The festive season has benefited the real estate sector in Kolkata as per reports. The city has topped amongst the major 7 cities in India in terms of new housing project launches for the third quarter of 2018 as per reports. Close to 4, 050 units were launched in Kolkata for Q3 2018 which indicates an increase of 59% as compared to Q2 2018 and an increase of almost 500% in comparison to Q3 2017.
There were around 52, 150 new housing units launched in the third quarter across the top 7 cities, namely MMR, NCR, Bangalore, Chennai, Kolkata, Pune and Hyderabad. This indicates an increase of 3% as compared to Q2 2018 when 50, 600 units were launched. However, this also indicates an increase of 51% in new housing launches as compared to Q3 2017. Overall purchases also went up by 15% for the quarter in comparison to the third quarter of 2017.
MMR had around 19, 850 units launched for the third quarter of 2018 which represents 42% of growth as compared to the second quarter. The NCR had 4, 200 units launched, accounting for just 8% of new supply. This is a drop of 50% from the earlier quarter. The key momentum in the real estate market in the country comes from the popularity of budget and affordable housing projects. This segment, i.e. homes priced lower than Rs. 40 lakh, witnessed supply increases of almost 65% for Q3 2018 as compared to the same period in 2017.
In terms of property purchases, they went up by 9% in the period throughout the top 7 Indian cities as compared to the second quarter. There are positive home buying sentiments in the market now as per experts although several people are still sitting on the fence. However, the silver lining is that as per reports, close to 61% of prospective home buyers are considering a property purchase within another year. Also, the festive season may well boost real estate sales in the country which will only be reflected through Q4 2018 figures.