According to a recent report the sale of residential units grew by 6% in major Indian cities. This increased figure released in the data shown for the third quarter of the financial year 2018-19 i.e. from July to September. Also, this is the continuous growth of the real estate sector from the past few time.
This report was done by PropEquity and the report further says that this is because the developers have cleared old inventory and also launched new phases/towers of the previously launched projects and the same trend is expected to rise in the coming festive quarter.
The newly launched projects grew up to 12% during the third quarter.
According to the report, nine major cities that witnessed increase includes Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. The implication of financial reforms like GST [Goods Service tax] and RERA [Real Estate Regulatory Authority] boosted the sale of ready to move in and nearly completing residential projects.
Earlier this year, a report by real estate firm showed the growth of 41% in the launch of new residential projects in seven major cities of India. This report showcased data for the first quarter of the financial year 2018-19 i.e. from April-June. The report stated that the affordable house segment earned huge with a massive supply of residential units costing below Rs 40 lakh. These major seven cities include the National Capital city Delhi and its adjoining areas of NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Pune, Kolkata and Hyderabad.