Pune real estate sees prices drop for the first time

13 January, 2018, 16:49 | Author: Wade Massey
  • Residential real estate prices drop 3% in big cities

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.

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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".

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