As per a report of Knight Frank India, a company into property consulting, home sales volume have dipped to a seven year low last year with sales of 228,072 homes. In the year 2011, a record high sale of 368,568 home units was reported.
More so, in the same period, the number of new launches was also hit registering a decline of 41% on a year-on-year basis. In the year, 1,03.570 residential units were launched as the property developers struggled to complete the pending projects.
The dip in home launch was the highest in Hyderabad at 84% YoY followed by Pune, Bengaluru and Chennai that registered fall of 58%, 37% and 33% respectively.
This has come in due to the number of regulatory changes such as the implementation of Real Estate Regulatory Authority or RERA for the real estate sector, poor consumer sentiment and high unsold inventory with the developers.
The survey was conducted on as many as eight major cities including NCR, Pune, Hyderabad, Chennai, Mumbai, Ahmedabad, Chennai and Bengaluru.