Housing sales slightly up in July-Sept, new supply rises 3% across top 8 cities: Report
A total of 94,419 new housing units were launched across the top eight residential markets during the third quarter of this calendar year
Housing sales slightly up in July-Sept, new supply rises 3% across top 8 cities: Report
Sales of residential properties across the top eight cities rose slightly to 96,827 units in July-September on strong demand, according to a realty portal Housing.com's latest report.
Housing sales stood at 96,544 units in the year-ago period.
A total of 94,419 new housing units were launched across the top eight residential markets during the third quarter of this calendar year, compared to 91,863 units in the corresponding period of the preceding year, Housing.com said in a statement on Wednesday.
Praveen Sharma, CEO of REA India, said, "The price rally over the past half-decade has dampened sales in the affordable housing segment, a category vital for the sector's long-term sustainability and growth".
"While demand and supply in the premium and high-end segments remain robust, supported by strong consumer sentiment, supply in the affordable housing category has been constrained despite steady underlying demand."
He said a two-pronged approach is essential; firstly, developers should be encouraged to boost supply in the affordable housing segment, and secondly, affordability for end-users must be improved.
REA India, part of Australia's REA Group, owns the Housing.com portal. According to data, the housing sales in Ahmedabad fell 11 per cent to 8,297 units during July-September from 9,352 units in the year-ago period. However, sales in Bengaluru rose 23 per cent to 13,688 units from 11,160 units.
