The residential real estate of India reflected an interesting trend in the third quarter where the southern cities like Hyderabad, Bengaluru and Chennai witnessed an increase in the new launches as compared to the previous quarter.

In Hyderabad, there were approximately 4,700 units launched in Q3 which was approximately 1.3 times the launches in the previous quarter. The supply also increased by 22 per cent on a Y-o-Y basis. Similarly Bengaluru witnessed new launches of approximately 9,500 units in this quarter which increased by 41 per cent and 1 per cent on Q-o-Q and Y-o-Y basis. Chennai also witnessed an increase of 10 per cent and 8 per cent in new launches on quarterly and yearly basis respectively.

Kolkata has also witnessed a reviving trend in terms of new launches with a significant increase of approximately 62 per cent as compared to the last quarter.

“Real estate sector in India is witnessing an interesting trend where South of India is doing significantly better than the rest of India. The new launches are showing diver-gently opposite trends in the comparison as rest of India is falling behind due to oversupply and south is doing better due to lesser over supply and demand from the IT sector,” Samir Jasuja, Founder and MD, PropEquity said.

However, Pune, MMR and NCR reflected an immense dip in supply in the third quarter. Gurugram witnessed almost negligible new launches of 80 units in one project and there were no new launches in Noida. Similarly, a drop of 58 per cent in supply was also witnessed in Mumbai and Thane on Q-o-Q basis. Pune also witnessed a considerable drop of 46 per cent in the new launches when compared to the last quarter.

While the new launches demonstrated a mixed trend throughout the country, the sales declined in almost all the cities in the third quarter. Pune and Thane witnessed maximum absorption of approximately 14,500 and 10,500 units. However, there was a decline of approximately 8 per cent and 12 per cent on Q-o-Q basis in these two cities. The demand in Chennai dropped by almost 23 per cent and 25 per cent on a Q-o-Q and Y-o-Y basis. The demand was most stable in Bengaluru with a nominal 3 per cent drop as compared to the last quarter. Least absorption in terms of number of units was witnessed in Noida and Gurugram which can be attributed to negligible new launches in these cities during the quarter.