The real estate market seems to be recovering steadily on the back of improved buyer sentiments post the implementation of reforms such as GST and RERA. New home launches are steadily increasing in India’s top cities like Delhi-NCR, Mumbai and Bangalore. Delhi-NCR alone posted year-on-year sales growth of 71% as per reports. New launches have gone up considerably in Delhi-NCR, Bangalore and Mumbai for 2018 as compared to 2017.
Delhi-NCR had new launches growing by a whopping 114% (year-on-year) with 17, 660 units being launched. Bangalore had growth of 81% with 37, 286 units launched while Mumbai had launches going up by 22% according to studies. 24, 725 units were sold in Delhi-NCR on account of positive buying sentiments amongst homebuyers. Real estate sales were somewhat slower for H1 2018 in Bangalore although they gained more traction in the second half with an expansion of 17% overall. Mumbai’s real estate sales also increased by 10% last year.
Housing prices have largely remained at balanced and steadier levels in these three key markets. There is more stability in pricing which should drive higher sales volumes for 2019 as per experts. New housing launches thus doubled in Delhi-NCR and then some more last year due to Ghaziabad and Gurgaon garnering strong buyer attention. Noida had a comparatively lower share of new housing launches as compared to 2017. Delhi-NCR’s sales growth as mentioned was 71% which is stupendous to say the least. The Noida-Greater Noida belt, Gurgaon and Ghaziabad were the top contributors to sales volumes.
New launches were high in the western suburbs II zone in Mumbai comprising of areas like Kandivali, Malad, Dahisar and Borivali and also Navi Mumbai. Multiple infrastructural projects like the coastal road, metro corridors and expansion of the Mumbai suburban railway network through the Nerul-Seawoods-Uran corridor led to major interest in housing projects in the suburban zones and other peripheral locations of Mumbai. Some of the top new projects in Dahisar, for instance, include Rustomjee Regal, Chandak Sparkling Wings and Sanghvi Ecocity to name a few. Several projects are also coming up in the other areas mentioned above.