Residential real estate prices drop 3% in top cities

Residential real estate prices drop 3% in top cities”

The launches of new homes in Delhi-NCR declined by 56 per cent to 11,726 units in 2017, which resulted in fall in number of unsold inventories by 13 per cent to 1,66,831 units. "The weighted average prices were down 5% YoY in 2017", it said. Zaidi said the market will recover slowly and gradually over the next 2-3 years.

The Indian residential market is showing a "price crack" for the first time in many years.

India's financial capital Mumbai witnessed a decline in residential property prices for the first time in a decade a year ago following a crackdown on undeclared cash, new consumer protections and the roll-out of a nationwide sales tax, according to Knight Frank.

This is when new launches in the region have hit the lowest figure in 2017 and builders are busy in completing their existing projects and selling them off.

In case of office space, new completions increased 7 per cent in 2017 to 32.7 million sqft compared to 30.7 million sqft in 2016, but not at par with demand. Collectively discounts add up to 11-12%.

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Dr. Samantak Das, chief economist and national director of research at Knight Frank said, "For the first time in a decade, the Mumbai market has experienced a drop in residential prices as developers cut down prices to offload unsold inventory".

This segment has been emerging as a new occupier category similar to the e-commerce wave of 2014-15 in Bengaluru. "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes". The prices of assets in most of the cities have dipped while consumer price inflation (CPI) has risen. "The trend stems from the periodic deterioration of the market's health with launches coming to a grinding halt", Das said.

According to a report released by Knight Frank, political instability, recurring natural calamities and gloom in market sentiments stagnated signs of recovery noticed in the first half of the 2017 and Chennai residential real estate market recorded new lows in terms of new launches and sales of residential units during the second half of 2017.

"Select markets wherein Rera has matured, have seen developers re-launch projects at attractive prices which led to an uptick in sales in 2017. While peripheral markets continued to attract occupiers, new-age businesses such as co-working space providers have fortified their presence", he added.

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