There are signs of improvement in the situation in New Delhi
real estate housing sector . During the quarter ended March 2018, house sales have increased by 33%. During this period, around 80,000 houses were sold in 9 major cities. This information was received from realty portal PropTigerDotcom (www.proptiger.com). During the first quarter of last year, 59,936 new houses were sold across the country. PropTiger has written in its latest report ‘Realty Decode’ that house sales have increased during the March quarter in nine major cities of the country except Hyderabad. 69% more houses sold in Noida in March quarter
In Noida too, there has been a significant increase in the sale of houses during the March quarter this year as compared to the first quarter of last year. 7,933 houses were sold here between January and March this year, which is 69% higher than the previous year. At the same time, the sale of houses in Gurugram during this period increased by 62% to 1,964 units. According to PropTiger CEO, Housing and House Dhruv Agarwal, data from previous quarters are encouraging but need not be overjoyed. He said that these are early signs of improvement in the retail real estate sector. Delhi-NCR: Sluggishness in Housing Sector
There has been a slowdown in the real estate sector of Delhi NCR especially in the last several years. The reason for this is the high property prices and the delay in delivery of projects. Demand and the implementation of the new Real Estate Regulatory Act (RERA) had a huge impact on demand and supply. Sales were also under pressure due to the GST bill introduced last year. However, PropTiger says that the decline in the sales of the housing sector in the last 4 consecutive years has stopped. This has raised hopes of improving the housing market.
According to data from PropTiger, housing sales in Pune increased by 56% to 15,885 units. In Bengaluru, the figure has increased by 46% to 11,906 units. Sales in Mumbai increased by 40% to 25,281 units. Sales in Chennai stood at 5,0705 units, while in Kolkata, sales rose by 16% to 3,873 units.
The situation in Ahmedabad has improved
marginally in terms of sales of houses from Ahmedabad to Hyderabad , where 3,205 houses were sold in the March quarter. During this period, the sale of houses in Hyderabad declined by 29% to 5,077 units. Ankur Dhawan, chief investment officer of PropTiger.com, said that 2017 has been a difficult year for the real estate sector but it has breathed a sigh of relief in the first quarter of 2018.
Ankur said that real estate developers are willing to reduce the price to take out the unsold houses and improve their cash flow. The PropTiger report also figures for Greater Noida and Yamuna Expressway in Noida’s sales data.
