A new report by ANAROCK research states that in the third quarter of 2019, 17,180 units were sold in entire Mumbai Metropolitan Region (MMR) in which Mumbai itself saw sales of 11,630 units in the housing sector.
Mumbai witnessed a new supply of 9,390 (67%) units of the total 14,040 new units launched in Q3 of the FY19 in the whole MMR region. On the other hand, Navi Mumbai registered a launch of 2,430 (17%) new units whereas Thane only saw 2,220 units during this period.
Year-on-year and quarter-on-quarter basis, the launch of new stock in Mumbai fell 33% and 38% respectively, on the other hand, Navi Mumbai witnessed a reduction of 21% and 34% respectively. Thane saw a decline in new stock by 19% YoY and 48% QoQ.
In MMR, the total unsold inventory in Q3 2019 was around 2,20,870 units out of which only Mumbai comprised of 66% share at about 1,46,380 unsold units. On YoY and QoQ bases, Mumbai was able to sell its unsold inventory by 3% and 1% respectively.
Navi Mumbai witnessed an outstanding unsold inventory at 39,530, down by 7% YoY and a per cent QoQ. In Thane, the total unsold stock stood at 34,950 units in the said quarter, reduced by 2% on a YoY basis and 2% QoQ.
In contrast, NCR witnessed a supply of 5,790 units in Q3 2019 in comparison to 4,200 units last year and 13,570 units in the preceding quarter.
NCR saw sales of about 9,830 housing units in Q3 – a drop of 22% QoQ and 13% YoY. The region ranked second in recording the maximum decline amongst the top seven cities on a quarterly basis while Noida and Greater Noida witnessed a supply of few new units.
Although the Indian real estate is going through a negative growth, the condition is worsened by the NBFC crisis. The slowing of the Indian economy is also adding fuel to the already harsh situation to the sector.
Re-railing of the de-railed realty sector cannot be done single-handedly by either the developers, banks, NBFCs and the government. Rather a team plan by each of the players involved is what it is required to pull out the sector from a crisis like a situation.