Realty sector on a roll in Chandigarh
The real estate sector that witnessed a slowdown in financial 2016-17 and 2017-18 is on an upswing this financial year. There was a drop of 37% in property sale deed registrations (both residential and commercial) from 2,884 in 2016-17 to 1,816 in 2017-18. But, in the first five months of the current financial year, transactions increased from last year’s 667 to 783, an increase of 15%. “In November 2016, the realty sector tanked due to demonetisation. Even though home prices dipped, transactions fell sharply because of the paucity of liquidity. Now, the genuine home buyer is active again,” said Kamal Gupta, president, property consultants association Chandigarh. In April 2016-17, a total of 348 properties were sold in the city, and the number fell to 122 in April 2017-18. In a turnaround, property registrations increased in April this year by 51% in comparison to April last year. The pattern is similar for May, June, and August as well. Most expensive residential properties are in northern sectors. Since April, three properties in Sector 9 were registered at more than Rs 10 crore, two in Sector 8 and one in Sector 27.
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