NEW DELHI: Housing market is showing signs of recovery with sales rising by 13 per cent during January-March this year in seven major cities at more than 33,000 units, according to property consultant CBRE. Housing demand stood at over 29,000 units in the year-ago period in seven cities namely, Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune. New housing supply also increased to 33,000 units in the first quarter of 2019 from 25,700 units in the year-ago period. Mumbai, Chennai, Bengaluru and Delhi-NCR were the dominant markets, with a share of almost 70-75 per cent in both new launches and sales, the consultant said. CBRE attributed the recovery in housing sector to stable prices that led to increased activity in the mid-end segment, followed by affordable and high-end projects. The stabilisation of key policy reforms such as demonetisation and implementation of GST and RERA also helped in revival of the market.
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