Anuj Puri Buys Out JLL’s India Residential Brokerage Arm
JLL is selling its India residential brokerage arm to it’s former India head, Anuj Puri. Puri, who left the firm on 28 February, has worked…
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2020 Year-End Housing Market Review – At 1.38 lakh homes sold and 1.28 lakh fresh supply, housing bottomed out in 2020
2020 has been an unprecedented year due to COVID-19, causing all-round upheaval. However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing homeownership sentiment – catalysed by the exigencies of the pandemic. This pent-up demand was further accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates, and limited-period stamp duty cuts in states such as Maharashtra
Homes Sales Severely Impacted By COVID-19 Pandemic; Witness 43% Drop
Severely impacted by the COVID-19 pandemic, the top 7 cities saw homes worth approx. INR 88,730 crore sold in the first three quarters of 2020 as against ~INR 1,54,320 crore in the corresponding period of 2019. This is a 43% decline, with total value reduction amounting to approx. INR 65,590 crore during the period.
Housing Sales Drop 81% y-o-y in Q2 2020, New Launches by 98%
A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter. Interestingly, MMR – one of the most COVID-19-affected cities – witnessed maximum housing sales of nearly 3,620 units among all cities, followed by Bengaluru with approx. 2,990 units.
Gap Between Real Estate Market Value and Ready Reckoner Rates Reducing In Top Cities
In the last 4-5 years, the gap between market value and Ready Reckoner/circle rates reduced significantly in top cities; was more than 100% in some…
COVID-19 Sentiment Survey – Housing Now Preferred Asset Class, 59% End-users
Owned homes regain millennial mojo ~ 55% property seekers aged 25-35 yrs (against 42% in H2 2019 survey) Over 62% of home seekers will pay…
Despite Lockdown, Properties Worth Rs 252 Cr Sold
The maximum number of residential properties sold in the lockdown period were in the mid-segment priced between Rs 70 lakh to INR 1.5 Cr. Office spaces were priced at approximately Rs 60 lakh each. Many deals closed 100% virtually with no site-visits whatsoever.
Coworking Space Fails to Attract Large MNCs Despite Lower Rentals
On an average, coworking spaces offer a substantial price difference of 15% over traditional spaces in the top cities. While Pune offers the maximum cost advantage of 33%, Gurugram in NCR has the least at 6%. While start-ups and budding entrepreneurs make a beeline to coworking spaces, large corporates remain wary of depending on them for their expansion. This trend is quite contrary to what is witnessed in developed European nations.
Real Estate Could Be Key Contributor To USD 5 Trillion Economy
As the second-largest employer and a major contributor to the country’s GDP, the real estate industry is one of the Indian economy’s strongest pillars. It cannot remain a neglected stepchild – it must become the apple of the government’s eye. A convincing revival of the Indian real estate sector is essential for the economy to move out of its current slow phase and achieve the mammoth targets – Housing for All by 2022 and making India a $5 trillion economy by FY 2024-25.
Price Gap Between Ready And Under-construction Homes Down To 3-7% in 2019
The price gap between ready-to-move-in (RTM) and under-construction (UC) homes in the top 7 cities reduced to a mere 3-7% in 2019. The price disparity…