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Real Estate Market Sluggish as Builders Cite GST, RERA Setbacks
November 06, 2017
Sales of new homes in India’s top 8 cities have dropped by 32% on a year-over-year basis in the second quarter this financial year. This came to light on the basis of the data released by PropEquity Research.
Another striking revelation that became apparent from the research was that the total number of new launches of properties have plunged 81% to mere 4,313 from 22,745 of last year.
Anarock Property Consultants chairman Anuj Puri said that the festive season wasn’t quite good for the market. He added that GST and the new real estate law (RERA) are likely to be the reasons behind the lack of activity in the sector as new buyers are now preferring to wait.