There may not be a better time than right now.
"Developers shift focus towards affordable homes".
"Affordability and deep discounts in the range of 10?15 percent have driven majority of the sales thus hinting at NCR slowly turning into a buyers' market", he added. As against new launches of 4.8 lakh units in 2010 across eight major markets - Mumbai, NCR, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad - only 1.03 lakh units were launched past year. It said for the first time in this decade, Mumbai witnessed a decline in quoted prices. The icing on the cake? "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes". In the peak of the realty boom in 2010 saw as much as 4,80,424 units being launched. "The weighted average prices were down 5% YoY in 2017", it said. The past year also saw Bengaluru's residential market surrendering to the pressures of crumbling sales volume. While 3.68 lakh apartments and houses were sold in 2011, only 2.28 lakh units were sold a year ago. But in 2017 it hit its nadir.
"By the end of 2017, the residential sector had shrunk to a fraction of its size in less than a decade". Across markets, level of unsold inventory dropped by 19 per cent to 5, 52,996 units. "A year ago, it was 12.9 quarters", she said. "Pricing is the first reason, RERA has given the buyers that confidence and this trend has been seen in the last six months". "This is a new beginning", the report adds.
According to Paramvir Singh Paul, Knight Frank Pune branch director, Maharashtra was the only state that notified RERA rules in a timely manner and subsequently implemented it across the state. The sales figures are less shocking-on a y-o-y basis 2017 sales were down 8%. This strategic switch by developers led to a price reduction in most markets. Flats are effectively being offered at a discount of 11-12 percent on the original price. According to Knight Frank India, once HIRA is set up, "we expect real estate developers to consolidate and business models to evolve, which should revitalise the residential segment". The age of unsold inventory is a matter of concern, said Krishnan.
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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 office market has witnessed newfound buoyancy with new completions recording double digit growth for the first time since 2012".
On sales, he said it would be around 35,000-40,000 units in 2018.
The number of new housing projects launched in the top eight cities of India fell by 41 percent to 103,570 units in 2017, as against 175,822 units in 2016, according to a report by property consultant Knight Frank. This has ensured a severe contraction in the Pune residential market. "The pace at which developers align themselves to the new regulatory norms and launch new products in the right ticket sizes that appeal to the homebuyer's interests, will determine the trajectory of the market going forward".