Biggest drop in housing prices in a decade

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

Moreover, the share of affordable homes in the new projects-those in the Rs 50 lakh bracket-have shot up from 53% in 2016 to 83% in 2017.

The real estate consulting firm in its India Real Estate report July-December 2017-the eighth edition of its flagship bi-annual report analysing eight major cities in the country-says that weighted average prices have fallen an average of 3% across cities.

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".

Despite the price cut, dearth of meaningful demand has continued to hold back sales even though rising inventory, a major overhang in the last three years, has significantly declined.

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For the first time in this decade, Mumbai witnessed a decline in quoted prices. He said the base price has dropped by 5%, which, combined with other offers, discounts and freebies, "translates into an effective price benefit of 11% to 12% for buyers". "This includes bouquet of incentives such as waivers on stamp duty, floor rise and assured rental schemes", he added.

"Select markets wherein Rera has matured, have seen developers re-launch projects at attractive prices which led to an uptick in sales in 2017. A year ago, it was 12.9 quarters", she said. Across markets, level of unsold inventory dropped by 19 per cent to 5, 52,996 units. The developers also have unsold inventory down by 43 per cent which is due to the restricted launches that have eased inventory pressure, but highlighted the market stress. New supply plummeted to 6,176 units in the second half of 2017, a 32% y-o-y decline over the same period in 2016 and a 47% drop from its peak in 2014.

"Ready to move in category seems to do better when it comes with a brand assurance and a developer with a good record, and the second half of 2017 has shown that the real estate market in Pune is in fact a consumer's market and the best time to invest in real estate is now", Paul said, adding that what an investor should be really looking at is that execution of the project, strong track record of developer, and depending upon the need, it is advisable to buy or invest in a property.

"The office market has witnessed newfound buoyancy with new completions recording double digit growth for the first time since 2012. The pace at which developers align themselves to the new regulatory norms and launch new products in the right ticket sizes that appeal to the homebuyer's interests, will determine the trajectory of the market going forward".

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