Third-quarter residential property sales seem 5% jump in year-on-year basis across top tier I cities in the country with southern cities leading the growth. The residential sales were recorded at 69,886 units in Q3 of FY19 as compared to the same period last year, mainly driven by affordable housing segments, said a current report by Liases Foras report.
As per the report, higher sales were headed by Chennai, which saw a 22% jump in sales and Hyderabad at 18%. Additionally, Pune witnessed a growth of 14% in sales followed by Bangalore and Ahmedabad at 11% each and at Kolkata 10% and MMR 9%. However, NCR is the only city that looks at a decline in sales with sales dropping by 17% as compared to last year.
“Close to 53% of the sales of this quarter were contributed by sub-50 lacs segment, in which the segment of 25-50 lacs is beginning to gain more traction with 12% YoY growth. Ultra-luxury segment ( >2Cr) has observed a 6% drop on QoQ and an 18% drop on YoY basis,” alleged Pankaj Kapoor MD LiasesForas.
However, the unsold stock has seen a 3% rise on a year-on-year basis. While Kolkata witnessed a 25% increase which is the highest followed by Hyderabad and Chennai showing 20% and 19% growth respectively. Weighted average prices across all Tier I cites remained stagnant on a quarterly basis and witnessed a dip of 1% on an annual basis.