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Delhi-NCR sees 39% drop in new home launches
According to Cushman & Wakefield (C&W), property market of the National Capital Region (NCR) saw 39 per cent fall in the new launches of apartments to about 7,600 units during January-March period compared with the previous quarter. In the top eight cities of the country, Cushman & Wakefield (C&W) said that an estimated 38,000 residential units were launched in the first quarter of 2013, registering a marginal fall of about 2 per cent over the previous quarter.
NCR, Chennai, Kolkata, Bengaluru, Mumbai, Hyderabad, Pune and Ahmedabad are those major eight cities. NCR witnessed the launch of approximately 7,600 units, a decline of 39 per cent compared to the previous quarter, C&W said in a statement. The new launches were concentrated in the suburban locations of Gurgaon (66 per cent) and Noida (34 per cent) with over 80 per cent of units catering to the mid-range segment.
Due to the subdued demand, Noida witnessed a steep decline in new launches at close to 70 per cent and ended up being the primary contributor for the overall decline in number of launches in the NCR, the consultant said. Chennai, Mumbai, Hyderabad and Ahmedabad also witnessed decline in new launches of residential units by 39 per cent, 3 per cent, 89 per cent and 62 per cent, respectively.
According to Cushman & Wakefield (C&W), property market of the National Capital Region (NCR) saw 39 per cent fall in the new launches of apartments to about 7,600 units during January-March period compared with the previous quarter. In the top eight cities of the country, Cushman & Wakefield (C&W) said that an estimated 38,000 residential units were launched in the first quarter of 2013, registering a marginal fall of about 2 per cent over the previous quarter. NCR, Chennai, Kolkata, Bengaluru, Mumbai, Hyderabad, Pune and Ahmedabad are those major eight cities. NCR witnessed the launch of approximately 7,600 units, a decline of 39 per cent compared to the previous quarter, C&W said in a statement. The new launches were concentrated in the suburban locations of Gurgaon (66 per cent) and Noida (34 per cent) with over 80 per cent of units catering to the mid-range segment. Due to the subdued demand, Noida witnessed a steep decline in new launches at close to 70 per cent and ended up being the primary contributor for the overall decline in number of launches in the NCR, the consultant said. Chennai, Mumbai, Hyderabad and Ahmedabad also witnessed decline in new launches of residential units by 39 per cent, 3 per cent, 89 per cent and 62 per cent, respectively.