Property market continues to witness slowdown and a large number of housing stocks remain unsold as number of new home launches declined by 21 per cent to 34,600 units during July-September period in the eight major cities -- with Ahmedabad witnessing the maximum drop.
Delhi-NCR, Mumbai, Chennai, Kolkata, Pune, Hyderabad, Ahmedabad and Bangalore witnessed launch of 43,800 housing units in the year-ago period, according to property consultant Cushman & Wakefield. "Unit launches decreased as developers focused on completing existing projects (in the wake of significant unsold inventory) and delayed new launches awaiting an increase in demand," said C&W.
During the third quarter of 2014, 166 new housing projects were launched across these eight cities, with Chennai recording the highest with 45 projects and Ahmedabad reporting the lowest number of new launches of 5 projects.
City-wise, Ahmedabad witnessed the maximum fall of 62 per cent in the launches of new homes. Only 800 housing units were launched during July-September 2014 as against 2,100 units in the year-ago period. After Ahmedabad, Delhi-NCR saw a decline of 54 per cent in new residential launches of about 4,500 units.