Realty records resounding recovery

With more residential apartments sold across India's top seven markets in the first three quarters of 2016 than the number of new units launched, country's real estate sector has recorded resounding recovery as it happened for the first time in the past eight years. It may be recalled that the country's real estate sector has been grappling with poor sales over the past few years. According to experts the development reflects a new reality wherein markets are maturing and developers are consciously trying to lessen inventory levels. Nearly 1.20 lakh housing units were sold across Mumbai Metropolitan Region, Delhi-National Capital Region, Pune, Bengaluru, Chennai and Kolkata between January and October, said JLL India, adding that during this time over 1.06 lakh new units were also launched. With demonetization and several other regulatory reforms like Real Estate Regulatory Bill, the Benami Transactions Bill and the GST, the time appeared to be ripe for market which will see the genuine buyer coming back to the market, said chief operating officer of JLL India, Ramesh Nair, adding that demonetization will have a short-term impact on sales as also on new launches.