The latest data from real estate data analytics firm, Liases Foras Real Estate Rating and Research, showed that the top eight tier-1 Indian cities recorded a 9% on-year surge in residential sales at 69,697 apartments in the first quarter ended March, led by activity in Mumbai and Pune.
Regarding growth, sales in Chennai witnessed maximum on-year growth of 31%, followed by Pune at 24%, Bangalore at 19%, Hyderabad at 18%, and Mumbai Metropolitan Region (MMR) 7%. The National Capital Region (NCR) witnessed the maximum decline of 8%.
Prices remained stable in tier-1 cities on both sequential and on-year basis. During the quarter, unsold housing stock in tier-1 cities decreased by 7% on-year. Ahmedabad witnessed the maximum decline in unsold stock at 16%, followed by Kolkata 13%, Bangalore 11%, Pune 10%, National Capital Region (NCR) 8%, and Mumbai Metropolitan Region (MMR) 4%, the data showed. The Covid-19 pandemic and the lockdown in 2020 disrupted the real estate market sharply. However, as lockdown restrictions were lifted, the recovery in home sales started soon after.
The unsold housing stock in major cities declined marginally at 1% from the December quarter and a bigger drop of 7% compared with the year-ago period. As of March 31, there were 915,982 unsold home units in the eight cities.
Ahmedabad, which has 59,649 unsold units, witnessed the maximum reduction in unsold stock (16%) on a year-on-year (yoy) basis.
The weighted average price across all the top cities remained stagnant in the March quarter and saw a marginal 2% increase compared to the year before.
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