Housing sales fell by 1 per cent to 49,945 units in April-June 2018 in nine major cities compared with the year-ago period, according to data analytics firm PropEquity.
The launches fell by 25 per cent to 35,211 units during the second quarter of 2018 calendar year, leading to 9 per cent drop in unsold housing stock to 6.16 lakh units.
Nine cities that were included for the study are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.
“Real estate housing market across India continues to stabilise with developers in this quarter clearing their older inventories and launching several new projects. This trend is expected to continue in the following quarters with new launches to further pick up in 2018,” said Samir Jasuja, founder and CEO at PropEquity.
The increase in the carpet area in the affordable category is expected to also give a boost to this residential market segment which has already seen good traction, he added.
In Bengaluru, housing sales dipped by 1 per cent to 8,365 units. Gurgaon witnessed 48 per cent fall to 1,652 units, while Noida saw a decline of 36 per cent to 671 units.
In Hyderabad, sales dipped by 24 per cent to 3,830 units while Mumbai saw a decline of 11 per cent to 4,868 units.
However, sales rose in Pune by 12 per cent to 11,520 units, 13 per cent in Thane to 12,424 units and 17 per cent in Chennai to 3,325 units. Kolkata’s housing sales remained stable at 3,290 units.
The demand for ready to move in properties or near completion projects has witnessed an increase.
PropEquity is an online subscription based real estate data and analytics platform covering over 98,370 projects of 26,881 developers across over 42 cities in India.