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Housing sales up by 15%

Housing sales up by 15%
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Housing sales rose by 15 per cent to 67,175 units in seven major cities during July September, with the property market recovering from the triple whammy of demonetisation, GST and new realty law RERA, according to ANAROCK

New Delhi: Housing sales rose by 15 per cent to 67,175 units in seven major cities during July-September, with the property market recovering from the triple whammy of demonetisation, GST and new realty law RERA, according to ANAROCK.

The cumulative sales during January-September 2018 increased by 8 per cent to 1,78,400 units in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.

ANAROCK Property Consultants Chairman Anuj Puri attributed the rise in residential sales to overall favourable macroeconomic environment over the last one year.

"Additionally, the teething issues of new policies including RERA and GST have finally subsided in 2018, leading to positive consumer sentiments," he added.

Housing sales got affected last year on the adverse impact of notes ban as well as implementation issues with the new realty law RERA that came into effect from May 2017 and the GST.

Puri expects commercial real estate to remain buoyant in 2019 that in turn would have a positive impact on residential real estate as well.
According to the data, housing sales in NCR went up by 6 per cent to 11,350 units during July-September 2018 from 10,675 in the year-ago period.

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