Residential sales across eight major cities in India improved 15% in the second quarter of 2016-17, especially during the festive season. Further improvement is expected when more affordable apartments are available in these markets.
Residential units in the range of Rs 25 lakh to Rs 50 lakh across eight major cities in India helped drive up sales this festive season. (Hindustan Times)
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On an annual basis, residential sales across eight major cities in India improved 15% in the second quarter of 2016-17. Sales were dominated by the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) which have shown 39% and 11% growth, respectively, on a year-on-year basis. Ahmedabad and Kolkata also saw an improvement in sales, says the residential market report of the second quarter of financial year 2016-2017 (quarter ending September 2016) by Liases Foras released today.
Interestingly, improved sentiments were evident even during the period of pitra paksh, a time considered inauspicious for big-ticket purchases by many Indians, says Pankaj Kapoor, managing director of Liases Foras.
Since the gap between affordability and prices has reduced and home loan rates have come down, prices have more or less remained unchanged. Also, buyers are preferring ready-to-move-in properties that are available aplenty in NCR, especially in areas such as Greater Noida West, he says.
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It has also been observed that about 30% to 40% of the sales has been recorded in the projects that are nearing completion, says Kapoor.
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It has also been observed that about 30% to 40% of the sales has been recorded in the projects that are nearing completion, says Kapoor.
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The upcoming quarter is expected to be good as sales during the Diwali season have improved. Going forward, it is only going to improve if prices do not go up and interest rate come down further, Kapoor adds.
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.
Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.
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