Despite depressed consumption sentiment, the top 7 cities saw homes worth approx. INR 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16%. The overall value of units sold in the corresponding period of 2018 was approx. INR 1.33 lakh crore.
Between January to September of 2019, nearly 2.02 lakh units have been sold across the top 7 cities; approx. 1.78 lakh units were sold a year ago.
In value terms, MMR topped the list with housing sales worth INR 62,970 crore in 2019, followed by Bangalore with sales worth INR 28,160 crore. While MMR saw a yearly gain of 33% in the overall housing sales value over INR 47,240 crore in 2018, Bangalore saw a dip of 7%. Last year, the IT capital saw total housing sales worth INR 30,310 crore during the same period.
Interestingly, Pune saw a 32% jump in the overall housing sales values during the year – from INR 13,275 crore during January-September in 2018 to INR 17,530 crore in 2019. As many as 31,380 homes were sold in Pune in 2019. Housing sales in NCR was valued at INR 24,860 crores in 2019 against INR 21,600 crore in the three quarters of 2018 - an annual increase of 15%. This is significant considering NCR has been one of the worst hit residential markets in recent times.
Hyderabad and Chennai saw homes worth INR 9,400 crore and INR 5,580 crore respectively in 2019. In a year, Hyderabad housing sales declined by 2% while in Chennai it rose by 13%. Among the top 7 cities, Chennai saw the least overall sales value in 2019 - marginally below Kolkata, where homes worth INR 5,850 crore were sold.
Q3 2019 Update
Of the three quarters of 2019, Q3 saw the worst overall sales performance. A combination of factors such as the ‘shraadh’ period (considered inauspicious), the ban on subvention schemes and a prolonged monsoon resulted in below par sales. As a result, there was a 17% yearly drop in the value of sold homes across the top 7 cities – from INR 50,535 crore in Q3 2018 to INR 42,040 crore in Q3 2019.
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.