In the Mumbai region about 4,700 units/month were sold on average in 1Q10, down 18% from about 5,700 in 4Q09. However, the months of unsold inventory is 8, which is the lowest level since January 2008.In Gurgaon, about 1,950 units/month were sold in 1Q10 vs. about 2,400 in 4Q09 and about 2,100 in CY09. There was a pick-up from about 1,650 units sold in February to over 1,900 units in March. Sales in Noida/Greater Noida accelerated to about 4,400 units/month in 1Q10 vs. about 3,000 in 4Q09, which we believe reflects a strong response to a launch in Greater Noida in March.
Bangalore, Chennai and Hyderabad, volumes are down by 8%-13% in 1Q10 vs 4Q09, but the 1Q10 rate is stable in context of the CY09 average.
Overall, the average pace of sales in 1Q10 all India basis is stable.
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