Housing sales in the Delhi-NCR market increased by 7 per cent while new supply declined by 6 per cent in the January-September period of this calendar year as developers focus on clearing unsold inventories, according to property consultant Anarock.
The Delhi-NCR witnessed sales of 31,550 units during January-September 2018 as against 29,400 units in the corresponding period of the previous year. However, new launches fell by 6 per cent to 17,225 units from 18,400 units during the period under review, showed data compiled by Anarock.
Anarock has also predicted that the sales will go up during the current quarter to meet higher demand during the ongoing festival season. In seven big cities, the consultant said that housing sales rose by 8 per cent to 1,78,400 units during January-September 2018.
The new supply also rose by 18 per cent to 1,39,700 units till September 2018 as property markets of three key cities in South India -- Bengaluru, Hyderabad and Chennai -- saw a healthy launch. The consultant tracks NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune markets.
Housing sales got affected last year on the adverse impact of notes ban as well as implementation issues with the new realty law Rera that came into effect from May 2017 and the GST. Anarock said that it expected the commercial real estate market to remain buoyant in 2019 that in turn would have a positive impact on the residential real estate as well.