Housing sales rose by 6 per cent during July-September in nine major cities at 51,142 units on demand recovery post demonetisation, new real estate law and GST impact on the real estate market, according to PropEquity data. Nine cities tracked by real estate data, research and analytics firm PropEquity include Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. Launches of new homes grew by 12 per cent to 32,870 units during the third quarter of 2018 calendar year.
“In the last one year, prices have corrected and the realty market has started to somewhat revive. With festive season coming up, developers will dole out discounts, finance schemes and freebies to push housing demand further,” said Samir Jasuja, founder and managing director of PropEquity.
“We continue to see strong traction for ready to move in and nearing completion projects to attract demand,” he added. The market has been continuously recovering over the past few quarters as substantial amount of ready stock available in the primary market has led to the market slowly transforming into a buyer’s market.
“As the real estate market got accustomed to reforms like goods and services tax (GST) and Real Estate Regulation Act (RERA), absorption for ready to move and nearing completion projects picked up,” the report said. The unsold inventory dipped by 8 per cent to 6,17,456 units in these nine cities.
Among cities, housing sales in Bengaluru increased by 14 per cent to 8,916 units. Mumbai saw an increase of 20 per cent in sales to 5,736 units, while Pune witnessed 17 per cent rise at 11,720 units. In Chennai, housing sales jumped 70 per cent to 3,966 units. There was a marginal increase of 1 per cent in housing sales in Kolkata at 3,058 units.
However, Hyderabad saw a dip of 24 per cent to 3,624 units. Thane, too, saw a decline of 3 per cent to 11,210 units. In Delhi-NCR, Noida saw absorption jump of 34 per cent at 920 units, but sales in Gurugram fell 41 per cent to 1,992 units. PropEquity, which is an online subscription based platform, covers over 98,370 projects of 26,881 developers across over 42 cities in India.