HomeDaily NewsMumbai Mirror: 16% increase in home sales in city, suburbs

Mumbai Mirror: 16% increase in home sales in city, suburbs

Launch of housing projects rises by 42% in third quarter

Mumbai Metropolitan Region (MMR) witnessed a 16 per cent growth in sale of housing units, from 15,750 units sold in second quarter to 18,200 units in the third quarter of FY 2018, said a research report by Anarock Property Consultants released on Monday.

The same period also saw a 42 per cent jump in launch of housing projects –19,850 units were launched as opposed to 14,000 new units in Quarter 2 – in MMR.

The report said 67,175 units were sold in Quarter 3 of 2018 across seven top cities. MMR saw the highest jump followed by Pune at 11 per cent. In Pune, sales grew from 8,375 units in Quarter 2 to 9,300 units in Quarter 3.

The top 7 cities, which include National Capital Region, Chennai, Bengaluru, Kolkata and Hyderabad, saw 52,150 new units launched in Quarter 3.

“Buyers and developers alike are pinning their hopes on the ongoing festive season for better deals and faster deal speed respectively.

Lower budget housing continues to keep the momentum going. This segment saw a nearly 65 per cent increase in supply in Q3 as against the same period last year,” said Anuj Puri, chairman, Anarock Property Consultants.

MahaRera asks realtors to display building plans at project sites

After the Supreme Court earlier this month made it mandatory for real estate firms to display approved building plans at project sites, MahaRera on Monday issued a circular in this regard and has warned of strict action if developers fail to abide by it.

MahaRera said that all the promoters should ensure that sanctioned plan, layout plan along with the specifications approved by the competent authority should be prominently displayed at the respective site. “Failure on the part of the promoters to comply with the provisions of the RERA Act and the rules and regulations made thereunder, shall be viewed seriously and action will be take,” it said in the circular. At present, it is mandatory for developers to submit the sanctioned plans on the MahaRera website so that anyone can check the details of the project. PTI