3Novices : Note ban, RERA effect: Residential realty launches down 41% in H1 of FY18

Launch of residential projects came down by 41 per cent in top eight cities in first half of 2017, the lowest in seven years as developers grappled with demonetization and Real Estate (Regulation & Development) Act or RERA, said a new study. Barring Chennai, new projects dried up in all the eight cities. NCR and Ahmedabad were worst hit with launches plummeting by 73 per cent and 79 per cent respectively. Sequentially, Mumbai picked up by close to 62 per cent, albeit lower by 36 per cent . Chennai was the only market to record a marginal 4 per cent y-o-y rise in launches, said UK based Knight Frank in its half yearly report. Sales volume fell by 11 on a yearly basis, lowest first-half sales in the past five years, the report said.”Demonetisation, RERA and GST came all in a gap of six months and they are bound to have a short term impact on sales,” said Shishir Baijal, chairman of Knight Frank India.New residential launches fell 36 per cent in Mumbai Metropolitan Region in the … 3Novices


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