There is increasing confidence among homebuyers to invest particularly in the affordable housing segment since the introduction of regulations aimed at transparency and accountability of realty companies.
Latest statistics shows that residential launches across seven cities have gone up by 41% in the June quarter, and sales are up 3% on year.
The maximum demand has been in the affordable housing segment with prices of less than Rs 40 lakhs.
Analysts say these encouraging trends are attributable to a clutch of policy reforms and schemes announced by the Modi government over the last few quarters for the affordable segment.
They say that the supply in the affordable segment increased 100% during the quarter as against the previous quarter, which drove the overall growth.
They noted that housing sales across categories rose 3% from a year ago to 60,800 units. Bengaluru saw the maximum increase of 32% in housing this year compared to 2017.
“While the sales numbers have been relatively slower, the positive impact of the policy reforms including RERA and GST have begun to bear fruit,” said Anuj Puri, Chairman, ANAROCK Property Consultants.
“The affordable segment has kept the momentum going in Indian real estate in Q2 2018 with a significant increase in both the new launch supply and the housing sales numbers.
The top 7 cities are Delhi-NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Pune, Kolkata and Hyderabad. They witnessed launches of around 50,100 units during the quarter.