Real estate sales across eight major cities in India improved seven per cent on a year-on-year basis from 72.9 mn sq.ft. in Q3 2014-15 to 78.0 mn sq.ft. in Q3 2015-16.
A report by Liases Foras said Ahmedabad, Bengaluru, Chennai, Kolkata, MMR and NCR showed an improvement in sales, with MMR clocking the best performance.
On the other hand, Hyderabad and Pune witnessed an annual sales decline of 18 per cent.
All eight tier-I cities cumulatively recorded highest sales in the cost range of Rs 50 lakh- Rs 1 crore, at 24.4 mn sqft followed by the affordable segment (Rs 25 lakh–Rs 50 lakh) (23.2 mn sq.ft).
The ultra-luxury segment in the more than Rs 2 crore bracket recorded sales of just 12.8 mn sq ft in the last quarter.
MMR was the highest contributor to sales in the luxury (Rs 1 crore-Rs 2 crore) and ultra-luxury segment (more than Rs 2 crore).
The report said sales in the affordable segment (less than Rs 25 lakhs) recorded a quarterly growth of 31 per cent to 6.4 mn sq. ft in Q3 FY 15-16.
Unsold stock rose five per cent sequentially in Q3 FY2015-16 and stood at 1,124.9 ms sq feet.
Ahmedabad and MMR showed a major increase, while Chennai and Bengaluru saw a mild drop.
New launches during the quarter decreased by 11 per cent QoQ to 67.1 mn sqft. Bengaluru saw the highest addition with 15.8 mn sq.ft.
Liases Foras said the deluge in Chennai has made both buyers and developers less confident. Buyers are less confident about investing in under-construction projects.