Residential Real Estate In Top 7 Cities Shows Upward Trend In Second Quarter, Says Anarock Report

Builders sticking to delivery timelines and buyers gaining trust due to RERA in place have now started bearing fruits. As per a recent report, residential property sales in the second quarter has climbed by 15% year-on-year across India’s top seven markets.

Data from ANAROCK Property Consultants shows that Bengaluru, Kolkata, Mumbai Metropolitan Region (MMR) and Pune have witnessed more than 20% on-year sales growth in the quarter ending September. The report also states hat Hyderabad and Chennai posted declines of 3% and 27%, respectively.

Sequentially too, there has been a rise of 9 percent in cumulative sales in the top seven markets. On the other hand, prices reportedly have remained stagnant in most of the markets while have declined by 1 percent in Kolkata.

The growth figures of this quarter hold special importance as it seems to set the tone of the real estate market for the festive season. Considering the fact that the 15-day shraddh, a period that is considered inauspicious for property deals, also falls in this quarter, the 15 percent growth in sales seems encouraging.

Understandably, several developers have reportedly kept new projects on hold for the ensuing festive season. Despite that, there has been a 51% jump in new housing supply, as per the Anarock numbers.

“Buyers and developers alike are pinning their hopes on the ongoing festive season for better deals and increased sales,” Anuj Puri, chairman, ANAROCK Property Consultants told ET. “Affordable housing continues to keep the momentum going, with nearly 65% increase in supply during the quarter.”

The report also states that about 75 percent of the launches in the last quarter comprised of affordable and mid-income segment housing. While affordable segment alone accounted for 42% share of the total new launches, about 39,300 units were reported to be priced under Rs 80 Lakh.

The rupee’s recent fall also comes as a blessing in disguise for the Indian real estate. Interest and inquiries from NRIs, especially from the Middle East region, have increased manifold.

LEAVE A REPLY

Please enter your comment!
Please enter your name here