Housing launches see significant jump in Bengaluru, Mumbai and Delhi NCR in 2018: Report
After a prolonged lull of nearly 3 years, residential markets in Bengaluru, Mumbai and Delhi-NCR have showed signs of recovery in 2018. The positive impact of the regulatory reforms including the implementation of RERA and GST is now evident, said a JLL India report.
Number of residential launches across the three cities witnessed a significant on-year rise in 2018. According to JLL Research, Delhi NCR witnessed 114% year-on-year growth in new launches at 17,660 units, which is the highest among the three markets. While Bengaluru recorded annual growth of 81% at 37,286 units, Mumbai’s housing market saw a 22% rise in launches.
While new launches across these 3 key metros recorded strong growth, positive consumer sentiment in the post-reforms regime has resulted in higher sales. In percentage terms, Delhi-NCR topped with 71% on-year growth in sales at 24,725 units. However, the jump in sales was due to low base effect.