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HindustanTimes Fri,18 Apr 2014

Bangalore records highest number of residential launches

Vandana Ramnani, Hindustan Times  New Delhi, May 24, 2013
First Published: 23:23 IST(24/5/2013) | Last Updated: 23:49 IST(24/5/2013)

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.

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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. http://www.hindustantimes.com/Images/Popup/2013/5/25_05_13-biz25b.jpg

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.

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