For the first half (H1) of 2013, subdued demand due to economic slowdown in residential property market has led to a drop in launch of new units in Ahmedabad on a year-on-year basis. As against a launch of 4,987 residential units in H1 of 2012, Ahmedabad saw only 1,706 new units being introduced for the corresponding period this year, registering a dip of 65.8 per cent.
As per the latest report by real estate consulting firm Cushman & Wakefield, the dip in launch of new residential units in Ahmedabad is the highest among the top eight cities. Following Ahmedabad is Chennai which saw only 5,491 new units being launched in H1 2013 as against 12, 693 units in H1 2012, registering a dip of 56.7 per cent. Apart from Ahmedabad and Chennai, NCR and Pune were the only cities which witnessed a decline in new project launches in H1 2013 compared to the same period last year.
On the other hand, major cities like Hyderabad and Bangalore registered a whopping 235 per cent and 193.9 per cent rise in the number of new residential units being launched for the said period.
While Hyderabad saw 4,992 new units being launched in H1 2013 as against 1,488 units in H1 2012, Bangalore saw 22,219 new units being launched in first half of the current year as compared to 7,558 new units for the corresponding period last year.