Housing sales decline
Housing sales fell 2.2 per cent to 1.58 lakh units in seven major cities last fiscal, but the market is expected to improve by next March on the back of lower interest rates and fall in prices, according to monthly report by JLL India. Report explains housing sales in January-March period of 2016 rose by nine per cent over the previous quarter. Real estate market is facing a slowdown from the last 3-4 years leading to significant delays in completion of projects and protest by home buyers.
The real estate sector saw the worst phase in 2015-16 with sales and prices plummeting. High inventory levels, diminished demand and limited liquidity affected new launches. Overall residential sales were down by 2.2 per cent in FY 2015-16.As per recent data, JLL said 1,58,211 units were sold in 2015-16 fiscal as against 1,61,875 units in the preceding fiscal in seven major cities – Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Pune.