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India Real Estate - July-December 2018 Report

Knight Frank India launched the 10th edition of its flagship half-yearly report - India Real Estate. The report presents a comprehensive analysis of the residential (across eight cities) and office (across seven cities) market performance for the period July – December 2018 (H2 2018). The report findings establish 2018 as the best performing year historically for the commercial office segment with leasing crossing 46 million square feet (msf). The residential market saw some upward movement in sales velocity, but the year stopped short significant recovery. Total sales of residential units were estimated to be 242,328 registering a 6% increase over full year 2017.

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

  • 2018 marks the first time in this decade when annual launch numbers have grown y-o-y
  • The total new units launched in full year 2018 is estimated to be 182,207 which was higher by 75% as compared to the total units launched in 2017
  • H2 2018 saw a total of 89,500 (approx.) new unit launches which was 119% up compared to H2 2017
  • 60% of all launches were within the INR 5 million (50 Lakhs) bracket that most developers are concentrating on the affordable and mid – ranged segment
  • Mumbai (38,390 units), Pune (18,580 units) Bengaluru (11,830 units) saw the highest new unit launches in full year 2018

Commercial market highlights for top 7 cities (National Capital Region (NCR), Mumbai, Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune)

  • The Indian office space market achieved record transaction levels in H2 2018 as well as for the full year, 2018. Growing by 12% YoY, both full year 2018 and H2 2018 saw the highest transaction volumes (46.8 msf and 25.2 msf respectively) achieved in this decade. The 46.8 msf transacted during 2018 was in fact the highest space transacted ever in the Indian office space market for any single year
  • Bengaluru continued to lead the office space market recording the highest leasing volumes at 13.4 msf. Office space supply in the city was recorded at 7.6 msf in full year 2018
  • Hyderabad saw the highest percentage increase in space transacted YoY in H2 2018 at 30%
  • Except for Ahmedabad (-29%) and Chennai (-23%), leasing activities saw a positive growth trend in leasing in full year 2018 compared to same time 2017
  • Pune recorded the highest percentage growth at 46% YoY in 2018, but the significant jump in leasing volumes was in Hyderabad which, while recording a yearly increase of 24% in 2018, saw leasing worth 7 msf