Chennai Saw Highest Housing Sales Dip In 2017, Bengaluru Lowest – ANAROCK Report
Unsold inventory decreased by 10% from 8.04 lakh units in Q4 2016 to 7.27 lakh units by Q4 2017
Mumbai, 22 March 2018: Fewer launches, subdued sales and muted property prices defined 2017 for the Indian residential real estate sector, according to a detailed report by ANAROCK Property Consultants.
With an annual decline of almost 50% in new launches and 15% decline in sales across top 7 cities in India, the sector was effectively shattered in 2017.
“A spate of policy reforms and structural changes literally crippled the sector,” says Anuj Puri, Chairman – ANAROCK Property Consultants. “Simultaneously and consequentially, it transitioned rapidly into a transparent and buyer-friendly one. With only end-users left to drive the market and investors more or less evaporating completely, developers throttled back severely on new launches to allow the market more scope to absorb the already staggering unsold inventory.”
2017’s Depressed New Launch Readings
- The top 7 cities recorded new unit launches of around 26 lakh in 2017 as opposed to 2.50 lakh in 2016.