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Real estate market across top seven cities stayed subdued in the September quarter with just nine per cent increase in sales, indicating that house buyers continue to wait and watch.
September quarter saw a meagre three per cent increase in overall fresh housing supply compared to the April-June period despite property prices remaining stagnant, according to Anarock Property Consultants.
“The third quarter saw only a minimal increase in both new launches and absorption over the previous quarter. However, there has been a 51 per cent jump in new housing supply against Q3 2017. Purchases also rose 15 per cent compared to the year-ago period,” Anuj Puri, Chairman, Anarock, said.
Buyers and developers alike are pinning their hopes on the ongoing festive season for better deals and faster deal velocity, respectively. “Lower-budget range housing continues to keep the momentum going. This segment saw a nearly 65 per cent increase in supply in Q3 2018 against the same period last year,” he added.
NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad saw 52,150 units launched in Q3 2018 against 50,600 units in Q2.
“MMR and Pune together led the pack with 27 per cent rise in deals compared to the previous quarter. Out of all the states and Union Territories in India, Maharashtra takes the first place when it comes to proactive RERA deployment. This has boosted home buyer sentiment significantly,” Puri added.
Residential property rates across the top cities remained stagnant in Q3 2018 compared to the previous quarter. Kolkata was an exception where the rates declined by around one per cent as considerable unsold stock in the market kept ticket sizes range-bound.
Lower-budget and mid-segment housing continued to dominate, with 75 per cent of launches (39,300 units) costing below Rs 80 lakh. Lower-budget segment comprised 42 per cent share of the total new launches.
Despite the ongoing pain in Indian real estate, both housing sales and new launches have increased quarter-on-quarter. The future depends on a favourable macroeconomic environment in 2019, Puri added.
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