Housing market is showing signs of recovery with sales rising by 13 percent during January-March this year in seven major cities at more than 33,000 units. Housing demand stood at over 29,000 units in the year-ago period in seven cities namely, Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune. Mumbai, Chennai, Bengaluru and Delhi-NCR were the dominant markets, with a share of almost 70-75 percent in both new launches and sales. CBRE attributed the recovery in housing sector to stable prices that led to increased activity in the mid-end segment, followed by affordable and high-end projects. The stabilisation of key policy reforms such as demonetisation and implementation of GST and RERA also helped in revival of the market. The much-awaited growth in the residential market has started to be visible now, and metro cities such as Delhi-NCR, Mumbai, Chennai, Hyderabad and Bengaluru are showing signs of recovery. The sector has become more end-user driven and developers are increasingly factoring in the requirements of consumers.

(Money Control)