For residential real estate market the first 6 months of the year 2016 have passed very well in 8 most top cities of India like Mumbai, NCR, Chennai, Pune, Hyderabad, Ahmedabad and Bengaluru. Prices remained smooth and sales have increased and unsold index has come down during the last 2 years.
According to the report of Knight Frank India 6.6 lakh residential units freeze unsold, between January and June 2016 which was a drop of 7 percent year on year.
Report says in the month of January – June 2015, 8 cities of India noted 7.10 lakh units unsold. Chennai, Pune, Mumbai and Hyderabad are leading in the devaluation of inventory.
NCR endure worst performing real estate markets of India , as it reports the huge unsold inventory still again, and QTS ( quarter to sell) unsold inventory.
Around 4.5 years NCR noted over 2 lakh units which were unsold. Mumbai droped to 1.70 lakh units from approx last years 1.95 lakh, and 2.5 year taken about to sell. The best performing cities in residential market of India were Pune and Bengaluru with minimum quarter to sell( QTS).
The new residential launches projects touched a 3 year low, as they declined by 9 % year to year to units 1.07 lakh.
This descending trend was led by NCR region, which witness the acute fall of 41% in new launches. Respectively followed by Pune and Chennai at 32% and 36%. Mumbai bounce surprise as the city reportes rise in new launches project by added than 29% year of year.
Sales spread across top 8 cities hike 7% year to year with approx.1.35 lakh units in the starting 6 months to June 2016 getting sold.
Cities like Bengaluru and Mumbai follow this growth which is very positive in sales volume , at 18% year to year and 23% year to year. NCR, Kolkata and Chennai verified a burden still again, as they continue to lurch under pressure in respect of sales volume.