New Delhi, Oct 14 - Housing sales rose by 15% to 67,175 units in seven major cities during July-September, with the property market recovering from the triple whammy of demonetisation, GST and new realty law RERA, according to ANAROCK.
The cumulative sales during January-September 2018 increased by 8% to 1,78,400 units in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
ANAROCK Property Consultants Chairman Anuj Puri attributed the rise in residential sales to overall favourable macroeconomic environment over the last one year.
"Additionally, the teething issues of new policies including RERA and GST have finally subsided in 2018, leading to positive consumer sentiments," he added.
Housing sales got affected last year on the adverse impact of notes ban as well as implementation issues with the new realty law RERA that came into effect from May 2017 and the GST.
Puri expects commercial real estate to remain buoyant in 2019 that in turn would have a positive impact on residential real estate as well.
According to the data, housing sales in NCR went up by 6% to 11,350 units during July-September 2018 from 10,675 in the year-ago period.
MMR saw 23% rise in sales to 18,200 units, while Bengaluru witnessed 26% increase to 16,250 units.
Sales in Pune went up by 20% to 9,300 units and Kolkata saw a 25% jump to 4,300 units.
However, Chennai and Hyderabad faced a decline of 27% and 3% respectively. Housing sales in Chennai stood at 2,925 units while 4,850 units were sold in Hyderabad.
During January-September 2018, housing sales in Bengaluru rose the maximum at 30% to 42,700 units from 32,875 in the corresponding period of the last year.
Hyderabad and Kolkata saw 12% rise in sales at 13,650 units and 11,750 units, respectively.
There was a 7% increase in sales in NCR during the first nine months of 2018 at 31,550 units.
Sales in MMR grew by 4% to 46,200 units. In Pune, demand was up marginally to 24,500 units.
Chennai was the only city which saw a decline of 27% during January-September period of 2018 at 8,050 units from 11,075 units in the year-ago period.
On sales outlook for the current quarter, Puri said developers expect sales to rise in the ongoing festive season while prospective home buyers are pinning hopes of getting better deals and offers from builders.
"Developers' focus on completing existing projects rather than launching new ones aligns with the current market sentiment," he added.
ANAROCK said its recent consumer survey underscored that in the backdrop of stalled or delayed projects, only 5% prospective buyers were interested in buying homes in new projects, while 49% preferred to buy ready-to-move-in properties, and 46% wanted those that would complete within a year.