Housing sales rose by 6 per cent during July-September in nine major cities at 51,142 units on demand recovery post demonetisation, new real estate law and GST impact on the real estate market, according to PropEquity data. Nine cities tracked by real estate data, research and analytics firm PropEquity include Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.
Launches of new homes grew by 12 per cent to 32,870 units during the third quarter of 2018 calendar year.
"In the last one year, prices have corrected and the realty market has started to somewhat revive. With festive season coming up, developers will dole out discounts, finance schemes and freebies to push housing demand further," said Samir Jasuja, founder and managing director of PropEquity.
"We continue to see strong traction for ready to move in and nearing completion projects to attract demand," he added.
The market has been continuously recovering over the past few quarters as substantial amount of ready stock available in the primary market has led to the market slowly transforming into a buyer's market.
"As the real estate market got accustomed to reforms like goods and services tax (GST) and Real Estate Regulation Act (RERA), absorption for ready to move and nearing completion projects picked up," the report said.
The unsold inventory dipped by 8 per cent to 6,17,456 units in these nine cities.
PropEquity, which is an online subscription based platform, covers over 98,370 projects of 26,881 developers across over 42 cities in India.