South-Central Mumbai localities witnessed luxury home sales worth INR 500 Cr last month (October). In 2019, the corresponding period saw luxury sales worth approx. INR 150 crore, thus improving by >230% in the year.
Hyderabad, Kolkata and NCR saw their new supply increase by 45%, 24% and 10% respectively during the period. The affordable and mid segments (priced up to INR 80 Lakh) comprised over 72% share (approx. 23,290 units) of the total new supply between July-Sept.
Housing sales and new launches have plunged to a new low across India’s top 7 cities in Q2 2020. Latest ANAROCK research reveals that residential sales in the quarter plummeted by 81% on a yearly basis in these cities – from 68,600 units in Q2 2019 to just 12,720 units in Q2 2020.
Currently, the top 7 cities account for almost 70% of India's residential market, with the remaining 30% accounted for in Tier 2 & 3 cities. This ratio may well change in times to come. Cities like Lucknow, Indore, Chandigarh, Kochi, Coimbatore, Jaipur and Ahmedabad would be the main beneficiaries of the reverse migration of professionals who have lost their jobs in the metros or are likely to.
Anuj Puri, Chairman – ANAROCK Property Consultants
2017 was quite an eventful year for the Indian economy at large, and the real estate sector got more than its usual share of the limelight.
A series of reforms and structural changes tore into the very heart of the industry, affecting a surgical strike at market opacity, unaccounted funds transactions and customer victimization.
The entire real estate fraternity had to re-orient their businesses to sustain in the changing environment.
Already, the real estate sector has shed a massive part of its unorganized and fragmented nature, and the ways and means of doing business in changed for good in 2017.
The incumbent Government maintained a laser focus on changing the fabric of the Indian economy, with direct implications on the real estate industry, by implementing highly impactful reforms:
- Cracking down on black money transactions with demonetization
- Setting up RERA – a regulator to increase financial discipline, improve transparency and empower property buyers
- Introducing GST to boost transparency in taxes and improve business efficiency
- Curbing anonymous property transactions and ownership by incisive amendments to the Benami Properties Act
Simultaneously,
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