Home / News / India /  Home sales in top cities drop by 18% in June quarter: Liases Foras

Bengaluru: The top eight property markets in India recorded sales of 57,093 units in the April-June quarter, an 18% decrease compared to the preceding March quarter when 69,691 units were sold, said a report by Liases Foras Real Estate Rating & Research.

The fall in sales can be attributed to the surge in the second wave of covid-19 that led to regional lockdown across states.

Unsold stock in the top property markets – Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad and Pune - marginally declined by 1% on a sequential basis and 6% on a year-on-year basis.

The current unsold property in these cities stands at 905,531 units with 48 months of inventory overhang.

Prices remained stagnant quarter-on-quarter and increased 2% compared to a year ago.

Sequentially, home sales witnessed a maximum drop of 30% in NCR, by 30%, in the June quarter, followed by Ahmedabad (24%), Kolkata (24%), Hyderabad (17%), MMR (17%), Pune (16%), Chennai (12%), and Bengaluru (9%).

Sales across these Tier-1 cities increased by 116% on a year-on-year basis, primarily due to a low base as the nationwide lockdown in 2020 had stalled both sales and construction.

Home sales witnessed maximum recovery in Bengaluru by 201%, followed by MMR (134%), Hyderabad (127%), Chennai (121%), and Pune (119%).

Bengaluru also witnessed the maximum reduction in unsold stock, by 9% in the April-June period. The city has 85,985 unsold units.

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