In Mumbai, real estate project launches down by 36%
MUMBAI: New releases of Mumbai Metropolitan Region decreased by 36% between January and June 2017, due to the new real estate regulation law and maintenance of the Bombay Supreme Court in permits for new projects saturating city dumps.
A report from Knight Frank India, India Real Estate (JANUARY TO JUNE 2017) said Wednesday that RERA compliance also prevented manufacturers from marketing their projects, which had an impact on sales.
While the first half of 2016 saw the emergence of 24,450 apartments, the first half of 2017 has been the case with 15,763 units entering the market.
Recommended Although sales have fallen by 8% over last year, the ratio of units launched with a price range of less than Rs 75 lakh to 56% in the first half 2.016 thousand to 84% in the first half 2017. “An important piece of New carried out under Rs 50 lakh,” he said.
Samantak Das, Chief Economist and National Director, Research, Knight Frank, said: “The launch hit the first-line sales more to project developers and become compatible with RERA, which will increase substantially for the industry. The same period last year due to demonetization.
In the front of the price, Mumbai, like other cities, has a time correction. In the future, Maharashtra is already one of the key players in the creation of a RERA regulator; We believe that this city could soon stop the harassment of political interventions. ”
According to the report, small and low priced apartments led to an increase in the proportion of launches in the central suburbs, while Vasai-Virar and Mira-Bhayandar received the lion’s share in the western suburbs.
“The unsold inventory of 1.38,652 units remains a concern, analysis indicates that developers have more than two years to deplete inventories, developers push to unload inventory unsold, which triggered a regular sale of Kalyan Dombivli “, He said.
The suburb of Mumbai, the center of the device, had the largest number of unsold homes (31,758), while the number of the western suburbs was 22,126.
Meanwhile, in the first eight cities, new launches dropped 41%.
Sales also fell by 11% compared to the previous year, which represents sales of the first low average of the last five years, according to Knight Frank report. While the first half of 2016 recorded sales of 35,000 apartments of 1, the figure fell to 1 20.755 between January and June 2017.
Total unsold inventories in the first half 2017 in Mumbai, NCR, Bangalore, Pune, Chennai, Hyderabad, Calcutta and Ahmedabad was 596,044, down 17% compared to the second half of 2014.