Housing sales down 9 per cent, new units drop 24 per cent

Kolkata: And now the residential housing sector in the country has shown clear signs of jitters and nose-diving. The sales or absorption of residential housing units fell by 9 per cent across top 9 cities in India in the third quarter of 2019 to 52,885 units compared to 58,060 units in Q2 2019. The scenario is even worse, when it comes to new launches. The new launches witnessed a steeper 24 per cent fall in Q3 at 32,834 units as against 43,256 units in Q2 2019. The latest report by PropEquity, India’s leading real estate data research and analytics firm, attributed this sharp fall to fewer new launches and significant lack of buyer confidence.

The nine cities covered in the study included Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bangalore, Thane and Chennai. Kolkata saw an increase of 62 per cent in new launches in Q3 at 2,816 units with sales falling by 6 per cent versus Q2 2019.