Ahmedabad sees 46% dip in launch of new housing units
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There is a 46 per cent dip in the number of new residential housing units that were launched in Ahmedabad. The city is among the country's top two housing markets - just behind Bangalore - that has seeing a maximum dip in launch of new houses in the last one year.
Ahmedabad, which is the biggest housing market in Gujarat, saw 12,270 new houses being launched during 2011. In comparison, the city saw a mere 6,607 new units in 2012, stated a latest report by global consultants Cushman & Wakefield (C&W).
Only Bangalore with a dip of 50 per cent in new housing units in 2012 stood ahead of Ahmedabad. NCR (31%), Chennai (6%) and Hyderabad (2%) were the other housing markets that saw fewer launches compared to 2011.
"In Ahmedabad, most of the developers were awaiting the state elections to conclude post which the proposed increase in FSI is expected to be cleared," stated the C&W report.
Of the 6,607 units launched in Ahmedabad, a phenomenal 5,185 units were in the mid-end segment, while 792 units were in the high-end segment. The city where sales have been stagnating since the last one-and-a-half year did not witness launch of a single luxury residential projects.
In comparison, Mumbai saw 72 per cent more housing units being launched in 2012 than in 2011. Pune and Kolkata were the other cities which grew in terms of new launches.