After coming to a standstill in FY18, big developers and promoters of the Indian real estate market are gearing up for the coming year. Now that RERA, is in place and compliances are in the pipeline, several large developers have plans for major realty launches in 2019.
Indian real estate companies had put up a chequered show in the June quarter. As the companies aligned to their accounts to the new norms under Indian Accounting Standards 115 (IndAS), RERA compliances and GST, revenues and profit took a back seat.
Now that things have settled down, it appears that the realty sector has got its act together after a turbulent FY18. In fact, the number of new launches across seven key cities has already increased by 10% in the first six months of 2018 from a year earlier.
A report by Anarock suggests that nearly 15-18% increase in the number of new launches is expected in H1 2019. The new launches are expected to bring cash flow into the companies which in turn will be seen in the construction and timely delivery.
Several big developers are gearing up for FY19 with major housing project launches. Given the forecasted boom, the big developers are also ready to launch affordable housing projects the big time in the coming year.
Some of the noteworthy realty launches in 2019 are as follows:
- Brigade Enterprises Ltd will get nearly 7.8 million sq. ft of residential projects off the ground this year.
- DLF Ltd is on track to achieve a fresh sales booking of ₹2,250 crore in FY19.
- Mahindra Lifespace is planning to come up with five new residential projects in Mumbai, Pune, and Chennai by March 2019, Livemint reported.
- Poddar Housing has around 1 crore sq ft of projects being launched in the Mumbai Metropolitan Region and Pune by March next year.
- Sumadhura Group’s luxury project in Bengaluru is expected to complete by 2020.