In Chennai Housing Sales & New Project Launches Are In Revival Mode

Anarock Property Consultants chairman attributed the sudden spurt in the housing market to about 100% increase in launches in the affordable housing sector. The firm has bracketed apartments priced below Rs 40 lakh as affordable projects.

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In Chennai Housing Sales & New Project Launches Are In Revival Mode

Housing sales and new project launches are in revival mode in seven metropolitan cities including Chennai, a recently released report says.

Anarock Property Consultants chairman attributed the sudden spurt in the housing market to about 100% increase in launches in the affordable housing sector. The firm has bracketed apartments priced below Rs 40 lakh as affordable projects.

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Between the first and second quarters in 2018, there is an average 50% increase in new project launches and 24% increase in sales, says the report that covers cities like the National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata. Against launch of 33,400 units in the first quarter, these cities launched 50,100 units in the second quarter. The MMR, NCR, Bengaluru and Pune accounted for 75% of the new supply, the report said. Prospective buyers, who were adopting a wait and watch policy, are back in the market, said the report.

Read Also: Hyderabad Added 5,550 Units Q2 2018 (April-June), 109% Quarterly Increase

In sales, Bengaluru registered the maximum growth of 27%. Chennai, with 16%, was the lowest in sales growth. Out of 60,800 housing units sold in the second quarter, NCR, MMR, Bengaluru and Pune accounted for 81%. There is a significant improvement in market condition in the NCR.

Considering the growth in supply and sales in the first half of 2018, the upcoming festive season may be a vibrant one again, more so as more new launches across the major cities would offer buyers a wider spread of options and help control prices.

Read Also: RERA Improved Financial, Legal & Operational Discipline, CRISIL Survey

Affordable housing has kept the market’s momentum going for some time now. If developers remain laser-focused, add only relevant supply and ensure 100% RERA compliance, there could be growth.

Source Link- https://timesofindia.indiatimes.com/

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