Knight
Frank India today launched the second edition of its flagship half yearly
report - India Real Estate Outlook.
It presents a comprehensive analysis of the residential and office market
performance across six cities for the period between July–December 2014.
Residential
takeaways:-
Housing
sales drop 17% across six cities- Will developers gear up to ride the recovery
bus?
NCR
sees the sharpest drop in home sales; Mumbai manages to scrape through
All
eyes on the Union Budget; focus on
affordable homes & Infra to expand volumes
 |
| Shishir Baijal, Chairman & Managing Director, Knight Frank India. |
Office
Takeaways:-
Market heaves a sigh of relief; uptake happening across all regions
Positive outlook on driver industries to aid office growth, even further
Will REIT’s be the game changer? patience & prudence will pay dividends
Speaking about the
findings, Mr. Shishir Baijal, Chairman & Managing Director, Knight Frank India
said “2014
has not been a great year for Indian Real estate as stated in our latest
findings of the Knight Frank Real Estate Sentiment index report, jointly
developed by FICCI that reflected a correction in stakeholder sentiments on the
back of a slowing demand environment. Residential sales across top cities have
dropped in 2014. While sales volume fell by 17%, launches dropped by 28%.
However, we expect 2015 to be the year of recovery and stabilization. The
current economic indicators look positive, though the real impact will only be
felt by the second half of this year. A
surprise rate cut from RBI has marked the beginning of the new year and going
forward, the Make in India campaign, REITs, FDI relaxation and Smart cities among
others, augurs well for giving the much needed boost to stakeholder sentiments.
“However, Office
markets across the top six cities have already shown a turnaround in 2014. In
fact vacancy levels have been on a downward spiral since 2013. While absorption
rose by 14%, new completions contracted by 6% during 2014. Vacancy levels in
Bengaluru have already touched 10% as of December 2014 and we expect the city
to clock single digit vacancy levels in the next six months. Growth in the
office market is going to sustain owing to a strong revival in driver
industries and recovery in the global economy” he added.
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