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Building down

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BS runs a story which is beginning to appear more often than disappear:

After a huge inventory pile-up and delivery setbacks, the numbers for housing launches appear bleak, too, thus firmly establishing the real estate gloom story. Launches till July this year fell by 38 to 59 per cent across key markets such as Gurgaon, Navi Mumbai, Pune, Noida and Kolkata, compared with the same period last year. Bangalore has bucked the overall downtrend by reporting a rise in launches.

The highest drop, of 59.5 per cent, was seen in Noida, with only 5,994 units launched till July this year, down from 14,797 in the same period of 2012. In Gurgaon, launches dipped 38 per cent to 11,955 till July, from 19,310 in the corresponding period of 2012.

Similarly, launches were down 40.3 per cent in Navi Mumbai, 46.6 per cent in Pune and 41.6 per cent in Kolkata, according to data by real estate research firm PropEquity (see chart). Overall, launches across India in 15 major cities were down 15.8 per cent to 188,145 units in all segments till July this year.

A report from Moneycontrol may go part of the way to explain why the housing sector is late in reacting to the slowdown:

India has topped the global chart of remittances with a whopping USD 71 billion in remittances in 2013, just short of three times the FDI it received in 2012, according to a revised World Bank forecast issued on Wednesday.

Top recipients of officially recorded remittances for 2013 are India (with an estimated USD 71 billion), China (USD 60 billion), the Philippines (USD 26 billion), Mexico (USD 22 billion), Nigeria (USD 21 billion), and Egypt (USD 20 billion), the report said.

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Written by Arhopala Bazaloides

October 3, 2013 at 4:13 am

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