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Housing sales up by 7pct in 2018 in nine major cities - Report

Infra News - Published on Wed, 16 Jan 2019

Image Source: Devdiscourse
Economic Times reported that increased demand for flats that are ready to move in or nearing completion helped housing sales to rise by 7 per cent during 2018 to nearly 2.15 lakh units across nine major cities. New launches fell by 22 per cent to 1.46 lakh units during 2018 against 1.87 lakh units in the previous year. Higher sales and fall in new supply led to 10 per cent decline in unsold stock at around 6 lakh units as on December 31, 2018. The nine cities tracked by PropEquity are Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.

Mr Samir Jasuja, Founder and MD, PropEquity said that "In 2018, we witnessed over 20 per cent fall in new launches in top nine Indian cities as developers across cities focussed on executing and aggressively selling previously launched projects. This also led to unsold inventory falling by over 10 per cent; and effectively these top nine cities sold 7.2 per cent more units in 2018 versus 2017 even with fewer launched projects.”

He added that realty sector is currently on the upswing, primarily for ready-to-move housing units or the projects that are nearing competition due to low-risk factors attached to them.

Mr Jasuja said that "2019 is going to be a watershed moment for the Indian real estate sector. We are witnessing solid demand for ready-to-move and nearing completion projects, which primarily cater to end-users.”

Source :

Posted By : Joykumar Irom on Wed, 16 Jan 2019
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