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Download Report www.99acres.com AHMEDABAD RESIDENTIAL MARKET UPDATE APRIL - JUNE 2020 Market Sentiment INSITE 99acres India’s No.1 Property Portal FROM CBO’S DESK A drastic drop in the number of new providing some relief from the residential launches and poor sales volume COVID-19-induced crisis. After some defined the ‘real’ story of residential setbacks, the traffic and responses on realty across metro cities in Apr-Jun 2020. 99acres returned to pre-COVID levels by Shortage of construction workers, liquidity the end of June 2020. A survey by 99acres constraints faced by developers and the revealed that 75 percent of its registered withdrawal of homebuyers impacted market buyers now prefer shortlisting or buying sentiment adversely. a property through real estate portals. Further, 60 percent of the participants Delhi NCR, Mumbai and Hyderabad lost averred that they would prefer undertaking the largest share of new launches and a virtual tour before physically visiting the reported a dip of 80-95 percent, each, project site. QoQ. Cumulatively, the period witnessed an addition of a mere 1,400 units in the Nonetheless, to witness a complete revival, top eight metros. The ensuing credit the industry would need more support from crunch with both buyers and developers the Centre beyond measures such as home is expected to shrink housing sales from loan moratorium and declaring COVID-19 as four lakh units in 2019-20 to 2.8 lakh units a Force Majeure event to witness revival. in 2020-21. While all metro cities reported status quo in average weighted capital prices, experts foresee average ‘asks’ in the resale segment dipping by an average of 10-15 percent in the months to come. To sustain businesses, several developers Maneesh Upadhyaya underwent digital transformation with Chief Business Officer virtual project launches and e-site visits 99acres.com COVID-19 AND NATIONAL REAL ESTATE OUTLOOK HOME BUYING SENTIMENT Home buying sentiment remained muted during April due to the nationwide lockdown; with enquiries picking up slight pace in June. Genuine homebuyers flocked the market looking for attractive schemes and discounts. NRI demand, too, resurged, with some conversions in the mid-income housing bracket across cities. IMPACT ON INDUSTRY The COVID-19 crisis disrupted the supply chain of realty raw materials, and led to reverse migration of labourers and fund constraints PROPERTY PRICES at developers’ end. The sector went through a major digital While the negotiation window widened up to 10-15 percent transformation as developers shifted online to market their projects across budget segments, any actual correction in prices was and engage with customers, and Government bodies, such as NCLAT not noticed. Barring Delhi NCR, all metros maintained status and RERA started addressing homebuyers online. quo in average weighted capital ‘asks’, QoQ. With wafer-thin The Apr-Jun 2020 quarter saw the lowest number of new launches margins at the hand of developers, any price correction in since 2013 and sales remained 75 percent lower than the previous future is unlikely. quarter. Invoking of Force Majeure brought some relief as ongoing projects got up to a nine-month extension under Real Estate (Regulation and Development) Act, 2016. The suspension of Insolvency RENTAL LANDSCAPE and Bankruptcy Code (IBC) for a year, too, is a relief for developers. Amid restrictions to move around, the rental market remained intact in Apr-Jun 2020. There was no movement in average ‘asks’ across cities, except for some discounts and IMPACT ON HOMEBUYERS leeway offered by property owners to support the tenants With ongoing projects delayed by at least six months, homebuyers struggling financially. PG accommodations and guesthouses expecting possessions received a setback. Job losses and pay cuts took the brunt as people moved to their hometowns due to affected the paying capacity of homebuyers, who shelved their buying an extended lockdown. decisions in the wake of market uncertainties and expectations of price cuts. While reduced home loan interest rates from most banks make it an opportune time to invest in real estate, a large share of prospective SUPPLY homebuyers await more clarity in the ensuing months. New project launches remained nil during the quarter and progress on ongoing projects suffered on account of reverse The extension of the Credit-Linked Subsidy Scheme (CLSS) under migration of labourers and disruptions in the supply chain. Pradhan Mantri Awas Yojana (PMAY) might be a benefit for those Property owners unwilling to sell at a reduced price exited looking for affordable homes. Existing homeowners welcome home from the secondary market. Unsold inventory stood at 6 lakh loan moratorium of six months announced by the Government in April. units at the end of Apr-Jun 2020. 99acres INSITE : AHMEDABAD 5 India’s No.1 Property Portal MARKET MOVERS Gujarat RERA extends completion deadline for real estate projects The Gujarat Real Estate Regulatory Authority (Gujarat RERA) provided an extension in the project completion deadline for RERA-registered projects by six months. The extension was granted to projects with the completion or extended completion schedule on or after March 25, 2020. The regulatory authority also allowed one-time extension in completion dates for projects having their deadline between April 1, 2020 and March 31, 2021. The move benefitted over 1,500 ongoing projects in the State. State clears seven town planning schemes The Gujarat government sanctioned seven town planning schemes in June 2020 for the development of urban infrastructure in Kalana, Sanathal, and Chharodi districts in Ahmedabad. The move is expected to open over 600 acres of land for urban development. Of all, over 25 hectares will be developed to meet the housing needs of the economically weaker sections. COMMERCIAL Gujarat resumes work on infrastructure projects REAL ESTATE Amidst the lockdown relaxations, the State has resumed the construction work on several infrastructure development projects, including the much- awaited six-laning of Gandhinagar-Ahmedabad Highway. Meanwhile, the OUTLOOK National Highways Authority of India (NHAI) has floated tenders for different segments of Ahmedabad-Dholera Highway. In a similar revelation, the • Commercial leasing, majorly dominated by occupiers in the IT-BPM, construction work at Gyaspur Depot under the Ahmedabad Metro Rail Project Engineering, Manufacturing, and Professional service segments, confined has also been resumed. to the West zone, particularly towards the SG Highway, Ring Road, Keshavbaug, Bodakdev, Thaltej, and Sindhu Bhavan Road. • No new developments were announced during the Apr-Jun 2020 quarter. Both new commercial launches and leasing activity are expected to remain muted in the ensuing quarters as stakeholders may stick to the wait-and-watch strategy. • With uncertainties around the impact of COVID-19, rentals remained under pressure and dipped by 5-8 percent during the studied quarter. • Oversupply of commercial spaces amid relatively low demand, particularly in this quarter, resulted in a vacancy rate of up to 40 percent, as against 30-35 percent in the previous quarter. Nearly 15 lakh sq ft of 99acres ready commercial space is lying unsold in Ahmedabad. India’s No.1 Property Portal INSITE : AHMEDABAD 7 AHMEDABAD’S REALTY AT A GLANCE Property Rental Prices ‘Asks’ Price movement in key micro-markets Localities Apr-Jun 2020 QoQ YoY Rental % Change % Change Yield Chandkheda Rs 3,270 - 3,740 1% 5% 3% Demand Supply Naroda Rs 2,250 - 2,760 -2% 3% 0% Jodhpur Rs 5,440 - 6,540 0% 4% 3% Bodakdev Rs 6,290 - 7,650 2% 6% 3% Ghatlodia Rs 3,820 - 4,690 2% 7% 2% New Ranip Rs 3,230 - 3,740 1% 4% 2% * Property prices represent quarterly change * Rental ‘asks’ represent yearly change * Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com Maninagar Rs 3,690 - 4,500 3% 8% 4% Naranpura Rs 4,370 - 5,780 -1% 1% 3% Paldi Rs 5,010 - 6,160 -1% 3% 3% Vasna Rs 3,910 - 5,270 1% 7% 3% * Average ‘ask’ rates have been calculated as per listings posted on 99acres.com ** Rental Yield has been calculated for a 1,000 sq ft apartment INSITE : AHMEDABAD 9 99acres DEMAND & SUPPLY India’s No.1 Property Portal DYNAMICS 99ACRES’ OUTLOOK 25% 31% With the construction industry coming to a standstill 14% during the nationwide lockdown, Ahmedabad witnessed no new prominent launches in Apr-Jun 2020. As a result, the city saw the addition of only 32 new project registrations under RERA in the studied quarter, against 57 in Jan-Mar 2020. While developers experimented with virtual site visits, 29% buyers remained reluctant to invest in real estate due to uncertainties around employment. Site visits and sales witnessed a decline of around 90 percent, each, as 57% buyers deferred or cancelled their home purchase plans. The affordable housing stock priced within Rs 50 lakh remained the most popular. The luxury segment, too, reported a spike in the buyer interest this quarter. With COVID-19 altering buyer preferences to some extent, several buyers attested their affinity for risk-free investments, i.e. ready-to-move-in properties offered 44% by branded developers, priced above Rs one crore. Moreover, post the recent earthquake tremors in several parts of the State, the city reported a sudden increase in demand for low-rise and independent homes. As against the previous quarters, properties on the outskirts also received an increased number of enquiries. Demand Supply Affordable Housing Contrary to the widespread expectations by home (Within Rs 40 lakh) buyers, the city did not witness any major price Mid-income Housing corrections in Apr-Jun 2020. The unsold inventory (Rs 40 lakh - Rs 1 crore) remained unchanged in Ahmedabad and stood at 8,000 Luxury Housing (Rs 1 crore and above) units with QTS (Quarters to Sell) standing at three.
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