The residential real estate sector in the national capital and its satellite towns fell 22% quarter-on-quarter (Q-o-Q) to 9,830 units during Q3 2019 calendar year (CY) on account of a subdued buyers’ market due to ban on subvention schemes, coupled with monsoon rains and the inauspicious period of Shradh.
The decline was less pronounced for the year-on-year (Y-o-Y) comparison with sales going down 13% from 11,360 units during Q3 2018, latest data from Anarock Property Consultants revealed. Among the top seven cites, NCR was second in recording maximum decline on a quarterly basis.
In the National Capital Region (NCR), Greater Noida and Noida clocked the maximum sales at 4,580 units during Q3 2019 with Greater Noida alone selling nearly 3,200 units. On a Q-o-Q basis sales in Noida and Greater Noida fell 23% and 22%, respectively, while on an annual basis, it went down 8% and 14%, respectively.
Gurgaon sold 2,690 units during Q3 2019, but sales on a quarterly basis fell 25% from 3,580 units in Q2 2019. While on y-o-y basis, the millennium city saw its sales plummet 11% from 3,010 units in Q3 2018.
On the other hand, Ghaziabad recorded sales of 1,700 units in Q3 2019, a quarterly decline of 20% from 2,120 units sold in Q2 2019. Sales decreased 15% Y-o-Y from 1,990 units in Q3 2018.
Faridabad recorded sale of 350 units, followed by Bhiwadi which saw nearly 380 units sold and Delhi registered housing sales of more than 140 units in Q3 2019. On quarterly basis, sales in the three cities fell 18%, 21% and 22%, respectively, whereas, on a yearly basis it declined 23% and 35% in that order. Delhi saw meagre 1% rise in sales in a year.
Collectively, NCR saw new supply of 5,790 units in Q3 2019, against 4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019.
In terms of unsold inventory, Delhi-NCR fared better than Mumbai Metropolitan Region (MMR). Delhi witnessed its stock decline 7% Y-o-Y from 1,90,650 units in Q3 2018 to 1,77,900 units in Q3 2019. On a quarterly basis, the region reduced its unsold stock by 2%, which is better than most of the top cities except Hyderabad.
Residential property prices across the top cities, including Delhi-NCR remained stagnant in Q3 2019. Yearly trends indicate no major change except for NCR, MMR, Bengaluru and Hyderabad, which saw a mere 1% rise in rates.
