR experienced a 10 per cent rise in sales, reaching 11,065 units from 10,058 units.
There was a 14 per cent decrease in housing sales in Hyderabad, with a total of 12,296 units sold compared to 14,298 units previously. In Kolkata, there was a decrease in sales from 3,857 units to 3,237 units. There was an 8 per cent decrease in housing sales in the Mumbai Metropolitan Region (MMR), with the number of units sold dropping from 41,594 to 38,266. There was a 5 per cent decrease in housing sales in Pune, with 21,925 units sold during April-June compared to 23,112 units in the previous quarter.
During the April-June quarter, there was a slight 1 per cent decrease in new supply to 1,01,677 units compared to 1,03,020 in the January-March period. The report includes the housing markets of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai, and Thane), and Pune.
Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com, mentioned that home demand eased in the April-June timeframe due to the general elections, but consumer confidence in real estate investments remains high. He also noted that the developer community was being careful, as shown by a decrease in new launches in half of the cities that were analyzed by PropTiger.
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