According to a recent report, with strong policy overhauls and increase in demand and supply, the residential property market is going to gain momentum in the second half of the current fiscal year i.e. 2019-20. The report which has been released recently stated that the property price of the residential project will pick up once the demand among the home buyers will increase.
The report informed, “By the mid of FY 2020, residential property market sentiments are expected to further change with acceleration in price growth. As demand will spiral upwards, prices will rise,”
It further revealed that demand for housing units witnessed a good jump in Hyderabad in the FY 2018-19 and the same will be maintained the current fiscal year too. In the last quarter, Bengaluru showed maximum growth with 4% Q-o-Q increase in total sales to around 8,800 units while Delhi-NCR, Pune, and Mumbai witnessed a marginal growth of 3.5%, 103% and 0.1 % respectively. The unit sales during this time were 13,270 units, 11,200 units and 18,000 units in respective cities.
Welcoming the data shared in the report, a realtor said, “We have already registered an increase in the sales volume of the residential properties. The price has been increasing and we expect that it will witness more increase for the existing as well as ongoing projects in coming time.”
In order to keep up the momentum, even the government is working in the same direction and formulating more strategies in this segment. Recently, RBI has cut repo rates twice in 2019 to bring it down to 6%. This will decrease the lending rates as well as home loan interest rates which in turn will call upon more home buyers to invest in their dream home.
The report concluded by saying that this fiscal year too, the market will see strengthening of policy overhauls, steadiness in prices and rising demand for residential properties.