Pune real estate sees prices drop for the first time

13 January, 2018, 16:49 | Author: Wade Massey
  • The Indian property market will continue to face headwinds this year and no hardening of prices is expected according to Knight Frank

Das said that "in terms of sales, the Mumbai market recorded 19% uptick in H2 2017 over the demonetisation-hit same period past year, however overall sales volumes reflect a declining pattern".

The launches of new homes in Delhi-NCR declined by 56 percent to 11,726 units in 2017, which resulted in fall in number of unsold inventories by 13 percent to 1,66,831 units. Flats are effectively being offered at a discount of 11-12 percent on the original price. 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 previous year.

Despite the price cut, dearth of meaningful demand has continued to hold back sales even though rising inventory, a major overhang in the last three years, has significantly declined. "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes".

The good news is that the weighted average residential prices in the city contracted by 5% in 2017 y-o-y.

In terms of sales the Mumbai market recorded 19% uptick in H2 2017 over the demonetisation-hit same period previous year, however overall sales volumes reflect a declining pattern.

Burning Iran tanker: Search for survivors resumes after blast
The Panamanian-registered Sanchin had a crew of 30 Iranians and two Bangladeshis, Chinese state media reported. It's the second collision for a ship from the National Iranian Tanker Co.in less than a year and a half.


Baylor's Matt Rhule interviewed for Colts' head coaching job
Rhule just finished his first season at Baylor, with a 1-11 record in the wake of the mess Art Briles left behind. He was an assistant at Temple from 2006-2011, then became the program's head coach from 2013-2016.


Jennifer Lopez Guest-Starring On "Will & Grace"
The "If You Had My Love" performer is the latest in the huge names to make a comeback in the hit "Will & Grace" revival. The Will & Grace team recently confirmed the development and shared a picture of the crew with Jennifer welcoming her.


Zaidi said the market will recover slowly and gradually over the next 2-3 years. Pune took the biggest hit (7%) and Hyderabad posted the highest increase (3%) in prices.

The report also said that since West Bengal was yet to adopt RERA (Real Estate Regulatory Authority) and establish the Housing Industry Regulatory Authority (HIRA), the developers were adopting a wait and watch approach. Hyderabad, an IT driven market, is typically not known for affordable housing projects but Knight Frank highlights that this is now a noticeable trend in new launches.

On residential takeaways, the estate agency said that residential sales in H2 2017 were 19% better than demonetisation-hit H2 2016.

"The office market has witnessed newfound buoyancy with new completions recording double digit growth for the first time since 2012". The age of unsold inventory is a matter of concern, said Krishnan. New supply plummeted to 6,176 units in the second half of 2017, a 32% y-o-y decline over the same period in 2016 and a 47% drop from its peak in 2014.

The report sums up saying that "The long awaited drop in prices is a healthy step toward market recovery as this along with other measures such as reduction in unit sizes across cities will boost home-buyer affordability and eventually get buyers back to the market".

Recommended:

  • Catalonia sticks with 'exiled' leader

    Catalonia sticks with 'exiled' leader

    The move backfired when independence parties across the political spectrum won a narrow majority in the assembly. Mr Puigdemont's supporters are assessing the legality of him taking...
    Spartans struggle again, beat Rutgers in ovetime

    Spartans struggle again, beat Rutgers in ovetime

    However, a year ago was an outlier as the games between these two teams average a 1.3 point differential in favor of the Spartans. Michigan State plays a moderate 72.6 possessions per game, but Michigan is one of the slowest in the nation, running just 68.2.
    Rio Tinto (LON:RIO) Receives Buy Rating from Jefferies Group

    Rio Tinto (LON:RIO) Receives Buy Rating from Jefferies Group

    The shares were bought at an average price of GBX 3,490 ($47.33) per share, with a total value of £909,703.40 ($1,233,663.41). Pacific Heights Asset Management Llc decreased Rio Tinto Plc (RIO) stake by 25% reported in 2017Q3 SEC filing.
  • 'The Walking Dead' comic writer addresses the TV show's major plot twist

    'The Walking Dead' comic writer addresses the TV show's major plot twist

    Proof of the crossover soon came in the form of actor Lennie James already on set of the spinoff- but today we have actual photos of Morgan in the show itself.
    Brian Bowen enrolls at SC , hopes for NCAA reinstatement

    Brian Bowen enrolls at SC , hopes for NCAA reinstatement

    After an appearance on CBSSports.com, Martin met the local media where he talked at length about Bowen's arrival at USC. SC also was among the schools that had an assistant coach charged as part of the Federal Bureau of Investigation probe.
    Panik to Arizona, Duclair to Blackhawks

    Panik to Arizona, Duclair to Blackhawks

    Over his four-year National Hockey League career, Duclair has played for the Coyotes and the New York Rangers . His goal Tuesday night in an 8-2 victory at Ottawa was his first since October 21, ending a 27-game drought.
  • Steven Spielberg Endorses Oprah: Would Be 'Absolutely Brilliant President'

    Steven Spielberg Endorses Oprah: Would Be 'Absolutely Brilliant President'

    At the same time, 56 percent said they didn't want her to run, with 33 percent lining up behind an Oprah candidacy. The post had quickly gone viral, with people saying his comments were directed at Oprah.
    Amazon Alexa Headed To Select Lexus And Toyota Cars

    Amazon Alexa Headed To Select Lexus And Toyota Cars

    Travers said his company hopes to ship the AR glasses sometime during the second quarter of 2018 for around $1,000. Voice assistants and augmented-reality products will be highlighted at next week's CES consumer electronics show.
    Jurgen Klopp delighted that Liverpool can 'win ugly'

    Jurgen Klopp delighted that Liverpool can 'win ugly'

    Liverpool FC will take on Manchester City at Anfield in the Premier League on Sunday afternoon. They thrashed 10-man Liverpool 5-0 in the reverse fixture at the Etihad early in the season.
  • Extension gives Mass. CHIP funding through March

    Extension gives Mass. CHIP funding through March

    The Senate Finance Committee reached an agreement to extend the program for five years but did not unite around a plan on funding. Todd Wolynn, a Pittsburgh pediatrician, said families are reacting with "fear and disbelief" to CHIP's uncertain future.
    Amazon CEO Jeff Bezos donates $33 million to send Dreamers to college

    Amazon CEO Jeff Bezos donates $33 million to send Dreamers to college

    The Obama-era provided temporary legal protection to around 700,000 dreamers that were living in the United States. We would invite anyone who questions the value of Dreamers to please come meet some of our students.
    Women fume as John Humphrys jokes about BBC pay

    Women fume as John Humphrys jokes about BBC pay

    Humphrys said: "And I could save you the trouble as I could volunteer that I've handed over already more than you f***ing earn". Gracie added that she had been offered a £45,000 pay rise, to £180,000, but that it was still less than men in the same role.


Popular

Gillespie Robinson & Grimm Inc. Grows Stake in Prudential Financial Inc (PRU)
The company traded as high as GBX 1,970.50 ($26.72) and last traded at GBX 1,970.50 ($26.72), with a volume of 5277309 shares. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Prudential Financial by 20.4% in the second quarter.

Carr's jumper in OT lifts Penn St. past Nebraska
Anton Gill's basket started an 8-0 Husker run that pulled Nebraska to within 47-39 with 14:24 after four straight Copeland points. He's a great kid; his family are good people, so we're dealing with everything you could imagine to be dealing with right now.

India, China Will Soon Have A Hotline: Army Chief Bipin Rawat
Then there should be a map of every state. "This is totally unwarranted and unacceptable", Bukhari remarked. Let them do their responsibility, I don't think separatism will be anywhere.

North East MPs promoted to Labour's front bench
It comes weeks after Mr Lewis was cleared of groping allegations at an event in Brighton last September. Labour MP Clive Lewis has been reappointed to the party's front bench as a shadow Treasury minister.

Deneuve blasts #MeToo campaign, claims witch-hunt of men
The letter got a mostly hostile reception on social media, quickly becoming the most tweeted story onTwitter in France. However, there are others who though not fully agreeing to Deneuve, said she may have some valid points to make.

Misfiring Kris Dunn, rookie Lauri Markkanen help Bulls top Knicks
He then zipped an entry feed to a cutting Porzingis for a one-handed stuff for a 112-112 tie to force a second overtime. The Finnisher closed out the game with a pair of crucial free-throws and proved he has ice in his veins.

New Research Proves Ancient Meteorites Contain 'Building Blocks of Life' on Earth
Using spectrometers and ion beams, scientists could look at the molecular composition of salt crystals found in the meteorites. Yoko Kebukawa, from Yokohama National University , Japan.

Hyundai Motor invests in ride-hailing firm Grab
Hyundai Motor vice chairman Chung Eui-sun said on Wednesday it is considering building a vehicle plant in Southeast Asia , possibly in Indonesia or Vietnam.

Canada launches WTO trade complaint against US
It has already lost a string of WTO disputes after its calculation methodology was ruled to be out of line with the WTO rulebook. Canada's claims threaten the ability of all countries to defend their workers against unfair trade.

PNC Financial Services Group Inc. Q4 Earnings Advance 106%
Sander Gerber decreased its stake in Almost Family Inc (AFAM) by 9.09% based on its latest 2017Q3 regulatory filing with the SEC. It increased, as 53 investors sold PFE shares while 700 reduced holdings. 75 funds opened positions while 289 raised stakes.