Chennai: After a prolonged lull, both residential and office real estate markets are finally showing growth signs across all the major cities. “With a stable union government, sops for the housing sector and other government decisions for economic revival seem to have changed the home buyer’s sentiment from negative to positive in the past three months,” said Gulam Zia, executive director, Knight Frank India, releasing their latest report on real estate trends.
As per the report, the sales volume in the six cities including Mumbai, National Capital Region, Pune, Chennai, Bengaluru and Hyderabad, is expected to show 26 per cent growth rate in the second half of 2014 as compared to the corresponding period of 2013. The number of new project launches is expected to log a growth of five per cent during the second half of 2014.
High unsold inventory and poor response for new projects launched during the second half of 2013 and first half of 2014 are expected to deter real estate developers from more new launches. However, Chennai and the NCR would serve as exceptions, the report said, as the two cities are likely to see new launches.
