New launches decline in Delhi NCR; majority in mid-segment
Capital values likely to improve; future launches to remain focused on the affordable to mid-segments
With around 4,500 unit launches in the third quarter of 2014, Delhi-NCR registered a quarteron-quarter decrease of around 36%, says a report by Cushman & Wakefield.
Around 63% of the units launched during the quarter were in the mid segment, followed by 29% in the high-end and the remaining 8% in the affordable segment, says the international consultancy’s market beat residential snapshot.
Noida accounted for more than 66% of total unit launches, with affordable and mid segment offerings in the Greater Noida submarket.
In submarkets of Dwarka Expressway and New Gurgaon, the focus was on mid-segment units.
Capital values improved in Gurgaon and Noida. Capital values in Gurgaon and Noida improved by 4 to 6% from the previous quarter. This was primarily due to higher interest from end-users and investors alike, to strike a good deal before a probable price hike.
However, demand remained subdued in Delhi, resulting in capital values declining by 2 to 3% from the previous quarter.
Rental values maintained status quo. With availability of ample options, the rental values across all submarkets of Delhi, Gurgaon and Noida remained stable during the quarter.
Future outlook revealed that capital values were likely to improve and launches were to remain focused on affordableto-mid segment.
Increased enquiries and marginal appreciation indicate that capital values in Gurgaon and Noida may improve in the short term. However, to enthuse buyers, developers could offer attractive payment plans.
New launches might continue to be focused on lower ticket prices in the affordable-to-mid segment, as demand is highest in these segments, adds the report.