Bangalore: Residential sales picked up in the National Capital Region (NCR) in January from the year ago but fell in Mumbai and nearby Thane and Navi Mumbai in the same time period, said a report by PropEquity Analytics Pvt Ltd that was released on Friday.
In January, 8,812 units were sold in NCR, a rise of 46% from a year ago, while project launches dropped 35% to 5,208 units.
Samir Jasuja, founder and chief executive of PropEquity, said that the revival in NCR was on account of rising sales in the Greater Noida, Yamuna Expressway, Noida Extension and Faridabad areas.
The clearing up of land acquisition issues along with the affordable units available in the Yamuna Expressway and Noida Extension areas resulted in the sale of 3,998 units in January.
“However, Gurgaon is still not very upbeat and witnessed a 4% drop in absorption numbers for the time period considered,” said Jasuja.
In the Mumbai Metropolitan Region (MMR), including the areas mentioned above, the total absorption in January stood at 5,130 units, a drop of 14% from last January. Developers also reduced project launches by 48% in January to avoid a demand supply mismatch. The drop in absorption was mainly driven on account of Thane, where it dropped 23%.
“The developers in key cities of NCR and MMR have controlled the new launches keeping in mind the liquidity crunch as well as the piled up unsold inventory (except Gurgaon),” said Jasuja.
Amongst southern property markets, Bangalore, which has been considered as the most stable so far, witnessed an increase of 32% in sales to 4,182 units and 22% in new launches this January. The launch prices in the city have also seen an increase of 13%.
Chennai and Hyderabad saw a drop in sales and the developers curbed the supply of new launches. Project launches in Chennai dropped 47% and Hyderabad saw a decline of 35%.