Housing Sales In Major Cities Fall Rapidly Amid Ongoing Economic Slowdown; Chennai, Mumbai Hit Worst, Claims Report

As per a PropEquity report, housing sales in nine major cities including Bengaluru and Chennai have gone down by 9.5 per cent to 52,855 units on low demand during July-September period from 58,461 units in the same period in 2018, Livemint reports.

As the economic slowdown and liquidity crisis is weighing down on buyer sentiment, this is the fourth report reflecting decline in house sales during the third quarter of the year. According to the data presented by PropEquity, the figure fell in seven cities, while showed a hike in only two.

Highest decline of 25 per cent was witnessed in Chennai at 3,060 units during July-September this year as compared to 4,080 units in the same period last year in 2018.

In Mumbai, the sales fell 22 per cent to 5,063 units from 6,491 units in the given period, which was followed by Hyderabad with 16 per cent fall to 4,257 units from 5,067 units.

Kolkata saw a 12 per cent fall in sales to 3,069 units from 3,487 units, while Noida had a 11 per cent decline to 990 units from 1,112 units.

Bengaluru and Thane experienced the same hit of 9 per cent in the period. While Bengaluru had a drop from 10,816 to 9,843 units, Thane saw a decline from 11,773 to 10,714 units.

The two cities that had increased housing sales in the given period are Gurugram and Pune. In Haryana’s Gurugram, the sales went up by 7 per cent from 1,112 to 1,190 units, while Pune saw a minimal hike of 1 per cent to 14,669 units from 14,523 apartments during the period under review.

Owned by P E Analytics, PropEquity is an online subscription based real estate data and analytics platform. It covers over 1,15,225 projects of 32,745 developers across over 44 cities in India.

Commenting on the data, founder and managing director at PropEquity, Samir Jasuja said, "Demand has been definitely impacted in the last quarter with buyers delaying their decisions."

"The downtrend observed was mainly due to the economic slow down as well as the liquidity crisis in the market," noted the report that carried the data.