Discounts,launches at low rates increase house sale count

The quarter ended March 2013 witnessed a significant year-on-year jump of 20 per cent in house sale registrations in the city.

Written by Sharvari Patwa | Published: May 16, 2013 12:31:56 am

The quarter ended March 2013 witnessed a significant year-on-year jump of 20 per cent in house sale registrations in the city.

While the registrations for the full year increased 7 per cent at 61,041 over 2011-12,the figure was lower than the 70,624 houses registered in 2010-11.

During January-March,17,383 houses were registered as against 14,544 last year,according to data sourced from the directorate general of registrations.

Experts attributed the increase in sales to discounts in both new and secondary property markets.

“In many cases,especially launches,builders have started to negotiate at lower prices. Also,there have been a lot of secondary market sales. Investors who bought property a few years ago are exiting at lower than market price,” said Pankaj Kapoor,founder of Liases Foras,a real estate consultancy and research firm.

Paras Gundecha,former president of Maharashtra Chamber of Housing Industry and chairman of Gundecha Construction,said: “A large number of fence-sitters who were awaiting a price correction have begun to enter the market,resulting in increased sales.”

Industry sources said the past few months saw a slew of launches by reputed builders,increasing interest among home buyers.“The launches have been at lower than market rates,which has increased sales,” said Kapoor.

A recent statement by financial firm Merrill Lynch said,“New launches and discounts offered by real estate developers resulted in pick up of sales volumes across cities during January-March.

sharvari.patwa@expressindia.com

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