Real estate sector revived after demonetisation: PropTiger Report

According to the real estate advisory firm PropTiger.com's findings, the real estate sector in India witnessed a revival after demonetisation, with sales increasing by 13 per cent as compared to 22 per cent fall in the previous quarter across top nine cities of India.

A subsidiary of Elara Technologies Pte Ltd., which also owns Housing.com and Makaan.com, the firm on Wednesday released the findings of the 'Realty Decoded Report' for the January-March quarter of the financial year 2016-17.

The total sales increased from 43,500 units in Q3 to 51,700 units in Q4 in FY17. There has been an increase in the number

of launches across these cities by 19 percent, the highest in the last eight quarters. Around 51,500 units were launched in Q4 in FY17 as compared to 43,250 units during the preceding quarter.

The report further highlights that the surge in the volume was primarily driven by Mumbai, Pune and Bengaluru, which together accounted for 57 per cent of total sales across top-nine cities in Q4 FY'17. Mumbai contributed nearly 23 per cent to the total sales during the quarter, followed by Pune at 18 per cent and Bengaluru at 16 per cent.

As far as launches are concerned, Mumbai contributed a maximum share of 26 percent to total launches followed by Hyderabad at 14 percent and Gurugram at 13 percent.

"Residential markets seem to have recovered from the demonetisation lows with sales and launches showing healthy levels in Q4 in FY17. Large part of the recovery is driven by the affordable housing segment which has found favour after getting infrastructure status," said Anurag Jhanwar, Business Head (Consulting and Data Insights), PropTiger.com, Housing.com and Makaan.com.