25% Increase in Sales of Houses in top 7 cities after Demonetisation

Property Sales increased 25% up in top 7 cities of India

25% property sales increased in top cities of india
09:33 AM 10 Aug

The Confederation of Real Estate Developers Associations of India (CREDAI) released a report at the 18th annual international convention in Berlin.

According to the report, the top seven cities in India recorded a 25% increase in sales in the first half of 2018 compared to last year. 

Around 64,080 residential houses were sold in the top seven cities (Mumbai, Delhi-NCR, Kolkata, Chennai, Hyderabad, Bengaluru and Pune) during this period.

CREDAI and JLL India jointly tracked realty trends and released the report at the convention. About 1000 real estate developers from India attended the event. 

Key Highlights of the Report are as follows:

  • Sales in the residential sector grew by 25% in the first half of 2018 compared to the previous year.
  • The number of units sold was 64,080 in 2018 compared to 51,452 in 2017.
  • Implementation of RERA rules in many states and stable capital values have boosted the consumer confidence in the real estate sector.
  • The sales volume in Hyderabad increased by 182% in the first half of 2018 compared to 2017. This is because of lower sales in 2017 compared to the other cities.
  • Overall the real estate sector trends have improved due to the positive trends in investment and residential housing.

Residential Sales volume in the top seven states from January to June of both 2017 and 2018 are shown below:-

   Residential Housing Units Sold in the first half of the year
      City 2017 (No. of units  sold) 2018 (No. of units sold) % change Y-o-Y
Mumbai 12309 13659 0.11
Delhi with NCR 8272 10383 0.26
Bangalore 13120 13382 0.02
Chennai 5255 8237 0.57
Hyderabad 1941 5476 1.82
Kolkata 778 2955 2.8
Pune 9777 9988 0.02
      TOTAL 51452 64080 0.25

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By: Shailaja K