Housing sales may see a hike of 16% in 2018

Basis a report, seven major cities- Delhi NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune are expected to see a rise in the housing sales by 16% this year at 2.45 lakh units on better demand for affordable homes. The housing supplies in these 7 cities rose by 32% to 1.93 lakh units in 2018.

With the acceptance of the new market realities by the brokers and developers, the residential sector began to regain its visibility and viability. Transparency and accountability has never been the characteristics of the Indian real estate sector, but with the implementation of RERA and GST, this became normal this year changing the characteristics of the Indian Real Estate sector.

Affordable housing sector has reckoned for the biggest share of the new supply with over 41% of the new supply in this category. If Q4 sales are being considered to match those of the preceding quarter at 2,11,140 units in 2017, then there is an annual increase of 16% housing sales with an estimate of 2,45,000 units in 2018.

At the Pan-India level, the property prices only saw 1% increase from Rs 5,491 per sqft in 2017 to Rs 5,545 per sqft in 2018. Other than that, the average property prices remained largely static in these 7 cities.

Mr.Pradeep Aggarwal, Co founder& Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM says, “With the implementation of RERA and GST post-demonetisation, the concern of hindered projects showed signs of revival. In addition to this, Affordable Housing also got a boost in the real estate market, which was previously tagged as a low-key affair and considered down-market. We aspire to build more such affordable units for the betterment of our society and help in accomplishing ‘Housing for All 2022’.”

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