New house launches zoomed 11 per cent, while sales jumped 24 per cent in the third quarter, according to a report by real estate consultancy firm PropEquity.

Residential property sales jumped 24 per cent in the third quarter (July-Sep period) of 2022 in the country's top cities compared to the same period of 2021, real estate consultancy firm PropEquity said in a report.

Third-quarter sales rose by one per cent from the previous quarter (April-June period) when 1,07,358 units were sold.

Samir Jasuja, founder and managing director of PropEquity, said, "The residential property market has seen decent performance in the top cities, both in sales and new launches. There has been hectic activity in the market after the pandemic."

The top cities for the housing market included Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Mumbai, Navi Mumbai, Pune, and Delhi-NCR (New Delhi, Gurugram, Faridabad, Noida, Greater Noida, and Ghaziabad).

Thane, Pune, and Bengaluru were the top three cities in sales. Thane sold 21,910 units in the third quarter, up 32 per cent from the year-ago period but down 4 per cent from the preceding quarter.

Pune sold 20,807 units, an increase of 9 per cent from the corresponding period of 2021 but down 1 per cent from the previous quarter. Likewise, Bengaluru saw sales of 15,297 units, up 41 per cent from the year-ago quarter and an increase of 5 per cent from the preceding quarter.

Hyderabad, Thane, and Pune topped the list for new launches. Hyderabad launched 16,931 new units in the quarter, an increase of 30 per cent year-on-year (YoY) and 7 per cent from the preceding quarter.

"Thane witnessed new launches of 15,384 units in the third quarter, a jump of 30 per cent from the same time of 2021 but down 38 per cent from the immediately preceding quarter," the report said.

Pune launched 13,081 new units, down 33 per cent from the same quarter a year ago and a fall of 29 per cent from the preceding quarter.

Furthermore, the total unsold stock in the top cities at the end of the third quarter fell 12 per cent to 4,77,570 units compared to 5,40,849 units in the same period in 2021. "Delhi-NCR, Bengaluru, and Pune saw the most decline in the unsold inventory," said the report.

Source: outlookindia.com

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