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Realty: New launches, discounts boosted sales in Jan-March

New launches and discounts offered by real estate developers have resulted in pick-up of sales volumes across cities during January-March, a report by US financial major Merrill Lynch said.

Realty: New launches, discounts boosted sales in Jan-March

New launches and discounts offered by real estate developers have resulted in pick-up of sales volumes across cities during January-March, a report by US financial major Merrill Lynch said.

"New project launches at attractive prices, discounts and schemes on offer to attract buyers and launches by renowned developer brands resulted in pick-up in sales during the period," it said in a statement.

However, it pointed out that the demand in Gurgaon is slowing, mainly on the back of slowdown in new launches as developers are focusing on execution and inventory clearance.

Also, rising prices is impacting the demand. Merrill Lynch said that property prices in Mumbai, which have appreciated at CAGR of 14 percent over last 10 years, will have to correct in the coming years. "We believe this trend (price appreciation) is unsustainable and prices will have to correct and remain subdued over next 2-3 years. This will allow improvement in affordability as income levels catch-up with residential prices. Most of new launches during January-March have been at a discount to average market prices," the firm's research analyst Abhishek Gupta said.

 According to the report, Bangalore witnessed highest number of residential sales in a quarter since 2008, mainly led by flurry of new launches in run-up towards the local new year (Ugadi) in April and affordability, as property prices here have risen by CAGR of 8.5 percent in last 10 years.

"Besides, rise in number of investors in Bangalore and end-users becoming comfortable with job security and salary hikes in 2013 have resulted in the increase in sales," Gupta said. Despite being the most affordable city among Tier-I cities, Noida's absorption rate has remained subdued and unsold inventory continues to rise since 2010, the report said.

"We maintain a negative outlook on Noida/Greater Noida as we believe developers will struggle more in terms of timely execution than sales. We reiterate that timely execution will be the differentiating factor in this region in near future," Gupta added.

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Property rates
  • Residential
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Mumbai
Capital Values Rate/Sq ft (INR)
Aajiwali
3000 - 5000
Ambernath
3000 - 5000
Badlapur
1000 - 3000
Bhandup (West)
11000 - 13000
Chembur (East)
15000 - 17000
Chembur (West)
11000 - 14000
Dombivali (East)
4000 - 6000
Ghatkopar
13000 - 15000
Heeranandani Gardens Estate - Powai
25000 - 30000
Hiranandani Gardens Estate - Powai
25000 - 30000
Kalyan (East)
2000 - 4000
Kalyan( West)
3000 - 5000
Karjat
1000 - 3000
Khandala
8000 - 10000
Kharegaon
5000 - 7000
King Circle
17000 - 28000
LBS Marg
12000 - 15000
Lonavala
3000 - 5000
Mulund (East)
11000 - 14000
Mulund (West)
11000 - 14000
Mumbai Nasik Highway
3000 - 6000
Powai
15000 - 17000
Senapati Bhagath Singh Road
3000 - 5000
Sion (East)
18000 - 21000
Sion (West)
17000 - 22000
Tilak Nagar
12000 - 22000
Ulhasnagar
3000 - 5000
Vikhroli
11000 - 14000
4 Bunglows
17000 - 28000
7 Bunglows
13000 - 23000
Chandivali
10000 - 15000
Malad (East)
12000 - 14000
Versova
21000 - 24000
Airoli
4000 - 8000
Belapur
6000 - 9000
Ghansoli
6000 - 8000
Kalamboli
4000 - 9000
Kamothe
4000 - 6000
Nerul
7000 - 10000
Palm Beach Road
12000 - 15000
Panvel
3000 - 6000
Sanpada
8000 - 10000
Sea Woods
8000 - 10000
Ulwe
3000 - 6000
Uran
3000 - 6000
Vashi
9000 - 12000
Altamount Road
62000 - 72000
Breach Candy
62000 - 74000
Chowpathy
48000 - 58000
Colaba
42000 - 46000
Cuffe Parade
67000 - 69000
Dadar(East)
32000 - 34000
Dadar(West)
29000 - 32000
Lower Parel
32000 - 34000
Mahalaxmi
38000 - 40000
Malabar Hills
68000 - 75000
Mumbai Central
23000 - 34000
Napean Sea Road
66000 - 74000
Parel
26000 - 34000
Prabhadevi
37000 - 39000
Tardeo
41000 - 49000
Worli
36000 - 41000
Andheri (West)
18000 - 20000
Andheri(East)
15000 - 17000
Bevarly Park
5000 - 7000
Bhayander (East)
5000 - 6000
Bhayander (West)
3000 - 5000
Boisar
1000 - 3000
Borivali (East)
11000 - 13000
Borivali (West)
10000 - 14000
Dahisar
4000 - 8000
Goregaon (East)
13000 - 17000
Goregaon (West)
12000 - 14000
Kandivali (East)
12000 - 14000
Kandiwali (West)
11000 - 12000
Malad(West)
9000 - 14000
Mira Road
5000 - 7000
Naigaon
1000 - 4000
Nala Sopara (Eastt)
3000 - 5000
Nalasopara (West)
3000 - 5000
Poonam Nagar
6000 - 8000
Shanti Nagar
7000 - 9000
Shrishti
6000 - 9000
Vasai Road
1200 - 4000
Virar
1000 - 3000
Note: Price trend are based on asking rate and not necessarily on the transaction date
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