HOUSING SALES UP 7% IN 2018 IN 9 MAJOR CITIES, SAYS REPORT
NEW DELHI: Increased demand for flats that are ready to move in or nearing completion helped housing sales to rise by 7% during 2018 to nearly 2.15 lakh units across nine major cities, according to data analytic firm Propequity. New launches fell by 22% to 1.46 lakh units during 2018 against 1.87 lakh units in the previous year. Higher sales and fall in new supply led to 10% decline in unsold stock at around 6 lakh units as on December 31, 2018. The nine cities tracked by Propequity are Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. “In 2018, we witnessed over 20% fall in new launches in top nine Indian cities as developers across cities focussed on executing and aggressively selling previously launched projects. This also led to unsold inventory falling by over 10%; and effectively these top nine cities sold 7.2% more units in 2018 versus 2017 even with fewer launched projects,” said Samir Jasuja, founder and MD, Propequity.