New Delhi: The residential real estate market in the top eight cities of the country witnessed a paltry one percent increase in 2019 as compared to 2018, according to a report by real estate consultancy Knight Frank India.
A total of 245,861 homes were sold in 2019 as against 242,328 houses in 2018.
The number of new launches of homes in 2019 jumped 23 percent as compared to 2018. The total number of new launches in 2019 stood at 2,23,325 homes.
“Economic headwinds such as slower GDP growth, reduced industrial output, poor consumer sentiments, amongst others, presented significant challenges to the residential market throughout the year,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Hyderabad saw maximum yearly jump in residential property prices in 2019 at 10 percent. This was followed by Bengaluru which saw 6.3 percent increase. This was followed by Delhi at 4.5 percent. Kolkata followed next at 3.1 percent. Then came Ahmedabad at 2 percent. Mumbai, Pune and Chennai saw decrease in prices 2.5 percent, 3 percent and 5 percent respectively.
Unsold stock of homes went down five percent to 445,836 units. Mumbai had the highest number of unsold homes at 145,301 units. This was followed by Delhi NCR at 122,084 units and Bengaluru at 78,414 units.