Residential property sales across top seven cities were up 24 per cent in April-June 2018 compared to the previous quarter as buyers are returning to the market where developers are doling out incentives to clear the unsold inventory.
New housing launches too jumped 50 per cent over the previous quarter, led by an increased supply in affordable housing, Anarock Property Consultants said in a report.
Supply in the affordable housing segment (under Rs 40 lakh) doubled in the June quarter over the three months ending March 2018, accounting for 46 per cent share of the total new launches.
Overall, 60,800 units were sold in Q2 2018 with NCR, MMR, Bengaluru and Pune together accounting for 81 per cent of the sales. End-user driven Bengaluru led the pack on the back of re-ignited interest from IT and ITeS professionals reacting to the mitigated job risks and overall favourable economic environment.
Bengaluru saw the highest jump in Q2 2018, with sales increasing by 27 per cent to 14,600 units in Q2 2018. MMR sales rose 26 per cent to 15,200 units in Q2 2018.
New launches are also witnessing an uptrend with improving customer sentiment. The top seven cities of NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad witnessed new launches of around 50,100 units in Q2 2018 opposed to 33,400 units in Q1 2018, the report said.
Around 6,900 units were launched in Pune, up 214 per cent from Q1 2018. Two large affordable housing projects comprising 1,900 units were the key contributors to the rise in new units hitting the Pune market in Q2, the report added.
Hyderabad added 5,550 units in Q2 2018, a massive quarterly increase of 109 per cent as the city has garnered prominent visibility in the Indian real estate map with its high liveability index vis-à-vis many other cities. Chennai’s new supply doubled to 4,200 units of which over 64 per cent new supply was added in the affordable segment, Anarock said.