August 04, 2018

Housing sales stood at 64,080 units during January-June 2018 against 51,452 units in the year-ago period. Following demonetisation, sales had remained sluggish, but the latest half-yearly figures show that things are looking up

BERLIN: Residential property sales across India’s top seven cities have revived post demonetisation and have risen 25% in the first six months of the current calendar year, showed a joint report by realtors’ body CREDAI and JLL India.

Housing sales stood at 64,080 units during January-June 2018 against 51,452 units in the year-ago period. Following demonetisation, sales had remained sluggish, but the latest half-yearly figures show that things are looking up.

“Sales have picked up by 25% in the first half of this year. All cities have shown positive growth,” said Ramesh Nair, JLL India CEO . “Sluggishness in housing sales, which continued for the past 3-4 years, is over now.”

Nair believes that the fence sitters have now come back to the market with flats becoming affordable after effective price and time correction.

While CREDAI-JLL reported 25% increase in housing sales, Knight Frank India had, earlier this month, said that sales growth in eight major cities rose slightly at 3% to 1.24 lakh units.

CREDAI’s president Jaxay Shah said the housing market is recovering post demonetisation, Real Estate (Regulation and Development) Act, 2016 (RERA) and goods and services tax that had affected sales. Shah also insisted that the GST rate needs to be brought down from the current 12% to boost sales of under-construction homes.

The seven cities tracked by CREDAI-JLL are NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Pune. The report was released at CREDAI’s 18th annual international convention held here and being attended by over 1,000 developers from across India.

Of the key cities, Mumbai saw the highest sales volume totalling 13,659 units in the first half of 2018, up 11% from 12,309 units in the year-ago period. Bengaluru followed closely with 13,382 units and recorded a marginal increase of 2% in sales from a year ago. Pune saw a minor increase of 2% in sales volume at 9,988 units.

According to CREDAI chairman Getamber Anand, homebuyers’ confidence has improved with the implementation of new real estate law RERA in May last year.

Delhi-NCR saw a rise of 26% year-on-year in sales owing to rise in new launches and renewed confidence in the market.

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Source: realty.economictimes.indiatimes.com