Housing sales fall by 1% in top eight Indian cities

Housing sales have gone down marginally by 1% in eight major cities of India, falling to 28,131 units during January-March as compared to the previous quarter.

This indicates at the demand for housing units slowly recovering from the impact of demonetisation.

Also read: India's financial institutions were hit hard by Modi's demonetisation move, but here's why BFSI still managed to sail through

During the previous October- December quarter, housing sales stood at 28,472 units in Gurugram, Noida, Mumbai, Kolkata, Hyderabad, Bengaluru, Pune and Chennai, as per data from the real estate data, research and analytics firm PropEquity.

The report adds that launches of new homes fell 19.46% in the Q4 of 2017 to stand at 22,897 units from 28,428 units in the Q3 of 2016.

"Overall the fall in demand and new launches of residential projects slowed down in the Q1 as impact of demonetisation on the real estate sector tapered down faster than the expectations," PropEquity said.

Talking of prices, housing prices declined by 1.67% to Rs 6,185 per sq ft as against Rs 6,290 per sq ft during the period under review.

The report is hopeful about the coming months, saying that the housing supply would slowly pick up.

(Image source)