5 pc dip in housing sales in Jan-Mar

Housing sales dipped by 5 per cent to 75,706 units in nine major cities during January-March period because of transition in GST rates, according to a report by property brokerage firm PropTiger. The company, released its ‘Real Insight Report’ for Q4 2018-19 tracking housing sales and new launches in nine major cities — Bengaluru, Kolkata, Mumbai, Chennai, Hyderabad, Pune, Ahmedabad, Gurugram and Noida.

“Housing sales in India’s nine key property markets declined 5 per cent year-on-year (y-o-y) and new project launches fell 32 per cent annually during Q4 2018-19,” the report said, adding that the unsold housing stock numbers declined by 10 per cent. PropTiger attributed the decline in home sales numbers to changes in the GST transition rules.

The maximum fall in was in Noida, with sales dropping by 50 per cent at 3,856 units. “While there might not be any significant improvement in new launch and home sales numbers in the first quarter of 2019-20, things may start to change after the results of the Lok Sabha elections are announced. “In fact, as more clarity emerges pertaining to GST issues, these numbers might see improvement in the quarters that follow. Property rates would also see an upwards movement in the times to come,” Elara Technologies Group Chief Operating Officer Mani Rangarajan said.  — PTI