Hyderabad sees 30 per cent surge in new project launches

Hyderabad sees 30 per cent surge in new project launches
Highlights

The City of Pearls has recorded 4,542 launches of new units in Q2 CY2018 AprilJune compared to 3,506 during Q2 CY2017, leading to an increase of 30 per cent in new unit launches But, the sales in the city have dropped from 5,420 in Q2 CY 17 to 4,199 in 2018, said a report by a real estate portal revealed

Hyderabad: The City of Pearls has recorded 4,542 launches of new units in Q2 CY’2018 (April-June) compared to 3,506 during Q2 CY’2017, leading to an increase of 30 per cent in new unit launches. But, the sales in the city have dropped from 5,420 in Q2 CY’ 17 to 4,199 in 2018, said a report by a real estate portal revealed.

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.”

According to findings of Realty Decoded Report for Q2 2018 by PropTiger, a real estate advisory firm, Q2 in last year was an aberration as developers advanced their launches to avoid approvals under RERA regime. Whereas, other few developers are waiting for the festive season to launch new projects.

The study covered nine key Indian cities of Mumbai, Pune, Noida, Gurugram, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. While, large cities such as Mumbai and Pune had seen a drop in new launches, markets such as Noida, Bengaluru, Hyderabad and Chennai experienced increase in new launches.

Whereas sales in top nine cities dropped down by 18 per cent quarter on quarter in Q2 CY’18. The Singapore-based company further added, after an amazing Q1 CY’18 sales performance, developers did not show similar aggression in marketing and sales efforts in Q2 CY’18.

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