New Delhi: Housing market is showing signs of recovery with sales rising by 13 pc during January-March this year in seven major cities at more than 33,000 units, according to property consultant CBRE.
Housing demand stood at over 29,000 units in the year-ago period in seven cities namely, Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
New housing supply also increased to 33,000 units in the first quarter of 2019 from 25,700 units in the year-ago period. Mumbai, Chennai, Bengaluru and Delhi-NCR were the dominant markets, with a share of almost 70-75 pc in both new launches and sales, the consultant said.
CBRE attributed the recovery in housing sector to stable prices that led to increased activity in the mid-end segment, followed by affordable and high-end projects.
The stabilisation of key policy reforms such as demonetisation and implementation of GST and RERA also helped in revival of the market.The positive impact of these reforms resulted in new launches and sales rising by about 11 pc and 19 pc, respectively in 2018 over the previous year.
"The much-awaited growth in the residential market has started to be visible now, and metro cities such as Delhi-NCR, Mumbai, Chennai, Hyderabad and Bengaluru are showing signs of recovery," said Anshuman Magazine, Chairman & CEO of CBRE India, South East Asia, Middle East & Africa.