NBFC liquidity issue caused residential sales slowdown in the quarter; still 30% up over last year: PropTiger report
National, January 16, 2019– PropTiger.com, part of Elara Technologies Pte Ltd which also owns Housing.com and Makaan.
com, today released the findings of its ‘Realty Decoded Report’ for Q3 FY’19. As per the report, a total of 73,691 units were sold in Q3 FY’19 in the top 9 cities, 8% lower as compared to 79,894 units sold in Q2 FY’19. However, on a YoY basis, sales improved in all the cities other than Gurugram, which witnessed a slowdown due to non-approval of affordable housing projects. Cities in Maharashtra, namely, Mumbai and Pune led the growth pack showing more than 50% improvement in sales year on year.
Ankur Dhawan Chief Investment Officer, PropTiger.com said, “
The growth momentum typically seen during festival seasons was not seen during the last season due to the liquidity crunch caused by the snowballing of the IL&FS issue, which slowed down home loan disbursals and new sanctions by large Home Finance Companies. However, if we compare the numbers with the same quarter of FY’18, sales are 30% higher which is good news for the industry.”
Launches at the national level improved by a mere 3% year on year, primarily due to a 48% drop in new launches in Mumbai. Cities where launches improved significantly include Bengaluru, Gurugram, Chennai and Pune.
Reduced launches and improved sales brought down unsold inventory by 10% to 7,99,081 units. Inventory overhang has decreased to 31 months as compared to 34 months from last quarter. Ahmedabad has the highest inventory overhang of 45 months followed by Kolkata at 41 months. Hyderabad witnessed the lowest inventory overhang of 20 months followed by Chennai and Bengaluru at 22 and 24 months respectively.
Unsold Inventory as on quarter end
The study covered nine key Indian cities of Mumbai, Pune, Noida, Gurugram, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.
About Elara Technologies Pte. Ltd.
Elara Technologies Pte. Ltd is a Singapore-based technology services company and is the owner of Housing.com, PropTiger.com
and Makaan.com. The company provides digital real estate marketing and transactions services.
Founded in 2012, Housing.com is India’s most innovative real estate advertising platform for developers, real estate brokers & home owners and for consumers searching to buy and rent homes. The company offers the largest selection of verified listings in India through a trained team of data collectors, analysts and auditors. The one-of-a-kind Data Sciences Lab at Housing.com analyses a significant body of information to allow buyers and sellers to make intelligent decisions.
PropTiger.com is India’s leading digital real estate advisory firm offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process.
PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction. Since inception, the PropTiger.com team has facilitated the sales of close to 25,000 homes worth nearly US$2.2 billion.
Makaan.com was acquired by Elara in May 2015, with a vision to establish a true "marketplace" in real estate. With consumer ratings on more than 30,000 sellers, credible listings data and real-time intelligence on property search, makaan.com has quickly emerged as the preferred partner for consumers looking to rent, buy or sell a home. With its unique post-paid advertising fees model and value proposition of no upfront fees for sellers, makaan.com has grown to have more than 45,000 active sellers with over 15000 active brokers in a short span o