Pune real estate sees prices drop for the first time

The Indian property market will continue to face headwinds this year and no hardening of prices is expected according to Knight Frank

The capital city recorded the highest-ever office transaction (3.34 mnsqft) in a six-month period during (July December 2017).

Shishir Baijal, Chairman & Managing Director, Knight Frank India said, "2017 was been packed with uncertainty, volatility and long-term promise of new opportunities". New launches fell by 13% and failed to touch the fivedigit mark, sales fell by 4%, hovering just above 15,000 units, and the average asking price for apartments fell by about 3%.

"The trend stems from the periodic deterioration of the market's health with launches coming to a grinding halt", Das said. Approximately 37,653 units were sold in NCR previous year, a drop of 6% from 2016.

For instance, a stamp duty charge waiver, a standard discount now, amounts to an additional 5 per cent cost benefit.

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.

Little wonder then that residential sales in the Mumbai Metropolitan Region (MMR) jumped up 19% in the second half of previous year compared to the same period in 2016.

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Significantly, the report found a marked increase in the number of project launches in the second half of 2017 compared to first half, so the worst may be over the sector, and if that is the case, home prices won't stay rock-bottom for long. While 3.68 lakh apartments and houses were sold in 2011, only 2.28 lakh units were sold previous year. Across markets, level of unsold inventory dropped by 19 per cent to 5, 52,996 units. Customers who drove a hard bargain got reductions of up to 10% in apartment prices, in the form of cash discounts or freebies, says Knight Frank's latest report on the sector.

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

It presents a comprehensive analysis of the residential and office market performance of Hyderabad for the period July December 2017, a company release said. The age of unsold inventory is a matter of concern, said Krishnan.

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

New launches across the eight key metros of Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad, declined 41 per cent in the second half of 2017 to 40,832 units from 68,702 units in the same period in 2016.

During the second half of the year gone-by, Hyderabad recorded the steepest fall at 84 per cent.

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