In a report released by PropEquity, a real estate data, research and analytics firm, home launches dipped have dipped 19.46% across top 8 cities in the first quarter of 2017 from 28,428 units to 22,897 units.
However, the unsold inventory also dipped slightly by 3.12% to 4,71,855 units from 4,87,043 units due to lower new launches and developers focusing on clearing their existing unsold inventories.
Overall, the fall in demand and new launches of residential projects slowed down in the Q1 as impact of demonetisation on the real estate sector tapered down faster than expectations.
Global banks are now expecting IndiaÂ’s economy to grow at 7.4% in FY18, and that will have a positive impact on the real estate and allied sectors.
Housing demand (absorption) across key cities stayed almost muted and declined by just 1.2% at 28,131 units from 28,472 units.