Home sales has been reported to rise by 16% in top 7 cities beating the industry slowdown. Also in value terms, Mumbai has topped the list with a revenue of INR 62,970 crores, followed by Bengaluru at INR 28,160 crores. Apart from the two, these seven cities include NCR, Chennai and Hyderabad. This comes as good news for home buyers in the cities, particularly in Mumbai which has recently seen a depressed consumption sentiment. Despite the situation, the top seven cities have seen homes worth INR 1.54 trillion sold in the first three quarters of 2019.
Between the months of January to September of 2019, nearly 2.02 lakh units have been sold across the cities, while approximately 1.78 lakh units were sold a year ago. The overall value of units sold in the corresponding period of 2018 was approximately INR 1.33 trillion. Back in 2018, MMR saw a yearly gain of 33% in the overall housing sales value over INR 47,240 crores.
Various government interventions are happening and some proactive deal-sweeteners being given out by developers. The stage is therefore hopefully set for the last quarter of 2019 to witness some increased housing sales. In addition to that, the latest financial boost by the central government is expected to improve the overall buyer sentiments. It will also help fix the supply side in the residential segment.
Thane being an integral part of MMR and the state government’s blueprint for further development, is witnessing major infrastructure development plans. The centrally located smart city in the making is all set to experience an exponential growth, thanks to its evolving over the years with amazing social and cultural infrastructure. Therefore, the home sales in Thane is also increasing exponentially. 2 BHK luxury flats and 3 BHK luxury flats are in demand in the city. Thane is also attracting FDI projects like Risland’s, The Icon to be developed in the heart of Thane.
With change in buyer sentiment and economy boost the home sales in rising.