Residential unit launches decline 52 per cent
The supply of new residential properties took beating as realtors grappled with Real Estate (Regulation and Development) Act (RERA) and Goods and Services Tax(GST) last year. Ahmedabad real estate market witnessed 52% decline, the steepest in percentage terms among top eight cities in India, in launches of new residential units during 2017.
According to the data compiled by real estate consultant Cushman and Wakefield (C&W), 4,680 residential units were launched in 2017 as compared to 9,713 units in 2016.
“Ahmedabad saw a decline in the total number of residential units launched in 2017 mirroring the national trend. Here the thrust has been on the affordable housing which has mostly remained unchanged from last year with only a minor decline of 2%,” said Anshul Jain, country head and managing director, India, C&W.
Almost half of new residential launches in Ahmedabad were in affordable segment (2,532 units).