37 C
Tuesday, July 14, 2020

Realty sales up 6%, new launches down 14% in 2019: JLL

- Advertisement -

Realty sales up 6%, new launches down 14% in 2019: JLLNew Delhi, Dec 24 (IANS) The Indian real estate market witnessed a marginal 6 per cent rise in sales at 1,43,923 homes in 2019 compared with 1,36,273 in 2018, a JLL report said on Monday.

Around 1,43,923 homes were sold against 1,36,273 in 2018, said JLL”s India Market Update 2019. But new launches declined 14 per cent, it said

The year witnessed a 14 per cent decline in new launches at 1,36,998 flats compared with 1,59,452 in 2018. The October-December quarter reported a 31 per cent fall in launches at 26,405 homes and contributed majorly to the overall decline.

Only Mumbai witnessed a rise in fresh launches and also reported sales growth in the fourth quarter compared with the year-ago quarter.

On the sales front, the report said while the first half of 2019 witnessed a substantial 22 per cent rise in offtake on the year-on-year basis, the second half recorded a 9 per cent decline.

“The prolonged economic slowdown, led by weak consumer demand, has been manifesting itself in the form of sluggish sales with buyers postponing purchase decisions,” it said.

While the three key markets — Mumbai, Bengaluru and Delhi NCR — continued to account for a major chunk of sales, the number of houses sold in Hyderabad increased 21 per cent YoY.

Ramesh Nair, CEO and Country Head, JLL India, said, “The residential market has seen a gradual shift in consumer behaviour. Homebuyers are now looking at mostly ready-to-move-in houses or under-construction properties by developers with good track record about completion of projects.”

Recent reforms and developers” focus on delivery would increase lead to more supply in 2020 and revival of buyers” sentiments, he said.

“Sales will continue to rise and are likely to increase beyond the pre-demonetisation year of 2016. The revival signs of the residential segment will be more visible through affordable housing demand, which will drive long-term institutional funds to invest in this segment,” Nair said.

Follow Us For Latest Updates -

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Related News


Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

Ayodhya priests lash out at Oli’s claims, say Lord Rama belongs to Ayodhya

Ayodhya, July 14 (ANI): After K P Sharma Oli claimed that the birthplace of Lord Rama, is in Nepal and that Lord Rama was...

Trending Right Now

Our players need to develop attitude like Rapinoe: Maymol Rocky

New Delhi, (IANS) Indian senior womens team head coach Maymol Rocky has urged her players to ''develop an attitude'' towards the game which is...