Residential apartment sales data for the festive season (i.e. Oct/Nov month) is not available as yet, channel checks suggest that festive sales haven’t been encouraging (as compared to last two years).
Bangalore / Chennai continues to witness healthy absorption trends. Launch activity has come down in Nov after witnessing a meaningful pick in Oct (given festive month). In terms of markets, absorption trends remain sluggish in Mumbai; while volumes in Gurgaon are also coming off at the margin. Initial signs of price discounting have started to happen in Mumbai (subvention schemes, waivers etc).
In terms of pricing, Mumbai has seen price discounting primarily in the form of discounts or waivers, while quoted prices remain stable. EMI subvention schemes (80:20 schemes) have gained prominence in NCR/Mumbai. Number of reputed developers in Mumbai have announced these schemes over the past month for under construction projects. However quoted prices have not come down meaningfully as yet. Prices in Gurgaon remain largely stable; while Bangalore / Chennai are witnessing 5-10% appreciation despite high launch activity.
Mortgage rates seem to have peaked out (at 11.5% levels) with few HFCs/banks offering 25bps discount to floating home loan rates.
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