Drop in num­ber of new res­i­den­tial launches

Delhi NCR wit­nesses a de­cline of 54% of ap­prox­i­mately 4.500 units in the third quar­ter of this year, says a re­port

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent

There has been a drop of 21% in the to­tal num­ber of res­i­den­tial units launched in the third quar­ter of this year (July to Septem­ber) com­pared to last year, ac­cord­ing to a new re­search by global real es­tate con­sul­tancy Cush­man & Wake­field.

The study con­ducted across top eight cities of In­dia re­veals that new launches in the af­ford­able hous­ing seg­ment dropped by over 50% in the third quar­ter of 2014 as against the same time last year.

The third quar­ter saw the launch of 166 new hous­ing projects across the top eight cities with Chen­nai record­ing the high­est with 45 projects while Ahmed­abad recorded the low­est num­ber of new launches of five projects in the quar­ter.

Delhi-Na­tional Cap­i­tal Re­gion (NCR) saw a de­cline of 54% in the new res­i­den­tial launches of ap­prox­i­mately 4,500 units in the third quar­ter this year com­pared to the same time last year.

The shar pest de­cline i n launches was recorded in the af f ord­able se gment which de­clined by 52% in the third quar­ter this year as against the same quar­ter last year. While the de­mand re­mains the high­est in this seg­ment, this is not the seg­ment that de­vel­op­ers pre­fer due to the larger scale of con­struc­tion and man­age­ment apart from the fact that in­put cost for de­vel­op­ment have started to inch up­wards mak­ing it tougher for de­vel­op­ers in the key cities of In­dia to pro­vide af­ford­able hous­ing within the city lim­its or even in the pe­riph­eral re­gion.

Mid-seg­ment, which tra­di­tion­ally wit­nesses the high­est pro­por­tion of new launches, saw a de­cline of 14% in the same time­frame while the high end seg­ment de­clined by only 10%.

Shveta Jain, ED, res­i­den­tial ser­vices, Cush­man & Wake­field In­dia says, “Sup­ply has out­stripped de­mand in most of th­ese cities due to weak mar­ket sen­ti­ment and slower growth.”

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.