Sales in the residential housing segment in Hyderabad has gone up by 277% in the seven major markets since January to September 2018 as compared to the same period last year.
As per JLL India, an important factor behind the high sales growth numbers has been the low base effect on the back of relatively small size of this segment of the market. New launches in Hyderabad was also up by 82% in the first nine months of 2018 as compared to the same period in 2017.
“While the implementation of GST and RERA led to some initial challenges for developers, most of the issues have been addressed and the industry as whole is aligned,” said Ramesh Nair, CEO and country head of JLL India.
According to JLL data for the nine-month period ended September 30, sales in residential segment have risen 40% on year compared to the year ago period, new launches during January to September 2018 registered a robust 75% growth.
The data is based on performance of residential segment in 7 key markets of National Capital Region, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.
“Going ahead we will see some consolidation. There is definitely an increase in confidence due to various reforms,” said Rakesh Reddy, director (marketing) , Aparna Constructions and Estates.
India’s real estate sector has seen momentous and game changing regulatory reforms in the form of Real Estate Regulatory Act (RERA) and Goods and Services Tax that have changed the real estate landscape. While the residential sector witnessed significant impact of these reforms, there is strong growth momentum visible.