Housing sales collapse 17% in nine major cities
11 Jan 2018 10:28 PM IST
New Delhi: Housing sales dropped 17 per cent during 2017 in nine major cities of the country because of demand slowdown and impact of new realty law, according to a report by realty portal PropTiger.
Sales declined to 2,18,500 units last year in nine cities –Gurgaon, Noida, Mumbai, Bengaluru, Chennai, Kolkata, Pune, Hyderabad and Ahmedabad –against 2,63,500 units in 2016, the News Corp-backed PropTiger said in its report. Launches fell by 43 per cent to 1,63,573 units in 2017 from 2,88,748 units in the previous year.
On Wednesday, Knight Frank India released its report and reported 7 per cent decline in housing sales and 41 per cent fall in home launches during last year in eight top cities.
Cushman & Wakefield reported 35 per cent fall in launches.
"Overall sales in top nine cities only dropped by 17 per cent compared to steep reduction in new launches.
"Drop in sales is chiefly due to drop in new launches as 32 per cent of sales in 2016 was contributed by projects launched in 2016 itself. This ratio came down to 24 per cent in 2017," PropTiger.com, part of Elara Technologies which also owns Housing.com and Makaan.com, said in the report.
Gurgaon and Hyderabad were the only two cities which witnessed increase in sales by 27 per cent and 2 per cent respectively.
The other seven cities saw decline in the range of 3 per cent to 33 per cent.
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