Housing Sector Shows Marginal Growth
Despite a slowdown in the economy, housing sales witnessed a marginal rise in 2019 across eight major cities to nearly 2.46 lakh units, according to property consultant Knight Frank.
Releasing its latest report, India Real Estate: H2 2019, Knight Frank said that “despite headwinds of economic slowdown, Indian real estate sector has recorded an overall growth in 2019.” The residential property market in top eight cities recorded a growth of 1 per cent year-on-year (YoY) in sales volume in 2019.
Total sales volume was recorded at 2,45,861 units in 2019 over 2,42,328 in 2018 as affordability improved, and developers aligned themselves with the needs of homebuyers by reducing ticket-sizes and unit-sizes in a bid to encourage sales, the consultant said. “Housing market grew last year beating all odds,” Knight Frank India Executive Director ( Valuation and Advisory, Retail and Hospitality) Ghulam Zia told reporters.