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 Oct-Dec 2017.
HOME BUYING SENTIMENT
RERA transformed the market from uncertain to mended buyer confidence in Oct-Dec 2017. Enquiries and sales improved marginally across cities. After an elongated lull, the premium market saw enhanced traction in cities like Bangalore and Pune, suggesting an impending revival. With improving clarity on GST, sales are expected to revive across categories and budget segments.
Price growth remained restricted across metros with inventory-heavy markets of Delhi NCR and Mumbai witnessing corrections in some popular housing pockets. Prices may further dip in luxury and ultra-luxury segments in the year because of low buyer appetite for such projects. Other categories are, however, unlikely to see any major correction in Jan-Mar 2018.
The general wait-and-watch climate regarding home buying since the last one year led the rental market across cities to tread a growth path this quarter. The trend is expected to continue even amidst an improving buying sentiment owing to a prolonged decision making cycle in the wake of multiple market ambiguities.
The markets are plush with residential inventory, however, saleable supply in the primary market appears low on account of slow-paced registrations under RERA. Fresh inventory levels may soar in the ensuing quarters owing to increased registrations and new launches on the back of clarity in the norms.