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New home launches plunge 78% in 2017 from 2010 peaks

Thursday, January 11, 2018

Reforms like the Rera and GST and also the note-bank impact led to a steep decline in home launches in 2017, which plunged a full 78%, say a survey.
According to a study by property consultants Knight Frank, homes launches in 2017 plummeted by staggering 78% 1,03,570 units. In the peak of the realty boom in 2010 saw as much as 4,80,424 units being launched.

New launches across the eight key metros of Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad, declined 41% in the second half of 2017 to 40,832 units from 68,702 units in the same period in 2016.

"By the end of 2017, the residential sector had shrunk to a fraction of its size in less than a decade. Nevertheless the near-standstill triggered by the note-ban seems to have tapered with time," Knight Frank India chairman Shishir Baijal said in the report.

During the second half of the year gone-by, Hyderabad recorded the steepest fall at 84%. The other IT/ITeS dominated markets like Pune, Bengaluru and Chennai fell by 58, 37 and 33%, respectively, compared to the same period in 2016.

Sales declined marginally to 1,07,316 units in the second half of 2017 from 1,09,159 in the comparable period in 2016. But from the sales peak of 2011 when 3,68,568 units were sold, this is a step decline of 62% in 2017 at 2,28,072 units.

"Select markets wherein Rera has matured, have seen developers re-launch projects at attractive prices which led to an uptick in sales in 2017. This strategic switch by developers led to a price reduction in most markets. It's a buyers' market today and, we hope the momentum holds steady in the near future," Baijal added.
 

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