New Delhi: Sales of residential property increased six percent in 2019 as compared to 2018. A total of 1.43 lakh houses were sold in 2019 as against 1.36 lakh units in 2018, according to a research report by property consultant JLL.
As regards new launches, the year 2019 saw a drop of 14 percent as compared to 2018. Only 1.36 lakh units were launched in 2019 as against 1.59 lakh homes in 2018. Bengaluru and Mumbai dominated the new launch figures for 2019. These cities accounted for 60 percent of the total launches in 2019.
All major cities saw drop in new launches in 2019 except Mumbai. Kolkata witnessed the highest drop in new launches at 62 percent as compared to 2018.
As much as 55 percent of new supply of homes was in affordable and mid-price segments.
Another feature that marked the residential property market of 2019 was that the sales were higher than the new launches for the first time since 2016.