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Thursday, Nov 14, 2019

Availability of ready to move in homes rises, but sales reduce in third quarter

gurugram Updated: Oct 23, 2019 23:51 IST
HT Correspondent
HT Correspondent

The availability of ready to move in homes has increased in the festive season as around 81,000 houses are available in the top seven markets in the country, an Anarock report states released when?. The report also stated that there were almost 6.5 lakh unsold units in these markets; 12% of which were ready to be occupied and were being sought by buyers. As far as the National Capital Region (NCR) is concerned, Central Noida, Greater Noida West, and Yamuna Expressway have more than 7,270 units that are ready to move in, but these fall in the affordable segment and mid-segment homes. The luxury segment has the least ready stock, the report adds.

However, the report also states that despite the availability of ready to move in housing stock, the NCR also witnessed a 13% decline in overall housing sales value from ₹7,775 crore in the third quarter of 2018 to ₹6,745 crore in the third quarter of 2019. “In fact, of the three quarters of 2019, Q3 saw the worst overall sales performance due to a combination of factors—the ‘shraadh’ period (considered inauspicious), the ban on subvention schemes and a prolonged monsoon resulted in below-par sales. As a result, there was a 17% yearly drop in the value of sold homes across the top seven cities—from ₹50,535 crore in Q3 of 2018 to ₹42,040 crore in Q3 of 2019,” the report states.

Anuj Puri, chairman, Anarock property consultants, said, “Among the top seven cities, the Mumbai Metropolitan Region (MMR) has the maximum ready unsold stock, equalling nearly 21,000 units, followed by the NCR, which has nearly 16,800 unsold ready units, and Pune which has 14,260 ready units.”

The report reveals that Bengaluru and Chennai have an almost equal number of ready unsold supply with 10,640 units and 10,160 units respectively. Kolkata has 5,620 ready unsold homes, and Hyderabad has the least ready stock with about 2,520 unsold units. Hyderabad also has the least overall unsold stock (of 23,890 units) among the top seven cities.

Gurugram’s real estate dealers and brokers also said that despite the price correction taking place, the market was slow, and sales had not taken off. “The majority of the buyers are taking their time buying homes. There is no buoyancy in the market,” Sudhir Sharma, a city-based real estate consultant, said.

Praveen Jain, vice-chairman, National Real Estate Development Council, and a city-based real estate developer, also said that the real estate industry continued to remain in a state of slowdown as the unsold stock kept rising but the demand stayed low. “The government will have to make it easier to buy a home by ensuring cheaper loans and taking other initiatives,” he said.