While overall housing sales in India recorded a decline in Q2 FY20, the housing sales value of India’s top 9 listed developers stayed on course during the quarter. On a quarterly basis, their housing sales value rose by a very respectable 5% – from approx. INR 52.5 bn in Q1 FY20 to nearly INR 55.2 bn in Q2 FY20.
On a yearly basis, the figures are a bit more sombre – these listed developers collectively saw their housing sales value rise by 2% from INR 53.9 bn in Q2 FY19. Nevertheless, growth of any kind stands out in a market which had been facing headwinds for so long.
|Housing Sales Value (INR billion)|
|Listed Builders||Q2 FY19||Q1 FY 20||Q2 FY20|
Going by the overall area-wise absorption data available as on date, the top eight listed developers collectively notched up a 5% annual increase. Available data indicates that their area-wise sales rose to 7.25 mn sq. ft. in Q2 FY20 from 6.9 mn sq. ft. in Q2 FY19.
On a quarterly basis, these real estate majors saw a 9% gain in overall housing absorption. In the previous quarter of Q1 FY20, the overall absorption recorded by eight listed developers alone was nearly 6.64 mn sq. ft.
|Absorption (mn sqft)|
|Q2 FY19||Q1 FY20||Q2 FY20|
Says Anuj Puri, Chairman, ANAROCK Property Consultants, “We are clearly seeing the emergence of strong, organized players whose strengths are amplified, rather than diminished, by the newly regulated market environment. Even the most conservative industry estimates indicate a staggering number of developers in the top cities who have been either wiped off the map or have merged with organized developers after DeMo and RERA.”