According to global
real estate consultancy, Cushman & Wakefield (C&W), residential
property launches across major cities in India fell by nearly 44 per cent to
17,500 units in the second quarter of 2012, due to delay in approvals,
significant inventory in certain locations as well as postponement of project
to coincide new launches with the festival season.
Mr. Shveta Jain,
Director, Residential Services Cushman & Wakefield India, said, "Going
forward, we anticipate an improvement in the economic scenario will provide the
much needed impetus to boost the demand. Values are expected to remain stable
in the short term and the developers may also offer attractive options &
incentives to attract buyers during the festive season"
Highlights of C &
W Report...!
^ Of the 17,500 units
launched 70 per cent catered to the mid segment as it continues to see maximum
demand from end users and investors.
^ The financial
capital of India, Mumbai saw the sharpest fall of 73 % in new residential
property launches, followed by Bangalore, Chennai at 67% & 47% respectively.
^ Other cities
including Kolkata & NCR-New Delhi saw new residential property launches
fall by 29% & 24%.
^ Pune and Hyderabad
saw increase in new launches in the second quarter.
^ As per C & W, the
residential sector witnessed steady demand across almost all the major cities
with capital values in majority of the micro markets remaining stable across
high end & mid end segment properties during the quarter.
^ India's luxury
housing segment continued to witness demand with a few high value transactions being
concluded in cities like Mumbai and NCR. Some of the prominent micro markets
that recorded appreciation include Gurgaon - NCR, in which the luxury segment
witnessed a rise of 10 per cent in capital values.
^ Capital values of
mid segment properties in areas like North & South - west Bangalore
recorded an increase of 13% & 10% respectively; Powai in Mumbai saw an
appreciation of 12 per cet in june quater (2Q) 2012.
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