Good news for the residential market of the realty sector, according to a latest report, home sales across top eight Indian cites has shown a steep rise of 32 % in a year from 66,879 units during current quarter to 64,781 during the previous one.
The report was developed by a real estate rating and research firm Liases Foras which gathered this data after a complete study across eight tier 1 cities which include National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Ahmedabad, Hyderabad, Kolkata and Chennai.
As per the report, Mumbai Metropolitan Region (MMR) witnessed maximum growth in the residential market which is 23%, followed by National Capital Region (NCR) with 19% increase in sales. In case of newly launched projects, Chennai showed a growth of 11%.
Talking about December 2017 quarter sales, the real estate consultancy firm said, “ Eight Tier I cities, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR and Pune, have posted 3% increase in sales. As compared to Q3 last year, this quarter has shown a 32% increase.”
The most encouraging growth in absolute numbers was observed in MMR and NCR markets, which have shown 42% and 30% respectively. These two markets combined together contributed 49% of total quarterly sales of Tier I market, report says.
However the report majorly focuses on the increase in sales in the affordable housing segment which is the driving force behind residential sales jump. In a way the report gives thumbs up to the central government various schemes under affordable housing segment.