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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- 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
- 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