Rise in demand for affordable homes boosts housing sales 6% in NCR in 2019

Housing sales in the national capital region went up by 6 per cent to 46,920 units during 2019 on higher demand for affordable homes and completed flats, according to property consultant Anarock.

Prices in Delhi-NCR remained stagnant at nearly Rs 4,600 per sq ft, while unsold inventories fell by 6 per cent to 1,75,079 units from 1,86,714 units.

Across seven major cities, sales rose by 5 per cent to 2,61,370 units in 2019 compared to 2,48,310 units in the previous year. Sales dropped by 22 per cent in the second half of this year to 1,47,120 as against 1,14,250 units during January-June period this year.

 

"Unrelenting liquidity crisis, lower-than-expected buyer sentiments and faltering GDP growth eventually put brakes on the overall housing growth in the second half of 2019," said Anuj Puri, Chairman Anarock Property Consultants.

According to the data, housing sales rose maximum by 22 per cent in Mumbai Metropolitan Region (MMR) to 80,870 units this year from 66,440 units in 2018.

Pune saw 18 per cent rise in sales to 40,790 units from 34,460 units during the period under review.

Sales in Delhi-NCR increased to 46,920 units from 44,300 units, while sales in Chennai rose by 4 per cent to 11,820 units from 11,340.

However, Bengaluru witnessed 12 per cent drop in sales to 50,450 units from 57,540 units.

Sales in Kolkata and Hyderabad decreased by 11 per cent each and were recorded at 13,930 units and 16,590 units, respectively, in 2019.

Average residential property prices across the top cities increased by 1 per cent in 2019 when compared to 2018 except Kolkata and NCR, where prices remained stagnant.