The air of optimism in Indian realty sector that prevailed in the second quarter rolled over to the third quarter and sales across eight major cities in India improved 15 per cent, says Liases Foras in a research note.
The air of optimism in second quarter (Q2) of FY2015-16 rolled over to this quarter and sales across eight major cities in India improved 15 per cent, quarter-on-quarter (QoQ) to 78 million sqft in third quarter (Q3).
The note covered Ahmedabad, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR).
During Q3, all eight cities cumulatively recorded highest sales in the cost range of Rs5 million to Rs10 million, at 24.4 million sqft (31%), followed by affordable segment (Rs25 million to Rs5 million at 23.2 million sqft.
Ultra-Luxury segment of more than Rs20 million bracket has recorded sales of only 12.8 mn sqft in last quarter. MMR was the highest contributor to the luxury (Rs10 million to Rs20 million) and ultra-luxury segment (More than Rs20 million) sales.
During the third quarter, unsold stock increased 5 per cent to 1124.9 million sqft, with Ahmedabad and MMR showing major increase, while Chennai and Bengaluru a decline.
Bengaluru witnessed highest additions with 15.8 million sqft, during the third quarter, the report says. While MMR has shown improvement of 33 per cent in new launches, most of them are in the Rs2.5 million to Rs5 million cost bracket.