Home sales pick up in NCR, decline in Mumbai

by Paul Joseph on March 26, 2013 · 0 comments

Home sales in the NCR have jumped by 46%, reported PropEquity. Mumbai, on the other side, saw a decline of 14% in home sales. New Delhi: Tracking 40 cities and 45,000 housing projects, PropEquity reported that home sales in the NCR have jumped. According to the property consultant the jump is by 46%. Housing projects of 8200 builders were tracked. Studying the facts the property research firm reported that home sales in the NCR has revived. Around 9000 residential units were sold in NCR . In January 2012 the number of sold units was 6032. As against this, this year 8,812 housing units were sold. Clarity brought in land acquisition issues has really improved the situation. Faridabad , Greater Noida and Noida Extension saw large number of home sales. There was an increase in the number of sold housing units along the Yamuna Expressway. There has been an increase in demand for housing units in this area. Home sales fell in Mumbai by 14%. Gurgaon too witnessed a fall in home sales. Here the rate of fall was, however, a minimal of 4%. According to PropEquity Gurgaon is not so hot a residential destination as it used to be. Along Yamuna Expressway and Noida Extension, 3998 housing units were sold in January 2013. This was mainly due to the cleared land acquisition issues especially that took place in the Greater Noida. Buyers’ sentiment also was improved. This too boosted the revival of residential sale- market. Though there was a steady improvement in the home sales, the number of new launches declined in the NCR. Only 5,208 units were launched this year. This is far lower than the 8,041 housing units launched in the year 2012. The NCR-oriented builders reduced new launches with a view to bring more liquidity. Unsold properties also worried them. As a result they remained cautious to launch new projects. Improved repo rate of RBI also has an impact on the home sales. As home loans have become cheaper many people have come up with their plans to buy homes.

[via India Real Estate Monitor]

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