Home sales continue to drop at NCR, MMR

Bangalore fared much better as home sales was down just 3 per cent lower in Jan-Aug

National Capital Region (NCR) and Mumbai Metropolitan Region (MMR), two of the country's key property markets, continue to see decline in property sales.

According to PropEquity, NCR has seen a drop of 42% in absorption of homes in January to August period of this year when compared to corresponding period of last year. The region saw an absorption of 47,363 units in January to August 2012 as compared to 81,725 units it absorbed in the corresponding period of last year.

Absorption at MMR fell at 34% at 45,049 units in January to August 2012 as compared to 68,740 units in the corresponding period of 2011.

Bangalore fared much better as home sales was down just 3% lower in Jan-August 2012 period at 24,734 units as compared to 25, 460 units in the corresponding period of 2011.

Samir Jasuja, Founder and Chief Executive Officer of PropEquity, says “Although the take up rates in NCR and MMR have improved as compared to the performance in first quarter of the Calendar Year 2012, yet the dropping numbers still indicate towards the downside risks looming over the market. "