The Real Estate Picture In Q2 2018 After Demonetisation
Tuesday, 18 September 2018

The real estate sector in India witnessed a fair share of lows after the sudden demonetization of high-value currency notes back in November 2016. However, it had started to pick up again in the following year when the economic and regulatory reforms like GST and RERA were announced. Although these reforms have helped streamline the sector and bring in a greater level of transparency and efficiency, they did slow down the processes in the beginning.

It is in Q2 2018 that India’s real estate sector has started to pick up again, and the market has witnessed a revival.

    Here are some real estate highlights from Q2 2018:

  • The number of new housing launches has increased by a whopping 50 per cent in Q2 2018, as compared with the first quarter.
  • The affordable housing sector has been the largest and most significant contributor in the supply surge in Q2 2018. The supply in this segment alone has increased by a staggering 100 per cent.
  • While in Q1 2018, there were only 33,400 new housing units launched across the top 7 cities (NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad), in Q2 2018, this number increased to 50,100 new housing units.
  • Among these 7 cities that have contributed to this increased supply of housing units in Q2 2018, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune account for about 75 per cent of the new supply.
  • Mumbai Metropolitan Region (MMR) has witnessed a supply of around 13,600 new units in Q2 2018. This has marked a 58 per cent hike compared with Q1 2018.
  • NCR has witnessed an 89 per cent increase in units as compared with Q1 2018, with around 8,500 new units.
  • In Pune, the increase has been of a whopping 214 per cent (with approximately 6, 900 new units) as compared with Q1 2018. Here, too, the affordable housing sector has been a major contributor, with 1900 new housing units on the market.

 

Among these changes, a growth in FDI, REITs and the amendments to laws that safeguard the rights and interests of homebuyers, has made this a good time to invest in real estate in India.

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