Premium sales improve
New launches and absorption in the premium segment gained some momentum in the second half of 2015, after witnessing a plummeting trend since the second half of 2013.
There was a 35% fall in new launches in the premium segment in the first half of 2015, compared to the same period last year. Sales volumes, however, showed a moderate improvement of 4%.
Bengaluru witnessed the highest number of new launches in the premium segment during the first half of 2015, followed by Hyderabad. However, the absorption levels were not comparable and indicated an oversupply situation.
Despite being the market with the highest capital values, Mumbai witnessed no new project launches in the premium segment during the first half of 2015, although demand shown a substantial improvement compared to the first half of 2014. NCR witnessed a steep upsurge in the demand for premium housing during the first half of 2015, at 84%, compared to the first half of 2014.
Chennai was worst affected by low demand in the premium segment and showed a 57% fall in sales during the first half of 2015.