Housing sales decline
Property consultant JLL India in its monthly report said housing sales in January-March period of 2016 rose by 9 per cent over the previous quarter. However, it is facing a slowdown from the last 3-4 years leading to significant delays in completion of projects and protest by home buyers. Housing sales fell 2.2%, about 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. “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,” the report said.