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Western and southern parts of the country saw maximum launches of new residential units in 2018. The total new units launched last year rose 75 per cent over 2017, according to a Knight Frank report.
The report, ‘India Real Estate’, released here on Tuesday, said Mumbai, Pune and Bengaluru saw most unit launches in 2018. As many as 1,82,207 units were launched during the year.
Preferred segment
Mudassir Zaidi, Executive Director - North, Knight Frank, said that out of all the launches, around 60 per cent was within the ₹50-lakh bracket, proving that most developers are concentrating on the affordable and mid–segment in line with the changing preferences of the customer.
“Overall, market is moving towards mid to lower ticket size or to the affordable segment,” he added.
The total residential inventory levels improved at the end of 2018 and are estimated to be at 4,68,372, down 11 per cent compared to as at the end of 2017 and close to 30 per cent lower than in end-2016.
NCR market
The National Capital Region registered a 35 per cent growth in the number of units launched in 2018, with 75 per cent of new launches taking place in Gurugram and Greater Noida.
The report added that in the NCR market, the ready-to-move-in or nearing completion are garnering more enquires from buyers.
While most markets showed middling growth in residential prices, Mumbai and Hyderabad saw prices move in opposite directions.
Mumbai prices fell by 7 per cent while Hyderabad prices vaulted by 7 per cent y-o-y in 2018.
On the other hand, the office market grew 12 per cent in 2018.
The 46.8 million sq ft transacted during 2018 was the highest ever in the Indian office space market for any single year, the report added.
Rental values rise
The average office rental values across seven cities — Mumbai, NCR, Bengaluru, Pune, Ahmedabad, Chennai and Hyderabad — grew 10 per cent y-o-y in 2018.
While Bengaluru experienced the highest growth at 17 per cent, Hyderabad and Ahmedabad grew at 14 per cent y-o-y during 2018.
In the NCR and Chennai, office rental grew at 10.7 per cent and 3 per cent, respectively.
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