Countering demonetisation's impact: Hyderabad tops list in real estate sales
Mumbai is the only city that has not yet shown any signs of recovery, according to an analysis by a property consultant.
While Pune, Hyderabad and Chennai have showed strong revival in sales and moving back to pre-demonetisation levels, Mumbai is the only city that has not yet shown any signs of recovery, an analysis by JLL said.
Despite strong support from the government, sales are yet to reach pre-demonetisation levels in most cities. Hyderabad remains an exception, registering the maximum sales. Delhi witnessed lowest levels during Jan-Sept 2019 period and Mumbai remains an exception to recovery in sales, it said.
Hyderabad topped the list with a 36 percent sales penetration followed by Pune at 34 percent. Hyderabad has been gaining traction both on the residential and commercial front along with large potential for investments. On the other hand, Delhi registered the lowest sales penetration rate at 13 percent followed by Kolkata at 17 percent.
The analysis showed that Pune has been the most stable city followed by Bengaluru. But the situation was not alwaysn like this always. Demonetisation brought a big disruption in the sector, it noted.
Post-demonetisation, Kolkata and Hyderabad took the maximum hit, falling from 28 percent to six percent and from 29 percent to nine percent, respectively. Pune was resilient along with Mumbai and Bengaluru, an analysis by JLL said.
"It is remarkable to note that while Hyderabad was one of the worst-hit cities, it has not only recovered from the slump but also crossed the pre-demonetisation level and had the highest sales penetration level out of all the cities in the first nine months of 2019. Mumbai, however, is the only city that has not yet shown any signs of recovery," said Samantak Das, Chief Economist and Head of Research & REIS, JLL India.