New Delhi: Housing sales declined 11 percent to 72,000 units while new housing supply fell 47 percent to 37,852 units in April-June quarter in the top nine cities of the country, says a report by real estate portal Proptiger.
The nine cities are Mumbai Metropolitan Region (MMR), Noida, Gurugram, Pune, Bangalore, Hyderabad, Kolkata, Chennai and Ahmedabad.
Housing sales went up in four cities- Gurugram, Hyderabad, Kolkata and Pune. It declined in the remaining five.
Gurugram witnessed the highest increase of 32 percent in housing sales at 4,951 units during the quarter from 3,737 units in the year-ago period.
Housing sales in Hyderabad and Kolkata rose 10 percent at 6,204 units and 3,481 units, respectively. Pune saw a five percent rise in demand at 14,998 units.
However, Noida saw a steep 56 per cent decline at 3,304 units, followed by 36 percent dip in Ahmedabad at 3,362 units. Sales in Bengalore went down 17 percent at 8,431 units, while demand fell 14 percent in MMR at 22,652 units. Chennai saw a modest 2 percent fall at 4,574 units during the period under review.
“While we saw a decline in both sales and launches in Q1 FY’20, the outlook is optimistic going forward. A stable government at the Centre and a Union Budget that announced several favourable measures for the residential real estate sector are likely to act as catalysts,” said Dhruv Agarwala, Group CEO of PropTiger, Housing.com and Makaan.com.