Home sales up 15% as developers focus on pricing, delivery

Residential property sales in the secondquarter climbed 15% year-on-year across India’s top seven markets, led by demand for affordable homes. Sustained conversion of inquiries into purchases suggests that builders are offering solutions within reasonable budgets and sticking to delivery timelines. Bengaluru, Kolkata, Mumbai Metropolitan Region (MMR) and Pune witnessed more than 20% on-year sales growth in the quarter ended September, although Hyderabad and Chennai posted declines of 3% and 27%, respectively. Sequentially too, sales cumulatively rose 9% in these seven markets, showed data from ANAROCK Property Consultants. Prices remained largely stagnant, except in Kolkata, where they declined 1%. The sequential growth assumes significance in this quarter as it includes the 15-day shraddh period considered inauspicious for property deals. So, builders also kept new projects on hold for the ensuing festive season.