Flats are effectively being offered at a discount of 11-12 percent on the original price.
Chennai: Joining the "whining" party of Credai and Builders' Association of India, worldwide real estate consultant and researcher firm Knight Frank has attributed the recent plunge (second half of 2017) in real estate industry to enactment of Real Estate (Regulation and Development) Act and Goods and Service tax Act.
The report said that the share of affordable homes among new projects rocket from 53 per cent in 2016 to 83 per cent in 2017 indicating developers' focus towards properties within Rs 5 lakh price bracket.
The report also suggested that the new launches of residential units had collectively come down by 78 percent at Mumbai, Delhi NCR, Chennai, Pune, Bengaluru, Kolkatta, Hyderabad and Ahmedabad. "The weighted average prices were down 5% YoY in 2017", it said.
The study said that the effective prices in the organised residential projects in the city have dropped to the extent of 12 per cent, which included a slash in the base prices charged by the developers along with waiver of other charges like stamp duties.
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.
The report said industry experts felt measures such as the RERA and the Pradhan Mantri Awas Yojana that were expected to boost sentiments of the home-buyer were yet to make any significant impact on the buyer who had little incentive to buy.
Little wonder then that residential sales in the Mumbai Metropolitan Region (MMR) jumped up 19% in the second half of a year ago compared to the same period in 2016. Pune took the biggest hit (7%) and Hyderabad posted the highest increase (3%) in prices. While 3.68 lakh apartments and houses were sold in 2011, only 2.28 lakh units were sold a year ago. The Chennai residential market, as of now, holds inventory to sell over the next 18 months.
Homebuyers have a narrow window of opportunity though, because the West Bengal Housing Industry Regulation Bill (HIRA) 2017, already passed by the State Assembly past year, is expected to be notified soon.
"The office market has witnessed newfound buoyancy with new completions recording double digit growth for the first time since 2012". 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.
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