May Brings A Bright Day As Realty Picks Up In South
Real estate markets of south India stand in the middle when you compare new project launches here with those seen by their peers in east, north and west. According to PropTiger DataLabs report for the month of May, new launches in the southern cities, which includes, Bengaluru, Chennai and Hyderabad, fell 35 per cent over April; north and east regions (includes Noida, Gurgaon and Kolkata) saw a decline of 74 per cent in the same period, while the western region that includes Ahmedabad, Mumbai and Pune witnessed a fall of only seven per cent.
Chennai saw a standalone drop of 22 per cent in new launches and those who started new projects in Chennai include Developer group (Westwind Phase 1, Poonamallee), Kesariya Housing Developers (Swarngiri, Tambaram), Prem estates (Palash, Oragadam) and SPE Realty (Mono City Villa, Poonamallee).
Bengaluru, where new launches declined by 18 per cent on a standalone basis, saw project launched by Godrej (Eternity, Talaghattapura), Prestige (Lake Ridge, Subramanyapura), Vaswani (Menlo Park, Marathahalli), DS Max (Star Nest, Kengeri), Maharaj Developer (Marvel Phase 2, JP Nagar Phase 8) and Kumari Builders & Developers (Amaranthine, Bellandur).
Bengaluru stood out when we look at the price trend. Price appreciation was better than other markets in Bengaluru across localities. While Hebbal and Yeshwantpur witnessed an annual price growth of 10 per cent, other major localities also saw a price rise in the range of one to five per cent. Hyderabad real estate also performed relatively well, with major localities here seeing an annual price growth between two and eight per cent.
Property price growth in Chennai, However, showed mixed signals. While localities such as Sholinganallur saw an annual price increase of nine per cent, other localities such as Poonamallee and Tambram saw a decline of five and four cent, respectively, in the same period. On an average, property markets across the three cities saw an annual increase of two to nine per cent.
Several government measures to revive property markets in the region are expected to improve things in the coming future.
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