Insite Report Jan-Mar 2019
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.
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.
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.
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.
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.
DownloadReport Market Movers Road projects receive a major thrust Multiple road project announcements such as elevated road from Lokhandwala to Lagoon Road, Kharghar-Belapur Coastal Road, highway projects such as Vadape-Thane....
DownloadReport Market Movers Govt revises GST on real estate The GST Council slashed the effective GST rate on under-construction homes to five percent from 12 percent, and on affordable homes....
DownloadReport Market Movers Metro Phase 2 expansion gains momentum With the settlement of land acquisition hurdles for the proposed depots, the work on the 72 km-long stretch of the Namma....
DownloadReport Noida gets two functional metro lines The two much-awaited metro routes in Noida – Aqua line linking Noida and Greater Noida, and the extension of the Blue Line to....
DownloadReport Market Movers Metro expansion revives market sentiment The extension of the Pune metro from Chinchwad to Nigdi would not only offer seamless connectivity to the high-traffic areas of Bhakti....
DownloadReport Market Movers RERA registration moves at snail’s pace Merely 81 projects from Hyderabad have been registered under Telangana RERA so far. Despite repeated date extensions and penalty announcements, the....
DownloadReport Market Movers Last stretch of Chennai Metro Phase 1 becomes operational The 10 km metro stretch between AG-DMS and Washermanpet became operational in January 2019. Apart from reducing the....
DownloadReport Market Movers SC approves petition against WBHIRA Defying the Centre’s advice to adopt RERA, the West Bengal government has proceeded with launching the e-portal of its version of RERA....
DownloadReport Market Movers Ahmedabad metro opens for public The first phase of the Ahmedabad metro, a 6.5 km-long corridor linking Vastral to Apparel Park, was thrown open to public in....