According to the latest report by a real estate research firm, Residential sales have shown a steep jump across major tier 1 cities in Q3 FY19. The report which was released by Liases Foras revealed that 69,886 units were sold-off in Q3 which was much more as compared to the last year, same period. Out of this maximum sales were recorded in the Affordable Housing category.
Pankaj Kapoor, managing director of Liases Foras said, “Among all the cities, Chennai showed the highest number of residential sales at 22%, followed by Hyderabad, Pune, Bengaluru, Ahmedabad, Kolkata and MMR at 18%, 14%, 11%, 10%, and 9% respectively,”
However, NCR is the only region that registered a decline in housing sales by 17%.
Kapoor further said that if we look into category-wise sales, just like the last year affordable housing segment in the range of 25-50 lakh attracted more homebuyers. Due to which, this category registered a growth of 12% with YoY growth. Overall, this category registered the maximum growth with 53% sales in the Q3.
Unsold inventories also registered growth as compared to last year’s performance. It has seen a hike of 3% rise on a year-on-year basis. Kolkata topped in this section claiming an increase of 25%. It was followed by Hyderabad and Chennai which registered a growth of 20% and 19% respectively.
In order to push residential sales more, the central government has also made many announcements in the recent budget. Along with it, the GST council meeting is also scheduled to take decision on the rate cut in the under-construction and affordable housing segment. If that happens, the Indian real estate sector will witness more such records in coming years, suggest experts.