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India Real Estate - January-June 2019 Report

Knight Frank India launched the 11th edition of its flagship half-yearly report - India Real Estate. The report presents a comprehensive analysis of the residential and office market performance across eight cities for the period January – June 2019 (H1 2019). The report findings establish that office space market experienced decadal high (half yearly) volume in supply and transactions in H1 2019. Office supply increased by 31% year-on-year (YoY) to 2.2 mn sq m (23.9 mn sq ft) in the current analysis period, the highest level achieved in this decade. While transactions were recorded at 2.6 mn sq m (27.4 mn sq ft) higher by 26% YoY in H1 2019. Co-working space providers have taken up approximately 0.37 mn sq m (4.0 mn sq ft) of office space during H1 2019, a 42% growth over H1 2018.

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Residential market highlights for top 8 cities (National Capital Region (NCR), Mumbai, Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune, Kolkata)

  • Regulatory environment boosts market volumes; H1 2019 saw launch of launch of new units rise by 21% YoY to 107,143 units while sales grew by a steady 4% YoY to 133,317 units
  • 51% of launches during H1 2019 have occurred in the ticket sizes under INR 5 mn (INR 50 lakhs) and 78% under INR 10 mn (INR 1 Cr) as developers’ keenly focus on affordable housing and lower ticket sizes to be demand appropriate
  • NCR and Kolkata saw a drop in unit launches in H1 2019 while supply volumes in Ahmedabad vaulted by a massive 157% for the same period. Hyderabad and Bengaluru grew by 47% and 34%, respectively
  • The all India sales improved by 4% in H1 2019 making this the third consecutive quarter to record sales improvements. The trends conclusively show a general arrest of a declining trend that can well be the infliction point leading to growth of sales in the market

Commercial market highlights for top 8 cities (National Capital Region (NCR), Mumbai, Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune, Kolkata)

  • Supply increased to a decadal high 2.2 mn sq m (23.9 mn sq ft) recording a rise of 31% YoY
  • Transaction levels also recorded a similar decadal high of 2.6 mn sq m (27.4 mn sq ft) for space transacted in a single period during H1 2019 due to demand from IT/ITeS and Co-working spaces
  • Bengaluru hits historic high in transactions as well as supply during H1 2019 with transactions hitting 8.3 mn sq. m. while supply increased by over 100% at 7.6 mn sq. m. in H1 2019
  • Average rental values across the eight cities grew by 10% YoY during H1 2019. Ahmedabad experienced the maximum YoY rental growth of 14.3%, while Bengaluru and Hyderabad grew at 13.5% and 11.3% YoY respectively