On the inventory front, the unsold stock increased 1% year-on-year and on a quarterly basis, the unsold stock grew marginally
Real estate growth during the second quarter of this fiscal was muted over the previous year with sales in affordable housing segment decreasing. Still unsold stock marginally increased during the same period.
"Though the market has turned sluggish due to a crisis in the non-banking finance company space at present, sales in Q2 2018-19 was better than Q2 2017-18. The quarterly growth during the second quarter was muted, while in comparison with the previous year the market looks much better both in terms of sales and new launches," said Pankaj Kapoor, managing director, Liases Foras.
On the inventory front, the unsold stock increased 1% year-on-year and on a quarterly basis, the unsold stock grew marginally. According to him, Hyderabad and Chennai recorded maximum increase in inventory levels at 5% between Q1 and Q2 of this fiscal.
"Sales in the affordable segment (less than Rs 25 lakh) decreased 18% on a QoQ basis and 3% on YoY basis. Whereas, sales in the cost bracket of Rs 25 lakh to Rs 50 lakh increased 8% while on YoY basis the segment's sales went up 16%," Kapoor added.
However, sales in the cost bracket of Rs 50 lakh to Rs 1 crore remained unchanged on a quarterly basis but gained 7% YoY. Surprisingly, the luxury apartment segment showed an improvement in sales by 13% QoQ and 8% YoY.
As per Anarock Property Consultants, the unsold inventory in the Mumbai Metropolitan Region (MMR) witnessed about 56% rise till the end of Q3 when compared to the 2013 period. Aggressive launches between 2013 and 2015 led to a sharp rise in unsold stock.
As of Q3, nearly 2 lakh units remained unsold in MMR, states Anarock's latest report - 'The Peripheries – Greater Mumbai's Future Suburbs'. MMR accounts for around 37% of the overall unsold units across the top seven cities in India.
Detailing about sales, Liases Foras in its latest quarterly update shared that though sales across tier-I cities increased marginally by a percentage, Hyderabad witnessed the highest growth in sales by 17%, followed by Chennai at 12%, Ahmedabad at 5% and Bengaluru at 3%. However, the National Capital Region and Pune witnessed a decline in sales by 8% and 1%, respectively, on a quarterly basis.
"In Q2 FY19, the weighted average price softened by 1% as compared to the previous quarter. Prices in Hyderabad went up by 3% while prices in Bengaluru increased marginally by 1%. While NCR and Chennai witnessed a decline in prices of 4% and 1% respectively, prices in Ahmedabad, Kolkata, MMR and Pune remained stagnant," states Liases Foras report.
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