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Mumbai Metropolitan Region's property market witnesses massive growth

The reason is being attributed to government SOPs announced in the first quarter of the year

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The real estate developers have been complaining of incurring losses for a long time now. But the figures say otherwise. In the first quarter of 2019, a total of 26,850 new housing units were launched in comparison of 16,590 added in the forth quarter of 2018, and 9,490 in the first quarter of the same year in the Mumbai Metropolitan Region.

The housing sales too have gone up in the first quarter of 2019, which stands at 24,010 compared to 20,220 in forth quarter of 2018 and 12,300 in the first quarter of 2018. The reason is being attributed to government SOPs announced in the first quarter of the year.

According to Anarock Property Consultants, the data shows a significant rise in the sales and and new residential supply across, due to sops in the interim budget, GST rate cuts and lowering of home loan rates post RBI's recent repo rate cut. The data reveals that more than 70 per cent new supply was added in sub Rs 80 lakh price bracket in MMR.

As per the figures MMR has seen the highest number of housing units being absorbed in the market. City sales increased by 24 per cent - from 9,940 units in quarter four of 2018 to 12,340 units in first quarter of 2019 due to a significant increase of 160 per cent in new launch supply. In new launch supply Pune stood at 17,520 compared to 6,730 in the fourth quarter of 2018, while in the first quarter of 2018, it stood at 2750.

RISE IN SALES

MMR has seen the highest number of housing units being absorbed in the market. City sales increased by 24% - from 9,940 units in quarter four of 2018.

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