Home sales in the top six cities of India rose 2% sequentially in the quarter to March but were down 8% over the year ago quarter, according to data from property research firm Liases Foras.
According to Liases Foras, new supply in the quarter rose 21% over the previous quarter, and 36% of the new supply came in the cost range of Rs 50 lakh to Rs 1 crore, followed by 29% in the range Rs 25 lakh to Rs 50 lakh. Two bedroom units constituted 36% of the new supply, followed by three bedroom units at 35%. Bengaluru and MMR constituted 31% and 28% of the new supply, respectively.
On a year-on-year basis, home sales fell 37% in the National Capital Region (NCR), while they were up 8% in Mumbai.
On a quarter-on-quarter basis, sales in Bengaluru were up 31%, while in Chennai and Mumbai they were up 24% and 25%, respectively. Sales in NCR were down 27%.
Hyderabad emerged the best performing market with a 46% year-on-year jump in home sales, followed by Pune, where sales rose 22%. Sales were up 5% in Bengaluru, while they were down 40% in Chennai.
Property prices in Bengaluru, Chennai, Hyderabad, the Mumbai Metropolitan Area, NCR and Pune remained stable both on year-onyear and quarteron-quarter basis.
Unsold housing inventory level in the top six cities rose further to 853.09 million sq ft, or about 650,000 apartments, in the January-March quarter from 832.09 million sq ft in the previous quarter.
Among all markets, NCR had the highest unsold inventory at 321.68 million sq ft, which will take about 71 months to get sold.
MMR was the next with 192.27 million sq ft that will take 46 months to be sold at the current pace of sales. Bengaluru was among the best performing markets among the larger ones with 152.43 million sq ft that will take 27 months to sell.
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