Launch of residential projects in the top 8 cities jump over 68% in H1

By : Silky Malhotra

04 December, 2018

The number of launches of residential projects in India during the first half of 2018 has shown impressive figures. The confidence of the investors has returned to the market in a big way. The real estate industry has witnessed a jump of over 68%, in terms of launch of new property across the top 8 cities of the country. It has also grown 106% sequentially during the same period of time. Investors are looking for upcoming and ongoing projects for lucrative investments. If you are willing to buy apartment in India you can have a look into the reputed property buying portals.

Despite new additions, the inventory levels have marginally dropped during the aforesaid period of time. The response of homebuyers to the changes in the property market has remained positive. As compared to the sales figures in 2017, as much as 11% growth has taken place in the top 8 cities of the country during the first half of 2018.

Since 2016, a number of policies and schemes have been implemented by the government to improve the condition of the real estate sector. Home loan schemes like the Prime Minister Awas Yojana (PMAY) have been implemented, along with the implementation of GST and RERA guidelines. All these have cast a combined effect in the real estate industry. Although the industry showed signs of slowing down after these reforms, it has eventually resulted in a greater transparency in the real estate sector, leading to the revival of confidence of the investors. Homeowners willing to buy flat in India can have a look at the upcoming projects in the real estate portals.

Experts have revealed that the sales figures have been increasing consistently in the last four quarters. As a result, the developers have been launching new properties across the top cities. A good response from the homebuyers has resulted in the launch of these projects. Among the top cities of India, the highest number of property launches has taken place in the Mumbai Metropolitan Region (MMR), followed by Bengaluru, with 27,798 units and 18,193 units, respectively. As compared to the previous year, the sales figures in the MMR have risen by 15%. An interesting statistic reveals that the sale of real estate has risen almost 70% on a year-on year basis, and among these, 90% of the property has been purchased by the low-income group through the affordable housing schemes. The new projects are being launched in the key cities of the country, with the developers finding confidence with the rising sales figures.

 The demand for commercial property in India has also increased during the mentioned period of time. Both domestic and international companies have been investing in real estate in India. During the first half of 2018, around 60% of sales of residential property has taken place below the 50-lakh segment. If you are interested in buying property in India, you can have a look into the top real estate websites for the ongoing and upcoming projects. Property prices across the country are likely to rise in the coming months, so this is the right time for investors to make the purchase.