Hyderabad, Jan 15 (UNI) Despite all headwinds including the liquidity crisis in 2018, housing sales rose by 18 per cent and new launches by 33 per cent across the top seven cities, Bengaluru, MMR (Mumbai Metropolitan Region), Chennai, Pune, Hyderabad, NCR and Kolkata in the country, as compared to 2017, said ANAROCK Property consultants, in its report on Tuesday.
Residential inventory extend reduced to a year-low from 47 months in Q4 2017 to 33 months in Q4 2018 across the top seven cities.
'Having absorbed a lot of the impact of various structural changes, the Indian real estate sector seemed poised to grow from the previous year,' said ANAROCK Property consultants Chairman Anuj Puri.
However, the issue of stalled projects and liquidity crisis continued to confound the housing sector in 2018, though it continued its transition into a relatively more transparent and end-user driven market.
End-users accelerated growth while investors shifted focus towards alternate asset classes such as commercial, retail and warehousing, which did fairly well during the year, it said.
Builders very extremely cautious about launching projects to align supply with the existing buyer demand. This helped sales pick up momentum in 2018, the consultants said.
Simultaneously, builders reduced the average property sizes to align their offerings with the highly-incentivized affordable housing bracket. The affordable segment spearheaded residential growth in 2018.
While referring to New Launch in 2018, the report said that the top 7 cities recorded new unit launches of about 1.95 lakh units in 2018 against about 1.46 lakh units in previous year.
The affordable segment comprised the lion’s share at 40 per cent while the major cities contributing to 2018 new unit launches included MMR, NCR, Pune, and Bengaluru, together accounting for 74 per cent new supply, the report revealed.
Bengaluru saw approximately 34,880 units launched in 2018 – a whopping 91 per cent increase from 2017 and more than 80 per cent new supply added was in sub Rs 80 lakhs budget segment while MMR added 59,930 units in 2018, a yearly increase of 12 per cent over the preceding year.
Approximately 40 per cent new supply was added in the affordable segment and Chennai added new supply of 15,680 units in 2018 compared to 7,940 units in 2017 - a massive rise of 98 per cent. Approximately 49 per cent new supply was added in the affordable segment.
Pune added 24,430 units in 2018, a significant increase of 29 per cent over 2017. More than 90 per cent new supply was added in sub Rs. 80 lakhs budget segment, out of which 52% comprised of affordable projects, the report said.
Hyderabad added 17,290 units in 2018, a significant increase of 43 per cent over 2017 and approximately 58 per cent new supply was added in the budget segment of Rs 40-80 lakhs in 2018 while NCR added approximately 26,010 units in 2018, a yearly increase of 17 per cent over previous year. Approximately 47 per cent new supply catered to the affordable segment.
Kolkata added approximately 17,290 units in 2018, a significant increase of 25 per cent over 2017 while 73 per cent new supply was added in affordable segment, the report added.
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