A property analysis released recently has shown that in the second quarter (Q2) of the financial year 2015-16, the number of units sold in Mumbai, Bengaluru and Pune has reported an increase compared to National Capital Region.
Realty Decoder-Q2’FY16, released by the Data Labs division of PropTiger.com, NCR is losing out to these cities where prices went up by 4 per cent, 4.8 per cent, and 1 per cent, respectively.
It showed that although property prices have marginally risen, in Gurgaon at the end of Q2, prices had not changed when compared to Q2’FY15. In fact, prices fell by 1.8 per cent. In Bhiwadi too, prices fell by 0.1 per cent.
In all the other top cities there was a moderate rise in prices. This indicated that there has been a greater fall in demand in many parts of the NCR when compared to other top cities.
It, however, noted that there was a rise in prices in Sohna, Yamuna Expressway and Greater Noida, by 6.2 per cent, 5.7 per cent and 2.8 per cent, respectively. So, from Q2’FY15 to Q2’FY16, prices have not fallen in all micro markets in the NCR.
In the past 10 quarters, in both Noida and Gurgaon, the weighted average price index declined from the base value of 100 to 98 while in Bengaluru, this number went up from 100 to 112 and in Mumbai and Pune it went up from 100 to 106. This implies that in the past 10 quarters, the price appreciation in Bengaluru, Mumbai, and Pune has been much higher than in Noida and Gurgaon.
Noida also has the highest unsold inventory in the affordable category. It was also high in Mumbai, Pune, and Bengaluru too. Much of the unsold property in Gurgaon and Mumbai was in the luxury segment.