Housing Sales Likely to Jump in 2015: JLL
Jan 05, 2015 comments ( 0 )
Post witnessing sluggishness in sales, the residential Real Estate is all set to take off in top seven cities of India, said property consultant JLL India in its report.
According to JLL, Housing sales are expected to raise to 1.92 lakh units this year in India's top seven cities. The promptness in sales is driving upon the expectations of a cut in interest rate and stable prices.
In year 2014, the housing sales dropped to 1.75 lakh units in the primary markets of seven major cities (Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune) as compared to nearly 2 lakh units in the year 2013.
Supply, however, is estimated to decline marginally to 2.18 lakh units this year from 2.2 lakh units in 2014.
In words of Anuj Puri, Country Head & Chairman, JLL India, "2015 will see home buyers benefiting from reduced borrowing rates, increased developer-focus on affordable homes, largely stable prices, and better job and income prospects."
He further added that this year would definitely be good for the real estate sector as borrowing rates are sure to go down from the current levels and economic activity is gradually picking up.
"With property prices staying stable and good deals being offered by developers in order to clear their inventory, fence-sitting buyers be further encouraged to press the 'buy' button," JLL said in a report.
Stating that developers are now largely focusing on affordable homes, the consultant said this would help in bridging the existing wide gap between demand and supply of affordable homes.
The consultant felt that townships would become more prevalent, while the supply of luxury homes would moderate to align with the slow demand.