New Launches Of Residential Property Nosedives This Festive Season
New Delhi: The new launches of residential units have come down to almost half in the festive month of October 2019 (which covered Navratras and Diwali) in the top 7 cities of the country.
There were about 12,380 new units launched in October 2019 as compared to 22,300 units launched in the same period last year, according to ANAROCK Property Consultants.
Almost all top cities in the country saw a drop in new launches in October with the exception of Hyderabad.
Hyderabad saw an increase of seven percent in October 2019 as compared to the same period of 2018.
“It needs to be noted that rather than launching new projects, builders were focusing on either project completions or in clearing their previous unsold stock,” said Anuj Puri, Chairman, ANAROCK Property Consultants.
In the third quarter (Q3) of the current calendar year, the new launches were down by about 13 percent as compared to the same period of previous year. New launch figures in Q3 of 2019 stood at 45,230 units as against 52,130 units in the corresponding period of 2018.