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Over 50% luxury homes launched in last 3 years stays unsold
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SME Times News Bureau | 07 Apr, 2020
Demand for luxury homes stays muted as more than half of the high-end
units launched in the past three years in over nine prime Indian
residential markets have remain unsold, according to a report by
PropTiger.com.
The data, available with Elara Technologies-owned
real estate portal, shows of the 1,131 housing units, priced over Rs 7
crore and launched between December 2016 and December 2019, 577 units or
51 per cent were unsold as of January 2020.
Similarly, of the
3,656 units, priced between Rs 5 crore and Rs 7 crore and launched in
the past three years, nearly 55 per cent are unsold.
In the Rs 3-5 crore price bracket, 56 per cent of the 8,503 units launched during this period are awaiting buyers.
According
to PropTiger.com report, Mumbai, the financial capital of India, has
the highest number of unsold luxury units at 30,015, followed by
Hyderabad (8,554) and Bengaluru (5,794).
Compared with 2017, new launches in the luxury segment declined in the most price brackets across the nine markets.
"In
the Rs 1-3 crore price bracket, for example, 29,775 units were launched
in 2019 against 29,996 homes in 2018. In the Rs 5-7 crore price
bracket, only 859 units were launched last year against 1,536 homes in
2018," it said.
Similarly, in the Rs 7 crore plus range, only 34
units were launched in 2019 against 542 homes in 2018. However, in the
Rs 3-5 crore bracket, new launches increased from 2,675 in 2018 to 3,092
last year.
The study covered cities like Ahmedabad, including
Gandhinagar, Bengaluru, Chennai, Gurugram (including Bhiwadi, Dharuhera
and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and
Thane), Pune and Noida (including Greater Noida, Noida Extension and
Yamuna Expressway).
"The demand for luxury homes fell
post-demonetisation, and the trend has not changed much. The coronavirus
pandemic is likely to further impact demand across the residential
realty sector in the first half of FY21, including luxury housing," said
Dhruv Agarwala, Group CEO, PropTiger.com.
He, however, expects
renewed interest from NRIs in the luxury housing segment if the value of
the Indian rupee continues to fall.
"The Indian currency
recently fell beyond Rs 77 against the US dollar. This puts NRI
homebuyers in an advantageous position as they would find buying luxury
homes a relatively more attractive investment option than before," he
said.
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