Gurugram housing sales down 26% in Q3, Noida sees 4% rise: Report

Gurugram witnessed 26 per cent decline in housing sales during the third quarter of this fiscal at 3,711 units due to less supply of affordable flats that are currently in demand because of various government incentives, a report by property brokerage firm PropTiger said.

However, housing sales increased in Noida by 4 per cent to 4,386 units during October-December quarter of 2018-19 fiscal from 4,225 units in the year-ago period.

PropTiger.com, part of Singapore-based Elara Technologies that also owns Housing.com and Makaan.com, Wednesday released its 'Realty Decoded Report' for Q3 of FY'19.

The study covered nine cities -- Mumbai, Pune, Noida, Gurugram, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.

Overall, sales rose by 30 per cent in nine cities to 73,691 units during October-December quarter of 2018-19 fiscal compared to 56,696 units in the year-ago period.

"As per the report, a total of 73,691 units were sold in Q3 FY19 in the top nine cities, 8 per cent lower as compared to 79,894 units sold in Q2 FY19.

"However, on a year-on-year (YoY) basis, sales improved in all the cities other than Gurugram, which witnessed a slowdown due to non-approval of affordable housing projects," PropTiger said.

Cities in Maharashtra, namely, Mumbai and Pune led the growth pack showing more than 50 per cent improvement in sales on YoY basis. In Pune, sales rose by 59 per cent to 15,669 units, while Mumbai saw 54 per cent increase to 26,067 units.

Housing sales in Hyderabad went up by 36 per cent to 5,813 units, and Chennai reported 25 per cent rise at 4,213 units. Bengaluru saw modest increase of 3 per cent to 7,676 units.

Ahmedabad posted 6 per cent increase in sales at 2,746 units, while Kolkata had 15 per cent increase at 3,410 units.

"The growth momentum typically seen during festival seasons was not seen during the last season due to the liquidity crunch caused by the snowballing of the IL&FS issue, which slowed down home loan disbursals and new sanctions by large home finance companies.

"However, if we compare the numbers with the same quarter of FY18, sales are 30 per cent, higher which is good news for the industry," said Ankur Dhawan Chief Investment Officer, PropTiger.com.

The launches of new homes improved by a mere 3 per cent during the third quarter compared to a year-ago period, primarily due to a 48 per cent drop in supply in Mumbai. Cities where launches improved significantly include Bengaluru, Gurugram, Chennai and Pune.

Reduced launches and improved sales brought down unsold inventory by 10 per cent to 7,99,081 units.

Through its three portals, News Corp and Softbank backed-Elara Technologies provides digital real estate marketing and transactions services.