New residential supply in top 8 cities of the country decreased by 15% in January-March
New Delhi: Despite high demand in eight major cities of the country, the supply of new units of residential properties fell by 15 percent to 69,143 units in January-March. Real estate consultant Cushman & Wakefield on Friday released data related to the supply of new residential properties in primary (first sale) of eight major cities. According to the data, supply of new units increased in Bangalore and Mumbai, but declined in Delhi-National Capital Region (NCR), Chennai, Hyderabad, Pune, Kolkata and Ahmedabad.
The share of high-end and luxury segment in the total supply of residential properties in this quarter (January-March) was 34 percent. The share of listed, large and regionally established developers in the total offerings in the current quarter was more than 38 per cent. According to the data, new supply of residential properties declined to 69,143 units in January-March 2024 from 81,167 units in the same period a year ago. Shaleen Raina, managing director (residential services), Cushman & Wakefield, said there has been a significant increase in demand for ‘high-end luxury’ properties in the last one year.
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