DELHI: The Delhi-NCR property market witnessed 8 per cent fall in the number of residential units launched during the first half of 2013 amid slowdown in demand and economy, according to consultant Cushman & Wakefield.
The decline in new launches was more steep in the high-end and luxury segment.
"The NCR residential market registered de-growth in the total number of units launched in the first half of the year as compared the same time last year. The total number of units launched in 1H 2013 is estimated to be 20,700 which is lower by 8 per cent over 1H 2012," C&W said in a statement.
The total number of units launched in the high-end segment decreased by about 70 per cent during H1 2013 compared to the same period last year.
There were no new launches in the luxury segment during the first half of 2013 due to increased availability of units in the market that are nearing completion in this segment.
"Residential sector being cyclical in nature is seeing the phase where quite a few projects in the market are nearing completion prompting the investors to exit. This availability in the secondary market which is offered at a relatively lower pricing than the new launches in the primary market has made the developers conscious and mindful of infusing more inventories in the backdrop of slow economy," C&W Executive Director Residential Services Shveta Jain said.
The capital values of ready properties in Gurgaon declined by about 9 per cent q-o-q in the luxury segment with increased availabilities.
Prominent high-end micro markets such as South-Central and Central Delhi saw a price appreciation of 7-15 per cent over the last year; however given the stagnant demand over the last few months, the prices have remained stable compared to the last quarter.
With prevailing cautious buyer sentiments, C&W report said that South-West and South-East Delhi witnessed decline in capital values over the year as well as the previous quarter.
Meanwhile, the consultant said that the unit launches for the first half of the year totalled to about 88,177 in the top eight cities of the country, up by 11 per cent over the period last year.
The mid-end segment continued to constitute majority (58 per cent) of the overall launches during H1 2013.
Ahmedabad, Chennai, NCR and Pune were the only cities which witnessed a decline in new project launches in H1 2013 compared to the same period last year.