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According to research report by Knight Frank high property prices, relatively higher mortgage rates and overall weak business sentiment resulted in residential launches declining by 30 per cent in 2012 compared to 7 per cent in 2011 in top six markets of Delhi-NCR, Mumbai, Pune, Bangalore, Hyderabad and Chennai.
Residential housing absorption in these cities also fell by 16 per cent during 2012 against 14 per cent in 2011. Among the top 6 cities, NCR led the residential market in terms of absorption as well as launches for the three-year period between 2010 and 2012.
The report further said that NCR and Mumbai together accounted for almost 60 per cent of the total absorption in the top 6 cities followed by Bangalore (13 per cent), Pune (11 per cent), Chennai (9 per cent) and Hyderabad (7 per cent).
The report also points to a reducing gap between the residential launches and absorption numbers to 32,000 in 2012 compared to 82,000 and 94,000 in 2010 and 2011, respectively. Taking a cue from the market, developers have become more rational in launching their projects. This can be seen by studying the gap between the launch and the absorption numbers, added the report.