While most cities recorded significant declines in new launches, Noida was the only one in which there were absolutely no new launches in Q2. Of the remaining eight cities, Chennai and Kolkata reported the biggest slump in new project launches, at 92 per cent each, while Bengaluru posted the smallest decline, at 45 per cent. The other five cities in the list include Gurugram (81 per cent drop in new launches), Hyderabad (79 per cent), Mumbai (85 per cent), Thane (88 per cent) and Pune (73 per cent).
Most of the new launches in other cities took place after the lockdown restrictions were relaxed by May third week.
“These are unprecedented times for the world economy and India is one of the hardest hit due to the epidemic. The real estate
sector which was slowly reviving in March was hit by a complete halt in construction and sales in the last week of March. We believe larger developers with low debt leverage will ride the storm and do reasonably well by Q3 onwards within the context of the new normal," said Samir Jasuja, founder and managing director, PropEquity.
He added that the industry might see resizing of units, discounts, amenities and special payment schemes offered by developers to create demand, especially during the upcoming festive season.
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