Housing sales in Bengaluru zip 80% in Q1 2019
The IT city has emerged as the most active residential property market in the country over the last two years, with overall housing sales rising by 80% in the first quarter of 2019 against the same period in 2017.
Overall unsold stock has also declined by 44% during the same period — the maximum among top cities, data from ANAROCK Property Consultants showed.
“Builders cautiously focused on releasing less new supply in the market and instead focused on sale of old projects. This, invariably, led to increased housing sales. At any given point, an inventory overhang within 18 months is considered a healthy market,” said ANAROCK Property Consultants.
With rising sales backed by rising consumer demand, India’s Silicon Valley has seen the overhang of residential inventory declining to 15 months by the end of the first quarter of 2019 from 42 months in the first quarter of 2017, according to the report.
Fresh supply went up by around 39% during the period, it said.