Press Trust of India | July 04, 2016 20:26 IST
Showing signs of revival, housing sales rose by 7 per cent in the country’s eight major cities at 1.35 lakh units during January-June period of this year, leading to a decline in unsold inventories, according to real estate consultant Knight Frank India.
In the Delhi-NCR property market, however, housing sales and launches dropped by 8 per cent and 41 per cent, respectively, despite a 4 per cent fall in prices.
Overall, housing sales rose to 1,35,016 units in the first six months of this year from 1,26,616 units in the corresponding period of 2015 in eight cities – Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, Pune and Ahmedabad.
Launches dropped to a three-year low at 1,07,120 units in January-June 2016 from 1,17,200 units in the year-ago period.
With rising sales and decline in new launches, the unsold inventories fell by 7 per cent to 6.6 lakh units from 7.1 lakh units in the period under review.
“The real estate sector in India could be at its inflection point with sales in the residential market showing a positive trend registering 7 per cent growth in the first half of 2016,” Knight Frank India CMD Shishir Baijal said.