Mumbai: Real Estate sales increase by 19% during the second quarter

Mumbai Metropolitan Region emerged as the leader with 19% increase in sales during the quarter, showed data from Liases Foras Real Estate Rating & Research.

Total sales in key markets including Mumbai, National Capital Region (NCR), Bangalore, Pune, Chennai and Hyderabad was 64,781 units during the quarter of July to September, marginally down from 64,881 in the previous quarter.

On a QoQ basis, maximum sales growth of 11% took place in the affordable housing segment (properties priced below Rs 25 Lakh). MMR contributed highest sales  28%, in the affordable housing segment with 3,388 units, followed by Ahmedabad at 24% with 2,903 units. The affordable segment contributed to 19% of the overall sales as compared to 17% in the previous quarter.

Sales in the cost bracket of 1 crore- 2 crore and  Rs. 25 – 50 Lacs decreased by (-8%) and (-5%) respectively. The cost bracket of Rs.25 – 50 Lacs contributed to 36% of total sales.

Unsold stock in Tier I cities marginally declined by (-1 %) QoQ. Hyderabad and NCR witnessed a (-5%) decline followed by Ahmedabad & Bangalore at (-3%). Kolkata and Chennai recorded an increase in unsold stock by 7% and 6% respectively.

During the quarter, the weighted average price level in these 8 markets increased 2% from a year ago. Prices in Ahmedabad and Bangalore rose the highest by 2%, while Kolkata and Pune witnessed a decline in price by 2%. Prices in Mumbai and Chennai remained stagnant.