Around 78,520 units were sold in Q1 2019 with NCR,MMR, Bengaluru and Pune together accounting for 84% of the sales.
Pune recorded the highest jump in sales in this quarter as Compared to other top cities. City sales increased by 24% - from 9,940 units in Q4 2018 to 12,340 units in Q1 2019 due to a significant increase of 160% in new launch supply. MMR came in second with a significant jump in sales in Q1 2019 as compared to the other top cities. City sales increased by 19% -from 20,220 units in Q4 2018 to 24,010 units in Q1 2019.
Sales in NCR (Affordable flat in Noida extension) and Hyderabad increased by 8% each over the previous quarter with 13,740 units and 5,400 units respectively.
Sales in Bengaluru and Chennai increased by 5% and 4% respectively over the previous quarter and were recorded at 15,580 units and 3,430 units respectively Kolkata sales rose by 4% -from 3,860 units in Q4 2018 to 4,020 units in Q1 2019.
Despite the increase in launches and overall absorption in the top 7 cities during Q1 2019 over the previous quarter, overall unsold inventory decreased by a meagre 1% - from 6.73 lakh units in Q4 2018 to 6.65 lakh units by Q1 2019. The yearly decline was over 7% - from 7.13 lakh units in Q1 2018 to 6.65 lakh units in Q1 2019. Bengaluru witnessed the highest reduction in unsold inventory by 27%from Q1 2018 to Q1 2019. PRICING TRENDS
Average residential prices across the top cities remained stagnant in Q1 2019 when compared to the previous quarter - except in Bengaluru and Hyderabad, where the average property prices increased by 1% each over the previous quarter and by 2% in a year. All in all, the realty sector looks all geared up in 2019. The slash in GST rates to 5% for premium homes and 1% for affordable homes without ITC gives the beleaguered realty sector the much-needed breathing room and will certainly help in maintaining forward momentum over the next three quarters of 2019. Also, the boosters hot given by the Government by changing the budget-specific definition of affordable housing and extending it to <INR 45 lakh has resulted in more inventory from the premium budget henceforth being included in the affordable segment category - a major benefit to buyers.
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