Despite economic slowdown, homes worth Rs 1.54 lakh crore sold in top 7 cities in 2019
BENGALURU: Despite depressed consumption sentiment, the top seven cities saw homes worth approximately Rs 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16 per cent, according to ANAROCK Property Consultants.
The overall value of units sold in the corresponding period of 2018 was approximately Rs 1.33 lakh crore, its Chairman Anuj Puri said.
Between January to September of 2019, nearly 2.02 lakh units have been sold across the top seven cities; approximately 1.78 lakh units were sold a year ago.
In value terms, MMR (Mumbai Metropolitan Region) topped the list with housing sales worth Rs 62,970 crore in 2019, followed by Bengaluru with sales worth Rs 28,160 crore.
While MMR saw a yearly gain of 33 per cent in the overall housing sales value over Rs 47,240 crore in 2018, Bengaluru saw a dip of seven per cent.
Last year, the IT capital saw total housing sales worth Rs 30,310 crore during the same period.
Interestingly, Pune saw a 32 per cent jump in the overall housing sales values during the year from Rs 13,275 crore during January-September in 2018 to Rs 17,530 crore in 2019, according to Puri.
As many as 31,380 homes were sold in Pune in 2019. Housing sales in NCR (National Capital Region) was valued at Rs 24,860 crore in 2019 against Rs 21,600 crore in the three quarters of 2018 - an annual increase of 15 per cent.
This is significant considering NCR has been one of the worst hit residential markets in recent times, the property consultants said.
Hyderabad and Chennai saw homes worth Rs 9,400 crore and Rs 5,580 crore respectively in 2019. Hyderabad housing sales declined by two per cent while in Chennai it rose by 13 per cent.
Among the top seven cities, Chennai saw the least overall sales value in 2019 - marginally below Kolkata, where homes worth Rs 5,850 crore were sold.
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 per cent yearly drop in the value of sold homes across the top seven cities from Rs 50,535 crore in Q3 2018 to Rs 42,040 crore in Q3 2019.
At 35 per cent, Bengaluru saw the largest drop in overall sales values in Q3 2019 against Q3 2018. The overall value of homes sold in the city was approximately Rs 7,540 crore in Q3 2019.
MMR saw homes worth Rs 17,300 crore sold in Q3 2019 against Rs 18,585 crore a year ago - an annual decline of seven per cent.
Pune saw the least decline in housing sales value in Q3 2019 homes worth Rs 4,775 crore were sold in Q3 2019 against Rs 5,035 crore in Q3 2018.
Hyderabad saw a 31 per cent decline during the period, and in Q3 2019 reported sales worth Rs 2,350 crore.
NCR saw a 13 per cent yearly decline in the overall housing sales value from Rs 7,775 crore in Q3 2018 to Rs 6,745 crore in Q3 2019.
Chennai and Kolkata saw housing sales values fall by 10 per cent and 29 per cent, respectively.
As on Q3 2019, the overall sales value of homes sold was Rs 1,620 crore in Chennai and approximately Rs 1,710 crore in Kolkata.