Hyderabad realty posts robust sales in 2018
The City of Nawabs is going through brighter days in the realty sector with increase in sales and prospering business During H1 2017, the residential...
Hyderabad: The City of Nawabs is going through brighter days in the realty sector with increase in sales and prospering business. During H1 2017, the residential units sold in the city were 1941 whereas in H1 2018, the sales has multiplied to 5,476. Hence, the city which stood at the fifth position, recorded a rise of 182 per cent y-o-y sales, said a report released by a property consultant.
According to a recently released joint report by Credai, the apex body of real estate sector and JLL, an international property consultant, the Hyderabad market had recorded very limited buying activities last year which has led to a significant rise in the sales volume for H12018 (January-June 2018).
Ramesh Nair, Country Head, JLL India, said: “The significant turnaround witnessed in the first half of 2018 was a much-awaited boost to the residential sector. End user confidence in market has strengthened because of timely completion, implementation and adherence to RERA laws, and good governance leading to accountability and transparency in the system.”
The report further attributes stable capital values showing an upward bias as the reason to gain returning buyers’ confidence, leading to the growth witnessed in H1 2018. Hence, pushing many fence sitters and new home buyers to take the purchase decision.
Adding on, the top seven cities of India including Hyderabad, which observed an increase in sales velocity are Mumbai, Delhi, Bengaluru, Chennai, Kolkata and Pune. These cities recorded a rise of 25 per cent y-o-y with sales at over 64,000 units. Jaxay Shah, president, Credai, said: “While, there has been significant improvement in the market sentiment, realty sector yet needs government support for relaxation in certain norms.”
The business city of India, Mumbai saw the highest sales volume totaling to over 13,600 units in H1 2018. While silicon city, Bengaluru followed closely with 13,300 units and recorded a marginal increase of two per cent in sales y-o-y, but Pune saw a minor increase of two per cent with 10,000 sales of residential units.
Owing to rise in new launches and returning confidence in the market, Delhi NCR saw a rise of 26 per cent y-o-y in sales. But, topping the percentage chart for y-o-y growth in sales, is Kolkata with a rise of 280 per cent in the first half of 2018.