New home projects fall by half
Home developers went on the back foot in 2017, cutting back the launch of housing projects. At 94,000 homes, the number of new units added across seven leading cities in the country over the first three quarters of 2017 dropped by half from a year back, said a report by Anarock Property Consultants Pvt. Ltd (formerly Jones Lang LaSalle Residential Pvt. Ltd). In fact, 97,000 units were launched in the first quarter of 2016, which was higher than that launched in all three quarters of 2017 so far.
This was entirely on expected lines, what with the government tightening the noose on black money and enforcing stiffer regulations to make home developers more accountable to customers. An interesting and healthy trend was that the number of units sold was far ahead of new launches during the period, which could lead to a steady but sure drop in inventory. The high stock of unsold homes over the last couple of years also kept a check on prices in some pockets of the country.
So, although 2017 is a year to remember for regulatory tightening and on trying to protect the interests of homebuyers, it also drastically brought down the inventory of unsold units.
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