Launches of residential property in the top 8 cities witness steep rise

The first half of 2018 has witnessed a sharp rise in the launch of residential property across the top 8 cities of India. Homeowners looking for luxury flats for sale generally visit the reputed real estate websites for the latest updates on upcoming properties. The rise in property launches across the country is a good news for investors, and is likely to boost up their confidence. During the first half of 2018, the residential property launches have witnessed a 68% year-on-year and 106% sequential rise. Within this timeframe, a large number of projects have been launched in India. The inventory level has experienced a marginal drop, although new property has come up during this period. The demand for homes has increased and the homeowners’ response to these changes have been positive.

According to a data, the prices of properties have remained somewhat stagnant across the cities. However, the sales have grown by as much as 11%, as compared to the figures during the previous year. Besides, the government has come up with several schemes and policies to guide the real estate industry in the right direction. Prominent among these are the Prime Minister Awas Yojana (PMAY), Goods and Services Tax (GST), RERA (Regulation & Development) Act, 2016 and so on. Although these policies had slowed down the growth in the real estate sector to a certain extent for the time being, leading to a chaotic situation, the overall health of the sector has remained in good condition. Apart from residential and commercial property, the demand for luxury homes for sale in India has shown a rise. A large number of investors are looking forward to buy luxury real estate in the key cities of India.

Maximum property launches have taken place in the Mumbai Metropolitan Region (MMR) during the first half of 2018, with the regio0n accounting for 27,798 units. Bengaluru has followed the suit, with 18,193 units. During the third quarter of 2016-17, the quarterly sales figures have shown a consistent increment, with a 39% cumulative growth. The top 8 tier I cities of the country, in the June quarter, has shown a growth of 8%, with the launch of around 69,897 units. Growth in the Mumbai Metropolitan Region (MMR) has been the highest among these, rising as much as 15% from the previous year. In Bengaluru and Hyderabad, the growth rate has been 17% each. However, it has dropped in the markets in NCR and Chennai by 3% and 6% respectively.

Although the prices of property have increased by 2%, it appears that the real estate market is gathering traction. The first half of 2018 has shown an increment of around 70% in sales booking, according to experts. An important aspect to note, around 90% of these property purchases have been made in the affordable housing sector by the low-income groups.

Apart from affordable homes, the demand for luxury homes have also increased in recent years. The reputed developers have launched a number of luxury home projects across the country. Homeowners can have a look at the luxury housing projects in India in the reputed online portals.