Developers across the country launched an estimated 38,000 residential units in the first quarter of 2013, an almost 2% decline from the previous quarter due to factors such as sufficient availability of stock, subdued demand and delays in regulatory approvals in certain markets.
Bangalore saw the highest number of launches in the first quarter at 11,622 units contributing close to 31% of the overall new supply in the top eight cities followed by NCR that saw 7,603 units being launched and Mumbai with 7,226 units, according to a new report by global real estate consultancy, Cushman & Wakefield.
The NCR market saw a 40% decline in new launches over the last quarter. While Gurgaon accounted for 66% of the new launches, Noida saw only 34% launches — a decline of close to 70% due to subdued demand. This was also the main reason for the overall decline in the number of launches in Delhi NCR. Close to 80% units launched were in the mid-range segment, the report said.
Both Bangalore and Pune witnessed the highest number of unit launches (almost double) in the first quarter at 144% and 109% respectively. Hyderabad witnessed close to a 90% decline.