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Delhi-NCR New Home Launches Rise 62% In March Quarter: Report

Delhi-NCR New Home Launches Rise 62% In March Quarter: Report

New Delhi: Launches of new homes increased 62 per cent to 4,600 units in Delhi-NCR during January-March despite sluggish demand and huge unsold stocks, according to a report by property consultant Cushman & Wakefield.

Of the total launches, over 40 per cent were seen in the affordable housing segment.

The average ticket price in the affordable housing segment (below Rs 40 lakh) has fallen by 10 per cent in last two years with developers reducing the basic selling price and also a cut in launch rates.

In its residential segment report for the first quarter of this calendar year, the consultant said the launches of new homes increased to 4,600 units from 2,800 in the corresponding period last year.

Developers in Delhi-NCR have focused on the affordable segment that accounted for 41 per cent of total launches in the January-March quarter with launch of 1,855 units. This represented a 67 per cent increase from the corresponding quarter last year.

It said developers were able to reduce the ticket price of flats in the affordable housing segment through a mixed strategy of lowering average launch prices and resizing the units.

While the average launch price witnessed a decline of 2 per cent in the period under review to Rs 3,190 per square foot, the average size of units fell 8 per cent to 1,030 square feet compared with the first quarter of 2014.

Accordingly, the average ticket price has dropped to Rs 32.8 lakh as against Rs 36.3 lakh in January-March 2014, the data showed.

“The conscious effort by developers in Delhi-NCR to increase the attractiveness of the affordable segment comes at a time when launch of affordable units has remained comparatively high,” C&W said.

Overall, in the eight major cities of the country, new homes launches rose 27 per cent in January-March 2015 to 31,200 units from 24,700 units in the year-ago period.

Besides the NCR, the other seven cities are Mumbai, Chennai, Kolkata, Pune, Hyderabad, Bengaluru and Ahmedabad.

Kolkata witnessed the maximum rise in launches, which rose 71 per cent to 3,700 units during the period under review.