Housing sales in 8 cities up 2% in April-June to 31,539 units: PropEquity

Housing prices increased by 1% to Rs 6,287 per sq ft from Rs 6,205 per sq ft

Housing sales rose marginally by 2 per cent during April-June quarter at 31,539 units in eight major cities as real estate sector continued to remain slow, according to PropEquity.

The eight cities included in the report 'India Residential Real Estate Update Q2, 2017' are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru and Chennai.

"Housing demand (absorption) across key cities increased by 2 per cent to 31,539 units from 30,920 units," PropEquity said in a statement.

The new home launches dipped 22 per cent across top eight cities in the second quarter of 2017 to 17,858 units from 22,762 units in the previous quarter, according to PropEquity, which is a real estate data, research and analytics firm.

Housing prices increased by 1 per cent to Rs 6,287 per sq ft from Rs 6,205 per sq ft.

The unsold inventory dipped slightly by 2 per cent to 4,49,233 units from 4,62,914 units due to lower new launches and developers focussing on clearing their existing unsold inventories.

"Once GST and RERA are completely implemented, both the policies will provide the much-needed transparency to the sector and trust amongst the buyers. These would collectively boost the market.

"Supply is expected to stay low for alteast 6-9 months as both RERA and GST will lead to implementation and compliance challenges for developers and also the authorities," said Samir Jasuja, founder and CEO at PropEquity.