 "Mumbai region tops in home sales growth in Q3")
Residential real estate sales across eight big cities—Mumbai (MMR), Delhi (NCR), Bengaluru, Chennai, Hyderabad, Pune, Ahmedabad and Kolkata—rose 15 per cent in the October to December 2015 quarter, from the earlier three months.
Total sales in these eight places were 78 million sq ft, from 67.9 mn sq ft the previous quarter. Year-on-year (yoy) sales' rise across the eight cities was marginal at seven per cent, from 72.9 mn sq ft in the third quarter of 2014-15, according to a study by realty rating and research company Liases Foras. Chennai and Kolkata are outliers, showing a drop in Q3 sales.
The Mumbai Metropolitan Region had the best growth in the home segment, with 13.5 mn sq ft sales, up 34 per cent from 10.1 mn sq ft the previous quarter and a 35 per cent yoy growth from 10 mn sq ft in the third quarter of 2014-15.
Chennai and Kolkata had a decline. Chennai recorded 5.7 mn sq ft of sales, down from 7.4 mn sq ft the previous quarter. Yoy sales, however, rose from 4.5 mn sq ft then. In Kolkata, sales dropped 15 per cent to 2.3 mn sq ft, from 2.7 mn sq ft the previous quarter. A year before, it had 1.8 mn sq ft, thereby showing a 28 per cent yoy growth.
These eight cities cumulatively recorded highest sales in the cost range of Rs 50 lakh to Rs 1 crore, at 24.4 mn sq ft. Followed by the affordable segment, in the range of Rs 25 lakh to Rs 50 lakh at 23.2 mn sq ft. The ultra-luxury segment of more than Rs 2 crore had sales of 12.8 mn sq ft. The Mumbai region was the highest contributor to luxury and ultra-luxury home sales.
Total sales in these eight places were 78 million sq ft, from 67.9 mn sq ft the previous quarter. Year-on-year (yoy) sales' rise across the eight cities was marginal at seven per cent, from 72.9 mn sq ft in the third quarter of 2014-15, according to a study by realty rating and research company Liases Foras. Chennai and Kolkata are outliers, showing a drop in Q3 sales.
The Mumbai Metropolitan Region had the best growth in the home segment, with 13.5 mn sq ft sales, up 34 per cent from 10.1 mn sq ft the previous quarter and a 35 per cent yoy growth from 10 mn sq ft in the third quarter of 2014-15.
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Delhi-National Capital Region home sales were the highest at 19.9 mn sq ft, up 18 per cent from 16.9 mn sq ft the previous quarter. Yoy growth here was eight per cent, from 18.5 mn sq ft during Oct-Dec 2014-15. Bengaluru, far ahead in the office market, had a moderate five per cent sales growth to 14.4 mn sq ft. Yoy growth was 11 per cent.
Chennai and Kolkata had a decline. Chennai recorded 5.7 mn sq ft of sales, down from 7.4 mn sq ft the previous quarter. Yoy sales, however, rose from 4.5 mn sq ft then. In Kolkata, sales dropped 15 per cent to 2.3 mn sq ft, from 2.7 mn sq ft the previous quarter. A year before, it had 1.8 mn sq ft, thereby showing a 28 per cent yoy growth.
These eight cities cumulatively recorded highest sales in the cost range of Rs 50 lakh to Rs 1 crore, at 24.4 mn sq ft. Followed by the affordable segment, in the range of Rs 25 lakh to Rs 50 lakh at 23.2 mn sq ft. The ultra-luxury segment of more than Rs 2 crore had sales of 12.8 mn sq ft. The Mumbai region was the highest contributor to luxury and ultra-luxury home sales.