Launches of residential units increase 40% in June quarter, says study

Bengaluru saw a 32% growth in home sales in Q2,2018

Launches of residential units have gone up 40 per cent in the second quarter of the current calendar year but sales of such houses have risen by a mere two per cent, said a new study.

The main reason for the jump in launches was due to the spurt in roll out of affordable housing units, or those priced below Rs 4 million, said Anarock Property Consultants in report released on Tuesday.

On a quarterly basis, the jump was 50 per cent in Q2 of 2018.

The National Capital Region (NCR), followed by Pune, saw maximum jump in launches at 25 per cent and 28 per cent, on a yearly basis, respectively. Kolkata saw a regrowth of 47 per cent in launches. Sales went up 24 per cent in Q2 of 2018 on a quarterly basis.

In terms of sales, except Bengaluru, Hyderbad and Kolkata, all top cities have seen a degrowth on a yearly basis.

Bengaluru saw a 32 per cent growth in home sales in Q2,2018 and Hyderbad witnessed 16 per cent rise. Kolkata saw 5 per cent growth. Anarock said the unsold inventory has come down from 770,000 units in Q4, 2017 to 700,000 units in Q2, 2018.

“The hitherto abstaining homebuyers are back on the market. Developers are working hard on clearing unsold inventory with attractive schemes, freebies and discounts. Moreover, the positive impact of the policy reforms, including RERA and GST, have begun to bear fruit,” said Anuj Puri, chairman at Anarock Property Consultants.