Friday, 18 January 2019

What caused the residential sales slowdown in Q3?

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.

City
Sales
Q3 FY'18
Q3 FY'19
YoY Change
Ahmedabad
2,588
2,746
6%
Bengaluru
7,484
7,676
3%
Chennai
3,357
4,213
25%
Gurugram^
5,017
3,711
-26%
Hyderabad
4,263
5,813
36%
Kolkata
2,956
3,410
15%
Mumbai**
16,929
26,067
54%
Noida*
4,225
4,386
4%
Pune
9,877
15,669
59%
Grand Total
56,696
73,691
30%















Notes: * Noida includes Greater Noida and Yamuna Expressway.
            ** Mumbai includes Navi Mumbai and Thane.
            ^ Gurugram includes Bhiwadi, Dharuhera and Sohna.
            Analysis includes apartments and villas across the regions.








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.



City
Launches
Q3 FY'18
Q3 FY'19
YoY Change
Ahmedabad
2,274
1,841
-19%
Bengaluru
2,761
6,513
136%
Chennai
2,151
4,206
96%
Gurugram^
2,458
6,047
146%
Hyderabad
6,263
2,128
-66%
Kolkata
2,646
2,846
8%
Mumbai**
16,703
8,749
-48%
Noida*
1,587
723
-54%
Pune
7,211
12,217
69%
Grand Total
44,054
45,270
3%












Notes: * Noida includes Greater Noida and Yamuna Expressway.
            ** Mumbai includes Navi Mumbai and Thane.
            ^ Gurugram includes Bhiwadi, Dharuhera and Sohna.
            Analysis includes apartments and villas across the regions.





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.

City
Unsold Inventory as on quarter end
Q3 FY'18
Q3 FY'19
YoY Change
Ahmedabad
52,038
52,645
1%
Bengaluru
85,063
77,145
-9%
Chennai
39,083
34,449
-12%
Gurugram^
49,497
47,952
-3%
Hyderabad
42,011
36,364
-13%
Kolkata
46,450
46,803
1%
Mumbai**
337,378
297,120
-12%
Noida*
84,507
66,720
-21%
Pune
156,148
139,883
-10%
Grand Total
892,175
799,081
-10%







Notes: * Noida includes Greater Noida and Yamuna Expressway.
            ** Mumbai includes Navi Mumbai and Thane.
            ^ Gurugram includes Bhiwadi, Dharuhera and Sohna.
            Analysis includes apartments and villas across the regions.




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.comPropTiger.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

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