Real estate records resounding recovery

The available stats indicated that the country's real estate sector has recorded resounding recovery in top nine cities of India by recording 8 percent growth in the April-June 2016 quarter, compared to a decline of 3 percent in the previous quarter. The realty sector rides high largely on the back of a surge in sales in Bengaluru, Pune, and Mumbai, says a report by online real estate advisor, PropTiger. The three cities together accounted for 61% of the total sales during the period. The recent benefits announced by the government for development of affordable homes seems to have had a positive impact on the launch of new projects which jumped up by 14% i.e., to 41,000 units compared to 36,000 units in the preceding quarter. Over 50% of the total launches were in the affordable segment. The PropTiger report covered nine key Indian cities of Mumbai, Pune, Noida, Gurgaon, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad, the report claimed.

Published: 05 August 2016