Mumbai residential market saw fewer new launches in the first quarter of 2013. On the other end, experts say that Mumbai residential market received good number of new launches in the last quarter of 2012.
Compared to the last quarter of the previous year, this year the new launches in the Mumbai residential market are lower, say experts. While the last quarter received higher number of new launches, the first quarter received only a few new launches.
Still the experts are optimistic. They say that the new launches will be more in the April-June quarter. The first quarter receives normally few launches because there is no festival.
Ram Navami and other festivals fall in the second quarter spanning from April to June. This will boost the buyers’ sentiments. Additionally in many of the states, local New Year also is celebrated in this quarter.
The Marathi New Year Gudi Padwa is celebrated during this quarter. Thus the experts say that the developers will be keen to launch more new projects to grab the buyers’ sentiment.
In the same way the last quarter is also the festival season. Festival like Diwali is falling in this quarter. Normally the home sales are the maximum during this period.
According to a Liases Foras report new launches were at its peak point during this quarter. Most of the cities witnessed higher numbers of new launches. Mumbai residential market too received a good number of them.
Commenting on the lower new launches in Mumbai, Liases Foras’ MD Pankaj Kapoor said that this was because the developers, being cautious of the weak home sales, are suspending their new launches.
Home sales in the Mumbai residential market are weak. This is one of the main reasons why the developers are extending the dates of new launches. By reducing the number of new launches the developers expect to cut short the number of their unsold inventories.
