Up to September 30th, in a period consisting of 9 months, we have seen that the sales that are related to the residential segment have risen to an unperceived 40% on year. The business environment has changed rapidly for the Real Estate with a lot of reforms that have come in. Among the top cities in the country, the sales of houses have boosted up a lot. As a result, the sales of the homes and the new launches have been quite popular in cities like Bangalore, Mumbai, Kolkata and Hyderabad where the transaction has been astonishing.
There have been various changes that have already happened in the Real Estate business which has changed the environment of the industry altogether. This is due to a lot of many reforms. The main ones being the demonetization that went havoc among the country, the implementation of the Real Estate Act passed in 2016 that focused mainly on the regulation and the development, the application of GST or Goods and Services Tax, the implementation of the Benami Properties Act that acted as a prevention, and the Insolvency and the Bankruptcy Code.
We have been keeping track over the last few months, the GST and RERA had changed the approach for the developers. As a consequence, the whole Real Estate industry got changed a lot. The proposal had to be different now. The statistics of the period of 9 months from January to September has seen that the selling of the properties have been much more accessible and customers are ready to buy homes without any hesitation or delay.
This new trend of the selling of the homes has been observed all over the country in a steady state in the period above nine months. Even among the country, there have been places where the business has reached a new high. The top two cities to characterize such features are Hyderabad and Kolkata respectively. While there was an increase in the selling rate in Hyderabad by 277%, Kolkata is also not far behind, showing a rise of 230% in comparison. The residential markets in these two places are relatively small. As a result, a low base effect was observed both in Hyderabad and Kolkata which boosted the booking in these two places.
Right after them, the other essential cities also ranked up showing their growth in the Real Estate business. Chennai came up with a staggering 77% increase, followed by NCR, where the growth of 53% is observed. The rate drops significantly after this, as the next city that followed this trend is Pune, with only a meager 19% increase in the Real Estate business, followed by Bangalore, with a 12% increase only.
There have been various discussions as to discover what the reason was for this sudden increase in the sales of Real Estate suddenly. The most likely factor has not yet been determined but is deducted to be because of the sudden rise of the availability of cash among people and the change in mentality among the people in certain cities. As a result, the confidence in the Real Estate market has increased, and developers are looking for new projects in these increasing demands of properties in the market. If we compare the new launches, various cities have shown exceptional promising results. We are leading the way in Kolkata with a tremendous 325% growth, which is followed by Chennai with a 289% growth and then NCR with a 152% growth that rounds of the top 3. Up next is Bangalore with 101%, followed by Hyderabad with 82% and Pune with a meager 3% growth.