Consumer confidence was boosted by the implementation of the Real Estate (Regulation and Development) Act and stable capital values, the CREDAI-JLL report said.
Home sales across India’s top seven cities have risen 25% on year to 64,080 in the first half of 2018, boosted by a rise in consumer confidence on account of the implementation of the Real Estate (Regulation and Development) Act and stable capital values, a joint report by the Confederation of Real Estate Developers’ Associations of India (CREDAI) and consultant JLL said.
“The general consensus amongst the buyers has been that the markets have bottomed out and capital values are now expected to move northward. These two factors, have pushed many fence sitters and new home buyers to take the purchase decision,” it said.
The seven cities tracked by CREDAI-JLL are NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Pune.
According to the report, Mumbai witnessed the highest sales volume totalling 13,659 units during January-June, up 11% from a year ago. NCR saw a rise of 26% in housing sales due to a rise in new launches and return of buyers’ confidence in the market.
Bengaluru and Pune recorded a 2% year-on-year rise in sales while Kolkata topped the percentage chart for y-o-y growth in sales with a record 280% (albeit on lower volume) to 2,955 units in the first half of 2018.
Kolkata recorded the highest growth in sales with a nearly threefold rise, albeit on lower volume. Hyderabad too recorded an over twofold increase in home sales.