Housing sales in the Delhi-NCR market increased by 7 per cent while new supply declined by 6 per cent in the January-September period of this calendar year as developers focus on clearing unsold inventories, according to property consultant Anarock.
The Delhi-NCR, a major property market in the country, saw sales of 31,550 units during January-September 2018 as against 29,400 units in the corresponding period of the previous year.
However, new launches fell by 6 per cent to 17,225 units from 18,400 units during the period under review, showed data compiled by Anarock.
Anuj Puri, founder and chairman of Anarock, said the launches might increase during the current quarter to meet higher demand during the ongoing festival season.
In seven big cities, the consultant said that housing sales rose by 8 per cent to 1,78,400 units during January-September 2018.
The new supply also rose by 18 per cent to 1,39,700 units till September 2018 as property markets of three key cities in South India — Bengaluru, Hyderabad and Chennai — saw a healthy launch.
The consultant tracks NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune markets.
Puri attributed the rise in housing sales to an 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 reality 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 a residential real estate as well.
On sales outlook for the current quarter, Puri said developers expect sales to rise in the ongoing festive season while prospective home buyers are pinning hopes on builders for getting better deals and offers.
Anarock said its recent consumer survey underscored that in the backdrop of stalled or delayed projects, only 5 per cent prospective buyers were interested in buying homes in new projects, while 49 per cent preferred to buy ready-to-move-in properties, and 46 per cent wanted those that would complete within a year.