Housing demand that was hit by demonetisation seems to be recovering in the national capital region (NCR) with sales rising 23 per cent to 11,150 units during April-June 2018 over the previous quarter, according to a study.
Property consultant ANAROCK in its latest report said housing sales in Delhi-NCR during March quarter stood at 9,100 units. However, the sales were marginally down from 11,450 units in the corresponding period of the previous year.
"Housing sales across the top 7 cities of India also rose 24 per cent compared to January-March 2018, indicating that hitherto abstaining home buyers are back on the market. Developers are working hard on clearing unsold inventory with attractive schemes, freebies and discounts," ANAROCK Property Consultant Anuj Puri said.
The positive impact of policy reforms including real estate law RERA and GST have begun to bear fruit, he added.
The seven major cities tracked are -- NCR, Mumbai Metropolitan Region (MMR), Chennai, Bengaluru, Pune, Kolkata and Hyderabad.
Around 60,800 units were sold in April-June with NCR, MMR, Bengaluru and Pune together accounting for 81 per cent of the overall sales.
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"End-user driven Bengaluru led the pack on the back of re-ignited interest from IT/ITeS professionals reacting to the mitigated job risks and overall favourable economic environment," Puri said.
Bengaluru saw the highest jump in sales in second quarter of 2018 with sales increasing 27 per cent to 14,600 units from 11,500 units in the previous quarter.
In Mumbai region, housing sales rose 26 per cent to 15,200 units from 12,050 units in March quarter.
During the period under review, sales in Hyderabad increased 25 per cent to 4,750 units, while in Pune sales rose 24 per cent to 8,400 units. Kolkata witnessed an increased of 17 per cent to 4,000 units. Sales went up by 16 per cent in Chennai to 2,700 units.
"The overall unsold inventory declined by 2 per cent from 7.11 lakh units in March quarter 2018 to 7 lakh units in June quarter (by 10 per cent from 7.7 lakh units in December quarter 2017)," Puri said.
On property prices, ANAROCK said it increased by 1 per cent barring Chennai and Kolkata where prices remained stagnant. The ample unsold stock is keeping price growth in check.
Puri said it is hard to say whether infrastructure status to affordable housing and sops for MIG-I and MIG-II home buyers under PMAY will fulfil government's vision of Housing for All by 2022.
"It's still hard to say, but what is certain is that affordable housing has kept the market's momentum going for some time now. If developers remain laser-focussed, add only relevant supply and ensure 100 per cent RERA compliance, we may yet see this dream project' become a reality," Puri said.
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