Housing Sales Up By 7% In 2018 Across 9 Major Cities: Prop Equity Real Estate Report

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    The positive impacts of RERA-induced transparency seemingly have started reflecting in the Indian real estate. As per a recent report, housing sales have risen by 7 percent during 2018 to nearly 2.15 lakh units across nine major cities.

    As per Prop Equity, the increased demand for flats that are ready to move in or nearing completion has helped housing sales to rise. The stringent RERA policies, focus of developers to sell previously launched projects and later NBFC crisis seems to be showing its effect as new launches have actually fallen.

    As per the report, new launches fell by 22 per cent to 1.46 lakh units during 2018 against 1.87 lakh units in the previous year. The combined effect of higher sales and fall in supply has led to a fall in inventory level as well.

    In fact, there has been a 10 percent decline in unsold stock at around 6 lakh units as on December 31, 2018. The cities covered in this report are Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.

    Talking city-wise, Bengaluru saw a 19 percent rise in sales to 38,525 units during 2018, while sales in Chennai grew by 40 percent to 14,920 units. Housing sales in Mumbai went up by 9 percent at 22,413 units, 16 percent in Pune at 49,706 units and 14 percent in Kolkata at 14,166 units.

    However, NCR has a different story to share. Gurugram saw a dip in sales by 16 percent at 9,425 units while housing sales in Noida fell by 5 percent to 3,828 units.

    Similarly, sales in Hyderabad declined by 17 percent at 15,486 units while absorption in Thane dipped by 2 percent to 46,347 units.

    “2019 is going to be a watershed moment for the Indian real estate sector,” Money Control quoted Samir Jasuja, Founder and MD, PropEquity, as saying. “We are witnessing solid demand for ready-to-move and nearing completion projects, which primarily cater to end-users.”

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