Dip in real estate project launches
Builders have started cutting down on new residential project launches. Up to July this year, housing launches fell by 38 to 59 per cent compared with the same period last year, across key markets like Gurgaon, Navi Mumbai, Pune, Noida and Kolkata. Bangalore, in south India, is the only city to have reported a rise of 31.2 per cent in new projects, launching 36,669 units until July, up from 27,950 in the year-ago period. Noida had the steepest fall - 59.5 per cent. Only 5,994 units were launched in Noida during the period compared with 14,797 a year ago. Gurgaon too, saw 38 per cent lower launches at 11,955, compared with 19,310 in the a year ago. Launches in Navi Mumbai were down 40.3 per cent, Pune 46.6 per cent and Kolkata over 41 per cent. PropEquity report says launches across 15 major cities in India were down 15.8 per cent to 188,145 units in all segments until July this year.