Smaller real estate entities have been active in the past six to eight months in launching big-ticket residential projects. Factors like the high debt of realty companies listed on the exchanges and small builders not having the capacity to hold on to a licence for too long have influenced launches.

Also, unlike during the 2008-09 slowdown when builders were aggressive on launching projects, big players are cautious this time.

Supertech, Raheja Devel-opers, M3M, Puri Constructions and Tata Housing are among those on a launch spree. Big developers have also launched projects during this period, but their pace has been much slower.

High debt is one factor. DLF, for example, is focusing majorly on plotted development now and has not launched any major group housing project recently.

Unitech, which has been able to cut debt to a large

extent, has launched a couple of projects in recent months. A Parsvnath Developers' executive stated it would not launch any new projects but concentrate on completing and delivering the existing ones.

According to Nayan Raheja, director, Raheja Developers, being debt-free was enabling new projects. "We get better margins, as we are not listed. On the other hand, the listed companies are running high debts, and so have the interest liability." R R Singh, director general, National Real Estate Development Council, agrees.

Sanjay Sharma, managing director of Qubrex, a consulting firm, says smaller developers cannot afford to hold on to the licence for too long.

"Big players get licences but wait for the right time to launch the project, looking at the sentiment of the economy. Smaller players have too much at stake to wait for the right time," he explained.

Agreed Raheja, "We always buy land which we can launch in the next one year and don't block money for a long time."