Housing sales improve by 9 % in Tri City area in H1 CY18

Chandigarh, September 25, 2018: Real Estate sector of Tri-city in 2018 has been witnessing revival. According to the realty decoded report by survey agency, PropTiger DataLabs – with a number of 2249 units in H1 CY18 compared to 2067 units in H1 CY17, there has been an increase in the housing sales to record a growth of 9 % with Mohali showing the highest sales in the Tri-city area, contributing to over 55% of total sales. Basis this report, in the last 12 months, nearly 2,300 units were sold in Mohali whereas only 700 units were launched. Zirakpur on the other hand sold approximately 1500 units with new launches of 1300 units during the same period.

As per report, the overall new unit launches in the Tri-city area has halved in 2017 from 2016 levels. A total 4778 units were launched in 2016 compared to 2443units launched in 2017. The declining trend continues with launches in H1 CY18 being 37% lower than H1 CY17, further showing the seriousness of the realty players on the completion of projects since the implementation of RERA. However, Mohali contributes most to the new launches in the Tri-city area followed by Zirakpur.

Chandigarh region, predominantly being a market for apartments, accounts for almost 84%       share of the total absorption in the last 12 months. Hence with maximum underlying demand in the region for 3 BHK variants followed by 2-BHK units, plots and villas have collectively contributed only 16% in sales, basis the PropTiger Report. Nearly half of the total sales in the tricity was reported in the Rs. 30-60 lakh budget segment during the last 12 months. Currently the market has around 12,700 units available for sale, out of which approx. 68% is in the price bucket of Rs. 30 – 60 lakhs.

Continuing to the report, Mr Ankur Dhawan, Chief Investment Officer, PropTiger,  said,” New Chandigarh, developed by the Greater Mohali Area Development Authority (GMADA), located near Mullanpur is the new Smart City with various ongoing/upcoming development plans such as development of Aerocity, Medicity S.A.S Nagar, Education City, Eco City (a residential township) in Mullanpur etc. Also, the construction and widening of various internal roads connecting these developments with the main city and Chandigarh International Airport are underway, which will further enhance the attractiveness of this area.”

Mr Prateek Mittal, Executive Director, SUSHMA Group, said, “Zirakpur, now has an excellent connectivity with the new International Airport & the Airport Road. Also, a flourishing demand for commercial office space are driving an increase in demand for residential property. Subsidies under Pradhan Mantri Awas Yojna and restored faith because of RERA have also played a huge role. Among this increasing trend, those developers with the best of quality & post- delivery maintenance services have seen even higher increase.”

About Elara Technologies Pte. Ltd.

Elara Technologies Pte. Ltd is a Singapore-based technology services company and is the owner of Housing.com, PropTiger.com and Makaan.com. The company provides digital real estate marketing and transactions services.

Housing.com

Founded in 2012, Housing.com is India’s most innovative real estate advertising platform for developers, real estate brokers & home owners and for consumers searching to buy and rent homes. The company offers the largest selection of verified listings in India through a trained team of data collectors, analysts and auditors. The one-of-a-kind Data Sciences Lab at Housing.com analyses a significant body of information to allow buyers and sellers to make intelligent decisions.

PropTiger.com

PropTiger.com is India’s leading digital real estate advisory firm offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process.

PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction. Since inception, the PropTiger.com team has facilitated the sales of close to 20,000 homes worth nearly US$2 billion.

Makaan.com                                                            

Makaan.com was acquired by Elara in May 2015, with a vision to establish a true “marketplace” in real estate. With consumer ratings on more than 10,000 sellers, credible listings data and real-time intelligence on property search, makaan.com has quickly emerged as the preferred partner for consumers looking to rent, buy or sell a home. With its unique post-paid advertising fees model and value proposition of no upfront fees for sellers, makaan.com has grown to have more than 10,000 active sellers in a short span of time. makaan.com offers its online consumers the maximum property options and has become one of the largest advertising platforms in online real estate in India with over 900,000 properties listed across the country.Makaan.com was recently selected as a runner up in the Most Innovative Platform category at a global event in the ICMA event held at Vienna, Austria.

Corporate comm India(CCI Newswire)