The residential market continued to remain subdued in the September quarter compared to last year, according to data released by Mumbai-based research firm Liases Foras.
Home sales across top eight cities declined 37% on a year-on-year basis to 42,297 units. While the sales in NCR and Bengaluru witnessed maximum decline of 47% and 46% y-o-y respectively, sales in Ahmedabad came in lower by 37%, Kolkata declined by 32% and Pune by 35%. Least decline of sales in percentage terms was witnessed in Chennai as the sales fell by 22%.
In some respite, unsold stock in tier-I cities decreased by 4% in the September quarter compared to the same period last year, on the back of sharp decline in new launches. The unsold stock at the end of the quarter stood at 9,32,767 units across Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR and Pune. NCR showed the maximum reduction by 11% in unsold units stock followed by Kolkata and Hyderabad by 10% and 8% respectively. Only Pune witnessed a growth of 1% in unsold units.
New launches decreased by a steep 70% on a y-o-y basis to 18,591 units. New launches in Chennai witnessed maximum decline of 86% followed by Kolkata with 81% decline, Bengaluru by 80%, Hyderabad by 78%, Pune by 76%, Ahmedabad by 64%, NCR by 63% and MMR saw the least decline in launches at 58%.
Overall months inventory increased by 54% on y-o-y basis to 66 months versus 43 months in the September quarter last year. Inventory months increased maximum in Bengaluru by 74% to 97 months, followed by MMR to 85 months and NCR to 81 months.
However, weighted average price across tier-I cities remained the same as compared to a year ago at `6,730 per square feet. Chennai exhibited maximum increase in prices by 3% to Rs 5,168 per square feet, followed by 2% in Hyderabad to Rs 5,777 per square feet. Meanwhile prices dipped in MMR by 3% to Rs 12,057 per square feet, Kolkata by 3% to Rs 4,192 per square feet and Pune by 1% to Rs 5,234 per square feet. The prices remained stable in Bengaluru and NCR at Rs 5,497 and Rs 4,620 per square feet respectively.
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