Comments
There has been a 44 per cent drop in the launch of new residential units in Q2, 2012, according to Cushman & Wakefield.
A report from the global real estate consultancy firm said the new units launch was 17,500 in Q2. Of this, 70 per cent was in the mid segment as it continued to see maximum demand from end-users and investors.
C&W said the residential sector saw steady demand across major cities. The capital values of mid segment properties except north and south-west Bengaluru recording an increase of 13 per cent and 10 per cent. Powai (in Mumbai) also recording an appreciation of 12 per cent.
Shveta Jain, Director, Residential Services, Cushman & Wakefield India, said: “Values are expected to remain stable in the short term and the developers may also offer attractive options and incentives to attract buyers during the festive season.”
Mumbai, recorded launch of only nine projects totalling 1,200 units, significantly lower than 4,400 units in the previous quarter. Pune recorded an estimated number of 6,600 units (as against 5330) catering to the middle and high-end segments.
In Bengaluru, high-end properties in Central and East saw increased interest from the non-resident Indians who wanted to capitalise on the depreciating currency. New launches were 970 units as against 1700 units.
NCR comprising Gurgaon, Noida and New Delhi saw a decline of about 24 per cent at 2100 units.
In Chennai, the total number of units launched declined by about 47 per cent at 4400 units (8300 units). “Rental and capital values are likely to remain stable in the next quarter across most micro markets. However, T. Nagar and R.A. Puram (including Alwarpet and Abhirampuram) may see correction in capital values if sales activities remain subdued,” she said.
Several projects have been pre-launched in the prime residential locations of Miyapur, Madhapur and Chandanagar in Hyderabad. The demand was positive and developers refrained from revising prices to sustain sales. Project launches were up with 960 units on offer (530 units).
In Kolkata, there was a decline of about 29 per cent at 1200 units. Capital values remained stable across all micro markets as they are already at high price points, she added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.