Housing sales likely to rise to 1.92 lakh units in 2015: JLL

New Delhi: Housing sales are estimated torise this year to 1.92 lakh units in the country's top seven   cities on expectations of interest rate cut and stable prices,   according to property consultant JLL India.  

Housing sales fell to 1.75 lakh units in the primary markets of seven major cities in 2014 as compared to nearly 2 lakh units in the previous year. These seven cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune.   Supply, however, is estimated to decline marginally to   2.18 lakh units this year from 2.2 lakh units in 2014.  

Developers would be sitting on unsold inventories of 27 months at the end of this year as compared to 28 months in  2014-end.   "2015 will see home buyers benefiting from reduced   borrowing rates, increased developer-focus on affordable   homes, largely stable prices, and better job and income   prospects," JLL Chairman and Country Head Anuj Puri said.   Puri added that this year would definitely be good for   the real estate sector as borrowing rates are sure to go down   from the current levels and economic activity is gradually picking up. 

"With property prices staying stable and good deals being   offered by developers in order to clear their inventory, fence-sitting buyers be further encouraged to press the 'buy'   button," JLL said in a report.   Stating that developers are now largely focusing on   affordable homes, the consultant said this would help in   bridging the existing wide gap between demand and supply of affordable homes. 

According to JLL, developers would become more earnest   about right-sizing and right-pricing their offerings. "Smaller, yet better-designed and more efficient homes   will define the residential real estate market in 2015, and   selective corrections in some of the over-priced cities will   help bring about faster sales for stagnated supply of larger   configurations," JLL said.  

The consultant felt that townships would become more prevalent, while the supply of luxury homes would moderate to   align with the slow demand.