In a recent report, CBRE the property consultant firm said that the residential sale in the country has witnessed 13% growth in major seven cities with over 33,000 housing units between January and March. The report also states that the demand for housing units crossed the 29,000 mark in Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune. Following this trend, the new housing supply also saw escalation upto 33,000 residential units in the first quarter of 2019 which is more than 25,700 dwelling units in the last year.
The firm also said that Mumbai, Chennai, Bengaluru and Delhi-NCR recorded 70 new launch and sale of housing units between 70 to 75 percent. The report also said that stability in cost is the main reason behind the upward growth in the sale of residential units. Apart from this the availability of various affordable and high-end projects also affected the market positively.
Another reason that reflected in the growth of residential sale is the implementation of reforms such as RERA, GST and more. All these reforms led the new launches and sales grow by approximately 11 and 19 percent, respectively in the last year.
Anshuman Magazine, Chairman & CEO of CBRE India, South East Asia, Middle East & Africa said that the residential sector is now witnessing the expected results and the property markets of Delhi-NCR, Mumbai, Chennai, Hyderabad and Bengaluru are also signalling recovery.
He further said that the amenities-centric homebuyers and the developers had increased the demand and supply in the market and the developers are focusing on the timely construction of the ongoing projects while managing the launch of new projects at the same time.
The CBRE report also said that the number of unsold inventory saw a dip and the demand for housing units is approached more by actual property buyers and not by the prospects.