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2016 ends with the lowest residential launches and sales since 2010; Office demand holds steady with vacancy at a 9 year low

 

Knight Frank India presents the sixth edition of its flagship half-yearly report - India Real Estate. The report presents a comprehensive analysis of the residential markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata and office markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai performance for the period July – December 2016 (H2 2016). 

 

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Residential takeaways

  • 2016 replaces 2015 as the worst performing year in terms of sales volume in the recent history; sales volume in the top eight cities drops by 9% in 2016
  • Sales volume and new launches fall by 23% and 46% respectively in the second half of 2016
  • Demonetisation plagues the fourth quarter (Q4 2016) with sales volume dropping by 44% YOY and new launches falling by a massive 61% YOY

 

Office takeaways

  • 2016 office demand holding steady, consistent with 2015 level
  • Vacancy levels reach a record 9-year low with Pune and Bengaluru in single digit
  • Transaction volume is facing a challenge across all cities due to supply crunch  in spite of
    strong demand from occupiers
  • Not much new supply on the anvil; rentals will be on a continuous rise in 2017