As per several studies and reports, the Indian real estate sector is likely to witness happy tidings in the near future. As per reports, the sale of villas and apartments throughout India have increased by close to 20% which is the first such major increase in a period of 3 years. These reports have taken into account 9 out of the top 10 property markets in the country. Unsold inventory across these major cities is also coming down steadily as per several reports.
After a few years of fluctuations and the impact of GST, demonetization and RERA, things seem to be taking a positive direction for the country’s real estate sector. Sales of property increased by roughly 5% for the period between April and June 2018 while 20% is now the increase reported between July and September 2018. With the festive season having started in several parts of the country, sales volumes should only increase further in the run-up to the New Year. Unsold inventory has come down across almost all major cities in the country. 20% has been the reduction in unsold inventory for the Noida-Greater Noida-Yamuna Expressway region while inventory has also come down for other cities like Bangalore, Chennai and Gurgaon.
Kolkata is the sole city where unsold inventory has gone up a little albeit by lower than 1%. New launches were fewer over the last few months and hence this positive change. Sales volumes have also gone up by 24% as compared to the last year and this has also contributed towards the lowering of unsold inventory. New villa and apartment launches have increased across Chennai and Hyderabad to the tune of 159% and 139% respectively. On the other hand, new launches have come down in Mumbai and Gurgaon. Sales of existing apartments are lower in Gurgaon while they have gone up by a whopping 59% in the Noida-Greater Noida-Yamuna Expressway zone where there are a higher number of affordable housing units on offer. The Indian real estate sector is likely to witness more positive developments over the next few months and momentum could well be sustained as per experts.
