It has been noted that in the first quarter of 2013, real estate developers around India launched approximately 38,000 residential units. This was almost 2 Percent downward trend from the last quarter. There were various factors for this and some of them were passive demand and postponements in regulatory approvals in some markets and sufficient availability of stock.
Besides, Bangalore witnessed the maximum number of unveilings in the first quarter at 11,622 units. This contributed closely in the top eight cities to 31 Percent of the overall new supply. This was followed by NCR which witnessed 7,603 units that were launched. Mumbai stood at 7,226 units. This was according to the latest report by Cushman & Wakefield, global real estate consultancy.
Over the previous quarter, the NCR market witnessed a 40 Percent downward trend in new launches. Noida witnessed only 34 Percent launches whilst Gurgaon accounted for 66 Percent of the new launches. There was a decline of around 70 Percent due to passive demand. For the overall decline in the number of launches in Delhi NCR, this was the main reason. The report also stated that close to 80 Percent units sprung were in the mid-range sector.
In the first quarter, both Bangalore real estate and Pune real estate saw the highest number of unit launches (almost double) at 144 Percent and 109 Percent respectively. Whereas, Hyderabad saw close to 90 Percent downward trend.