The sale of residential units in Hyderabad grown by 277% from January to September in comparison to the same period of last year. This increase is recorded among seven major real estate markets. According to a report by JLL India, the low base effect on the small size of the residential market is the main reason for the increased number of units sold. The new project launches in this IT city has also recorded a rise of 82% in the first nine months of 2018 in comparison to the same period of the last financial year.
Ramesh Nair, CEO and country head of JLL India said that the developers experienced challenges at the time when GST [Good and Services Tax] and RERA [Real Estate Regulation Act] was implemented. Although, most of the problems are now resolved and the property sector looks more disciplined.
As per this report, the sale of residential units increased by 40% in the first nine months of the current financial year in comparison to the last fiscal year. On the other hand, new projects registered a growth of 75% from January to September 2018.
This IT city ranked number one on the basis of performance data of seven real estate markets of India that includes National Capital Region, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata. A real estate expert said that we will see a stronger sector and there is an increase in the confidence because of various reforms that took place during the current union government.
A strong and disciplined momentum is seen especially in the residential sector of the Indian property market and this is due to reforms like Real Estate Regulatory Act (RERA) and Goods and Services Tax.