With many positive developments, the Indian Real Estate market from the start continues to remain on a constructive track. Whether it is related to demand and supply of housing units or new project launches, the momentum of the property market continues to show an upward trend. If we go by the recent data, homes sales have gone up by around 16% in 2018 (2.45 lakh units) throughout India’s 7 top cities.
The data also revealed that home sales demand increased more in the affordable housing segment as compared to others. Also due to the implementation of RERA and reduction of GST rates, overall housing supply has increased by a whopping 32% this year to stand at 1.93 lakh homes in Mumbai, Delhi-NCR, Kolkata, Chennai, Hyderabad, Bangalore, and Pune.
In recent times, buyer’s confidence has increased in the market which is further fuelling up residential demand in various segments, says an expert. Talking about the new Housing supply, by the end of 2018, the new housing supply may be close to 194, 000 units which is much higher (1, 46, 850 units) than last year. Out of this, Affordable housing makes up more than 41% of the section.
On the other hand, unsold inventory is now close to 7 lakh units which are reduced by 8%. Also, average property prices remained largely unchanged throughout India’s top 7 cities this year. In fact, there was just an increase of roughly 1% in the price.
New launches have also gone up which showcase the buyer’s sentiment and hence developers are coming up with more and more housing projects, especially in the affordable category.
Overall, 2018 has proved to be a good year for both buyer’s as well as developers. Experts predict that 2019 may once again prove to be a better year in terms of higher sales volumes and the growing demand for residential units.