Southern Cities experienced a decline in residential demand, whereas Mumbai and Pune saw a 33% increase during the same period.

Unlike before, the heat of the total residential slowdown in 2019 begins to feel in the resilient markets of South India according to a report.

According to recent research by ANAROCK, in the first three-quarters of 2019 residential sales dropped by 5% compared to the corresponding period in 2018 in Bengaluru, Hyderabad and Chennai. Whereas, The Western cities of Pune and MMR (Mumbai Metropolitan region) ran a long way ahead and saw sales rise by 33% in the same period. Even the NCR in the north announced an annual increase in housing sales of 15% between January and September 2019.

From January to September 2019, the total of three southern cities sold 61,400 residential units, compared to 64,420 units sold during the first three quarters of 2018.

In 2019, on the contrary, MMR and Pune saw sales by the respective time of 2018 of approximately 93,930 units, as opposed to 70,740 units. New launches were also restricted this year in southern cities and saw annual growth of just 3% between 48,410 units in the first three-quarters of 2018 and 50,070 units this year.

On the other hand, the MMR and Pune western markets reported a 65%  annual increase in new supplies – from 61,040 units in 2018 to more than 1,00,470 units in 2019 (over double the supply newly delivered in the major southern cities).

New launches in NCR have risen by 59% year on year from 17,230 units in 2018 to 27,390 units this year. During the same time, Southern Cities, in the midst of decreasing housing sales and minimal new supplies, shed 11% of the unsold stock, while Western counterparts retain the status quo.

Southern cities have, as of Q3 2019, a combined unsold stock of almost 1.19 lakh units, which in 2018 was over 1.34 lakh. MMR and Pune now have almost 3.13 lakh unsold units, about the same as last year.