Housing Sales In Top Cities Witness Slight Jump In 2019

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    Riding on the wave of higher demand for affordable homes and completed flats, housing sales in the national capital region saw a slight jump on 6 per cent. As per a year-end report, about 46,920 units were sold during 2019 in NCR alone.

    The movement might have been slow, but an upward trend prevailed in all the aspects on housing real estate in NCR. Unsold inventories saw an equal dip of 6 percent from 1,86,714 units to 1,75,079 units. Prices in Delhi-NCR remained stagnant at nearly Rs 4,600 per sq ft.

    A similar sentiment was witnessed in all the major cities of India. Overall, about 2,61,370 units were sold in 2019 which is about 5 percent up from 2,48,310 units that got sold in the previous year. Sales dropped a bit during second half of the year owing to liquidity crisis and overall economic slowdown.

    “Unrelenting liquidity crisis, lower-than-expected buyer sentiments and faltering GDP growth eventually put brakes on the overall housing growth in the second half of 2019,” Money Control quoted Anuj Puri, Chairman – Anarock Property Consultants, as saying.

    Overall, the maximum jump in housing sales was seen in Mumbai where sales rose by 22 percent in 2019 as compared to previous year. Pune and Chennai also witnessed a rise of 18 percent and 4 percent respectively.

    The overall housing sales figures were dampened by housing sales in Kolkatta, Bengaluru and Hyderabad. While witnessed 12 per cent drop in sales to 50,450 units from 57,540 units, both Kolkata and Hyderabad saw a dip of 11 percent.

    Property prices all over India remain more or less stagnant. Average residential property price saw a insignificant rise of 1 percent in 2019 when compared to 2018 except Kolkata and NCR, where prices remained absolutely stagnant.

    Click here for more on real estate trends.

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