Q3 - 2016 · number, in Q3 2016 Pune recorded an increase of 50 per cent in the new launch supply...

Foreword Residential Real Estate Market Q3 - 2016

QUARTERLY REPORT INDIA RESIDENTIAL MARKET

Q3 - 2016

Foreword Residential Real Estate Market Q3 - 2016

1

Foreword

Whether the real estate industry has finally bottomed out still remained unanswered during the third

quarter of 2016. Tier I cities witnessed a drop of approximately 20% during Q3, in spite of builders

offering attractive discounts. New launches witnessed some momentum mainly due to the festive

season. The top 7 cities in India noted a launch of about 37,512 new residential units, an increase of

about 14 percent over the previous quarter. Mumbai Metropolitan Region witnessed the maximum

number of launches and accounted for about 23% of the total units followed by National Capital

Region, Pune and Bangalore with about 22%, 19% & 16% respectively.

However, the increase in new launches did not correspond to higher sales velocity. Unsold units in top

cities touched all time high at 7.5 lakh units, which will take nearly 4-5 years to be absorbed. Capital

prices of the residential launches remained more or less stable in this quarter.

Developers have acknowledged the fact that the revival of real estate majorly depends on the

performance of affordable segments which is also in-line with the government’s vision of housing for

all by 2020. This is evident from the fact that in the top 7 cities approximately 59 % of the projects

launched are under the Affordable segment, followed by Mid, Luxury and Ultra Luxury segments.

Though we have seen a prolonged spell of gloom in the real estate industry, it seems to be getting

better by each passing quarter. The prices in most of the markets have now corrected sharply, RERA

is all set to ease buyer’s apprehensions about project delays and approvals. Banks too have sent a

clear signal that they will bring down the interest rates in the coming future. With an increasing

inventory of ready to move in units, consumers will soon start picking such units and hopefully we will

see a gradual revival of the sector in coming quarters.

Prashant Kumar Thakur

Head of Research & Data Services [email protected]

Executive Summary Residential Real Estate Market Q3 - 2016

2

Executive Summary

In the third quarter of 2016, the top 7 cities in India witnessed a launch of about 37,512 new residential

units, recording an increase of about 14 per cent as against the preceding quarter. All the tracked cities

witnessed a rise in new launch supply with an exception of Mumbai Metropolitan Region (MMR) and

Hyderabad.

Despite recording a dip in the new launch supply, MMR witnessed maximum launches and accounted

for nearly 23 percent of the total units in the third quarter, followed by National Capital Region (NCR),

Pune and Bangalore with about 22, 19 and 16 percent respectively.

Out of all the tracked cities, Kolkata and NCR witnessed a whopping 157 and 81 percent increase

respectively in the new launch supply as against Q2 2016.

The demand for affordable housing has seen a significant rise in the last couple of years. The numbers

clearly indicate that developers are also cashing on this opportunity by launching projects in the

budget-friendly segment. As per our research, affordable properties clearly dominated the property

spectrum across cities. Nearly 59 per cent projects were launched under affordable segment, followed

by mid, luxury and ultra-luxury.

Unsold inventory has been doing the rounds for quite some time now. At present, there is about 7.5

lakh unsold units in the country. NCR is leading this show followed by MMR, Bangalore and Pune. It is

estimated that it will take more than 4-5 years to clear this unsold stock.

Thus, developers are offering discounts and freebies across cities to attract fence-sitters to take the

plunge. However, QuikrHomes data suggests that most of the sales are happening in either ready-to-

move-in projects or projects that are nearing completion.

Talking about the rental scenario, Bangalore, Hyderabad and Chennai have recorded an upward

movement in their respective regions of growth. Additionally, there has been a huge restructuring in

the residential markets Kolkata and Pune due to increased IT/ITeS activity. The trend of adjusting the

residential rental demand along the satellite townships (Navi Mumbai and Thane regions in Mumbai

and Gurgaon and Noida along with Ghaziabad in Delhi-NCR) have also been noted in NCR and MMR.

Pan India Residential Real Estate Market Q3 - 2016

3

Pan India

New Unit Supply – Top 7 Cities

Fig 1: Residential new launch supply trend for the financial year 2016 among major metro cities.

The third quarter ended on an optimistic

note with all the metro cities recording a

substantial growth in the new launch

supply with MMR and Hyderabad being

only exceptions.

With the implementation of the Real

Estate Regulatory Act (RERA) and piling

unsold stock, developers in MMR were

seen focusing more on completing their

existing projects rather than launching

new ones.

Kolkata seemed to be in the revival mode

with more focused and planned growth

towards the eastern suburbs (Rajarhat/

New Town regions) with the advent of IT

industry and proximity to the International

Airport.

Despite huge unsold inventory, Delhi NCR

is outgrowing residential launches at a

consistent pace. This can be attributed to

the expanding urban diaspora and ample

availability of land parcels in the industrial

areas of Greater Noida towards south-east

and Dharuhera towards south-west.

Falling along the ambitious Delhi-Mumbai

Industrial Corridor (DMIC), these areas are

likely to see increased development in the

times to come.

Similarly, northern and western Pune

(adjoining the Mumbai-Pune Expressway)

saw large-scale residential projects due to

expanding IT/ITeS, industrial, automobile

and manufacturing hubs. Just to throw a

number, in Q3 2016 Pune recorded an

increase of 50 per cent in the new launch

supply as against Q2 2016.

Traditionally being end-user markets,

unlike other metros, Bangalore and

Chennai were stable in terms of supply.

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Bangalore Chennai Hyderabad Kolkata MMR NCR Pune

No

. of

Un

its

Lau

nch

ed

Q1 2016 Q2 2016 Q3 2016


4

Weighted Average Price – Top 7 Cities

Fig 2: Weighted average price trend for the year of 2016 among major metro cities

Property values of the residential units

remained more or less stable in this

quarter.

Q3 2016 has seen a clear domination of

affordable projects resulting in a price

drop as against the last two quarters. MMR

was the only region to witness majority

launches in mid and luxury segment.

Chennai has maintained the average price

level with majority launches in mid (32 per

cent) and luxury segment (37 per cent).

With active growth of IT/ITeS in the

southern region, the city has witnessed

rich appetite for luxury projects.

In a stark contrast to other cities, Delhi

NCR recorded a 30 per cent drop in the

average price level. This, however, can be

attributed to increasing number of

projects with affordable units along Dadri,

Tech Zone IV and Knowledge Park 5 in

Greater Noida and Dharuhera region.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Bangalore Chennai Hyderabad Kolkata MMR NCR Pune

Wei

ghte

d A

vera

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rice

of

Lau

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es (

pri

ce p

sft.

)

Q1 2016 Q2 2016 Q3 2016


5

Unsold Stock - Top 7 Cities

The unsold stock has touched an all-time

high with approximately 7.5 lakh units

available in the primary market at the

different stages of construction. High

property prices, low sales velocity,

execution delays and subdued residential

demand are the major reasons behind this.

Among all the cities, NCR is the worst-

affected followed by MMR, Bangalore and

Pune. The residential supply has surpassed

demand in these top cities resulting in a

huge piled up stock. It is estimated that it

will take more than 4-5 years to clear this

current stock.

Out of the total unsold stock, nearly 25 per

cent is skewed in the southern cities. At

present, Bangalore has about 1.17 lakh

unsold inventory as significant number of

under-construction projects are unsold in

the primary market. On the flipside, buyers

are more inclined towards buying ready-

to-move-in projects to avoid execution

delays and litigation issues.

Hyderabad has the lowest unsold stock

among top cities. Political instability kept

developers away from this market until the

bifurcation dust settled. However, despite

unsold inventory, offloading it is expected

to take more than 3 years.

0

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150

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300

Bangalore Chennai Hyderabad Kolkata Pune Delhi-NCR MMR

Un

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Sto

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no

.of

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Tho

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Fig 3: Volumes of unsold residential stock among major metro cities

Bangalore Residential Real Estate Market Q3 - 2016

6

Bangalore

City Residential Overview

Fig 4: Map showing important localities along with infrastructural overview of Bangalore

Bangalore saw a decent number of

residential launches in Q3 2016 as

compared to the last two quarters with

marginal slowdown in residential sales.

The city is also riding high on several

infrastructural upgrades.

Driven by the IT/ITeS sector, micro-

markets in southern and eastern

Bangalore retained their spots as

prominent residential hubs. Whitefield is

the key market in the East with a good

number of under-construction projects.

Interestingly, heightened interest was

seen in North Bangalore which resulted in

16 per cent of the new residential supply in

Q3 2016. Presence of the International

airport coupled with IT and commercial

developments along the Hennur Main

Road can be mainly attributed towards

this.


7

Zone Wise New Launches

As always, south Bangalore ruled the roost

with maximum supply followed by east

Bangalore. Electronic City, Chandapura-

Anekal Road and Kanakapura Road were

the top micro-markets in the former

region, while Sarjapur Road, Marathahalli,

Hoodi and KR Puram topped the latter

region.

Interestingly, a good number of projects

were also launched in North Bangalore,

especially along the Hennur Main Road.

AML Classification of New Launches

As against Q2 2016, the number of new

launches in the affordable segment has

recorded an upward trend in Q3 2016.

These affordable units are majorly

concentrated near Chandapura-Anekal

Road.

Electronic City has been a major focus

market this quarter for both affordable

and mid-segment projects with developers

such as Kolte Patil and Patel Realty Group

launching their projects. Fig 6: Residential supply segmentation - Bangalore

Key Micro Market Prices

Table 1 Key residential markets - Bangalore

Locality W. Average Price as on

Q3-2016 (INR) Average Rental Price for

2BHK (INR)

Whitefield 4,100 - 5,400 15,000 - 18,000

Sarjapur Road 4,000 - 6,450 15,000 - 22,000

Kanakapura Road 3,580 - 5,850 9,000 - 15,000

Electronic City Phase I 3,000 - 5,100 11,000 - 18,000

Hebbal 5,200 - 6,750 12,000 - 21,000

Yelahanka 3,600 - 5,710 9,000 - 15,000

Fig 5: Zone-wise distribution of supply - Bangalore

0

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3000

3500

CentralBangalore

EastBangalore

NorthBangalore

SouthBangalore

Sup

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(n

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un

its)

Affordable64%

Mid28%

Luxury6%

Ultra Luxury

2%


8

Key Launches of the Quarter (Q3 -2016)

Expat Group contributed about one fourth of the affordable residential supply in Q3 2016, while Kolte

Patil Developers contributed nearly one third in the mid-segment.

Table 2 Key Launches of the quarter - Bangalore

Property Segment

Project Name Locality Approx.

Units Approx. Price (Rs per sq.ft.)

Approx. Sizes (sq.ft)

Affordable Expat Vida (Expat Group)

Chandapura-Anekal Road

1,000 1.5bhk:27.55L 2,2.5bhk: 34.53-35.86L 3,3.5bhk: 42.56-56.26L

889 1,114-1,157 1,373-1,815

Affordable Skylark Dasos (Skylark Mansions Pvt Ltd)

Hennur Main Road

649 1bhk: 25.83L 2bhk: 39.34L 3bhk: 47.91-58.38L

654 996 1,213-1,478

Mid

Kolte Patil iTowers Exente (Kolte Patil Developers Ltd)

Electronic City 438

1bhk: 31.2-45.76L 2,2.5bhk: 58.03-64.22L 3bhk: 79.5-88.03L 4bhk: 1.06-1.44Cr

600-800 1,116-1,235 1,529-1,693 2,046-2,770

Mid Vaswani Menlo Park (Vaswani Group)

Marathahalli 330 2bhk: 58.22-59.26L 3bhk: 79.28-94.36L

1,120-1,140 1,525-1,815

Luxury Habitat Eden Heights (Habitat Ventures)

Hoodi 316 2.5bhk: 90.20-95.73L 3,3.5bhk: 94.53L-1.3Cr

1,398-1,447 1,768-2,021

Key Micro Market - Based on new launch supply - Quarter 3 (2016)

Chandapura-Anekal Road emerged as the showstopper with highest number of launches (1,000

units) at a base selling price of Rs 3,100 per sq. ft. The stretch has also recorded steady price

appreciation over the past few quarters.

The proposed infra upgrades like the metro link from Electronic City to Chandapura Circle,

constriction of 6-lane road and the Intermediate Ring Road have together upped the ante of this

stretch turning it into a hotspot for affordable and mid-segment projects.

Zone Wise Under construction Supply

East and South Bangalore have maximum

under-construction supply with a total of

2.21 Lakh units, contributing nearly 67 per

cent to the total under-construction

supply in the city. These two zones are

preferred by denizens primarily due to the

proximity of IT/ITeS hubs and constantly

improving social infrastructure.

North Bangalore boasts of about 54,830

under-construction units. With the

upcoming Hardware Park and improved

connectivity via proposed Peripheral Ring 0

10

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40

50

60

70

80

90

EastBangalore

SouthBangalore

NorthBangalore

WestBangalore

CentralBangalore

sup

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Fig 7: Zone-wise distribution of under construction stock - Bangalore


9

Road, the region has lately come under the

radar of developers.

West Bangalore, still lags behind but is

slowly gaining momentum in real estate

development.

Rental Data Analysis - Top 5 Micro Markets

Table 3 Top 5 rental markets - Bangalore

Market Rental Listings

Volume Avg. Monthly Rentals (2bhk)

Whitefield 1962 17,500

J.P. Nagar 1581 17,000

Bannerghatta 1502 15,000

BTM Layout 1014 15,682

HSR Layout 1005 20,000

In line with new launch supply, eastern and

southern markets also dominated the

rental market in the city. In the south, JP

Nagar, Bannerghatta, BTM Layout and HSR

Layout were the top performers, while

Whitefield topped in the East.

A healthy rental demand was also

observed in the central parts of the city

such as Koramangala and Indiranagar with

several established commercial and retail

hubs, making it more desirable for the

youngsters.

Realty Updates

The 65 km long Peripheral Ring Road (PRR) connecting Tumkur Road with Hosur Road has been granted in-principle approval after 30 years.

Clearance from State-level Environment Impact Assessment Authority (SEIAA) is made mandatory for builders constructing high-rise projects covering an area of 20,000 sq.mt. or townships and area-development projects spreading over more than 50 hectares.

Approvals for new real estate projects in and around Bellandur Lake (within Palike limits) to be rejected by BBMP, BDA following the interim order by court.

Bangalore Metro Rail Corporation Limited (BMRCL) initiated track laying process at KR Market and Sampige Road underground Metro stations.

After the passing of orders by National Green Tribunal (NGT) and the ongoing demolition drive by the Karnataka state government, there is a slowdown in property sales as homebuyers are pondering on whether to invest in properties in the city.

Chennai Residential Real Estate Market Q3 - 2016

10

Chennai


Fig 8: Map showing important localities along with infrastructural overview of Chennai

The Chennai market seems to be in revival

mode after the floods last year. The city

witnessed a healthy residential supply this

quarter as against the preceding quarters.

There is an increased focus on

infrastructural development with the

selection of Chennai for the first phase of

Smart City development.

Chennai’s market is primarily driven by

mid and luxury segments with a rich

appetite for premium projects. It is

interesting to note that the city has

homogeneous distribution of projects

among different price segments unlike

other cities.

The residential market was more oriented

towards the south with infrastructure

scaling along the East Coast Road (ECR)

and Old Mahabalipuram Road (OMR).

This was followed by West Chennai owing

to availability of large land parcels in the

vicinity of the industrial hubs.


11


South Chennai dominated the new launch

supply in Q3 2016 with majority of the

launches in the mid and luxury segment.

This part of the city has an infrastructural

advantage over its counterparts along with

better accessibility to the central parts of

the city.

This was followed by western part of the

city with a healthy supply of projects with

affordable units.


Fig 10: Residential supply segmentation - Chennai

Chennai has equal distribution of projects

in affordable, mid and luxury segments

with luxury taking the lead (37 percent)

followed by mid-segment (32 percent) and

affordable projects.

Majority of the projects with affordable

units are lined up in the west with the

advent of new suburban avenues and

proximity to the industrial hubs.


Table 4 Key residential markets - Chennai



2BHK (INR)

Old Mahabalipuram Road 4,200 - 5,400 12,100 - 16,500

Guduvancheri 2,810 - 3,780 7,000 - 13,000

Oragadam 3,000 - 4,500 6,500 - 9,000

Pallikaranai 4,000 - 5,500 9,000 - 15,000

Perumbakkam 3,435 - 4,875 10,000 - 15,000

Sholinganallur 4,800-5,600 12,500 - 16,000

0

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1400

1600

NorthChennai

SouthChennai

West ChennaiSup

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Fig 9: Zone-wise distribution of supply - Chennai

Affordable28%

Mid32%

Luxury37%

Ultra Luxury

3%


12


Table 5 Key launches of the quarter - Chennai

Property Segment




Affordable Colorhome Poonamalle Farms (Colorhomes)

Poonamalle 405 2bhk: 20L 3bhk: 45L 4bhk: 55L

543 1,200 1,390

Luxury Sobha Winchester (Sobha Developers Ltd.)

Kovilambakkam

344 1bhk: 40.50-47.25L 2bhk: 1.01-1.08Cr 3bhk: 1.20-1.90Cr

600-700 1,500-1,600 1,790-2,826

Luxury Casa Grande Alandur II (Casa Grande Private Ltd.)

Alandur 328 2bhk: 90L 3bhk: 1.11-1.41Cr 4bhk: 1.80-1.90Cr

1,250 1,550-1,960 2,500-2,650

Affordable Urban Tree Fantastic (Urban Tree Infrastructure Pvt Ltd)

Vanagaram 300 1bhk: 22.92L 2bhk: 23.04-55.13L 3bhk: 48.73L

588 591-1,414 1,250

Mid Casa Grande Madhavaram (Casa Grande Private Ltd.)

Madhavaram 232 2bhk: 48.83-55.80L 3bhk: 65.10-74.40L 4bhk: 90.67L

1,050-1,200 1,400-1,600 1,950


Poonamallee, in the west, has been an extensively active affordable market this quarter, with

over 400 unit launches at a base selling price of Rs 5,219 per sq. ft.

Proximity to IT hubs, good road connectivity, and robust infrastructure are the major factors

driving the residential market growth here. Moreover, growing techies in the region has

influenced developers to launch affordable units in the region.


Majority of the under-construction units,

97 per cent to be precise, are concentrated

in the south and west micro-markets of the

city. IT/ITeS and industrial establishments

coupled sound infrastructure have

boosted these regions realty prospects.

Due to shortage of developable land and

high prices, central Chennai maintained its

status of being the most sought-after

residential destination. Sound social

infrastructure, availability of Grade-A

office space and enhanced connectivity to

the other parts of the city have been the

major catalysts driving growth in this

region.

0

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SouthChennai

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Fig 11: Zone-wise distribution of under construction stock - Chennai


13

Rental Data Analysis - Top 5 Micro Market

Table 6 Top 5 rental markets - Chennai



Velachery 1112 18,700

Porur 619 17,000

Chromepet 522 12,500

Thiruvanmiyur 448 16,800

Madipakkam 322 15,900

Majority of the rental activity in Q3 2016

was skewed in the southern part of the city

along the markets of Velachery, Porur,

Chromepet, Thiruvanmiyur, and

Madipakkam. The concentration of the IT

industry in these regions have been a

major driving factor for rentals.

Interestingly, rental demand was at par

with the supply. Markets such as

Thiruvanmiyur, Mylapore, Purasawalkam

and Porur witnessed maximum demand

for rental accommodation in the third

quarter.

Realty Updates

Regulation of real estate sector to kick start with RERA coming into reality. State regulatory authority are being set up to penalise the realtors on delaying housing projects.

Tamil Nadu Slum Clearance Board to construct 23,476 tenements and individual houses during the current financial year.

Chennai industrial estate’s civic maintenance and infrastructure work will now be controlled by Greater Chennai Corporation.

As a part of Coimbatore and Chennai smart city projects, Rs 200 crore grant has been released and special purpose vehicles have been established.

Delhi-NCR Residential Real Estate Market Q3 - 2016

14

Delhi-NCR


Fig 12: Map showing important localities along with infrastructural overview of Delhi-NCR

Delhi NCR was among the most happening

residential markets of the country with a

humongous addition of developable land

along with an integration of transport

facilities aiding the sprawl.

Immense potential for development has

helped Greater Noida and Yamuna

Expressway attract several developers to

launch their projects here in this quarter.

With new avenues (Dharuhera, Bhiwadi,

Palwal, Yamuna Expressway) adding up to

the urban development bounds, an

aggressive supply trend was noticed in

these markets.

Gurgaon and Noida were the other two

satellite towns with high commercial

concentration apart from the central CBD

in New Delhi pulling both developers and

investors to these markets.

Ghaziabad, which saw a good number of

affordable launches in the past, recorded a

slight dip in the contribution to the new

supply in this quarter.


15


Greater Noida emerged as the

showstopper with 43 per cent new supply,

followed by Noida and Gurgaon with 26

and 20 per cent respectively. While the

former market boasted of launches in the

affordable segment, the latter two

recorded majority launches in the mid and

luxury segment.


The Affordable segment dominated the

property spectrum in Delhi NCR with about

77 per cent, followed by mid and luxury

segments with 12 and 11 per cent

respectively.

Interestingly, majority of the projects in

the affordable segment were launched in

Dharuhera, Greater Noida and Bhiwadi

where the property values are still

realistic. While the concentration of mid

and luxury properties were seen towards

the commercial hubs of Noida and

Gurgaon.


Table 7 Key residential markets - Delhi-NCR



2BHK (INR)

Sector-79 (Gurgaon) 4,800 - 5,400 NA

Sector-143 (Noida) 4,500 - 5,200 10,000 - 15,000

Sector-79 (Noida) 4,200 -4,800 NA

L Zone (Delhi) 3,000 - 4,500 NA

Raj Nagar Extension (Ghaziabad) 3,200- 3,600 7,500 - 10,000

Yamuna Expressway (Greater Noida) 2,550 - 4,050 6,000 - 11,000

Noida Extension (Greater Noida) 2,760 - 4,030 7,000 - 10,000

Fig 14: Residential supply segmentation - Delhi-NCR

Affordable77%

Mid12%

Luxury8%

Ultra Luxury

3%

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Fig 13: Zone-wise distribution of residential supply - Delhi-NCR


16


Table 8 Key launches of the quarter - Delhi-NCR

Property Segment




Affordable Ajnara Khel Gaon (Ajnara India Ltd)

Dadri 1,150 2bhk: 24.52-27.26L 3bhk: 32.74-38.22L

895-995 1,195-1,395

Affordable SKA Green Arch Sector-16,

Noida 944

2bhk: 21.80L 3bhk: 26.59-34.88L

1,000 1,220-1,600

Affordable Pivotal Paradise (Pivotal Infrastructure)

Sector-62, Gurgaon

760 1bhk: 12.41L 2bhk: 23.09L 3bhk: 25.82L

361 657 716

Affordable Nirala Estate II (Nirala World)

Tech Zone IV, Greater

Noida 720

2bhk: 30.32-37.46L 3bhk: 39.52-55.40L 4bhk: 73.66L

955-1,180 1,245-1,745 2,320

Luxury

ATS Picturesque Reprieves (ATS Infrastructure Ltd)

Sector-152, Noida

700 3bhk: 1.11Cr 4bhk: 1.52Cr

2,350 3,200


Dadri in Greater Noida recorded the maximum new launch supply in contrast to the negligible number

of launches in the previous quarter. A whopping 1,150 units were launched here at a base selling price

of Rs 2,740 per sq. ft.

Connectivity with Noida-Greater Noida Expressway coupled with the ongoing expansion of the metro

rail have been the major growth drivers for Dadri. Moreover, there is also an integrated industrial

township project that is being developed.


Majority of the under-construction units in

NCR are lying in Greater Noida, Gurgaon

and Noida with Greater Noida leading the

show with 40 percent units. Out of the

total, about 30 per cent under-

construction units in Greater Noida were

launched during 2009-11. As per the

micro-markets, Yamuna Expressway and

Noida Extension are the biggest

contributors.

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Fig 15: Zone-wise distribution of under construction stock - Delhi-NCR


17


Table 9 Top 5 rental markets - Delhi-NCR



Indirapuram 4028 12,000

Patel Nagar 3954 14,300

Kalkaji 2600 23,000

Chattarpur 1635 14,500

Uttam Nagar 1615 11,650

Ghaziabad recorded maximum rental

activity followed by Delhi in Q3 2016.

Indirapuram and Sector 12 were the

prominent micro-markets in Ghaziabad,

while Patel Nagar, Kalkaji, Chattarpur,

Uttam Nagar and Dwarka evolved as top

performers in Delhi.

However, a slight mismatch was noticed in

the rental demand as the eastern and

western suburbs of Delhi like Laxmi Nagar,

Uttam Nagar and Vikas Puri recorded

higher rental demand.

Realty Updates

Redevelopment of seven housing colonies was approved through National Buildings Construction Corporation Limited (NBCC) and Central Public Works Department (CPWD). The housing stock is set to increase from 12,970 to 25,667 units.

A committee formed by North Delhi Municipal Corporation, led by top officials including an additional commissioner to inspect and demolish illegal construction activities.

DDA is planning to bring in world-class landscaping parks inspired by the likes of Hyde Park in London, New York’s Central Park, and Garden by the Bay in Singapore. Areas spreading over 100 acres in sizes have been shortlisted in west and north-west of Delhi.

NGT ordered the municipal corporations and other authorities to levy environmental compensation on construction sites based on their size for causing dust pollution. A 20,000 sq.mt. site would be liable to pay Rs 5 lakh, 100 sq.m site to pay Rs 10,000 and 100-200 sq.m site is subjected to pay Rs 20,000 and so on.

Ghaziabad Development Authority to initiate the revision of the existing master plan 2021. Population projections, satellite survey of the city, land-use survey, transportation survey and other required surveys to be undertaken to prepare the revised master plan.

Hyderabad Residential Real Estate Market Q3 - 2016

18

Hyderabad


Fig 16: Map showing important localities along with infrastructural overview of Hyderabad

Hyderabad has lately emerged as a

preferred destination for investment with

growing commercial establishments. In

this quarter, however, there has been a

marginal dip in the new launch supply.

High construction activity in the western

region (Cyberabad) has put tremendous

strain on the region that has resulted in the

huge unsold stock.

Interestingly, there has been an increase in

the new launch supply in North

Hyderabad.


19


West Hyderabad leads the show with the

most number of launches in the city largely

focused on luxury and ultra-luxury

segments pivoted around the IT/ITeS hubs.

This quarter, interestingly, has also seen

noticeable launches in the North (Miyapur

and Kowkoor) in the affordable and mid-

segments. These northern markets are

largely driven by the spillover demand

from the nearby commercial centres of

western Hyderabad where property prices

have shot up significantly.


Hyderabad has recorded maximum supply

in the mid-segment, followed by

properties in luxury segment. With

growing demand for mid and luxury

properties, the affordable segment has

taken a back seat this quarter.


Table 10 Key residential markets - Hyderabad



2BHK (INR)

Gachibowli 3,255 - 5,210 10,000 - 17,000

Hi Tech City 4,100 - 5,000 11,000 - 18,000

Madinaguda 2,800 - 3,800 9,500-15,000

Hafeezpet 3,200 - 4,000 9,000 -14,000

Tellapur 3,500 - 5,180 11,000 - 14,500

Kondapur 3,500 - 4,500 11,000 - 15,000

0200400600800

10001200140016001800

East Hyderabad NorthHyderabad

WestHyderabad

Sup

ply

(n

o.o

f d

wel

ling

un

its)

Fig 17: Zone-wise distribution of supply - Hyderabad

Fig 18: Residential supply segmentation - Hyderabad

Affordable12%

Mid48%

Luxury25%

Ultra Luxury

15%


20


Table 11 Key launches of the quarter - Hyderabad

Property Segment




Ultra-Luxury

Muppas Indraprastha (Muppa Projects Pvt Ltd)

Tellapur 300 4bhk: 1.62-2.16Cr 3,379-4,500

Luxury Western Exotica (Western Constructions)

Kondapur 270 2bhk: 72.00-79.91L 3bhk: 1.17-1.46Cr

1,290-1,473 2,200-2,813

Luxury Vishnu Vistara (Vishnu Group)

Hi-Tech City 240 3bhk: 86.32L-1.15Cr 1,730-2,310

Mid Sai Keerthi Prime (Sai Jyothi Constructions)

Chanda Nagar

220 2bhk: 38.08-40.80L 3bhk: 47.60L

1,120-1,200 1,400

Mid Silpa RV dharmista (R V Nirmaan Pvt Ltd)

Miyapur 206 2bhk: 42.92-45.51L 3bhk: 57.53-65.49L

1,160-1,230 1,555-1,770


Located in West Hyderabad, Kondapur has recorded maximum new launch supply in Q3 2016 at a

base selling price of Rs 2,668 per sq.ft. A total of 450 units were launched in both mid and luxury

segment.

Kondapur has gained momentum due to its proximity to Gachibowli and Hitech City. Moreover, steady

demand for residential properties from both investors and end-users have attracted many developers

to this area.


As expected, the western part of the city

accounts for the largest share of under-

construction inventory, followed by the

north, south, east and central markets.

Just to throw a number, approximately

43,070 units are under-construction that

are likely to be completed in the next 3-4

years.

Out of the total under-construction supply,

North Hyderabad accounted for about 19

percent. South, Central and East

Hyderabad are the silent zones in terms of

under-construction supply in the city.

0

5

10

15

20

25

30

35

40

45

50

WestHyderabad

NorthHyderabad

SouthHyderabad

EastHyderabad

CentralHyderabad

Sup

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(n

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Tho

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Fig 19: Zone-wise distribution of under construction stock - Hyderabad


21

Due to the presence of grade A office

spaces and premium micro-markets such

as Jubilee Hills and Banjara Hills, central

Hyderabad also recorded decent under-

construction supply in Q3 2016.


Table 12 Top 5 rental markets - Hyderabad High rental availability was recorded in and

around major commercial and retail

hotspots such as Madhapur, Ameerpet,

Gachibowli, and Tolichowki among others.

Much of the rental demand is augmented

around the commercial hubs of the city

and the adjacent residential markets such

as Hitech City, Gachibowli, Kukatpally,

Madhapur, and Manikonda.

Realty Updates

With the saturation of the existing financial district, plans are being made by the Telangana government to develop a new financial district spread over a 50 acres in the next six to nine months.

For the Hyderabad metro rail to become operational, 1,200 properties are yet to be acquired in Sultan Bazaar, Ameerpet, Jubilee hills and Secunderabad areas.

Cisco Systems along with its technology solution partner Paradigm Mtuity is set to implement a pilot project under the Hyderabad Smart City project.

Development plans for Phase II expansion of Hyderabad Metro Rail network to be taken up by collaboration of Hyderabad Metro Rail Limited and Delhi Metro Rail Corporation

An American data firm is planning to open its largest office in the world spreading over an area of 8.6 lakh sq.ft. With a lease rental of Rs 800 crore for 15 years and planning to hire 7,000 employees for Hyderabad office alone.



Madhapur 1112 14,600

Banjara Hills 619 17,000

Gachibowli 522 14,700

Ameerpet 448 13,000

Tolichowki 322 14,200

Kolkata Residential Real Estate Market Q3 - 2016

22

Kolkata


Fig 20: Map showing important localities along with infrastructural overview of Kolkata

Kolkata is seeing a trend shift from industrial to IT/ITeS sector. There has been a growing interest of

several multinational companies in area like New Town and Rajarhat that offers better infrastructure

along with proximity to the International Airport.


23


East Kolkata (New Town, Rajarhat, certain

parts of Garia, VIP Nagar) saw the

maximum new launch supply in this

quarter due to increased focus on planned

infrastructure.

This was followed by North Kolkata with

emerging micro-markets offering

affordable alternatives with enhanced

connectivity via metro rail and suburban

railway system.

Central Kolkata stood last with no new

launches indicating a saturation in the

residential markets.

Fig 21: Zone-wise distribution of residential supply - Kolkata


Figure 22 Residential supply segmentation - Kolkata

As per the market segmentation,

affordable properties clearly ruled the

roost.

The city of joy has been on revival mode

with several residential and commercial

projects lined up along the New Town

region in the east. With a developing IT

sector, this region has huge potential for

price appreciation in the times to come.


Table 13 Key residential markets - Kolkata



2BHK (INR)

Rajarhat 3,900 - 4,800 11,500 - 15,000

EM Bypass 5,900 - 6,700 12,000 - 22,000

Maheshtala 3,000 - 3,500 7,000 - 10,000

Behala 3,500 - 4,000 8,000 -11,500

Garia 3,400 - 4,000 8,000 - 11,000

Affordable69%

Mid23%

Luxury7%

Ultra Luxury

1%

0

200

400

600

800

1000

1200

1400

1600

1800

KolkataCentral

KolkataEast

KolkataNorth

KolkataSouth

KolkataWest

Sup

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(n

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its)


24


Table 14 Key launches of the quarter - Kolkata

Property Segment




Affordable Usashi Prince Town (Usashi Realstates Pvt Ltd)

New Town 800 2bhk: 16.71L 3bhk: 20.43-22.78L

840 1,027-1,145

Mid Ideal Aurum (The Ideal Group)

Sonarpur 486 2bhk: 35.72-40.66L 3bhk: 44.12-52.31L

701-731 881-964

Affordable RCBS Realty Roopkatha (RCBS Realty Pvt Ltd)

Baruipur 320 1,1.5bhk: 11.94-15.13L 2,2.5bhk: 16.67-19.80L

543-688 758-900

Luxury Sanjeeva Tower (Vedic Realty Ltd)

Rajarhat 224 2bhk: 64.26-64.26L 3bhk: 77.62-86.24L 4bhk: 1.0Cr

1,260-1,355 1,522-1,691 1,967-1,978

Affordable Diadem Anandamath Kalyani 200 1bhk: 8.49L 2bhk: 12.49L

400 600


New Town in East Kolkata was the key micro-market in this quarter with 885 new units launched at a

base selling price of Rs 3,145 per sq. ft.

A fast developing market, New Town boasts of well-planned streets, large green spaces and an

amalgamation of physical as well as social infrastructure.


East Kolkata accounts for a major share of

under-construction units with 34 percent,

followed by the South, North, West and

Central Kolkata.

Rajarhat and New Town together

constitute about 18,435 under-

construction units, which is highest in the

city, mainly attributed to the increased

commercial activity in these regions.

South Kolkata accounts for nearly 26

percent of under-construction supply.

0

5

10

15

20

25

30

35

40

45

EastKolkata

SouthKolkata

NorthKolkata

WestKolkata

CentralKolkata

sup

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Tho

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Fig 23: Zone-wise distribution of under construction stock - Kolkata


25

Majority of the real estate development in

the region is happening in peripheral areas

such as Narendrapur, Garia, Rajpur

Sonarpur and Amtala-Baruipur Road.

Approximately 20 percent of under-

construction supply hailed from the North

Kolkata. Once known as an industrial hub,

today has emerged as one of the most

preferred residential destinations. Micro

markets such as BT Road, Jessore Road and

Madhyamgram have witnessed project

launches from reputed developer in the

last few years.


Table 15 Top 5 rental markets - Kolkata



Dum Dum 8023 10,500

Rajarhat 1468 14,500

Keshtopur 1130 10,500

Salt Lake City 974 15,500

Tollygunge 737 18,500

Aggressive commercial developments

along the New Town region have boosted

the rental availability in markets such as

Rajarhat, Keshtopur, DumDum and Salt

Lake City, among others.

Interestingly, rental demand was also at

par with availability and major demand

was recorded in eastern areas of Salt Lake

City, Rajarhat and VIP Road, among others.

Realty Updates

Large-scale housing projects covering an area of 2 lakh sq. ft should get a green approval before starting construction.

Though the calculation of property tax is now simplified and promises to lessen the tax burden for flat owners, the process to avail the opportunity is not easy.

Binani Group, the 143-year old business conglomerate is set to invest Rs 10,000 crore in cement, power and infrastructure, including ports, in Bengal.

Mumbai Metropolitan Region Residential Real Estate Market Q3 - 2016

26

Mumbai Metropolitan Region


Fig 24: Map showing important localities along with infrastructural overview of MMR

Mumbai Metropolitan Region (MMR) is

another residential agglomeration with

two major satellite cities (Navi Mumbai

and Thane) aiding the growth of the

residential market along with commercial

establishments.

Thane developed largely as an alternative

to the expanding residential activity in the

city. Navi Mumbai’s development, on the

contrary, was more planned as it was

taken up by the authority.


27


Thane and beyond are the most active

residential markets in MMR with the

highest number of new launches in Q3

2016. These markets have evolved as an

alternative to the central suburbs resulting

in high residential demand. Navi Mumbai

has also seen significant launches in both

affordable and mid-segments with

planned infrastructure development.

Fig 25: Zone-wise distribution of residential supply - MMR


The third quarter saw majority of the

launches in affordable and mid-segment

categories. This can be attributed to the

fact that Navi Mumbai and Thane recorded

maximum new launch supply in this

quarter where property values are still

realistic.

The central suburbs continued to be

dominated by premium residential

options.

Fig 26: Residential supply segmentation - MMR


Table 16 Key residential markets - MMR



2BHK (INR)

Dombivli East 5,870 - 6,400 10,500 - 15,000

Virar West 4,700 - 5,100 7,000 - 10,000

Mira Road 6,000 - 8,640 13,000 - 20,000

Panvel 4,280 - 6,980 8,000 - 14,000

Taloja 4,000 - 4,500 8,000 -10,000

Kharghar 7,200 - 7,800 11,000 - 14,500

Ghodbunder Road 8,800 - 9,150 14,000 - 22,000

Affordable

Mid58%

Luxury1%

Ultra Luxury

1%

0

500

1000

1500

2000

2500

3000

3500

4000

4500

MumbaiBeyondThane

ThaneWest

NaviMumbai

MumbaiHarbour

MumbaiWesternSuburbs

Thane MumbaiSouth

MumbaiCentralSuburbs

Sup

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its)


28


Table 17 Key launches of the quarter - MMR

Property Segment




Mid Godrej Emerald (Godrej Properties Ltd)

Ghodbunder Road

1,400 1.5bhk: 75L 2bhk: 97.50L-1.12Cr 3bhk: 1.27-1.42Cr

500 600-750 850-950

Affordable Palava-Codename Golden Tomorrow (LODHA Group)

Dombivli East

1,200 1bhk: 37.35L 2bhk: 50.22L 3bhk: 57.96L

426 560 650

Affordable Xrbia Axtria (XRBIA Developers)

Panvel 1,100 2bhk: 47.00L 3bhk: 60.95L

1,000 1,297

Mid Richa SRA (Richa Realtors)

Chembur 1,000 1.5bhk: 66.00L 2bhk: 1.01Cr 3bhk: 1.32Cr

750 1,150 1,500

Mid Tycoons Goldmine Kalyan West 500 1bhk: 39.63L 2bhk: 55.59-69.85L 3bhk: 93.58-93.81L

698 979-1,230 1,648-1,652


Ghodbunder road in Thane West boasts to be a preferred investment destination under the residential

category. As many as 1400 new units were launched in this quarter with one of the highest base selling

price in MMR region at Rs. 15000 per sq.ft. The Ghodbunder road stretches approximately 20 km long

and the development in this region is very rapid resulting in launch of both affordable and premium

properties by reputed developers. The selling points of this locality is that the road links two main

arterial roads of Mumbai (Eastern Expressway and Western Expressway). The upcoming MGM IT park

and other corporate organizations and proposed monorail is an additional advantage to this locality.


Fig 27: Zone-wise distribution of under construction stock - MMR

0

20

40

60

80

100

120

MumbaiBeyondThane

MumbaiWesternSuburbs

Mumbai MiraRoad &Beyond

MumbaiCentralSuburbs

MumbaiHarbour

MumbaiSouth

Navi Mumbai Thane

sup

ply

(n

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Tho

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29

MMR is currently sitting on nearly 4 lakh

under-construction inventory, out of

which 25 per cent comes from the Thane

region. High property prices and

unavailability of land banks within the city

limits have shifted developers’ interest to

the peripheral areas such as Dombivali,

Badlapur, Vangani and Kalyan.

Navi Mumbai is sitting on about 73,179

under-construction units. Micro-markets

such as Panvel, Taloja and Kharghar

contributed more than 60 percent of

under-construction supply in the city.

About 14 per cent under-construction

units were skewed in the western suburbs.


Table 18 Top 5 rental markets - MMR



IIT Powai 4352 45,000

Kharghar 3292 18,000

Andheri West 3042 47,000

Naigaon 2354 8,500

Andheri East 2346 40,000

Increasing employment opportunities

have been a major driver fueling rental

housing demand in the city. Powai,

Kharghar, Andheri East & West and

Naigaon were the top markets that

recorded maximum rental availability.

Maximum rental demand was recorded in

markets such as Andheri East, Goregaon

West and Ghodbunder Road, among

others.

Realty Updates

With new development rules coming into existence, fewer project launches and land deals will be witnessed in the Mumbai Metropolitan Region (MMR).

Donald Trump, the American Republican presidential candidate and also a real estate tycoon has launched two real estate projects by name ‘Trump Tower’ luxury apartments in Mumbai and Pune.

An Affordable housing project has been launched by Actor Vivek Oberoi’s real estate firm, Karrm Infrastructure Pvt. Ltd. Upon completion of the project, more than 15,000 families will be provided houses at a cost of Rs 7.9 lakh.

Brihanmumbai Municipal Corporation (BMC) has approved 24 projects along the city’s coastline around the localities of Girgaum Chowpatty, Prabhadevi, Mahim and Shivaji Park.

The final approval (i.e. Stage 2 forest clearance) for clearing the tarmac for work on ground has been issued to Navi Mumbai airport.

BMC proposed 10% property tax rebate scheme in which the societies who segregate waste (dry and wet) and composite it are eligible to avail the discount.

Pune Residential Real Estate Market Q3 - 2016

30

Pune


Fig 28: Map showing important localities along with infrastructural overview of Pune

Real estate development in Pune is

primarily skewed towards the northern

and western region. Excellent intra-city

connectivity via Mumbai-Pune Expressway

has significantly boosted the prospects of

industrial and commercial developments

in these regions of the city.

Apart from north and west Pune, south

Pune was also active in terms of residential

developments owing to the availability of

land parcels and proximity to the central

markets and institutional spaces of the

city.

Increasing unsold inventory in the luxury

segment put a break to the launch of

luxury units and thus the market was

dominated by affordable and mid-segment

properties in this quarter.


31


Pune has lately witnessed rapid residential

growth due to the development of the

IT/ITeS industry. In Q3 2016, North Pune

surpassed other zones with the highest

new launch supply. Realistic property

values, robust infrastructure and proximity

to the IT and industrial hubs have been the

major catalysts in fueling residential

demand in this region.

North Pune was followed by West and

South Pune comprising nearly 28 and 18

per cent new launch supply respectively.

Fig 29: Zone-wise distribution of residential supply - Pune


Properties in the affordable and mid-

segment dominated the property

spectrum in Pune with 66 and 34 per cent

respectively.

Luxury segment recorded a significant dip

in this quarter due to low demand,

oversupply and infrastructure issues.

Fig 30: Residential supply segmentation - Pune


Table 19 Key residential markets - Pune



2BHK (INR)

Wagholi 3,635 - 5,270 9,000 - 14,000

Hinjawadi 3,900 - 5,540 9,000 - 13,000

Undri 4,500 - 5,200 10,000 - 15,000

Wakad 5,200 - 7,080 12,000 - 18,000

Chakan 3,200 - 3,800 7,500 - 10,000

Moshi 3,430 - 5,200 9,000 - 14,000

Baner 5,800 - 8,430 12,000 - 19,000

0

500

1000

1500

2000

2500

3000

3500

NorthPune

West Pune SouthPune

East Pune

Sup

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Affordable66%

Mid34%


32


Table 20 Key launches of the quarter - Pune

Property Segment




Mid

Kolte Patil R1 Life Republic (Kolte Patil Developers Ltd)

Hinjewadi 1,000 2bhk: 52.00L 3bhk: 74-77L

1,030 1,487-1,545

Affordable Miracle Micron Nine (Miracle Buildtech Pvt Ltd)

Alandi 600 1bhk: 14.85-17.55L 2bhk: 21.60-24.30L

550-650 800-900

Affordable Mantra Essence (Mantra Properties)

Undri 500 1bhk: 20L 2bhk: 34L 3bhk: 41L

612 950 1,194

Mid Devi Crest (Devi Constructions)

Vadgaon Maval

426 1bhk: 32.00-46.00L 2bhk: 48.00-73.00L

800-1,150 1,200-1,825

Affordable VTP Purvanchal (VTP Group)

Wagholi 300 1bhk: 17.59L 2bhk: 23.65-30.36L

482 648-832


Hinjewad in West Pune was the showstopper with maximum new launch supply. A total of 1,075 units

were launched at a base selling price of Rs 4,074 per sq. ft.

Constant infra upgrades and the proposal of Taj Group Hotels Resorts and Palaces to set up a business-

cum-leisure hotel has further upped the ante of this micro-market.


North Pune recorded maximum number of

under-construction supply with 33 per

cent, followed by South, West, East and

Central Pune.

North Pune has approximately 61,407

under-construction units, out of which

more than 25,000 were in micro-markets

such as Chakan, Moshi, Chikhali and

Talegaon.

South Pune has nearly 44,830 under-

construction units that are expected to be

completed in the next three years. Ample

land availability, excellent connectivity to

MG Road and Magarpatta City and reputed

0

10

20

30

40

50

60

70

NorthPune

SouthPune

West Pune East Pune CentralPune

Sup

ply

(n

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Tho

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Fig 31: Zone-wise distribution of under construction stock - Pune


33

educational institutions has made it one

the most preferred zones for the real

estate development.

West Pune boasted of about 41,048 under-

construction units with Hinjewadi, Wakad

and Baner being the key micro-markets in

the region. Proximity to Mumbai-Pune

Expressway and the presence of

commercial offices in Hinjewadi has

boosted the real estate development in

and around the region.


Table 21 Top 5 rental markets - Pune



Wakad 5430 16,500

Hadapsar 3605 15,500

Kharadi 2611 17,000

Katraj 2476 12,000

Baner 2083 15,450

With establishment of Industrial and IT

corridors along Pimpri-Chinchwad and

Hinjewadi, maximum rental activity was

recorded in North-West Pune Markets

with high rental availability include Wakad,

Hadapsar, Kharadi and Katraj among

others.

Markets that recorded maximum demand

were Kothrud, Wadgaon Sheri and

Hadapsar among others.

Realty Updates

Implementation of rainwater harvesting is made mandatory in Pimpri-Chinchwad for all newly constructed residential and commercial buildings covering an area of 20,000 sq.mt.

New building byelaws are framed for the residents of cantonment areas of Pune and other cities across the country. Provisions for floor space index (FSI) ratio of a building are added under these new byelaws.

Taking the aid of Geographical Information System (GIS), the administration of Pune began geo-tagging of properties to boost revenues.

A MoU was signed by Pune Smart City Development Corporation (PSCDCL) with European Business and Technology Centre (EBTC) to customize European technologies and promote smart city solutions for the Pune smart city project.

Outlook Residential Real Estate Market Q3 - 2016

34

Outlook

About 14-17 per cent increase in the new launch supply in the third quarter indicates ‘Aache din’ in

the times to come. The Indian real estate market is likely to witness an upward trend in the coming

festive months owing to which we can expect an increase in new launches and sales volume across

cities. The last quarter is expected to witness at least a 20-25 per cent jump in the residential new

supply across cities. However, capital and rental values are expected to remain more or less stable.

High unsold inventory will remain a major problem stagnating the growth of the residential market in

top cities. As per the market segmentation, affordable and mid-segments are likely to lead the show

in the coming quarter as well.

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Outlook Residential Real Estate Market Q3 - 2016

35

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Q3 - 2016 · number, in Q3 2016 Pune recorded an increase of 50 per cent in the new launch supply...

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