Affordable Housing Segment

In 2018, Mumbai Bengaluru witness increase in housing launches, says Report

Mumbai

A recent report on the Indian real estate sector has bought good news as the Delhi-NCR region, the financial capital of India i.e. Mumbai and the IT city Bengaluru has witnessed a huge increase in the housing launch in the year 2018.

According to the report of JLL India, the reforms initiated such as RERA and GST in the property sector have shown positive results in these cities.

In the report, Delhi NCR ranked first with 114% yearly growth of new launches with 17,660 units. In Bengaluru, the annual growth was recorded at 81% at 37,286 units and Mumbai witnessed a 22% rise in launches.

Apart from housing launches in these cities, the response of home buyers post-reform introduction is also a reason for such brilliant numbers. This is so because the interest resulted in higher sales of the housing projects. In percentage, Delhi-NCR topped the chart with 71% annual growth.

The sale of residential projects started slowly in Bengaluru but it soon caught the pace and closed at 17% annually. Similarly, the Mumbai city grew upto 10% in the year 2018.

The good times are ahead in 2019, for both the sellers and the buyers as the prices will remain static across the country.

According to JLL India, the unsold inventory of the last year and the new housing launches add up to enough residential units and thus the prices of units will remain unchanged in the current year. Hence, the stable cost of homes will play a beneficial role for the Indian property market.

The Ghaziabad and Gurugram cities of the National capital region recorded maximum activities in the real estate sector. On the other hand, Noida recorded a fair share in the total launches.

In Bengaluru, the Hosur Road and Whitefield localities contributed over 50% of the total sale in 2018.

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