Sales in the real estate sector in seven major cities in the country rose by 25 per cent year on year in the first half of 2018 with sales crossing 64,000 units, according to a Credai-JLL report. The report was presented at the at the Credai Natcon 2018 in Berlin, Germany.
Another report submitted at Natcon by Credai-Cushman & Wakefield showed that the private equity (PE) investment in the sector rose to Rs 10,080 crore in second quarter of 2018. in Q2, 2018.
The two reports were a testimony to the unprecedented growth displayed by the real estate industry in India, claimed a Credai release.
Over 1000 developers and experts from the real estate sector, senior professionals from the financial world and ancillary industries participated 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.
Mumbai saw the highest sales volume totalling to over 13,600 units in H1 2018. Bengaluru followed with 13,300 units and recorded a marginal increase of 2 per cent in sales y-o-y. Pune, which also saw a minor increase of 2 per cent, in sales volume recorded at approximately 10,000 units.
Credai also put forth a demand for incentivizing developers to participate in affordable housing to continue the growth momentum.