Housing sales across the tier I Indian cities have showcased an upward movement during the quarter ended September. Property markets across top 8 cities have recorded a 57% on-year and 17% sequential growth in residential sales at 66,548 apartments during the quarter, showed data from non-broking research firm Liases Foras Real Estate Rating & Research.
Sales witnessed maximum recovery in Bangalore by 99%, followed by Pune at 69%, Hyderabad 62%, Ahmedabad 58%, Chennai 57%, Mumbai Metropolitan Region (MMR) 56%, National Capital Region (NCR) 35%. Sales declined only in Kolkata by 5% on a year-on-year basis.
Tier I cities witnessed a marginal increase in sales during April-September as against the second half of October-March but increased by 80% from a year ago.
Consolidated unsold inventory across tier I cities declined 4% in the second quarter of FY22 and stayed at 896,404 units. Months’ inventory in these property markets stood at 40 months in September, easing from 48 months as on June end.
Bangalore witnessed the maximum 18% decline in unsold stock, followed by Kolkata 9%, Pune 8%, NCR 4%, Ahmedabad 4% and MMR 3%. Unsold inventory increased in Hyderabad by 34% and in Chennai by 1%
Property prices across these key cities remained stable on a sequential basis and witnessed 1% growth from a year ago. New launches rose 33% sequentially and 238% from a year ago.