Home sales across top 8 metros improve by 7% in December qtr.

Q: Home sales across the top 8 cities improved 7% y-o-y in the quarter to December 2015 while sales rose 15% on a quarter-on-quarter basis.

Himani,

11th February 2016

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home sales improved by 7%

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Hi,
But on the other hasnd, total new launches, across top cities decreased by 11% q-o-q to 67.1 million sq-ft. with Bengaluru witnessing the highest addition of 15.8 million sq-ft. The NCR witnessed 61% declining in new launches during the qtr.

Rakesh, Bangalore

11th February 2016

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It is also found that 52% of the total new launches were in the price range of 25-50 lakh, indicating a move towards affordable options for home buyers. New launches in the affordable category under 25 lakh have increased by 50% over the previous qtr.

ujwal nikam, Pune

11th February 2016

The reason behind it is that Pricing has become stagnant and inventory stick out is reducing because of lower number of new launches. Prices are close to the bottom, so end users are finding value for their property.

Rakesh, Bangalore

11th February 2016

And Mumbai and NCR markets saw average price of homes drop 2% y-o-y. Prices in Bengaluru saw an increase of 6%. Prices in most other markets dropped or rose marginally.

Lewin G,

11th February 2016

Comment

Hi Lewin,
It's true. I read the report of Liases Foras. As per the report, the Mumbai Metropolitan Region saw the best sales, growing 35% y-o-y. NCR market sales were up by 8% and 11% in Bengaluru. Where Pune saw dropping sales by 18%.

ujwal nikam, Pune

11th February 2016

@Ujwal,
It is expected that an aggregate of 78 million sq-ft of home space was sold across 8 cities compared with 72.9 million sq-ft a year ago.

Unsold stock increased 21% y-o-y and 5% q-o-q to 1124.9 million sq-ft, with unsold inventory in the NCR rising to 361.1 million sq-ft, up 14% over last year, and that in Mumbai rising 28% to 235.9 million sq-ft.

Lewin G,

11th February 2016