Housing sales in NCR down 22 per cent in January-August; sales up 17 per cent in 7 cities: PropEquity

NEW DELHI: Housing sales in the Delhi-NCR property market fell 22 per cent during the January-August period to 16,846 units, but new supply increased 42 per cent 17,615 units, according to data analytics firm PropEquity.

In its report released on Wednesday, PropEquity said the total absorption or sales of home units in the top seven cities witnessed a rise of 17 per cent to 1,99,243 units in January-August 2021 from 1,65,308 units in January-August 2020.

However, the new launches in these seven cities fell 2 per cent to 1,54,246 units from 1,58,102 units during the period under review.

"Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune, witnessed growth in home sales by 11 per cent, 27 per cent, 35 per cent, 20 per cent and 22 per cent, respectively, during that period.

"Only Kolkata and Delhi-NCR witnessed 11 per cent and 22 per cent decline in sales, respectively," PropEquity said. Samir Jasuja, MD and Founder at PropEquity, said housing sales have been improving over the last few months especially since June onwards.

"This trend will continue in 2021 as the festive season is about to kick in which has been traditionally the best time for home purchases across India. The COVID-19 vaccination drive in India has also gathered speed and we are expected to cross 1 billion doses in October, this will lead further to improvement in market sentiments," he added.

Among all the cities, Hyderabad witnessed the highest increase in total sales of 35 per cent to 25716 units during January-August 2021 from 16645 units in the year-ago period.

Housing sales in Chennai grew by 27 per cent to 9,611 units from 6,988 units, while Pune saw a growth of 22 per cent to 43,987 units from 34,437 units.

The MMR market saw an increase of 20 per cent in housing sales to 73,380 units from 58,755 units. In Bengaluru, sales rose 11 per cent to 22,730 units from 20,238 units.

However, the Delhi-NCR market registered 22 per cent fall in sales to 16,846 units from 20,478 units. Similarly, Kolkata recorded 11 per cent decline in sales to 6,973 units from 7,767 units.

PropEquity, owned by PE Analytics, is an online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across over 44 cities in India.

On Tuesday, industry body CREDAI-MCHI and data analytic firm CRE Matrix reported that housing sales in the MMR stood at 1,71,165 units, valuing Rs 1,33,015 crore till the month of August this calendar year. Housing sales stood at 64,101 units, valuing Rs 41,353 crore during January-August last year.