Real estate on rise: Pune, Mumbai driving most housing sales
Mumbai: In a major real estate trend reversal in India over the last eight years, the once-most active housing sales markets of Delhi-NCR have dropped sharply in their sales share. The western markets of MMR and Pune are now driving the most housing sales among the top 7 cities, ANAROCK data reveals.
Of a total of 58,300 homes sold across the top 7 cities in Q1 2021, MMR and Pune together accounted for an impressive 53 per cent share, while NCR contributed just 15 per cent, as per the new real estate trend in India.
In 2013, of a total of 3.19 lakh units sold across the top 7 cities, the two Maharashtrian cities contributed 33 per cent while NCR comprised the highest share of 37 per cent.
In this period, there were no major variations in overall housing sales share of the primary southern markets Bengaluru, Hyderabad and Chennai whose contribution stayed relatively between 26 per cent to 35 per cent.
Anuj Puri, Chairman, ANAROCK Property Consultants said, "From 2013 to date, MMR and Pune have been consistently ramping up y-o-y sales share while Delhi-NCR saw a decelerating trend. The major factors aiding these western markets included active implementation of MahaRERA and timely government interventions to boost housing demand. Simultaneously, developers here put in determined efforts to bridge the demand-supply gap. In MMR, they did so by launching affordable homes in new areas like Dombivli and Boisar priced within INR 45 lakh. In fact, most leading developers efficiently changed gears to tap the growing budget housing demand.”
NCR continues to pay the price of inordinate project delays and decreased consumer sentiments. The southern markets remained end-user driven and thus maintained an even keel, with developers focusing squarely on consumer demand.
Y-o-Y Sales Share
In 2013, approx. 3.19 lakh units were sold across the top 7 cities - NCR comprised a 37 per cent share, the western markets 33 per cent and the primary southern cities 26 per cent
In 2014, of approx. 3.43 lakh units sold in the top cities, MMR and Pune saw their combined share increase to 36 per cent, while NCR's declined to 33 per cent. The southern markets remained at 26 per cent.
In 2015, of a total of 3.08 lakh units sold, the sales share of NCR markets declined to 25 per cent, while that of MMR and Pune remained at 36 per cent. The southern markets saw an uptick with their overall sales share increasing to 34 per cent.
In 2016, of the total housing sales of approx. 2.39 lakh units, the share of MMR and Pune increased to 41 per cent, while that of Delhi-NCR declined to 20 per cent and that of the southern cities to 31 per cent.
In 2017, of more than 2.11 lakh units sold, the western markets comprised a 42 per cent share; the south cities had a 35 per cent share and NCR accounted for just 18 per cent
2018 saw total sales of over 2.48 lakh units, of which the western markets comprised a 42 per cent share, southern cities a 35 per cent share, and NCR at 18 per cent.
In 2019, of over 2.61 lakh units sold in the top 7 cities, MMR and Pune comprised a 47 per cent share, followed by south cities with a 30 per cent share and NCR with a 18 per cent share
In 2020, of total of 1.38 lakh units sold in the top 7 cities, the two western markets comprised a 49 per cent share, south cities had a 29 per cent share, and NCR saw a further reduction to 17 per cent.
In Q1 2021, of the total 58,300 units sold, MMR and Pune had a 53 per cent share while the total share of NCR markets reduced to just 15 per cent. South cities stood more or less the same at 27 per cent.