While housing sales in India recorded a decline in Q2 FY20, the housing sales value of India’s top 9 listed developers stayed on course during the quarter.
Author: Anuj Puri
Anuj Puri is Chairman, ANAROCK Property Consultants. He has over 30 years of experience in multi-disciplinary advisory and transactions ranging from real estate to social development projects. Expertise in planning, undertaking demand assessment studies and transaction services including marketing strategies based on technical real estate market analysis, feasibility studies, program requirement derivation and fund and investor sourcing.
There's a massive burden of unsold homes on the market across Indian cities, but affordable housing sales have picked up after 4 years of slowdown.
Much in line with her promise to bring relief to the realty sector, the Indian FM announced that an INR 10,000 crore fund has got the Union Cabinet nod.
The top 9 real estate developers listed at the stock exchange have beaten the housing sector’s downturn blues and together sold approx 44 mn sq ft of housing in FY 2019.
The top 3 UP cities within NCR – Noida, Greater Noida and Ghaziabad – saw the maximum decline in overall unsold housing stock in two years in the state.
Despite depressed consumption sentiment, the top 7 cities saw homes worth approx. INR 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16%.
ANAROCK research shows that the southern cities of Bangalore, Hyderabad and Chennai saw residential sales decline by 5% in the first three quarters of 2019.
RERA project registrations have grown by 40% in a year across India with maximum registrations in Maharashtra, Gujarat, Karnataka, Madhya Pradesh and UP.
The festive season is traditionally an active period for real estate sales as many buyers consider Navratri and Diwali an auspicious time to buy a property.
The repo rate cut of 25 bps to 5.15% is in line with expectations, and can go some way in improving consumer sentiments ahead of the festive season.