Residential property sales across tier-I cities rose 9% from a year ago led by affordable housing and performance of southern property markets of Bengaluru and Hyderabad, ET Realty reported.
Sales volume in Bengaluru and Hyderabad rose 26% and 24%, respectively, showed data from Liases Foras Real Estate Rating & Research.
Close to 55% of the sales of this quarter were contributed by sub-Rs 50 lakh segment, in which the segment of Rs 25-50 lakh is beginning to gain more traction with 16% year-on-year growth.
Housing sales in Chennai witnessed a growth of 21% followed by Kolkata at 16%, Mumbai Metropolitan Region 13%, Ahmedabad 12% and Pune 8%. National Capital Region is the only property market that witnessed a decline in sales by 12% as compared to same quarter last year.
Although the market has turned sluggish due to Non-Banking Finance Companies (NBFC) liquidity crisis, sales during the September quarter showed improvement on year-on-year basis.
The growth during the quarter was muted, while on comparison with the previous year the market seems better both in terms of sales and new launches, said the report.