New Delhi, Housing sales in eight major cities declined 6 per cent in the April-June period compared to the previous quarter as builders and investors turned cautious due to the Lok Sabha polls, according to PropTiger.
Real estate brokerage platform PropTiger, part of REA India, which owns Housing.com, on Thursday released its quarterly data on housing supply and demand.
According to the data, housing sales fell 6 per cent to 1,13,768 units during the April-June period from 1,20,642 units in the previous January-March quarter.
However, home sales rose 42 percent in April-June from 80,245 units in the same period a year earlier.
"Demand for housing moderated during the April-June period due to the general elections, although consumer sentiment remains extremely positive on property investments on the back of strong fundamentals," said Vikas Wadhawan, Group Chief Financial Officer, REA India, and Business Head, PropTiger.com.
The developer community also acted cautiously, as evidenced by a decline in new releases in half of the cities sampled in PropTiger's analysis, he added.
"Amid expectations of an investment-friendly Union Budget following the formation of a new government at the Centre, we have reason to believe that sales figures will strengthen in the coming quarters, especially during the festive months," Wadhawan said.
As per quarterly data, housing sales in Ahmedabad fell 26 per cent to 9,500 units in April-June from 12,915 units during January-March this year.
Bengaluru, however, saw a 30 per cent rise in sales to 13,495 units from 10,381 units.
Residential property sales in Chennai fell 10 per cent to 3,984 units from 4,427 units.
Delhi-NCR witnessed a 10 per cent rise in sales to 11,065 units from 10,058 units.
Housing sales in Hyderabad fell 14 per cent to 12,296 units from 14,298 units.
In Kolkata, sales declined to 3,237 units from 3,857 units.
The Mumbai Metropolitan Region (MMR) witnessed an 8 per cent decline in housing sales to 38,266 units from 41,594 units.
Housing sales in Pune fell 5 per cent to 21,925 units during April-June from 23,112 units in the previous quarter.
New supply fell marginally by 1 per cent to 1,01,677 units during the April-June quarter from 1,03,020 in the January-March period.
The real estate markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) and Pune.
Real estate brokerage platform PropTiger, part of REA India, which owns Housing.com, on Thursday released its quarterly data on housing supply and demand.
According to the data, housing sales fell 6 per cent to 1,13,768 units during the April-June period from 1,20,642 units in the previous January-March quarter.
However, home sales rose 42 percent in April-June from 80,245 units in the same period a year earlier.
"Demand for housing moderated during the April-June period due to the general elections, although consumer sentiment remains extremely positive on property investments on the back of strong fundamentals," said Vikas Wadhawan, Group Chief Financial Officer, REA India, and Business Head, PropTiger.com.
The developer community also acted cautiously, as evidenced by a decline in new releases in half of the cities sampled in PropTiger's analysis, he added.
"Amid expectations of an investment-friendly Union Budget following the formation of a new government at the Centre, we have reason to believe that sales figures will strengthen in the coming quarters, especially during the festive months," Wadhawan said.
As per quarterly data, housing sales in Ahmedabad fell 26 per cent to 9,500 units in April-June from 12,915 units during January-March this year.
Bengaluru, however, saw a 30 per cent rise in sales to 13,495 units from 10,381 units.
Residential property sales in Chennai fell 10 per cent to 3,984 units from 4,427 units.
Delhi-NCR witnessed a 10 per cent rise in sales to 11,065 units from 10,058 units.
Housing sales in Hyderabad fell 14 per cent to 12,296 units from 14,298 units.
In Kolkata, sales declined to 3,237 units from 3,857 units.
The Mumbai Metropolitan Region (MMR) witnessed an 8 per cent decline in housing sales to 38,266 units from 41,594 units.
Housing sales in Pune fell 5 per cent to 21,925 units during April-June from 23,112 units in the previous quarter.
New supply fell marginally by 1 per cent to 1,01,677 units during the April-June quarter from 1,03,020 in the January-March period.
The real estate markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) and Pune.
