DELHI: According to the latest quarterly reports, global real estate consultancy, Cushman & Wakefield (C&W), the National Capital Region (NCR) witnessed the launch of approximately 7,600 units, a decline of 39% compared to the previous quarter.
The new launches were concentrated in the suburban locations of Gurgaon (66%) and Noida (34%) with over 80% of units catering to the mid-range segment.
Due to the subdued demand, Noida witnessed a steep decline in new launches at close to 70% and ended up being the primary contributor for the overall decline in number of launches in the NCR. In addition, the new projects in Gurgaon were located primarily along Dwarka Expressway and in New Gurgaon.
Cushman & W akefield (C&W) reported that an estimated 38,000 residential units were launched by organized developers in the first quarter of 2013 in major citiesregistering a marginal decline of approximately 2% over the previous quarter.
Of all the cities, Bangalore recorded the highest number of launches in Q1 2013 at 11,622 units contributing close to 31% of the overall new supply in the top eight cities followed by NCR and Mumbai.
Most locations in Delhi witnessed stable capital values in both mid and high-end segments. However, capital values in high-end segment in South Central Delhi witnessed 15% appreciation over last year due to limited supply and high demand.
Among the suburban locations, Gurgaon noted higher appreciationdue to the high demand from both end-users, the workforce working in the various companies located here and investors, coupled with the limited project completions.
Gurgaon (NCR) saw a change in the capital values in the luxury /high end and mid end residential segment at 29% & 18% respectively over last year.