According to property consultant Anarock, housing demand and supply were higher in Bengaluru, Chennai and Hyderabad as compared to sales and new launches in the north and west regions in 2018. Housing sales in the main southern cities collectively rose by 20 per cent as against 18 per cent rise in the north and 15 per cent in the west, said the report.
New housing launches increased by 77 per cent in 2018 to 67,850 units over the previous year. National Capital Region (NCR) saw an increase of just 16 per cent in new supply while the main west Indian cities of Mumbai Metropolitan Region (MMR) and Pune, together, saw a mere 17 per cent jump in new residential supply.
The report has further pointed out that the collective unsold stock in these southern cities is a mere 19 per cent of the total 6.73 lakh unsold units across the top seven cities. NCR alone has nearly 28 per cent of the total unsold stock.
During all the ups and downs that the Indian real estate market has witnessed in recent years, the southern cities have displayed remarkable strength and resilience even in the worst phases.
Not only housing, Anarock said the retail and office segments of the real estate sector also increased activities in southern cities. Main southern cities saw collective office space absorption of nearly 21 million sq ft as against just 6 million sq ft in entire NCR.