Chennai sources have stated that new home launches dipped 12 pct across top 9 cities in the fourth quarter of 2017 from 15,593 units to 13,666 units, according to a report released by PropEquity, research and analytics firm. Meanwhile the lack of new launches was majorly attributed due to developers focusing on compliance with RERA and implementation of GST.
According to sources the weighted average prices in the quarter remained at similar levels to `6,634 PSF from `6,639 PSF indicating bottoming out of correction. As per report “2018 should hold as a stabilization year for the sector since now both developers and buyers are more attuned to this changed regulatory scenario".
Further the weighted Average Price stood at INR
4,826/sft which indicates that the majority of the unsold units are in the mid
segment. Moreover the buyer’s interest was mostly towards properties that were
nearing completion where areas like Perambur, Medawakkam and Pallikaranai
witnessed some demand.
