Home launches crash by 41% in 2017

Home launches crash by 41% in 2017

Chief economist and national director of Knight Frank Samantak Das said that this drop in prices had been a result of sluggish demand in addition to ageing inventory levels of the completed units for which the developers were going slow on new project launches.

"Developers shift focus towards affordable homes".

Das said that price correction downwards would be more pronounced in the coming months. Approximately 37,653 units were sold in NCR past year, a drop of 6% from 2016. The base price has come down by 5% which translates into an effective price benefit of 11-12% for buyers. "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes", he added.

Hit by a triple whammy in the form of demonetisation, the RERA Act and GST, the residential realty sector in Chennai hit a new low in 2017.

The report also elucidated that the residential sales during July to December 2017 also fell by 14 percent when compared to second half of previous year. However, even after the implementation of RERA, there has been no meaningful positive impact on sales on account of renewed confidence in the case of Pune in H2 2017.

The average drop in prices across areas in the city is around 3 percent but hard bargainers have been known to get a discount of as much as 10-15 percent from the developer. The Chennai residential market, as of now, holds inventory to sell over the next 18 months.

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Homebuyers have a narrow window of opportunity though, because the West Bengal Housing Industry Regulation Bill (HIRA) 2017, already passed by the State Assembly a year ago, is expected to be notified soon.

"Ready to move in category seems to do better when it comes with a brand assurance and a developer with a good record, and the second half of 2017 has shown that the real estate market in Pune is in fact a consumer's market and the best time to invest in real estate is now", Paul said, adding that what an investor should be really looking at is that execution of the project, strong track record of developer, and depending upon the need, it is advisable to buy or invest in a property.

It presents a comprehensive analysis of the residential and office market performance of Hyderabad for the period July December 2017, a company release said.

"For the first time in this decade, the Mumbai market has experienced a drop in residential prices".

The number of new launches in Mumbai Metropolitan Region (MMR) has seen an 83 percent fall from its peak of 1.38 lakh flats in 2010 to a mere 23,253 flats in 2017.

"Supply grew 13 per cent to 12.5 million sqft compared to 11.1 million sqft in 2016, and the report blamed the headwinds in the technology sector and supply crunch for this subdued growth".

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