Sales of property in India have grown by nearly 13 percent in the fourth quarter of 2016-2017. Three cities Mumbai, Bangalore, and Pune were the primary drivers of home sales in India during these past few months. The three cities together accounted for 57 percent of the total sales among the top nine real estate markets in the country for the quarter ended March of 2017.
Going By the Numbers and Laws
The number of new residential units sold increased to 51,700 units in the quarter ended March 2017 from 43,500 units during the previous quarter. According to those who work within the real estate industry, demand for housing is being driven by the affordable housing sector. Residential markets, say experts, have recovered from the lows of demonetization and sales and new launches have reached healthy levels in the fourth quarter of the financial year of 2017. Real estate insiders have also gone on to state that affordable housing is driving rising sales in domestic real estate because affordable housing has been granted infrastructure status which makes it possible for builders to receive loans at lower rates and build such Projects.
Post Demonetization Resurgence
According to industry reports, realestate in India has been revived post demonetization and sales have risen by 13 percent while they had fallen by nearly 22 percent in the last quarter in the top 9 real estate markets in the country. Concerning Mumbai, Pune, and Bangalore each city has contributed 23 percent, 18 percent, and 16 percent respectively to the total sales of real estate in the latest quarter.
A Rise in Launches
Across the cities of Mumbai, Pune, and Bangalore the number of new launches has risen by 19 percent. This is the highest increase in the number of new launches in the last two years. According to those who follow the industry, the number of new launches stood at 51,500 units in the final quarter of 2016-17 whereas it had stood at 43,250 in the third quarter of the financial year 2016-17. According to this real estate websites the number of new launches was the highest in Mumbai followed by Hyderabad and Gurgaon respectively. for more here