NOIDA/GURGAON: A triple whammy from demonetization, RERA implementation and GST has hit fresh residential real estate project launches in upcoming real-estate hubs of NCR , and the trends show how.As compared to 5700 unit launches across NCR including Noida Gurgaon, Greater Noida between July to September or Q3 2016, there have just been a few hundred unit launches during Q3 2017 states real estate researchers Colliers International (India). Confederation of Real Estate Developers Association (Credai) claims launches may be more than 50% down overall by liberal estimates."The builders are now focused on delivery. First came demonetization then RERA and then GST so everything has increased a pressure on builders, so many are either working on completing their projects or trying to work through the processes of RERA at the moment. There is no significant launch in these parts except for one of two projects," Pankaj Bajaj, president, Credai NCR said.For a buyer looking for a new launch or a fresh project, options are few and far between. Festival purchases if at all are likely to be through resale claim pundits."Last year, in Q3 the total number of units launched in entire NCR between July to September were 5700. This year, I would say only a few hundreds, I don't think there have been even close to 1000 units launched over last few months. We have heard of a Godrej project launch and some other existing projects launching new phases, but no fresh launch in that manner as we may have seen a few years ago during festival time. But this is only the market sentiment when it comes to residential; commercial real estate does not reflect this trend," Surabhi Arora, Senior Associate Director, Colliers International (India) told TOI."Real estate is presently going through a major correction. With the new rules and policy changes, the industry is under pressure not just by itself but the overall dip in the national economy is also affecting how people are investing in real estate. I do not see any major shift in this trend in a short span. Fresh launches are getting slower as the builders are busy in compliance issues. The insolvency bid on several builders have further affected the industry sentiment," Mudassir Zaidi, Executive Director (North) Knight Frank India explained.Commenting on buyers' interest in real estate during the Navratra-Diwali period, home buyers claimed people have lost confidence in the industry at the moment."Two or three years ago, Diwali used to be peak flat booking time. While there are not too many fresh launches, even buyers are not keen on buying or investing in fresh launches anymore as they have lost all confidence. Only those people will buy now for whom it is a compulsion that too they will buy those flats which are closer to completion or ready to move in," Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association (Nefowa) said.

Stay updated with all the Latest Gurgaon headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.