According to Liases Foras, the maximum gain in sales has been reported from Ahmedabad, Bangalore, Mumbai Metropolitan Region (MMR) and Delhi.
Is there a revival in the property market? Data so far in 2016 has revealed that in the first quarter, property sales in the six major cities of India have gone up by 15 per cent, said real estate research firm Liases Foras.
According to Liases Foras, the maximum gain in sales has been reported from Ahmedabad, Bangalore, Mumbai Metropolitan Region (MMR) and Delhi. The highest number of sales were reported for houses that are between the Rs50-lakh to Rs1-crore bracket (31 per cent) followed by those in the Rs25-lakh to Rs-50 lakh bracket.
Besides, unsold stock rose by 5 per cent in this quarter, while the launch of new residential projects decreased by 11 per cent. In 2014-15, the unsold stock in MMR was 183.3 million sq ft, which rose up to 217 million sq ft in the second quarter of 2015-16 while, in the third quarter, the unsold stock went up to 235 million sq ft.
The survey further states that the weighted average price of apartments in Ahmedabad increased by 11 per cent, while it has declined by 2 per cent in MMR and Delhi.
Pankaj Kapoor, the managing director at Liases Foras, said that the property market is going through a turbulent time. "People cannot stop buying property, but the survey reveals that most of the buying activities are taking place in the affordable segments only. The Greater Mumbai and MMR property market is witnessing a rise in sales, while the Chennai market remained stagnant due to the recent deluge. After the calamity, buyers are wary of investing in under-construction projects while developers are wary of launching new projects," Kapoor said.
He added that property sales might have picked up, but the average cost of flats has decreased. "The cost of a 2BHK unit in 2015 is Rs1.31 crore as against Rs1.32 crore in MMR, while in Greater Mumbai, in 2015, the same house cost Rs2.82 crore as against Rs3.2 crore in 2014. This shows that property prices are decreasing and that has resulted in the significant rise in property sales," Kapoor added.
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