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Sales of residential properties in India grew 25 percent in the first half of 2018 to 64,080 units, helped by a sharp rise in Hyderabad and Kolkata.
The numbers were published as part of a JLL report released at Credai Natcon 2018, the industry body's 18th annual international real estate convention, held in Berlin, Germany, this year.
Besides Kolkata and Hyderabad, which posted a whopping 280 percent and 182 percent rise in sales, albeit on a small base, Chennai and Delhi also pulled up the average.
Mumbai and Bangalore posted the most unit sales.
| City | |||
| H1 2017 | H1 2018 | % change Y-o-Y | |
| Mumbai | 12,309 | 13,659 | 11% |
| Delhi | 8,272 | 10,383 | 26% |
| Bangalore | 13,120 | 13,382 | 2% |
| Chennai | 5,255 | 8,237 | 57% |
| Hyderabad | 1,941 | 5,476 | 182% |
| Kolkata | 778 | 2,955 | 280% |
| Pune | 9,777 | 9,988 | 2% |
| TOTAL | 51,452 | 64,080 | 25% |
"The significant turnaround witnessed in the first half of 2018 was a much-awaited boost to the residential sector," Ramesh Nair, CEO & Country Head, JLL India said. "End-user confidence in the market has strengthened on account of timely completion, implementation and adherence to RERA laws, good governance leading to accountability and transparency in the system."
Another report was also released at the event.
A CREDAI-Cushman & Wakefield report said the country's office sector recorded inflows of Rs 4,295 crore, a 39 percent increase from the corresponding quarter last year.
The segment constituted roughly half of the investments committed by foreign investors, while the retail segment accounted for 26 percent and the industrial segment 10 percent.
The office sector made up for 42 percent of leasing activity during the second quarter of 2018, with the average deal size increasing by 21 percent year-on-year at Rs 560 crore during the second quarter of 2018. Mumbai attracted highest PE investment at Rs 2800 crore followed by Chennai and Delhi NCR.
A third joint report by CREDAI and CBRE said an influx of over 500 million square feet of new office, retail, warehousing and residential supply will be seen in India’s real estate by 2021, owing to positive reforms and strong investments.
In the office segment, leasing activity in the first half of 2018 has already crossed 20 million square feet with Bengaluru, Delhi NCR, Hyderabad and Mumbai accounting for more than 80 percent of leasing activity.
The industrial and logistics segment witnessed a take-up of almost 10 million sq ft of space in H1 2018, which was equivalent to the entire annual take-up of the year 2015.
NATCON 2018 being held in Berlin saw over 1000 member developers and experts from the real estate sector, senior professionals from the financial world and ancillary industries participate in the three-day long convention aimed at facilitating best practices and learnings, stressing on the importance of real estate as one of the building blocks of a nation’s economy.
Speaking on the occasion Jaxay Shah, president – CREDAI said, “The world’s fourth largest economy, Germany, is a great example of how old and new coexist which has also contributed to its housing boom. And, we feel that Indian real estate is nurturing the same potential with growth at challenging times every day – making India an even powerful economy. CREDAI NATCON 2018 is an effort in this direction to learn and relearn the global best practices to optimize this opportunity the industry presents.”
Other speakers included chief guest Mukta Dutta Tomar, the Indian Ambassador to Germany, Renu Sud Karnad, MD, HDFC Ltd, Khushru Jijina, MD, Piramal Capital & Housing Finance Ltd., Anuj Puri, chairman, Anarock Property among others.
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