Pune real estate sees prices drop for the first time

Housing Sales Down 6% In NCR Supply Falls 56% Knight Frank

The RERA came into force from May 2017 while the GST was launched in July

Collectively discounts add up to 11-12%.

Chennai: Knight Frank India launched the eighth edition half yearly report - India Real Estate, which presents an analysis of residential and office market performance of Chennai for the period July-December 2017.

Real estate developers concentrated on completing existing projects, and as a result home launches in the second half of 2017 declined 23% compared to the same period in 2016, Knight Frank said. "From an annual perspective 2017 saw 32% fewer launches YoY and new projects and same was down by staggering 83% from peak in 2010", as per the report. Piled up inventory, lack of consumer confidence due to litigations and infrastructure delays combined with the introduction of RERA and GST together caused a steep 56% drop in the number of units launched a year ago (y-o-y).

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Speaking about the findings, director, Kanchana Krishnan, said, "After showing signs of a promising recovery during H1 2017, Chennai residential market once again hit new lows in terms of sales and supply numbers during H2 2017".

Das said that "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". "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes". While 3.68 lakh apartments and houses were sold in 2011, only 2.28 lakh units were sold previous year. Pune took the biggest hit (7%) and Hyderabad posted the highest increase (3%) in prices. That's great news for homebuyers because average asking prices in the Chennai residential real estate market have come down by 3% since 2016.

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.

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Meanwhile, Chennai city's office space market also plummeted as the share of largest office space consumer, IT and ITeS sectors, halved from 43 percent in second half of 2016 to 25 percent in second half of 2017.

The report notes that for the first time, the sector witnessed price correction in 2017.

However, though the discounts offered in just-launched or under-construction properties in early stages were higher, sales in those units were slow since customers preferred to purchase ready-to-move-in homes or those nearing completion. Sales, however, are up 5% annually, and with demand going up, a price hike may not be far behind.

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