7 July 2009
India property sales levels have risen by as much as 25-30% since April, following 10-15% growth in Q1 2009, in light of lower interest rates and residential property prices, as well as the construction sector’s greater focus of affordable housing.
This information was obtained by the Economic Times, who spoke to a number of banks, property developers and real estate consultancies.
Much of India’s property sector has struggled for the past year or so due to the global financial crisis, which left several house builders struggling to adapt to deteriorating market conditions.
Residential developers were left with high-end apartments which had no buyers. Consequently, they have been forced to slash prices by up to 45% since the peak of 2007.
The fall in property prices has increased affordability levels across much of India, which has led to increased demand for property in India.
Jones Lang LaSalle Meghraj says that sales across the mid-to-high income segments have conservatively risen by around 25%.
Delhi-based Omaxe reports that sales levels are up by 30% since 2009.
India's largest property developer DLF says it has sold almost 1,500 flats in various cities since April.
Rival Unitech has sold over 4,000 residential units in the last two and a half months.
Hiranandani Developers report that they have sold around 7,000 apartments across the industry, mainly in Mumbai suburbs, over the last two months.
See Also: India (12), Marc Da-Silva (269), Overseas property Investment news (34)
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