The housing sector is seeing green shoots with growth seen in the unveiling of new housing units as well as in their sales in the first half of 2018, according to a report by Knight Frank, leading property consultant.
The ‘India Real Estate’ report primary tracked property markets of eight cities — Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad.
The number of projects introduced in the first six months of the year was 46% higher with just under 92,000 housing units being unveiled. This growth, however, comes on a lower base of 62,738 units in the year-earlier period.
Unsold inventory down
Sales of housing units rose marginally by 3% to more than 1.24 lakh units. Unsold inventory level, as per the report, declined by 17% to 4,97,289 units. “Both sales and launches have grown over the past 18 months and are at their highest level since the demonetisation period at approximately 1,24,000 and 92,000 units respectively,” Knight Frank said in the report.