Indian Residential Real Estate Sector Witnesses Unprecedented Growth, Except in Kolkata
India's residential real estate market has seen a significant surge, with major cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad leading the charge, while Kolkata bucks the trend with an 11% decline in new launches.
Residential Real EstateIndian EconomyReal Estate MarketKolkataBengaluruReal Estate MaharashtraJul 12, 2024
On the national level, cities including Bengaluru, Mumbai, Delhi NCR, and Hyderabad have led the increase in new launches. Conversely, Chennai and Pune have experienced a 10% and 22% decline respectively. Residential prices have surged year-on-year by 5 to 20 percent in the top seven cities during Q2 2024.
This growth in the residential real estate sector can be attributed to various factors, including the government's initiatives to boost the sector, increasing demand for housing, and the growing economy. However, the decline in new launches in Kolkata is a cause for concern and needs to be addressed.
Information
The Indian real estate sector has been witnessing a slowdown in recent years, due to various factors such as demonetization, GST, and RERA. However, with the government's initiatives to boost the sector, the industry has started to show signs of recovery.
Frequently Asked Questions
What is the growth rate of new launches in India's residential real estate market in H1 2024?
55% increase in new launches, totaling 159,455 units.
Which cities have driven the growth in India's residential real estate market?
Bengaluru, Mumbai, Delhi NCR, and Hyderabad.
What is the decline rate of new launches in Kolkata's residential real estate market?
11% decline in new launches, recording only 4,388 units.
What is the reason behind the growth in India's residential real estate sector?
Government's initiatives to boost the sector, increasing demand for housing, and the growing economy.
Which cities have witnessed a decline in new launches in India's residential real estate market?
Chennai and Pune have experienced a 10% and 22% decline respectively.
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