Property market in India 2018: Mumbai, Delhi, Gurgaon, Noida to Bengaluru, housing sales in trouble

Property market in India 2018:  A recent survey carried by property consultant JLL India, revealed that in 2017, a total of 4.4 lakh houses were unsold at the end of 2017. The survey was carried in seven major cities, from which Delhi-NCR had maximum number of property hanging. Data showcased that in Delhi, about 1,50,654 units remained unsold in 2017, however, Chennai had the highest percentage of complete unsold properties somewhat 20%. In Delhi-NCR property market, the unsold properties were spread in the perimeter of Delhi, Gurgaon, Ghaziabad, Faridabad, Noida and Greater Noida. 

A JLL India carried a survey in cities like Mumbai, Delhi - NCR, Hyderabad, Pune, Bengaluru and Kolkata. Among the top cities, Kolkata had lowest number of unsold properties - somewhere about 26,000 units. While in Mumbai recorded 86,000 units of unsold property, Bengaluru saw about 70,000 units unsold, whereas Pune witnessed 36,000 units unsold houses. Hyderabad on the other hand, registered 28,000 units unsold. From the total unsold stocks, it was known that, 34,700 units of houses were ready-to-move-in flats. 

It needs to be noted, that Delhi is among most expensive premium office locations in world, and earlier another study revealed that, most of homebuyers prefer to purchase a property close to their workplace in this city. 

Last year in December 2017, the JLL Global Premium Office Rent Tracker report for fourth quarter of 2017 (Q42017) revealed that Delhi stood at sixth place in the world's most expensive premium office with a rent of $147 per square foot per year.

Later a  study by OLX revealed that  50% of all the interested homebuyers in Delhi-NCR want to buy a home in close proximity to their workplace.
 
Irwin Preet Singh Anand, COO, OLX India that time said, “Government reforms like GST and RERA will reduce the tax burden on consumers and increase consumer confidence, encouraging them to invest in the sector. Combination of these initiatives is likely to increase transactions in the Real Estate industry in 2018.”

JLL India CEO and Country Head Ramesh Nair said: "The residential market has been on a wait and watch mode for some time on account of many structural changes that have happened," reported in PTI. 

Nair reportedly said, "We expect sales velocity to start picking pace in the second half of the year mostly on account of stable prices making entry attractive."