Home launches in 2017 plummeted by 78% from the peak of 2010, according to Knight Frank India Real estate report.
The report presents analysis of the residential (across eight cities)and office (across seven cities) market performance for the period July-December 2017 (H2 2017).
Except Mumbai that saw surprise new supply of office stock, strong rental growth was recorded across other office markets. Mumbai saw flat YoY rental growth, while Hyderabad and Bengaluru experienced the strongest rental growth at 8.5% and 9.2%.
While Hyderabad recorded steepest fall in launches.
Bengaluru recorded negative growth in both launches and sales for the first time in H2 2017.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “2017 was been packed with uncertainty, volatility and long-term promise of new opportunities. While a battery of reforms tested industry stakeholders, the new paradigm of transparency and consolidation achieved in the process should pave the way for healthy momentum in the near future. Until the end of 2017, India’s residential sector had shrunk to a fraction of its size in less than a decade.”