New property launches in Q2 CY2018, across the top nine cities, decreased by over 20 per cent, with developers waiting for the festive season to begin, while sales remained stable, according to PropTiger’s Realty Decoded Report for Q2 2018
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New launches across the top nine cities declined by 20 per cent in Q2 2018 (April, May and June) over Q2 2017, whereas, sales were within two per cent of last year, according to PropTiger.com’s ‘Realty Decoded Report’ for Q2 2018. The quarter did not witness many new launches, as developers are waiting for the festive season to launch new projects. Large cities, such as Mumbai and Pune, had a drop in new launches, whereas, markets such as Noida, Bengaluru, Hyderabad and Chennai, experienced increase in new launches. However, last year Q2 was an aberration, as developers advanced their launches to avoid approvals under the Real Estate (Regulation and Development) Act (RERA) regime.
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After a stupendous Q1 CY2018 sales performance, developers did not show similar aggression in their marketing and sales efforts in Q2 CY2018. Most developers are saving their marketing budgets for the upcoming festival quarters in Q3 and Q4 CY2018. Nevertheless, there is a silver lining for the industry, as both, Mumbai and Pune, which contribute nearly 50 per cent to overall sales, have seen their sales increasing by 15 per cent and nine per cent, respectively.
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