Mumbai Residential Real Estate absorption was around 5,000 units a month in March-May 2009, which is broadly in-line with levels in early 2008 and up significantly from around 2,000 units/month in September 2008-February 2009. The number of months of unsold inventory has fallen to 11, which is in-line with early 2008 levels and may be a sign that the market is bottoming out.
Noida and Greater Noida: There was a significant recovery, particularly in May, with absorption of over 4,500 units.
In Bangalore, monthly residential real estate absorption remains well below average 2008 levels and the number of months of unsold supply stands at 33 in May, compared with 11 through most of 2008 indicating excessive oversupply.
The Hyderabad real estate market probably looks the most unfavorable out of the cities we have covered so far with about 800 units/month sold in January-May 2009 compared with about 1,800 units/month in 2008. There is 44 months worth of unsold inventory based on average absorption in March-May 2009.
Noida and Greater Noida: There was a significant recovery, particularly in May, with absorption of over 4,500 units.
In Bangalore, monthly residential real estate absorption remains well below average 2008 levels and the number of months of unsold supply stands at 33 in May, compared with 11 through most of 2008 indicating excessive oversupply.
The Hyderabad real estate market probably looks the most unfavorable out of the cities we have covered so far with about 800 units/month sold in January-May 2009 compared with about 1,800 units/month in 2008. There is 44 months worth of unsold inventory based on average absorption in March-May 2009.
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