Economic Survey 2018: Home sales at 5-year low, FDI needed for revival

Sales during the first half declined by over 38 per cent when compared with the same period a year earlier, while unit launches fell by over 56 per cent during the same period

India’s real estate sector hit rock bottom, falling to a five-year low in 2017-18, and a change in market sentiment to attract more foreign direct investment (FDI) would be required for a revival of the beleaguered sector, the Economic Survey 2017-18 notes.

While residential real estate market saw sales of only 58,000 units in the first half of 2017, new home sales fell to a five-year low of about 101,850 units during this period. Sales during the first half declined by over 38 per cent when compared with the same period a year earlier, while unit launches fell by over