Housing sales improve by 9 % in Tri City area

Real Estate sector of Tri-city in 2018 has been witnessing revival. According to the realty decoded report by survey agency, PropTigerData Labs – 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.