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Mumbai, Pune real estate surges: Residential sales rise over 50% in Oct-Dec
Financial Express  |  January 17, 2019

Prachi Gupta

The residential unit sales in Pune and Mumbai, Navi Mumbai and Thane jumped by a well over 50% each in the Oct-Dec 2018 quarter from the previous year, whereas sale in Gurugram area including Bhiwadi, Dharuhera and Sohna fell by over 25% on-year during the quarter, a report showed.

 

In good news for the real estate industry, overall residential sales in the top nine cities jumped by 30% on-year to 73,691 units in the third quarter of the current financial year 2018-19, PropTiger.com said in a report. However, the sales in the quarter were down 8% from the previous quarter, largely due to the fallout of liquidity issues in the NBFC sector after the IL&FS crisis.

 

“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,” Ankur Dhawan, Chief Investment Officer, PropTiger.com, said in the report.

 

The highest growth was seen in the city of Pune, where 15,669 units were sold in Q3 FY19, as compared to 9,877 in Q3 FY18, recording a growth of 59% on-year, the report said. It was followed by Mumbai, Navi Mumbai and Thane (26,067 units in Q3 FY19 vs 16,929 units in Q3 FY18, at a growth of 54%).

 

In fact, an improvement in sales was seen in all the nine cities that were taken into account except Gurugram, where non-approval of affordable housing hit sales. In Gurugram, only 3,711 units were sold in Q3 FY19, down 26% from  5,017 units sold in Q3 FY18.