Highest Residential Units Launched In Bengaluru : Anarock Property
Number of residential units launched in December and January in Bengaluru was by far the highest among Indian cities, signalling an improvement in sentiments in a sector that has been in a slump for some time.
About 3,400 units launched in the city in the two months, compared to 2,300-2,400 for Mumbai and Hyderabad, as per estimates by property advisory firm Anarock Property Consultants (formerly Jones Lang LaSalle Residential).
In January, units launched in Bengaluru, 1,750, were slightly higher than in December (1,600). Mumbai was at about 600 in December, but shot up to 1,800 in January. Hyderabad was at 1,900 in December, but fell to about 400 in January.
The total number of units launched in the top seven cities of the country dropped 17% to 5,500 in January. Bengaluru and Mumbai were the only ones to witness an increase.
In Bengaluru, 12 projects with 3,400 units were launched in the first two months of the year, which included projects from developers such as Ozone, Prestige, Salarpuria, Sobha and Provident, the affordable housing arm of Puravankara.
Shriram Properties had launched a project in November. In the coming months, Embassy, Brigade and Godrej are expected to have launches, according to industry sources. Some 120 projects, with 16,000 units, were launched last year in the city.
The restricted supply addition was mainly due to developers’ focus on project execution and clearing existing unsold inventory. Also, under the stringent RERA norms, new projects can be launched only after securing necessary approvals.
As a result, the previous craze for pre launches and soft launches has mostly ended. The environment in Bengaluru has been relatively better. The city has been more an end-user-driven market compared to the investor-centric ones like NCR.
The number of unsold units in the city stood between 95,000 and 98,000 as of December 2017, compared to 205,000 for NCR and 225,000 for Mumbai.
Source Link- https://timesofindia.indiatimes.com/.