We live in an era where real estate development is advancing by leaps and bounds, while the internet offers endless real estate options of all sizes, almost anywhere you want. The first nine months of the year 2019 has seen a steady development in the purchase of the real estate. Let you know how much sales of housing have increased and why they have become an interesting option for those who think about acquiring a real estate in the below points.
Residential Sales Gained Traction in First Nine Months
The real estate sector closed the year 2017 in positive and with an excellent note. After years of crisis, the scenario with which 2017 ended showed a clear recovery and a beginning of growth in the sector. The forecasts for early 2018 were excellent and, as the first months of the year have elapsed, they have been consolidated. The real estate sector entered the year 2019 with a significant increase in the forecasts of purchase and sale of residential homes, moving away from another dreaded real estate bubble.
During the first quarter of the year, the price of housing has experienced a 59% increase and recorded sales of around 115,000 houses and flats compared over the same quarter of the previous year. Residential sales obtained some traction in 2018 when 101300 units were sold in the first nine months. This evolution of the real estate market is directly related to the restoration of confidence in the construction sector, as well as an optimistic view on the part of investors.
Real Estate Market and the Sale of Houses
The rise in residential real estate indicates that 2019 will be the year of buying and selling new construction houses. According to the latest forecasts, housing sales will gain prominence within the market. The countries like Mumbai, Pune, and Hyderabad witnessed a rise of residential property sales in 2019 compared to 2016 are as follows.
- Mumbai observed a 23% increase in sales in the first three quarters of 2019 over the same period in 2016.
- Pune and Hyderabad have seen 8.3% and 74% hike in sales.
- Kolkata and Delhi NCR decreased the sales significantly short of the 2016 levels by 35% and 26%.
- Bengaluru and Chennai were almost closer to the numbers of 2016.
The residential market is developing as compared to last years. The residential real estate sales had dropped 16% year on year in 2014, followed by another 4% fall in 2015 when sales around 119,000 units were sold. Residential projects sales improved slightly in 2016 when sales are less than 1% rise.
According to the experts, the sector was impacted by improvements such as RERA Act (Real Estate Regulation and Development Act) and GST (Goods and Services Tax) these have implemented within 6-8 months of demonetization. And it gained confident of buyers in real estate transactions.
The beginning of 2018 has been marked an increase in the sale of residential projects, having experienced three months of stability at the end of last year. The trend throughout 2018 is expected to continue to be an investment in the residential real estate sector through the purchase of houses. It is essential to highlight that the first three quarters of 2019 closed with a massive increase in the house for sale in Hyderabad. So you can understand what will stand out in the residential real estate sector in 2020.
The rise in property sales will result in the positive growth of construction of residential projects in Hyderabad and other cities. The people can have a great opportunity to choose plenty of homes available with different sizes like 3BHK, 4BHK and 2BHK flats for sale in Hyderabad, Pune, Mumbai, etc. The expert explained that the main factors like RERA and GST impacted the real estate, which has gained the confidence of buyers with transparent property transactions.
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By: Shailaja K