Housing sales record resounding upsurge

The first quarter of 2019 has witnessed both housing sales and new supply rising to new highs, largely driven by multiple measures initiated by the government. Residential property sales went up by 58% as compared to the corresponding period a year ago, across top 7 cities - led by Mumbai Metropolitan Region (MMR), Pune and Delhi-NCR, with an increase of over 95%, 80% and 52%, respectively, according to ANAROCK Property Consultants in its recent finding. Out of the total new supply, affordable housing saw the maximum share at 44%. Chairman, ANAROCK, Anuj Puri, said that the sector is currently riding high on a new wave of optimism following the triple benefits it received from the government in the first three months of 2019. These sops have not only increased home buyer's sentiment but will also boost the confidence of builders and long-term investors. Around 78,520 units were sold during the quarter with NCR, MMR, Bengaluru and Pune together accounting for 84% of the sales. In terms of supply, Pune and MMR remained the top performe with new housing supply increasing by 538% and 183%, respectively.