Property launches fell by 44% in Q2: C&W
According to Cushman & Wakefield (C&W), residential property launches across major cities in India fell by nearly 44% to 17,500 units in the second quarter of 2012.
C&W cites the prime reasons behind the fall being delay in approvals, significant inventory in certain places and postponement of project to accord new launches with the festival season.
Mumbai, the financial capital of India, saw the sharpest fall of 73% in new residential property launches, followed by Bangalore and Chennai at 67% and 47% respectively.
Of the 17,500 units launched, 70% catered to the mid segment as it attracts maximum demand from end users and investors. As per demand is concerned, the residential sector witnessed steady demand across almost all the major cities. The luxury housing segment continued to witness demand during the period, too.
However, the real estate consultancy firm anticipates that an improvement in the economic scenario will provide impetus to boost the demand in future. It is also anticipated that the developers may also offer lucrative options and incentives to attract buyers during the coming festive season.
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Source: Economic Times
Cushman & Wakefield (C&W), Housing, Properties, Property, real estate consultancy firm, Real estate in India, Residential properties, residential property launches, Residential Sector
