2015 ends with the lowest
new launches and sales volume since 2010 for residential, while office market
records highest occupancy at 84.2%:
Knight Frank India
Knight Frank India today launched the 4th
edition of its flagship half-yearly report - India Real Estate. It presents a comprehensive analysis of the
residential and office market performance across seven cities for the period
between July–December 2015 (H2 2015). The report also includes the residential
market analysis of Ahmedabad for the same period.
Residential takeaways:-
·
Current unsold inventory levels stand at over 6.9
lakh units; would take more than 2.5 years to exhaust
·
NCR is the worst affected
market in India; both launches and absorption fail to pick up
·
Market sees a sharp drop in price growth; reduces
from 9% - 3% in the last 36 months
·
New launches fall by 13% Y-o-Y during H2 2015
from 1,50,471 to 1,31,445 units
All-India Residential market launches and absorption
All-India
Residential unsold inventory
All-India Residential price growth
Office
Takeaways:-
·
Severe shortage of good quality office space;
demand consistently surpassing supply since 2014
·
Vacancy levels touch record 8 year low to 15.8 %
in 2015 from 17 % in 2008; it had peaked to 21 % in 2012
·
H2 2015 sees highest half yearly surge since H2
2012; but new completions still below their peak levels
·
Chennai, Pune lead in terms of absorption growth,
while NCR the absorption went down 10 % compared to H2 2014
All-India
Office market trend
Annual Vacancy Trend
Says Shishir Baijal, Chairman & Managing
Director, Knight Frank India: “2015 for Indian real estate had both the good
and bad news. While the office market grew from strength to strength,
residential did not perform as per expected.
Office market saw a record absorption at 40.4
mnsqft; highest since 2012. Supply of quality office space now a concern with
vacancy levels at an eight year low. Rentals have firmed up as a result. Among
sectors driving growth, IT/ITeS continues to lead with start-ups. This year
however, we saw e-commerce and start-ups contribute to the office space uptake
in a major way. Going forward, we have to wait to see if this trend
continues.
Residential
on the other hand, continue slowdown with launches at a five year low, despite
the festive season. Sales in 2015 were lower than 2014 levels. Despite the 125
bps rate cut by RBI, demand did not see an uptake. Our outlook for 2016
remains muted. To further revive the demand, it is important to transmit the
benefits of the rate cuts to consumers.”
About
Knight Frank:-
Knight Frank is the leading independent global
property consultancy. Headquartered in London, Knight Frank and its New
York-based global partner, Newmark Grubb Knight Frank, operate from 370
offices, in 55 countries, across six continents. More than 12,000 professionals
handle in excessof US$1 trillion (£643 billion) worth of commercial,
agricultural and residential real estate annually, advising clients ranging
from individual owners and buyers to major developers, investors and corporate
tenants.
In India, Knight Frank is headquartered in Mumbai
and has more than 1000 experts across Bangalore, Delhi, Pune, Hyderabad,
Chennai, Kolkata and Ahmedabad. Backed by strong research and analytics our
experts work with clients to offer a comprehensive range of real estate
services across advisory, valuation and consulting; transactions (residential,
commercial, retail, hospitality, land, capitals); facilities management; and
project management.
Contact
|
|
Rahul Lakhpati
Vice President, Blue Lotus PR (For
Knight Frank India)
+91 98192 25352 rahul.lakhpati@bluelotuspr.com |
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