Tuesday, July 12, 2016

JLL India finds upward swing in real estate buying

International property consultant agency Jones Lang LaSalle, in its latest data on India, indicates the sales in the residential homes sector has risen by 9% at 42,521 units in the first quarter of 2016, up from 39,001 units the same time last year.

"The real estate sector saw the worst phase in 2015-16 with sales and prices plummeting. High inventory levels, diminished demand and limited liquidity affected new launches. Overall residential sales were down by 2.2 per cent in FY 2015-16," the report said.

JLL further said the affordable housing segment has been witnessing increased traction on the peripheries of the major cities. Of the total sales, 60 per cent of the properties were priced below Rs 5,000 per sq ft in FY16.

Om Ahuja, residential CEO at Bangalore based Brigade Enterprises pointed out that with over 11 million office spaces leased in calendar year 2015, he expects over 1.1 lakh new jobs and believes this momentum will continue for the next four to five years in Bangalore.