New residential launches increased by 45% in NCR in 2019: Report
Wednesday, January 22, 2020 IST
According to the Knight Frank report, around 57% of the newly launched units in 2019 were concentrated in Gurugram and Greater Noida. Gurugram accounted for the biggest share of overall new launches, followed by Greater Noida and Noida.
Home sales in Delhi-NCR witnessed a 5% YOY growth while the new residential launches increased by 45% in 2019 as compared to 2018, according to annual report by London based real estate consultancy Knight Frank.
The report said that the period between 2016 and 2019 was the transitioning phase, when policy changes like the Real Estate (Regulation and Development) Act, 2016 and the Goods and Services Tax Act (GST), coupled with the NBFC crisis took the steam off the new launches in NCR.
“Steady sales volume is a positive sign for the reeling NCR residential market. The growth in new project launches testifies that unlike 2010-2011, developers in the region are carefully assessing demand and concentrating on completing projects at hand rather than launching new ones,” said Mudassir Zaidi, Executive Director- North, Knight Frank India.
Report says that around 57% of the newly launched units in 2019 were concentrated in Gurugram and Greater Noida. Gurugram accounted for the biggest share (35%) of overall new launches in NCR in 2019, registering a 2% rise to 7,947 units; followed by Greater Noida with 22% share (5,058 units), and Noida with 21% share (4,901 units).
“Weighted average prices remain unmoved in 2019, signalling the price resistance in the market. Developers have also taken cognisance of the slow sales velocity and are keeping a lid on any upward increase in prices. Ready-to-move-in properties were most sought after in the current market scenario. In the long run, however, when the current ready-to-move-in inventory is exhausted, the returning of buyer confidence in the market will be important,” Zaidi added.
The weighted average price in NCR have registered a marginal 4% YoY increase to Rs 4,431 per sq ft in H2 2019, which indicates a muted price environment for the market.
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