New home launches up by 5% in January September: Cushman & Wakefield
Nov 01, 2013
Source : The Economic Times


DELHI: India's eight major cities saw launch of 1.32 lakh homes during January-September 2013, up by five per cent from the year-ago period, according to global real estate consultant Cushman & Wakefield.

These eight cities -- Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune -- had witnessed launch of 125,590 residential units during the corresponding period of 2012.

As many as 31,434 units were launched in affordable segment, while 75,529 and 24,032 homes were introduced in the middle-income and high-end segments, respectively. Nearly 1,100 luxury homes were also launched.

"Contrary to tradition, there has been a decline in new launch activities in Q3 2013 as economic conditions have not been encouraging for developers. Slowed down in demand with consumer confidence at lower ebb on account of increased and consistently high pricing in key cities," C&W Executive Director Residential Services Shveta Jain said.

Launches of new homes fell by 43,907 units during July- September period compared with 47,048 units in the previous quarter.

The demand from first time buyers and end users has been consistent as genuine buyers with adequate capital look at this phase as ideal to enter the property market on account of stable capital values, she said.

"Most developers are focused on keeping the levels of unsold inventories low, thus to promote sales, developers are resolving to innovating marketing to ensure buyers can get more value from their product," Jain said.

"Developers are looking at alternate strategies from promotional offers to resizing of units in order to meet the end consumer demand of economically viable housing," she said.

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