South surprises while north declined in new launches: PropEquity
December 20, 2019, New Delhi:The residential real estate of India reflected an interesting trend in the third quarter where the southern cities like Hyderabad, Bengaluru and Chennai witnessed an increase in the new launches as compared to the previous quarter.
In Hyderabad, there were approx. 4,700 units launched in Q3 which was approximately 1.3 times the launches in the previous quarter. The supply also increased by 22% on Y-o-Y basis.Similarly, Bengaluru witnessed new launches of approximately 9,500 units in this quarter which increased by 41% and 1% on Q-o-Q and Y-o-Y basis. Chennai also witnessed an increase of 10% and 8% in new launches on quarterly and yearly basis respectively.
Kolkata has also witnessed a reviving trend in terms of new launches with a significant increase of approximately 62% as compared to the last quarter.
“Real estate sector in India is witnessing an interesting trend where South of India is doing significantly better than the rest of India. The new launches are showing divergently opposite trends in the comparison as rest of India is falling behind due to oversupply and south is doing better due to lesser over supply and demand from the IT sector,” Mr. Samir Jasuja, Founder and MD at PropEquity said.
However, Pune, MMR and NCR reflected an immense dip in supply in the third quarter. Gurugram witnessed almost negligible new launches of 80 units in one project and there were no new launches in Noida. Similarly, a drop of 58% in supply was also witnessed in Mumbai and Thane on Q-o-Q basis. Pune also witnessed a considerable drop of 46% in the new launches when compared to the last quarter.
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