As per several reports, the Indian real estate market is showing signs of revival. There are better sentiments of buyers in the market and a positive impact overall of the major reforms undertaken including GST, RERA and demonetization among others. 2018 has commenced on a highly positive note for the real estate sector and as per reports, the first quarter of the year has seen growth (quarter-on-quarter basis) in overall sales volumes of housing units.
Reports indicate that close to 1, 800 housing units were sold in the top 7 Indian cities and in April 2018, overall absorption went up by close to 25% across these cities as compared to the month of March 2018. Affordable housing is the segment in the market which is growing the most at present and has got a boost from the Government’s pro-active measures to boost this housing category including the bestowing of infrastructure status to affordable housing and the Housing for All Mission.
Studies also indicate that supply of new housing units have increased by around 6% in this month and real estate developers are actively working to revive overall buying demand with several incentives. Close to 15, 200 units were added in these cities for April 2018 as per reports. The highest number of new housing units were added in the National Capital Region (NCR) and Hyderabad, Bangalore and the MMR (Mumbai Metropolitan Region) followed at second, third and fourth places respectively. There was a huge increase of 59% in new housing launches in the NCR in comparison to March 2018. Bangalore and Mumbai were the leaders in new housing additions for March 2018.
Real estate sales increased by a handsome 153% in the NCR in April 2018 as compared to March. At the same time, sales increased by 29% in the MMR. Close to 43% of new housing supply last month was in the affordable housing segment according to reports.