Insite Report Jan-Mar 2019

METHODOLOGY

The Insite Report by 99acres.com captures the quarterly capital trends and the annual rental analysis of residential apartments in key real estate markets – Delhi NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad. In order to assess the prevailing sentiment, the report delves deep into demand and supply of properties across varied budget segments and occupancy stages. While demand is a function of queries received, supply is based on property listings posted on 99acres.com in Jan-Mar 2019.

NATIONAL OUTLOOK

HOME BUYING SENTIMENT

Home buying sentiment remained upbeat; however, uncertainty regarding the actual benefit of the revised GST excluding ITC component, and the upcoming General Elections deferred home sales and new launches. 99acres.com data reveals that 45 percent of the demand is for affordable homes priced within Rs 50 lakh.

PROPERTY PRICES

Despite improving sales, property rates maintained status quo in Delhi NCR, Chennai, Pune and Kolkata, and scaled up by a marginal one percent in Bangalore, Mumbai and Ahmedabad, QoQ. Hyderabad led all cities with a three percent rise in average property values. Improved buying sentiment and trimming unsold inventory might propel prices in the subsequent quarters.

RENTAL LANDSCAPE

The rental market gained on account of cautious buyer approach for yet another quarter. Excess ready stock in Gurgaon and Greater Noida kept rental ‘asks’ under check in Delhi NCR. Other metros reported a three percent uptick in rental values, each, YoY. The growth in the segment is likely to continue for a few more quarters until the capital landscape recovers completely.

SUPPLY

Limited new launches led to improved absorption of residential stock across cities. Unsold inventory levels dipped by 10-20 percent in Delhi NCR, Mumbai, Bangalore and Chennai between H2 2018 and H2 2017. Hyderabad and Ahmedabad saw inventory stock reducing by up to 40 percent. The average ‘quarters to sell’ (QTS) now stand at 10.2, as against 11.2 a year ago.

market-indicator

 

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