Housing sales slipped 6% in top Indian cities during Jul-Sep quarter: Report

Residential property sales across India's nine major cities declined by six per cent during the July-September quarter, dropping to 1.03 lakh units.According to the real estate research and analytics platform, PropEquity, the dip can be largely attributed to weak demand and a reduction in fresh housing supply during the quarter. Global economic uncertainty also played a part in dampening buyer sentiment, the data showed.As per the figures, housing sales across these nine cities dropped to 1,03,170 units in the July-September period, compared with 1,09,420 units in the corresponding quarter last year. New housing supply also contracted, falling to 98,165 units from 1,00,330 units over the same period.Notably, the July-September quarter typically records slower housing sales owing to the monsoon season, which tends to discourage developers from rolling out new projects. Demand and sales usually pick up in the October-December quarter, driven by festive-season buying.