Real Estate launches plunge 41%, lowest in seven years: Report

India Infoline News Service | Mumbai | July 05, 2017 13:15 IST

Real Estate launches has plunged 41% so far in 2017, which is also the lowest dip by the sector in seven years, reported a leading business agency citing a recent study by Knight Frank.

Real Estate launches has plunged 41% so far in 2017, which is also the lowest dip by the sector in seven years, reported a leading business agency citing a recent study by Knight Frank.
 
Although, there has been a surge in inventory in the ready to move category, stated the study.
 
The report said that H1CY17 witnessed a resurrection of affordable housing as the launch of housing projects under Rs 50 lakh stood at 71% versus 52% (YoY).
 
According to the report, NCR and Ahmedabad were among the most affected with launches plummeting 73% and 79%. NCR, Kolkata, Pune and Ahmedabad contributed 80% of the sub-category of under Rs 50 lakh launches.

It further stated that barring Chennai, new projects dried up in all the eight major cities. Chennai realty market recorded 4% YoY rise in launches.
 
The primary reason cited for the decline was the need for RERA compliance, which has put a break on a large section of new projects, the report added.

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