New Delhi, March 21 (IANS): Data trends indicate that in the previous two election years in 2014 and 2019, housing sales created new peaks, as per Anarock.Group.
In 2014, sales in the top 7 cities scaled up to approximately 3.45 lakh units while new launches were the highest ever at nearly 5.45 lakh units.
Likewise, in 2019, housing sales scaled up to approximately 2.61 lakh units while new launches increased to approximately 2.37 lakh units after a lull in the residential real estate market between 2016 and 2019. General elections and residential real estate appear closely linked, the previous two election years' data trends indicate, Anarock said.
Major structural reforms like Demonetisation, RERA, and GST, introduced in 2016 and 2017, transitioned Indian real estate from something of a Wild West frontier market to more organised and regulated, Anarock said.
Anuj Puri, Chairman - ANAROCK Group, says, "A major factor driving the housing market's phenomenal performance in 2014 and 2019 would have been the decisive election results. For homebuyers, it was an end to fence-sitting and a confident move to 'buy' positions."
On examining the price trends in these election years, it emerges that 2014 was a better year than 2019. Data indicates that in 2014, the average prices in the top 7 cities rose by over 6 per cent annually against the preceding year.
As for 2019, average prices rose by merely 1 per cent annually, Anarock said.