Home / Money / Personal-finance /  Mumbai home sales jump, boosted by affordable housing schemes

Singapore: Home sales rose 9% across India’s seven biggest cities in the third quarter, boosted by low-budget apartments, according to Anarock Property Consultants Pvt.

The highest sales were recorded in Mumbai and neighbouring Pune, which accounted for about 27% of purchases across the seven cities, real estate broker Anarock said in a report. The National Capital Region, which covers Delhi and surrounding areas, and Hyderabad both posted the lowest growth, with a 2 % increase from the previous quarter, the data showed.

The third quarter of the year is usually a slow period for the housing market because of the 15-day “shraddh" period, when people honour their dead ancestors and which is considered inauspicious for buying property. Developers typically hold off marketing new projects until the Hindu festival season which starts in October.

Housing supply rose just 3% last quarter from the previous three months, the data showed. This was largely dominated by low-budget housing, with homes costing less than 4 million rupees ($54,000) accounting for about 42% of total new supply. Homes costing between 4 million rupees and 8 million rupees made up 33%, with the balance coming from luxury and ultra-luxury developments.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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