Real estate records 41% jump in new launches

Series of policy reforms announced by the Central government in the recent past for the affordable residential segment seems to have resulted in an increased new supply and demand for affordable housing as the residential segment recorded a whopping 41% year-on-year jump in overall new housing launches. The encouraging development indicated a maximum supply of affordable houses with prices less than Rs 40 lakh, concluded ANAROCK Property Consultants in its recent findings. Interestingly, the supply in the affordable segment increased 100% during the quarter as against the previous quarter, which drove the overall growth. Housing sales across categories went up 3% from a year ago to 60,800 units. Interestingly, Bengaluru saw maximum increase of 32% in housing sales at units this year during the second quarter as 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, claimed Chairman, Anuj Puri. The top notch 7 cities including Delhi-NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Pune, Kolkata and Hyderabad witnessed launches of around 50,100 units during the quarter. Major cities contributing to new unit addition include MMR, NCR, Bengaluru and Pune, altogether accounting for 75% of the new supply, he added.