Property Launches Down 12% this Year
Published on Dec 19th, 2013
This year, 1,72,500 residential units were launched. The most were launched in Bangalore, which saw a 15 per cent rise in these launches compared to last year, said a report by international property consultant Cushman & Wakefield. Mumbai recorded six per cent growth in launches, while Kolkata saw a three per cent rise. In Pune, the number of launches fell 20 per cent, while Ahmedabad recorded a decline of five per cent.
Together, Mumbai and Delhi accounted for 65 per cent of the overall launches. Launches in the high-end residential category saw 56 per cent growth, while launches in the affordable, mid-end and luxury segment fell.
Sanjay Dutt, executive managing director (South Asia), Cushman & Wakefield, said, “In the current economic environment, both buyers and developers are taking a cautious approach, not only towards the residential real estate but across all real estate asset classes.”
At 50 per cent, the highest capital appreciation was recorded in central Bangalore (mid-end properties) — Rs 9,000-12,000/sq ft — followed by Velechery in Chennai at 27 per cent (Rs 6,000-8,000/sq ft).
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