Housing Sales Drop 13 Percent In Q2, 2019
New Delhi: Housing sales in the top seven cities of the country declined by 13 percent in the second quarter (April-June) of 2019 at 68,600 units as compared to the January-March quarter of 2019, according to a report by real estate consultant ANAROCK.
Hyderabad, Bangalore and Pune saw the maximum decline in housing sales at 18 percent, 16 percent and 15 percent respectively. Mumbai Metropolitan Region and witnessed 11 percent and 8 percent drop respectively.
However, on a yearly basis, the housing sales jumped up by 12 percent in second quarter of 2019 over second quarter of 2018, while new launches increased by 36 percent during the same period.
“Going forward, with a stable government in power, residential activity is likely to pick momentum in the coming quarters. Though new launches saw a two percent quarterly decline in Q2 2019, and affordable housing supply fell by 20% against the previous quarter, the luxury category (priced Rs 2 crore – Rs 5 crore) saw supply increase by a jaw-dropping 60 percent, led by Hyderabad and NCR,” says Anuj Puri, Chairman, ANAROCK Property Consultants.
It was the first time since 2016 that new launches outnumbered housing sales in a given quarter.
Mumbai Metropolitan Region saw the launch of about 23,045 units – a drop of about 14 percent from Q1 2019. Bangalore added around 11,010 units in Q2 2019, a quarterly jump of 22 percent Q1 2019. Delhi-NCR added new supply of 13,570 housing units in Q2 2019 compared to 8,030 units in Q1 2019 - a substantial increase of 69 percent, the report says.