real estate
In the July-September quarter, housing sales in nine major cities of the country are estimated to decline by 18 per cent to 1,04,393 units. Last year, 1,26,848 units were sold in the same period. Real estate data analytics firm PropEquity on Friday released housing sales figures in nine major cities. According to the data, in July-September this year, housing sales are expected to rise by 22 per cent in the Delhi-Delhi region alone and by four per cent in Navi Mumbai. There is a possibility of a fall in sales in seven other cities. In this, the maximum fall may be 42 per cent in Hyderabad. After this, there is an estimated decline of 26 per cent in Bengaluru, 23 per cent in Kolkata, 19 per cent in Pune, 18 per cent in Chennai, 17 per cent in Mumbai and 10 per cent in Thane.
What does the report say?
Sameer Jasuja, CEO and Founder, PropEquity, said that demand in the real estate sector remains strong as sales in this quarter have also been more than new offerings. A slight dip in this quarter is normal. This is not due to any adverse situation. In this regard, Sanju Bhadana, CEO, 4S Developers, said that in the last few years, the Delhi market has seen tremendous growth in infrastructure development. This is evident from the increase in investments from both private equity firms and homebuyers.
Demand has increased in these areas.
The rise in demand for luxury homes in Delhi NCR reflects the impact of infrastructure projects such as the Dwarka Expressway, Delhi-Mumbai Expressway, Noida International Airport, Metro expansion and high-speed rail network on the real estate market. We anticipate that the real estate market in the region will continue to perform well and maintain the sales momentum seen in the past few years. Housing sales in Bengaluru are estimated to decline by 26 per cent to 13,355 units during July-September, compared to 17,978 units in the year-ago period. Housing sales in Chennai may decline by 18 per cent to 4,634 units, down from 5,628 units in the year-ago period.
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This is the assumption
Residential property sales in Hyderabad are estimated to decline by 42 per cent to 12,082 units in the reporting period. Sales in Kolkata may decline by 23 per cent to 3,590 units, as against 4,634 units in the same period last year. Housing sales in Mumbai are estimated to decline by 17 per cent to 10,966 units. At the same time, sales in Navi Mumbai are likely to rise by four per cent to 7,737 units. Housing sales in the Delhi region are likely to rise by 22 per cent to 10,263 units, as against 8,411 units in the same period last year. In Pune, sales are estimated to decline by 19 per cent to 21,306 units.
