Ripples Advisory, Home sales get an 'affordable' boost, increase 13% in FY18
In a sign that could signal the beginning of a recovery in the residential property market, housing sales across top eight Indian cities recorded a 13% jump in FY18. This growth, led by affordable housing and mid-income segments, comes after the market witnessed a 5% rise in sales last year.
Of the key markets, Mumbai Metropolitan Region witnessed the maximum growth of 25%, showed data from Liases Foras Real Estate Rating & Research.
Mumbai was followed by Delhi-National Capital Region with 19% increase in sales for the year. In south zone, Chennai and Bangalore have shown a slowdown, with sales numbers showing a drop of 15% and 5%, respectively, while Hyderabad witnessed a growth of 17%.
Affordable housing continued to be the mainstay of demand as the contribution of this segment to the overall sales in tier I cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad, stood at 18% during the fourth quarter.
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