Real estate market witnessing recovery: Survey

Leaving behind the impact of demonetisation, GST and RERA, most Indian metros witnessed recovery with sales improving, while property prices corrected or maintained status-quo, a survey said.

Most of the metros saw average property prices plummeted with overall sales improving in a few markets, said a property portal 99acres.Com report.

The sales volume witnessed growth in cities such as Pune, Mumbai and Bengaluru.
 

Rentals  increased 4% in Hyderabad and Kolkata during the October-December 2017 quarter compared to the same period in 2016, Bengaluru and Mumbai recorded a 3 per cent rise in rent.

Delhi/NCR and Mumbai witnessed corrections in some popular housing pockets of Gurgaon, Noida and Navi Mumbai.

"The real estate industry underwent some of the most radical reforms and avant-garde policy changes in 2017. Residential demand, sales and supply took a hit on the back of uncertainties surrounding RERA and GST.

Jayakumar said the buyers waited for RERA to unfurl its full impact on property prices and builders were seen acclimatising to the new norms.

"While the first half of 2017 was the testimony to plummeting numbers, the second half saw stakeholders in a contemplative mode," 99acres.Com Chief Business Officer Narasimha Jayakumar said.