January 22 2020, New Delhi: In a report released by PropEquity, India’s leading real estate data, research and analytics firm, sales or absorption of housing units increased by 12% across top 9 cities in India in the fourth quarter of 2019 to 60,453 units versus 53,909 units in Q3 2019.
New supply of housing units also jumped 37% in the same period to 44,459 units from earlier 32,565 units. The last calendar quarter of 2019 was relatively better as demand led to some recovery in the housing sector in India.
Residential real estate in India continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred.Developers with excellent track record in terms of quality and execution continued to witness solid sales numbers across projects.
Pune, Bengaluru and Thane were top cities on the basis of supply and absorption in Q4 2019. Also, the unsold stock decreased by 3% as compared to the previous quarter as housing sales improved.
“Housing market has definitely improved and we are witnessing green shoots of recovery as evident from the latest Q4 report. However, it will take mid to long term timefor the sector to come out from its lows.Q4 is seasonally a better quarter for the housing market due to various schemes and new launches offered by developers because of festive period. We continue to expect market to recover in 2020 and also expect govt. to announce positive budgetary measures in the forthcoming budget,”Mr. Samir Jasuja, founder and managing director at PropEquity said.