The Knight Frank India, an eminent research organisation, is back with its fifth edition of its flagship half yearly report – India Real Estate. Knight Frank launched its comprehensive analysis of the residential and corporate space from January to June 2016.
The last three years witnessed the lowest number of new launches in the overall Indian residential market across the top eight cities. With the developers becoming cautious of the huge unsold inventory since 2013, new launches reduced by 9% in the last six months, from 117,200 units in H1 2015 to less than 107,120 units in H1 2016.
Some of the findings by Knight Frank are:
NCR witnessed the sharpest drop in new launches at 42% YOY followed by Chennai and Pune at 36% and 32%, respectively. However, Mumbai grew in new launches by more than 29% YOY on H1 2016.
Sales went higher in the top six cities from 126,615 in H1 2015 to 135,015, which is 7% positive growth in H1 2016.
Positive growth was observed in Mumbai and Bengaluru leading to an increase in sales volume at 23% YOY and 18% YOY in H1 2016. Kolkata, Chennai, and NCR are reeling under pressure and reported a negative growth in
H1 2016. However, Pune, Hyderabad, and Chennai are leading in a positive trajectory.
Price growth across all the cities for this year remained the same. Prices in the NCR residential market registered a 4% YOY dip.