Realty Playing Well In West; New Launches Up 15% In July

Led by India's financial capital Mumbai, the property markets of the western region have come alive, and are now up and kicking. According to a PropTiger DataLabs report (Monthly Realty Watch: West India, August 2016), new launches in the region saw a monthly increase of 15 per cent in July, with Mumbai contributing 47 per cent to the overall numbers. It has to be noted that owning a huge inventory and liquidity crunch, developers have been refraining from unveiling new projects in past.

While localities like Thane West, Kalyan West and Goregaon East saw the highest activity, developers, which launched projects in Mumbai in July, include Aaditya Realtors, Dosti Group, Gala Group, Poddar Housing, Safal Group and Tycoons Realities. While property prices of some localities saw a marginal decline year-on-year, rates remained stable in other localities.

In Pune, localities like Talegaon Dabhade, Undri and Sus saw renewed activity while developers such as Gagan Developers, GKG Ventures, GS Associates, Paranjape Schemes, RMK Infrastructure, Saniket and Vilas Javdekar launched their project. In terms of prices, Viman Nagar recorded the highest annual growth at 22 per cent. Localities like Baner, Chakan and Wakhad also saw an annual price increase of two per cent.

In Gujarat's Ahmedabad, a new project was launched by Goyal and Co Hariyana Group while the Bopal locality saw fresh activity in the month. On the other hand, property prices in localities like Chanakyapuri, Makarba and SH Highway saw a marginal annual increase.