India’s real estate sector recovers from 22% drop in Q3 to 13% rise in Q4, Mumbai leads charge
The real estate sector in India has witnessed a revival after demonetisation, with sales increasing by 13 percent as compared to 22 percent fall in the previous quarter across top nine cities of India, a new report has said.
The report was released by real estate advisory firm PropTiger.com, a subsidiary of Elara Technologies Pte Ltd, which also owns Housing.com and Makaan.com.
The firm released the findings of the ‘Realty Decoded Report’ for the January-March quarter of financial year 2016-17 (Q4, FY17) on Wednesday, which pegs the increase in total sales from 43,500 units in Q3 FY’17 to 51,700 units in Q4 FY’17.
It report states that there has been an increase in the number of launches across these cities by 19 percent, the highest in the last eight quarters. Around 51,500 units were launched in Q4 FY’17 as compared to 43,250 units during the preceding quarter.
The report further highlights that the surge in the volume was primarily driven by Mumbai, Pune and Bengaluru, which together accounted for 57 percent of total sales across top-nine cities in Q4 FY’17.
Mumbai contributed nearly 23 percent to the total sales during the quarter, followed by Pune at 18 percent and Bengaluru at 16 percent.
As far as launches are concerned, Mumbai contributed a maximum share of 26 percent to total launches followed by Hyderabad at 14 percent and Gurugram at 13 percent.
“Residential markets seem to have recovered from the demonetisation lows with sales and launches showing healthy levels in Q4 FY’17. Large part of the recovery is driven by the affordable housing segment which has found favour after getting infrastructure status,” said Anurag Jhanwar, Business Head (Consulting and Data Insights), PropTiger.com, Housing.com and Makaan.com.