Residential property sales on the rise

The residential property market is not out of the woods yet but has seen a continuous uptick in sales volume since 2017 despite economic slowdown and subdued consumer sentiment, and the industry hopes to match the 2013 peak levels in a year or two. The country recorded sales of around 115,000 houses and flats in the first nine months of this calendar, 59% higher than during the same period in 2017 when the market slumped following the sudden demonetisation of high value currency notes in November 2016. Residential sales gained some traction in 2018 when 101300 units were sold in the first nine months. Some cities have surpassed the pre-demonetisation sales levels this year, according to data from real estate service provider JLL. And experts expect some revival in coming months.