Despite the financial crunch facing the country right now, Mumbai real estate developer appear to have cracked the code as home sales in the city has seen a rise of 22% in 2019, the highest in the country. This is also Mumbai’s highest home sales figure in four years.
As per Anarock Property Consultants, the spike in sales is due to the builders’ wise decision to narrow the demand-supply gap, especially with regards to cheap housing. Developers have shifted focus from luxury to affordable housing, which has been a major contributing factor in home sales growth.
The country, on the whole, however, saw its housing sales growth dip to 5%, which is a consequence of the property market collapsing multiple times over the past few years. It’s also worth noting that while regions like Mumbai and Pune saw growth in housing sales, cities like Bengaluru, Hyderabad, and Kolkata observed a sales decline.
The Government of India announced a 250 billion rupees ($3.5 billion) package to give a boost to the housing market, while also helping the country maintain its status as the third-largest economy in Asia. The report also sheds light on unsold properties currently available. This year, the unsold housing inventory fell to 4% or 6,48,000 units.
Speaking on the forecast for 2020, Chairman of Anarock Property Consultants, Anuj Puri said - “Residential growth in 2020 will mainly depend on the swift on-ground implementation of some of the previously-announced sops. A major part of the residential growth will most likely unfold in the second half of 2020.”
The report also adds that Macrotech Developers is building more affordable housing for the residents of Mumbai. For those unaware, Macrotech is a Trump Tower developer in Mumbai working with Godrej Properties Ltd.
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