With Affordable New Launches, West Will Lure Buyers

If data are any indication, major cities in the western region of India —Ahmedabad, Pune and Mumbai — may attract more buyers as new launches picked up while prices saw a marginal annual surge in August.

According to a PropTiger DataLabs report, the western region witnessed an increase of 46 per cent in new launches in August 2016, over the previous month, as Ahmedabad, with its 43 per cent share, contributed the highest to these numbers. Mumbai and Pune contributed 29 per cent and 31 per cent to this, respectively. In fact, Ahmedabad outperformed all the other major cities of the country in terms of new launches in August, registering a monthly increase of 140 per cent. According to the report, a majority of these launches were seen along the SG Highway and north localities.

Among the developers who launched their projects in Ahmedabad include Arise Developers, Dwarkesh Developers, B Kesar and Kewal Vision Corp while Aeternitus Association, Bhandari, Prime Space, Millennium Developers, Legacy Lifespace, Manorama Builders, 7 Star Properties, Mantra Properties and Ravindra Landmarks are the developers who initiated projects in Pune. BBJ Worldwide, Ecohomes, Edelweiss, Godrej, Ozone Rustamjee and Shubh Ashish are among the developers who launched new projects in Mumbai in August.

However, not much activity was seen in terms of annual price increase in all the three cities. While property prices in Ahmedabad and Mumbai, according to the report, remained range-bound, Maharashtra's cultural capital Pune saw only a marginal price increase in the range of two to three per cent. However, the city's popular locality Viman Nagar saw an annual price increase of 22 per cent according to DataLabs figures; the city's Hinjewadi locality witnessed a price fall of three per cent. Some localities in Mumbai such as Airoli, Mira Road and Virar saw a decline of one to three per cent in prices. In Ahmedabad, the highest annual decline of eight per cent in prices was seen in Thalrej, followed by a six per cent annual decline in areas near Nirma University on the SG Highway.