Homes sale hits upper circuit

Real estate sector of the country has finally bottom out the prolonged spell of slump with the home sales across eight cities have staged resounding recovery. Sales of housing units in Mumbai jumped to the highest in seven years in the second quarter, affirmed property consultancy Liases Foras Real Estate Rating & Research, adding that across eight major cities, sales gained 6 percent from the previous quarter. Homes costing less than Rs.50 lakh accounted for more than half the sales. Affordable homes, classified as below Rs.25 lakh, made up 17% of sales. Of the eight cities, Mumbai recorded the greatest proportion of sales of this type of dwelling, at 24%, data from Liases Foras showed. Inventory levels, calculated based on how long it would take to sell stock, fell from 47 months in the previous quarter to 44 months. Across the eight cities, sales rose 21% in the first quarter after a 15% decline in the fourth quarter, it added.

Published: 28 August 2017