Comments
Housing sales rose six per cent in 2018 in eight major cities as developers reduced prices and offered indirect discounts to lure customers, property consultant Knight Frank India said in its report released on Monday.
Sale of residential units increased in six cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad and Ahmedabad; but declined in two cities -- Kolkata and Pune. Higher sales volumes resulted in drop in the number of unsold units by 11 per cent to nearly 4.7 lakh units. Compared with other property consultants, Knight Frank has reported lowest rise in housing sales during 2018 at 6 per cent.
JLL India said housing sales rose 47 per cent in seven cities, ANAROCK data suggested 16 per cent rise in seven cities, and PropTiger showed 25 per cent rise in sales in nine big cities. The difference in the figures is on account of variation in locations in the respective reports.
“An improving regulatory environment, reducing prices, indirect discounts and an increasing infusion of residential products that are more in tune with the homebuyers’ preferences have culminated in a six per cent year-on-year (YoY) growth in sales during 2018,” Knight Frank India said.
Sales volumes in 2018 were estimated to be 2,42,328 units as against 2,28,072 units in the previous year. Bengaluru saw the highest annual increase in sales of 27 per cent YoY in 2018, riding on the back of economic stability and job security, the report said. The NCR market saw sales improve by 8 per cent YoY in 2018, on the back of stronger sales traction in Noida and Greater Noida. Sales declined in Kolkata (-10 per cent) and Pune (-1 per cent) in 2018, against 2017.
“The total unsold inventory levels have improved at the end of 2018 and are estimated to be 4,68,372 units, which were lower by 11 per cent since end of 2017 and close to 30 per cent lower than 2016,” the consultant said. The launches of new homes rose sharply by 76 per cent to 1,82,207 units in the eight cities covered in the report.
Our Delhi Bureau adds: The residential market of the National Capital Region (NCR) registered a 35 per cent growth in the new launches in 2018, according to a report by Knight Frank India here on Tuesday.
The report titled 'India Real Estate' said of the total number of new launches which took place in NCR, 75 per cent happened in Gurugram and Greater Noida.
"An analysis of the residential market in NCR clearly shows a revival of new launches in the lower ticket sizes and affordable segment," said Mudassir Zaidi, Executive Director, North, Knight Frank.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.