Housing sales up 13% in Jan-Mar at 51,700 units

Housing sales rose by 13% to 51,700 units in the January-March period in nine major cities over the previous quarter as demand revived post demonetization, says a study.

Housing sales stood at 43,500 units in the October- December quarter, according to a report by realty portal PropTiger.com, which is part of Elara Technologies that also owns Housing.com and Makaan.com.

“The market has witnessed a revival after demonetization, with sales across top 9 cities of India increasing by 13% in Q4 FY 17 compared with 22% fall in the previous quarter,” the portal said in its Realty Decoded Report for January-March quarter.

These nine cities are — Ahmedabad, Bengaluru, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida and Pune. Mumbai, Pune and Bengaluru contributed nearly 57% to the total absorption witnessed in the fourth quarter of 2016-17 financial year.

The new launches increased by 19%, the highest in the last eight quarters. Around 51,500 units were launched in Q4 of FY 17 as compared to 43,250 units during the preceding quarter.

“Residential markets seem to have recovered from the demonetization lows with sales and launches showing healthy levels in Q4 FY 17,” said Anurag Jhanwar, Business Head (Consulting and Data Insights), PropTiger.com, Housing.com and Makaan.com.

“Large part of the …read more