Home sales see an increase in December quarter
After a number of quarters of unsatisfactory growth, the home sales bounced back in December quarter with a 22 per cent rise in top 6 cities, according to property research firm Liases Foras. Bangalore posted the maximum gain with home sales growing 58 per cent over a year ago between October and December while the National Capital Region (NCR) registered a minimalistic gain of 4 per cent among the top 6 cities.
Home sales in Pune rose 48 per cent while those in Mumbai Metropolitan Region (MMR) were up 26 per cent. MMR had seen sales glide in the last two quarters. Property prices, however, grew an average 1 per cent quarter-on-quarter in the top 6 cities, continuing a trend of marginal evolution that has been on for 6 quarters now.
Rates rose by only 1 per cent in MMR and 2 per cent in NCR respectively. In 2010-11, both these markets had seen prices rising 8-10 per cent every quarter. “Sales have elevated wherever developers have provides discounts,” said Pankaj Kapoor, managing director at Liases Foras. New launches saw a 14 per cent decline in the quarter, despite it being a festive season.
Home sales have gone down fairly in the last few quarters as the sentiment across the country has been weak. The economic slowdown along with the incalculability due to the upcoming elections have pushed sales down, especially in the mid and luxury home segments.
To counter the negative sentiment, the builders are coming up with attractive offers like waiver of stamp duty and registration fees, broker or agent’s bills, foreign trip, car, freebies like air conditioners, furnishings and modular kitchens. To perk up home sales the developers have started giving discounts worth Lakhs of rupee.
According to National Housing Bank’s Residex, the July-September quarter saw prices drop in 10 cities while 12 cities registered a marginal rise in prices. NCR jigsaw rates drop by surround 4.5 per cent while prices in Bangalore down 1 per cent.
Source: The Economic Times
Home sales in Pune, increase in home sales, MMR, Mumbai Metropolitan Region, Property prices increase in quarter
