Scoring A ‘Home’ Run: Eight Major Cities Recorded Six Per Cent Increase In Housing Sales In 2018

According to the latest report released by Knight Frank India, housing sales increased by six per cent in eight major Indian cities in 2018 on the back of direct and indirect discounts offered by developers, reports Deccan Chronicle.

"An improving regulatory environment, reducing prices, indirect discounts and an increasing infusion of residential products that are more in tune with the homebuyers' preferences have culminated in a six per cent year-on-year (YoY) growth in sales during 2018,” the report stated.

While six Indian cities - Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad and Ahmedabad - witnessed a positive trend in sales, it declined in two cities - Kolkata and Pune.

2018 also witnessed a fall in unsold inventory levels.“The total unsold inventory levels have improved at the end of 2018 and are estimated to be 4,68,372 units, which were lower by 11 per cent since end of 2017 and close to 30 per cent lower than 2016," the report added.

Increase in residential launches

In the second half of 2018, the sector added a total of 89,500 new units. This addition was 119 per cent higher than the same corresponding period of 2017. While Mumbai added the highest number of residences, with 38,390 units, Pune with 18,580 units and Bengaluru with 11,830 units occupied the second and third positions respectively.

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