New home launches plunge 78% in 2017

Residential sales in H2 2017 were 19% better than H2 2016 Knight Frank

"Select markets wherein Rera has matured, have seen developers re-launch projects at attractive prices which led to an uptick in sales in 2017".

Home launches in 2017 plummeted by 78% from the peak of 2010, according to Knight Frank India Real estate report.

"Supply grew 13 per cent to 12.5 million sqft compared to 11.1 million sqft in 2016, and the report blamed the headwinds in the technology sector and supply crunch for this subdued growth".

Shishir Baijal, Chairman & Managing Director, Knight Frank India said, "2017 was been packed with uncertainty, volatility and long-term promise of new opportunities".

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The RERA came into force from May 2017, while the GST was launched in July past year. In the first half of 2016, the market had registered a 4% year-on-year drop in quoted prices over 2015. Freebies from developers ranging from 24-month rent assurance to stamp duty waivers, no floor rise charges and more. The base price has come down by 5% which translates into an effective price benefit of 11-12% for buyers.

Zaidi said the average BSP (basic selling price) has come down by 2 percent during 2017.

Little wonder then that residential sales in the Mumbai Metropolitan Region (MMR) jumped up 19% in the second half of previous year compared to the same period in 2016. While 3.68 lakh apartments and houses were sold in 2011, only 2.28 lakh units were sold past year. Across markets, level of unsold inventory dropped by 19 per cent to 5, 52,996 units.

Post demonetisation and implementation of Real Estate Regulatory Authority (RERA), the Pune market has failed to push the sales in residential as well as in office segments, though co-working service providers are emerging well in the city in the commercial sector, states the Knight Frank report released on Wednesday.

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However, though the discounts offered in just-launched or under-construction properties in early stages were higher, sales in those units were slow since customers preferred to purchase ready-to-move-in homes or those nearing completion.

The report notes that for the first time, the sector witnessed price correction in 2017.

The number of new launches in Mumbai Metropolitan Region (MMR) has seen an 83 percent fall from its peak of 1.38 lakh flats in 2010 to a mere 23,253 flats in 2017.

Developers, meanwhile, remain cautious with respect to new launches in the wake of mounting unsold inventory. Although 2017 saw a 243 per cent increase in term of office space supply, the note said. This has ensured a severe contraction in the Pune residential market.

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