Housing sales rises 6 pc in 8 major cities: Report

Source: The Hitavada      Date: 09 Jan 2019 09:22:32


Business Bureau,

HOUSING sales rose six per cent in 2018 in eight major cities as developers reduced prices and offered indirect discounts to lure customers, property consultant Knight Frank India said in its report released on Monday.  Sale of residential units increased in six cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad and Ahmedabad; but declined in two cities -- Kolkata and Pune.

Higher sales volumes resulted in drop in the number of unsold units by 11 per cent to nearly 4.7 lakh units. Compared with other property consultants, Knight Frank has reported lowest rise in housing sales during 2018 at 6 per cent. JLL India said housing sales rose 47 per cent in seven cities, ANAROCK data suggested 16 per cent rise in seven cities, and PropTiger showed 25 per cent rise in sales in nine big cities. The difference in the figures is on account of variation in locations in the respective reports.

“An improving regulatory environment, reducing prices, indirect discounts and an increasing infusion of residential products that are more in tune with the homebuyers' preferences have culminated in a six per cent year-on-year (YoY) growth in sales during 2018,” Knight Frank India said. Sales volumes in 2018 were estimated to be 2,42,328 units as against 2,28,072 units in the previous year. Bengaluru saw the highest annual increase in sales of 27 per cent YoY in 2018, riding on the back of economic stability and job security, the report said. The NCR market saw sales improve by 8 per cent YoY in 2018, on the back of stronger sales traction in Noida and Greater Noida.