The long-awaited housing market revival is underway even before the pandemic is fully subdued. Whether it will last well into next year and beyond remains to be seen.
Improving consumer confidence and a resilient long-term retail growth story translates into higher shopping spending, which reflects in the mall space scheduled for deployment in 2021. As per ANAROCK research, approx. 4.5 Mn sq. ft. of new supply is planned for 2021.
Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.
The survey also highlighted the demand for bigger homes. At least 48% NRI respondents preferred larger homes of 3BHK configurations (>1,500 sq. ft.) while 28% favoured 2BHKs
A SaaS (software-as-a-service) product, ANACITY helps apartment management companies to significantly reduce costs and boost the scope and efficiency of their services.
Robust growth of IT/ITeS sector, affordable rentals & start-up boom have worked in favour of Southern office markets
- Of 21.32 mn sq. ft. net absorption in FY21 across the top 7 cities, Bengaluru, Chennai & Hyderabad accounted for a 66% share, followed by West (MMR & Pune) with 21% & North (NCR) with 11%
- Back in FY18, South cities comprised a 47% share, West – 33%, North – 17%
- Office supply – of 40.25 mn sq. ft. of new office space completion in FY21, South cities dominated with a 63% share; West – 19%, North – 18%
- Southern office rentals saw double-digit growth (11-15%) in this period; other regions lagged behind
Mumbai, 13 September 2021: The main South India office markets have overtaken other regions in terms of new supply, net absorption, and even rental growth. Among the top 7 cities, Bengaluru, Hyderabad, and Chennai saw their share of total office leasing increase to 66% in FY21 (against 47% in FY18).
The net office absorption in FY21 in the top cities was 21.32 mn sq.
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For the first time, affordable housing is the lowest priority, with more than 34% respondent home seekers focused on properties priced between INR 90 lakh to INR 2.5 Cr.
Redevelopment projects in Mumbai may begin picking up pace again. There are no real alternatives - the biggest problem for real estate development in Mumbai is land scarcity. There are very few opportunities for greenfield developments in the more valuable city centre areas.
The housing market in the top 7 cities is likely to attain a new peak by 2023, when housing sales are estimated to cross 3.17 lakh units and new launches by 2.62 lakh units during the year. City-wise, MMR and Bengaluru are all set to lead from the front
The BFSI sector is finally seeing the feasibility of looking beyond MMR. Cities with sub dollar (under USD 1/sq/ft.) office rents and enough relevant talent pools are now gaining momentum.