Residential Sales Grew By Six Per Cent In 2018; Launches Rise By 76 Percent

With residential market showing a notable surge, it has become evident that the overall sales grew by 6 percent in 2018. As compared to 2017, the housing units were sold more in prominent cities such as Mumbai, National Capital Region (NCR), Hyderabad, Bengaluru, Chennai, Pune, Ahmedabad and even Kolkata. Indeed, the total sales of residential units have been estimated as 242, 328 for the period of July to December 2018. This shows that the total sales depicted in six months of 2018 has been witnessed as excellent in comparing to the sales in complete 2017. These results are depicted in the report titled India Real Estate – Residential and Office, July-December 2018. Certainly, the report was presented by Knight Frank India.

Taking note of the report, it has been mentioned that 2018 marked an excellent growth in the sales of residential units. This has happened first time in a decade so far, which shows that the growth graph is creating better opportunities. Definitely stating, the total amount of new units launched in complete 2018 is 1, 82,207, which has been noted as higher by 75 percent. The H2 2018 witnessed a total launch of 89,500 units, which has been recorded as 119 percent higher than 2017. Putting further light on the launch of the residential units, 60 percent of them falls under affordable segment of “under Rs. 50000”. Indeed, the most of the developers seem to concentrate on the mid-range

Out of the eight cities witnessing excellent growth of residential unit launches, Mumbai, Bengaluru and Pune have recorded maximum sale. Indeed, Mumbai noted 38,390 units, Bengaluru documented 11,830 units and Pune at 18,580 units. The data has shown that the investors have shown excellent interest in paying attention towards quality living standards within budgeted range. Talking about the details further, Mumbai noted a growth of about 220 percent and Pune recorded around 157 percent for sure. This shows that metropolitan cities has seen people investing in residential units developed with smart infrastructure.

It has been rightly stated that the generation of regulatory environment, reduction in rates, secondary discounts and an increasing blend of residential products are quite in liaison with the residential investors. And this has concluded in a six percent of sales growth in 2018. However, the sales volume in complete 2018 was projected at 2, 42, 328 units. This shows that total amount of unsold inventory reduced in 2018.