Chennai:Ā Chennai, Bengaluru and Hyderabad were the most robust real estate markets in India in the first half of 2018, accounting for more than a third of the total new supply in the countryās seven biggest cities, a report has stated.
Released by Anarock Property Consultants, it said, the three cities saw a collective increase of nearly 112 per cent in new launches compared to the year ago figure.
As per Anarock Property Consultantsā data, the three cities together saw new supply of more than 30,100 units, about 36 per cent of the overall supply across the top seven cities.
Of the three cities, Bengaluru and Hyderabad were the most buoyant, the report said.
“Increased commercial activity backed by high demand from the IT/ITeS sectors coupled with restored consumer sentiment has given an upper edge to Bengaluru,” said vice chairman, Anarock Property consultants, Santosh Kumar.
According to the report, builders in southern India focused on clearing unsold inventory to push sales. During the April-June quarter unsold inventory declined 23 per cent in Bengaluru, 12 per cent in Hyderabad and 10 per cent in Chennai from that a year ago.
Industry experts have stated that prices are likely to remain stagnant for a few more quarters, due to huge unsold inventory, recent cases of developers going bankrupt and large number of stalled projects. These are factors that are keeping many potential buyers away from the market, they said.
In addition, they added that the delay in execution and dilution of the Real Estate (Regulation and Development) Act has also dented buyersā confidence.