Surge In New Real Estate Projects In Q2 2018
The recently implemented economic and regulatory reforms, like GST and RERA, have hugely benefited the real estate sector in India. They have played an instrumental rule in streamlining the processes of construction, delivery and sales, and have overall brought in a greater level of transparency and efficiency into the sector.
A significant change that can be observed in the real estate sector is that the number of projects in terms of new housing launches has increased by a whopping 50 per cent in Q2 2018, as compared with the first quarter. The largest contributor in terms of supply has been the affordable housing segment and the supply here has increased by a staggering 100 per cent. The affordable housing sector has been the largest and most significant contributor in the real estate surge in Q2 2018.
Here’s an overview of the surge in housing launches in Q2 2018:
- There were around 50,100 new housing units launched between the top 7 cities (NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad) in Q2 2018. This was a major surge compared with Q1 2018, during which only 33,400 new units were launched across these cities.
- The major cities that have contributed to this increased supply of housing units in Q2 2018 are Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune. Together, these four regions account for about 75 per cent of the new supply.
- Mumbai Metropolitan Region (MMR) has witnessed the maximum supply, with around 13,600 new units launched in Q2 2018. This has marked a 58 per cent hike compared with Q1 2018.
- NCR has witnessed an 89 percent increase in units as compared with Q1 2018, with around 8,500 new units.
- In Pune, the increase has been of a whopping 214 per cent (with approximately 6, 900 new units) as compared with Q1 2018. The affordable housing sector has been a major contributor here (1900 new units).
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