New residential launches records 106% upswing

In a sign indicating a big recovery in realty developers‘ confidence in the market, residential launches have more than doubled sequentially during the first half of 2018 as residential launches across top 8 cities have witnessed over 106% sequential and 68% on-year jump during the period. While prices have remained stagnant during the period across cities, sales have gone up 11% from a year ago, showed data from Liases Foras Real Estate Rating & Research. Several policy interventions at national level like increase in limit of size of flat for subsidy under Prime Minister Awas Yojna (PMAY), implementation of Real Estate (Regulation & Development) Act 2016 (RERA), Goods & Services Tax (GST), despite causing initial chaos has definitely helped bringing back the confidence of both end users and developers in the industry. As a matter of fact, sales have been growing consistently since last four quarters and that has convinced the developers to go ahead with their new launches, said MD, Liases Foras Real Estate Rating & Research, Pankaj Kapoor.