New Delhi: Owing to a general slowdown in the economy and various other factors, the sales of residential property has tanked 18 percent in the third quarter (Q3) of the current calendar year as compared to the same period last year. The sales in Q3 of the current years was just 55,080 units as against 67,170 units in the in the same period of 2018 in the top seven cities of the country, according to a report by ANAROCK property consultants.
Even as compared to second quarter (Q2) of the current year, the sales have gone down by 20 percent. The sales of housing units was 68,600 in Q2 of the current year.
New launches by developers declined by about 13 percent in Q3 of 2019 as compared to Q3 of 2018. The latest quarter saw launch of 45,230 units in comparison to 52,130 units in the same quarter of 2018.
The least quarterly drop in sales of housing stock was seen in Chennai and Kolkata where the decline was 12 percent each. Hyderabad saw the largest drop of 26 percent.
Unsold stock of residential properties shrunk marginally by just one percent from 6.66 lakh units in Q2 of the current year to 6.56 lakh units in Q3.
Interestingly, developers are aligning their products to the market requirements and about 41 percent of the new launches in Q3 of 2019 was of affordable homes category and about 36 percent in the mid segment.