New residential launches declined 35% in 2017: Report

Hyderabad saw a y-o-y decline of over 50 per cent in the launch of residential units, mostly due to an already large inventory overhang

As property developers grappled with changes such as the Real Estate (Regulation and Development) Act, or RERA, and the goods and services tax (GST) roll-out, residential launches declined 35 per cent in 2017, according to a study.

The number of residential units launched across top eight cities last year was estimated at 74,000, with Mumbai constituting 31 per cent of the total new units, followed by Pune (15 per cent), said property consultancy Cushman & Wakefield in its report. Only the affordable housing segment saw an year-on-year (y-o-y) growth, of six per cent, with Mumbai leading the trend, it said.

“Even as