Q1 residential sales up 8%, says report

Q1 residential sales up 8%, says report

Residential sales increased by 8% in the first quarter of the current fiscal (Q1FY17) compared with a decline of 3% in the sequential quarter (Q4FY16).

The surge in sales volume was primarily driven by Bengaluru, Pune and Mumbai, which together accounted for 61% of total sales across top-9 cities in Q1FY17, according to the ‘Realty Decoded’ report by online real estate advisor PropTiger for Q1FY17. The study covered nine key Indian cities of Bengaluru, Mumbai, Pune, Noida, Gurgaon, Chennai, Hyderabad, Kolkata and Ahmedabad.

 The report further highlighted that launch patterns saw a reversal during the quarter and went up by 14% in Q1FY17 at around 41,000 units compared with around 36,000 units Q4FY16.

This could be attributed to the recent sops offered by the government for the development of affordable housing; more than 50% of total launches were witnessed in the affordable segment.

 Ahmedabad and Hyderabad registered their highest quarterly sales during the past eight quarters in Q1FY17. This was also coupled with a price increase in both cities — while Hyderabad saw the highest annual price appreciation of 8%, followed by Ahmedabad at 7%.

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