Home sales rose in India’s top 8 cities
Home sales growing 13% in the top eight cities, shows the sign of recovery. In FY18, a total of 265,564 units were sold within Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Hyderabad.
The highest growth marking segments are the mid income and affordable housing segments. On a sequential basis, homes sales grew 3% in the quarter ended 31 March 2018 over the previous quarter. Mumbai recorded the highest growth of 25% followed by NCR with 19% over the year-ago period. Pune and Hyderabad followed with 11% growth in quarterly sales. Except Kolkata, all tier 1 markets have shown recovery. Chennai led the recovery with 27% Q-o-Q (quarter-on-quarter) increase in sales, followed by an extremely slow quarter.
Residential sales during FY2017 were massively hit by demonetization and implementation of RERA dipped the sales hugely; but the growth is certainly showing positive results.