The real estate sector got a reason to smile as the first quarter of the year witnessed a growth of 10 percent in the sale of residential projects. According to a report, the property market of Hyderabad, Bengaluru, and Delhi-NCR have recorded an increase of 46, 36 and 25 percent respectively.
The reason for this increase is said to be the reforms introduced in the Real Estate sector along with the structural design and amenities offered by the developers in the residential projects. Also, the aspiring home buyers must have assessed the market trend and have not seen any chance of price dip in the upcoming time. Thus, people opted to own property in the current prices to minimize the chance of buying costly property in future.
The demand for affordable housing and proposed infrastructural development in major cities also boosted the increase in the sale of residential units. The Mumbai Metropolitan Region (MMR), Kolkata and Bengaluru have contributed a total of 66 percent share in this rise. The launch of the residential projects in Tier I cities has contributed five percent in the sale of housing units which is a respectable number in itself.
This growth is visible mainly because of the timely possession, legal support via the RERA Act and availability of housing projects under 80 lakh rupees bracket. All these things make the home buying easy for both the mid-income group and the other sections of the society.