Realty Rising From The West: Decline in Prices And Launches Stalled

If the trends in launches and prices are any indication, real estate markets in western parts of India may already be showing signs of revival. According to PropTiger DataLabs report for the month of May (Monthly Realty Watch – West India June'16), new project launches in the region declined only seven per cent over the previous month; the corresponding decline in North and East India has been 74 per cent. India's financial capital Mumbai was responsible for the bulk of the decline, even as an 11 per cent rise was witnessed in new launches in Pune and 65 per cent in new launches in Ahmedabad, on a standalone basis. Mumbai, meanwhile, saw a monthly decline of 28 per cent.
 
Among the builders that launched new projects in Pune were Godrej Properties (Infinity Phase 2, Mundhwa), Venkatesh Construction (Nandavan, Saswad), Platinum Realty (Platinum Park, Hinjewadi), Saheel Properties (Itrend Homes, Hinjewadi), Kolte Patil (1st Avenue, Hinjewadi) and ACME Landmark (Azalea, Katraj).
 
In Ahmedabad, the developers who launched fresh projects were Rushabhdev Infrastructure (Sharan Circle Homes, Zundal), Shivalim Projects (Park View, Bopal), Dwarkesh Group (Opulence, Zundal), Siddhi Infrastructure (Ganesh Parisar, Gota), Avirat (Silver Altezza, Bopal) and Krish Developer (Nisarg Sky, Shilaj).
 
Among those who launched projects in Mumbai were Hiranandani Developers (Skylark Enclave, Thane West), Lakhani Developers (Empire Tower, Thane East), Mahaavir Universal (Kamdhenu Avenue One, Kharghar), Vihang (Vermont, Thane West) and NK enterprises (Neel Empire Phase I, Karjat).
 
For it's a highly expensive market already, Mumbai did not witness any price increase. In fact, Worli, a posh locality in Mumbai central, saw a price decline of six per cent over the previous year. Most other localities witnessed a price decline in the range of one to two per cent on a year-on-year (YoY) basis.
 
Property prices in many localities of Ahmedabad saw minor corrections, while other areas saw a marginal increase. At four per cent, Makarba registered the highest annual price increase in the city.
 
Pune, on the other hand, registered a healthy price growth over the previous year. The highest price increase among localities in Pune was registered by Viman Nagar, at 16 per cent YoY. Other localities recorded an increase of two-four per cent. In fact, private equity major KKR has decided to invest Rs 300 crore in several residential projects in Pune. This may increase buyers' interest in luxury housing in Pune.

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