The property market in the National Capital Region (NCR) saw a 39 per cent fall in new launches of apartments to about 7,600 units during January-March period compared with the previous quarter, global realty consultant Cushman & Wakefield said on Monday.

In the top eight cities of the country, Cushman & Wakefield said that an estimated 38,000 residential units were launched in the first quarter of 2013, registering a marginal fall of about 2 per cent over the previous quarter.

These major eight cities are Chennai, Kolkata, Bangalore, Mumbai, Hyderabad, Pune and Ahmedabad and NCR.

“The (NCR) witnessed the launch of approximately 7,600 units, a decline of 39 per cent compared to the previous quarter,” C&W said in a statement.

The new launches were concentrated in the suburban locations of Gurgaon (66 per cent) and Noida (34 per cent), with over 80 per cent of units catering to the mid-range segment.

Subdued demand

“Due to the subdued demand, Noida witnessed a steep decline in new launches at close to 70 per cent and ended up being the primary contributor for the overall decline in number of launches in the NCR,” the consultant said.

Chennai, Mumbai, Hyderabad and Ahmedabad also witnessed decline in new launches of residential units by 39 per cent, 3 per cent, 89 per cent and 62 per cent, respectively.

“New residential units launches more than doubled in Bangalore and Pune in the last quarter, increasing by 144 per cent and 109 per cent, respectively,” C&W said. Kolkata saw a modest increase of three per cent.

On prices, the report said that most locations in Delhi witnessed stable capital values in both mid and high-end segments.

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