Hyderabad: Hyderabad has witnessed a 30 per cent increase in the launch of residential units in the second quarter of calendar year 2018 (April-June) at 4,542 units, compared to 3,506 units recorded in the same quarter in the last calendar year, according to a latest report by PropTiger.com, a real estate portal.
In terms of the new launches that happened across the top nine cities in the country, including Mumbai, Pune, Noida, Gurugram, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad, Hyderabad stood at fourth position with Mumbai, Pune and Bengaluru leading the chart.
PropTiger.com, part of Elara Technologies, which owns Housing.com and Makaan.com, released the findings of its ‘Realty Decoded Report’ for Q2(April- June) 2018. As per the report, launches across top nine cities declined 20 per cent over Q2 last year whereas sales declined by 2 per cent of last year.
The quarter did not witness many new launches as real estate developers are waiting for the festive season to launch new projects. Large cities such as Mumbai and Pune had a drop in new launches whereas markets such as Hyderabad, Noida, Bengaluru and Chennai experienced increase in new launches.
However, last year Q2 was an aberration as developers advanced their launches to avoid approvals under RERA regime, ProperTiger.com pointed out.
After a healthy Q1 calendar year (CY) 2018 sales performance, developers did not show similar aggression in marketing and sales efforts in Q2 CY’18. Most developers are saving their marketing budgets for upcoming festival quarters in Q3 and Q4 CY’18. Though there is a silver lining for industry as both Mumbai and Pune which contributes about 50 per cent to overall sales have seen their sales increasing by 15 per cent and 9 per cent, respectively.
Commenting on the report, Ankur Dhawan, chief investment officer, PropTiger.com said: “This was a decent quarter for the real estate sector and the numbers reveal that the market is changing for good. We expect both new launches and sales to show improvements in next two quarters driven by an uptick in economy as well as stabilisation of regulatory infrastructure.
The report also showed unsold units across top nine markets have come down by 9 per cent y-o-y to 7,57,000 units while sales have come down by 18 per cent quarter on quarter in Q2 CY’18. About 52 per cent reduction in sales in Gurugram can be primarily attributed to drop in new launches of affordable housing units, the report added.