Residential realty sees more launches this year: JLL
Bangalore- Real estate in India has witnessed more residential project launches in 2012 than in the last year despite slow sales and reduced growth in prices, reveals a new study.
Real estate companies launched more residential units between January and September 2012, than in the same period last year, while still struggling with sales and amid slowing growth in prices, says a new study by property consultant, Jones Lang La Salle India.
As per a report released, about 160,622 residential units were launched in India in the first three quarters of 2012, whereas 154,701 units had been launched in the same period last year.
In this period, the price of the properties in India increased by merely 1-3 percent. Though no price correction has been made over the cards, the price appreciation has significantly reduced in all the top seven cities of India in 2012, said Anuj Puri, chairman and country head, Jones Lang LaSalle India.
Delhi-NCR and Mumbai have contributed 60 percent of their overall real estate sales this year while Pune and Chennai have contributed residential sales of 26 percent.
Pune and Delhi-NCR observed the highest increase in price of residential units whereas, Bangalore and Hyderabad observed a slow growth.
Owing to the increased number of launches, Commonfloor expects the price of residential projects to remain stable for the next few quarters.
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Bangalore, Chennai, CommonFloor, Delhi NCR, Hyderabad, Jones Lang La Salle India, Mumbai, property consultant, Pune, Real Estate Companies, Real estate in India, Real Estate Sales, Residential projects in India, Residential units, slow growth, slow sales, top seven cities of India
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