With the project completions gaining momentum and sales picking up, the real estate sector has a reason to look at a scenario that brings stability and revival after years of slowdown resulting in muted sales .
In an encouraging sign, 10 leading real estate developers have recorded a 50.7% growth in sales during the nine months period ending 2018 in the FY 19. During this period, the sales of ten large listed entities stood at a robust 22.4 million square feet, registering a 50.7 % growth over the corresponding period a year ago. According to the
leading rating agency ICRA’s report, the sales value of the area booked also increased to 14461 crore in the nine months of FY19, as compared to Rs 10980 crore over the same period a year ago.
Says Pradeep Aggarwal, Chairman, Assocham National Council on Real Estate, Housing & Urban Development and Founder & Chairman of Signature Global, ” The pick up in sales is an encouraging sign that the real estate sector is slowly but steadily gaining its footholdThis is also an indicator of property buyers again starting to repose their faith in the developers, especially those who operate in the residential domain. This will pave the way for the recovery of real estatye facing rough weather for quite some time. “