New launches fell by 22% to 1.46 lakh units during 2018 against 1.87 lakh units in the previous year.
Increased demand for flats that are ready to move in or nearing completion helped housing sales to rise by 7% during 2018 to nearly 2.15 lakh units across nine major cities, according to data analytic firm PropEquity.
New launches fell by 22% to 1.46 lakh units during 2018 against 1.87 lakh units in the previous year.
Higher sales and fall in new supply led to 10% decline in unsold stock at around 6 lakh units as on December 31, 2018.
The nine cities tracked by PropEquity are Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.
"In 2018, we witnessed over 20% fall in new launches in top nine Indian cities as developers across cities focussed on executing and aggressively selling previously launched projects. This also led to unsold inventory falling by over 10%; and effectively these top nine cities sold 7.2% more units in 2018 versus 2017 even with fewer launched projects," said Samir Jasuja, Founder and MD, PropEquity.
The realty sector is currently on the upswing, primarily for ready-to-move housing units or the projects that are nearing competition due to low-risk factors attached to them, he added.
"2019 is going to be a watershed moment for the Indian real estate sector. We are witnessing solid demand for ready-to-move and nearing completion projects, which primarily cater to end-users," Jasuja said.
According to the data, Bengaluru saw 19 per rise in sales to 38,525 units during 2018, while sales in Chennai grew by 40% to 14,920 units.
Housing sales in Mumbai went up by 9% at 22,413 units, 16% in Pune at 49,706 units and 14% in Kolkata at 14,166 units.
However, Gurugram saw a dip in sales by 16% at 9,425 units, while sales in Hyderabad declined by 17% at 15,486 units.
Housing sales in Noida fell by 5% to 3,828 units, while absorption in Thane dipped by 2% to 46,347 units.
Among other property consultants, Knight Frank has reported lowest rise in housing sales during 2018 at 6%.
JLL India said housing sales rose 47% in seven cities, ANAROCK data suggested 16% rise in seven cities, and PropTiger showed 25% rise in sales in nine big cities. The difference in the figures is on account of variation in locations in the respective reports.
P.E. Analytics owns and operates PropEquity, which is an online subscription based real estate data and analytics platform covering over 98,370 projects of 26,881 developers across over 42 cities in India.
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