From January to March
of this year, homebuyers bought property in India undeterred
by the lingering effects of demonetization. The data collected from the top
eight real estate markets in the country indicates that home buyers overruled
conventional wisdom and anecdotal data which implied that, post demonetization,
real estate sales would fall drastically in the subsequent quarter.
Data collected by one
of the leading real estate rating and research agencies reveals that, the sales
of primary residential real estate in the country, increased by twenty one
percent over the quarter before last during the first quarter of 2017.
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Real Estate
Markets that Led the Way
With growth in housing
sales of 47 percent, 43 percent, and 30 thirty percent, Kolkata, Hyderabad, and
Ahmedabad respectively, led the way in real estate sales during January to
March of this year. Across India, in the top eight real estate markets in the
country, approximately 61,200 new units were sold in the primary market between
January to March of this year while approximately 50,700 units were sold in the
primary market during the final quarter of last year in the same realty
markets.
While real estate sales
during the first calendar of this year were more robust when compared with
realty sales during the final quarter of 2016, year on year, housing sales
during January to March of 2017 were 5 percent lower than sales during the same
quarter last year. Expert commentators on numerous property sites have stated that low housing sales numbers in
Bangalore and Chennai led to a lower year on year growth rate during the first
quarter of this year as compared to the same period last year.
How Large Individual
Cities Stacked up
Unsurprisingly to most
industry watchers who have been keeping track of home sales in the primary
market, the National Capital Region, with 14,983 units sold during the first
quarter of 2017, led the way with the largest number of houses sold in India.
The Mumbai Metropolitan Region was a close second to the NCR and where 14,505
housing units were sold in the first quarter of this year. Home sales in NCR
and MMR grew by 24.5 percent and 23.6 percent respectively when compared with
sales during the final quarter of last year.