Tuesday, 25 September, 2018

Biggest drop in housing prices in a decade

Housing Sales Down 6% In NCR Supply Falls 56% Knight Frank The RERA came into force from May 2017 while the GST was launched in July
Patty Aguilar | 13 January, 2018, 01:17

Chennai: Knight Frank India launched the eighth edition half yearly report - India Real Estate, which presents an analysis of residential and office market performance of Chennai for the period July-December 2017.

The launches of new homes in Delhi-NCR declined by 56 percent to 11,726 units in 2017, which resulted in fall in number of unsold inventories by 13 percent to 1,66,831 units.

"Apart from the base price reduction, which developers have been forced to undertake in order to prioritise offloading inventory level, a bouquet of incentives such as waivers, free of charge floor rise and assured rental schemes, which are available a dime a dozen in the market lends significantly to the price advantage", said Das. When combined with the discount on base prices, "these offers imply an effective discount to the tune of 11-12%" according to the report.

Factors such as piling up of inventory, lack of consumer confidence due to litigation and infrastructure delays, and policy initiatives like RERA and GST have adversely affected market dynamics, resulting in a break of momentum for new project launches in the region. "A shaky employment scenario has hurt sentiments and encouraged deferment of purchase", said Kanchana Krishnan, director - Chennai, Knight Frank, releasing the report in the city on Wednesday.

The report also elucidated that the residential sales during July to December 2017 also fell by 14 percent when compared to second half of previous year.

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Bengaluru recorded negative growth in both launches and sales for the first time in H2 2017. But from the sales peak of 2011 when 3,68,568 units were sold, this is a step decline of 62 per cent in 2017 at 2,28,072 units. Similarly, with developers in the city concentrating their resources and efforts towards completing existing projects in the post RERA era, new launches have taken a hit. That's great news for homebuyers because average asking prices in the Chennai residential real estate market have come down by 3% since 2016.

"Unsold inventory in 2017 came down by 25% YoY indicating a healthier QTS of 7.9 quarters as compared to more than two years until the end of 2016", it added.

The stagnation in the market, according to the report, is owing to ambiguity over Real Estate (Regulation and Development) Act and concerns of job security in IT sector. 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.

The report notes that for the first time, the sector witnessed price correction in 2017.

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