Developers intensify project launches as demand for housing grows in festive season
Although developers still remain cautious while launching new projects, new launches are likely to intensify in view of the growing housing demand and the upcoming festive season.
Driven by growing homeownership sentiment, record-low home loan rates, lower Covid-19 cases in Q3, stable employment scenario, and robust hiring in the IT/ITeS and financial sectors, both housing sales and new launches have increased significantly in recent months.
According to a recent report by ANAROCK, for instance, while the housing sales across the top 7 cities surged by 113% YoY in the third quarter of this year – from close to 29,520 units in Q3 2020 to 62,800 units in Q3 2021, new launches in the top 7 cities increased by 98% – from 32,530 units in Q3 2020 to 64,560 units in Q3 2021.
As per JLL’s Residential Market Update – Q3 2021, released today (October 4), residential sales across the top 7 cities rose by 47% during January-September 2021 as against the same period last year. On a sequential basis, sales improved by 65% during Q3 2021, to 32,358 units from 19,635 units in Q2 2021, and 14,415 units in Q3 2020.
Similar was the case with new launches as the top 7 cities recorded new launches of 32,863 units in Q3 2021, a rise of 21% QoQ.
According to JLL, as the economy began to improve and with the festive season around the corner, developers continued to launch residential projects across the country. The markets of Kolkata, Delhi NCR and Pune witnessed a substantial increase in launch activities during Q3 2021, when compared to the same period last year as well as from the previous quarter. Most of the new launches in the markets of Bengaluru, Mumbai and Pune were in the affordable and mid segments. Hyderabad continued to dominate new launches and accounted for about 29% of launches during Q3 2021. Pune and Mumbai, which contributed 23% and 19%, respectively, to the overall new launches.
Although developers still remain cautious while launching new projects and are aligning their launch strategies in sync with the actual market demand, new launches are likely to intensify in view of the growing housing demand and the upcoming festive season.
For instance, CASAGRAND, one of the leading developers of South India, has just announced the launch of its new project — CASAGRAND Orlena — at Hennur Junction in Bangalore. Nestled amidst 4 acres of serenity, the Casagrand Orlena community consists of 296 apartments boasting a unique footprint by offering 80+ luxurious amenities. Offering a balanced mix of 2 & 3 BHK premium apartments ranging from 1110 sq ft to 1575 sq ft, CASAGRAND Orlena aims to provide home buyers an unparalleled lifestyle at an affordable price point.
Speaking at the launch, Sathish CG, Director, CASAGRAND, Bangalore Zone, said, “I strongly believe this project will materialize many homebuyers’ dream of having a home in the city at an affordable price. This project caters to the need of everyone; it has dedicated facilities for children, senior citizen, young professionals etc. Keeping the lifestyle of current homebuyers in mind, we have designed many unique amenities and ample of open green space. Despite being situated at a prime location, the project has been priced very attractively.”
MRG World, an affordable housing major in Delhi NCR, has recently launched its fourth project ‘The Skyline’ at Dwarka Expressway, Sector 106, entailing an investment of Rs 350 crore. Spread over 10 acres, the project will be developed in single phase over a period of four years.
Signature Global has also launched two projects in Gurugram. Signature Global City 81 and Signature Global City 92 are the 6th and the 7th residential projects under DDJAY by the company in Sector 81 and Sector 92 of Gurugram, respectively. Spread over an area of 11.97 acres, Signature Global City 81 will offer a Green Luxury Life within a plotted residential complex with Premium Independent Floors. Similarly, Signature Global City 92 is a 19.48-acre project, out of which 10.3 acres will be developed in the first phase of development. Both the projects offer 4 premium independent floors with parking in stilt and a dedicated lift on each plot, and will be embraced with dedicated retail hubs for the residents.
Rajasthan-based Trehan Group has recently entered the market of Gurugram with the launch of 320 high-end luxury independent floors priced in the range of Rs 1.27 crore to Rs 4 crore. The group will invest about Rs 250 crore to develop these 320 independent floors at multiple locations in the heart of millennium city Gurugram. The independent floors will be built on plot sizes of 217 sq yards to 676 sq yards, and are expected to be delivered in 15 months.
“During the Covid-19 pandemic, we have witnessed a decent surge in demand for plotted development and independent floors. To cater to this rise in demand, we are launching these independent floors across various sectors in Gurugram. All the luxury units will be semi-furnished,” said Harsh Trehan, Chairman, Trehan Group.
Gurugram-based Antriksh India Group has also recently launched ‘Central Avenue’ – a luxurious premium development nestled in a lush green environment – in Sector-33 Gurugram. The project offers 3+Servent / 3+Study / 4+Study apartments and deluxe penthouses. The basic sell price of this project is Rs 9,575 per sq ft.
“The Central Avenue project has been detailed out in order to illustrate a vibrant picture of a truly evolved life. The very idea of the project is about creating space for moments and making them wonderful. Living spaces at Central Avenue transcend beyond the ordinary to create an aura of the fine balance between finesse and practicality,” said Deepanshu Rao, Managing Director, Antriksh India Group, adding, “Antriksh India Group has successfully delivered more than 50 projects in Delhi-NCR. In addition to this, we assure timely delivery and post-sales maintenance.”