After years of slowdown in real estate and inventory pile up of housing, restricting the launch of new projects, the recent pick up in new launches is an encouraging development that clearly points to the turnaround of residential market.
According to the report of a leading property research company, new launches across top three metros of Delhi- NCR, Bengaluru and Mumbai have recorded the highest year-on-year growth in 2018. Delhi- NCR recorded the highest yoy growth in new launches at 114%, followed by Bengaluru, recording 81% growth and Mumbai market sharing 22% rise in new launches. This positive development comes on the heels of home sales gaining momentum. While Delhi- NCR recorded the highest sales growth of over 70%, Mumbai witnessed 53% hike in overall sales, followed by Bengaluru at 50%.
Says Pradeep Aggarwal, Chairman, Signature Global, ” The government’s policy measures to boost affordable and mid- segment housing have contributed to the revival of residential real estate market. Especially with these measures, the initiatives to give boost to both demand and supply side have worked well in an environment aided by stabilisation and strengthening of RERA and GST”.