Developers line up housing projects for launch in July
Top property developers have lined up a slew of housing projects for launch from July as they await a whole lifting of lockdown curbs imposed during the second wave of the pandemic.
The sales of new residential properties rose steadily since the outbreak of coronavirus last year stalled when the second wave struck in March, prompting builders to defer launches.
As per expectations, the bulk of FY22 sales might come from new launches scheduled in the second half of this fiscal while this quarter would be a washout for both sales and launches.
Delhi Land and Finance (DLF) launched projects summing up to 1.5 million sq ft in 2020-21. It is stepping up and targeting 8.3 million sq ft of residential launches this fiscal, encouraged by improved sales. India's largest property developer plans to launch around 35 million sq ft of projects in the next few years.
Bengaluru-based Prestige Estates Projects planned 12-15 million sq ft of residential launches between July and December across Noida, Mumbai, and south India.
Prestige company launched 4.7 million sq ft of new projects in the March quarter, accounting for 30% of FY21's gross sales value of Rs 5,460 crore. The company's main concentration will largely remain on mid-income projects, along with a few luxury projects based on the location.
According to its investor presentation, Macrotech Developers, which operates under the 'Lodha' brand, plans to launch around 4.3 million sq ft of fresh projects in the Mumbai Metropolitan Region (MMR) and Pune.
The developer is entering new micro-markets with the latest launches and will also expand in Pune, outside its core Mumbai market.
Brokerage firm ICICI Securities said in a May 17 note that Oberoi Realty, another Mumbai-based developer, is planning new launches in the fiscal second half in Thane and ongoing projects once the lockdown curbs are eased.