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99Acres Insite Report INSITE DELHI NCR RESIDENTIAL MARKET UPDATE JULY - SEPTEMBER 2020 Market Sentiment WHAT’S INSIDE? • Impact of COVID-19 on Indian Real Estate • National Outlook Snapshot of real estate ambience across top 8 metro cities • Market Movers News that impacted Delhi NCR’s realty market in Jul-Sep 2020 • Commercial real estate outlook • Residential demand and supply dynamics • 99acres’ Outlook Our perspective on the current market sentiment • Key trends in the buying and renting landscape • Price trends across key micro-markets FROM CBO’S DESK The Jul-Sep 2020 quarter set the pace for the recovery of Indian developers have further fueled the penchant for ready or near-ready residential real estate market. Post an initial lull in sales and new housing units. There seems to be a newfound demand for independent launches in the previous quarter, the current quarter came as a breather houses and builder floors, which offer increased privacy and scope for as sales resurged by almost 2.5 times of the pre-COVID levels. Both Delhi social distancing, as opposed to residential apartments. NCR and Mumbai saw a significant improvement in transactions, QoQ, as end-users flocked to leverage the lucrative deals floating in the market. A gradual improvement in the realty market was also evident from the Price correction, unlike anticipated, remained a far cry; however, with owner listings posted on 99acres, which went up by seven percent against a negotiation window of up to 10-15 percent, the deals closed in at a the pre-COVID times. Buyer responses also reported a 30 percent surge in reduced price of 2-5 percent of the pre-COVID levels. the same time period. New launches went up, QoQ, but remained lower than the previous year. On the policy framework front, a fiscal stimulus of Rs 10,000 crore for Majority of the developers focused on completing the ongoing projects, Maneesh Upadhyaya stuck realty projects, along with the sustenance of Repo Rate at four which were stuck during the nationwide lockdown. While work on Chief Business Officer percent, an all-time low, are likely to push the market towards a revival almost all housing projects resumed in the current quarter, a lot of them 99acres.com in the ensuing quarters. The upcoming festive season may see a further continue to face delays spanning quarters. Liquidity constraints with the improvement in the absorption of residential units, across cities. COVID-19 AND REAL ESTATE NATIONAL OUTLOOK IMPACT ON HOMEBUYERS IMPACT ON INDUSTRY HOME BUYING SENTIMENT PROPERTY PRICES After an initial set back amid pay cuts Even as supply chain reopened in Home buying sentiment improved The resale segment remained under and job losses, homebuyers were seen Jul-Sep 2020, a ban on Chinese imports as public sector banks and private pressure with deals closing at a returning to the market in Jul-Sep 2020. impacted the cost of development in players slashed home loan interest 2-5 percent discounted rate on average. Reduced home loan rates, sweetened the realty landscape. Developers cited rates to a 15-year low. This, along Developers also kept new unit prices deals by developers and more scope of increased expenses, and thus, little with resumption of construction unchanged even as some spoke of negotiations in the resale segment were scope to reduce prices in the primary work, helped take the enquiries up by increased costs amid a ban on Chinese seen as the key drivers. The quarter market. Yet, in a bid to offload the 80 percent of the pre-COVID times. imports. However, initial speculations of continued witnessing the popularity existing inventory, several schemes Developers reported a 50 percent hefty price corrections did not hold true of ready housing units, and improved were introduced in the quarter. recovery in the number of transactions. for either of the segments. demand for independent houses and Digital transformation continued as builder floors in most metro cities. developers took to the online medium RENTAL LANDSCAPE SUPPLY Window shoppers exited and genuine to interact with potential homebuyers Rental market remained in doldrums With an addition of over 31,000 units homebuyers were seen leveraging at various stages of the buying cycle. despite the opening up of the in metro cities, new launches went up the discounts available in the market. Several governmental procedures nationwide lockdown. Tenants avoided by 4.5 times, QoQ. The resale segment, Noticeably, the quarter reported shifted online as organisations adopted moving as the majority of offices too, reported an improvement as renewed interest from the NRI homebuyer to the new normal. The infusion of continued with the work-from-home several property owners returned to community against the backdrop of Rs 10,000 crore to aid the completion model. Resultantly, the rental rates the market after lockdown restrictions depreciating rupee and attractive deals of stuck realty projects was hailed by did not see any movement and offtake were gradually lifted. Unsold inventory in the new home category. the industry. was meek in both residential and stood at 4.40 lakh units at the end of commercial segments. September 2020. KOLKATA 1% CHENNAI 1% SHARE OF NEW LAUNCHES AHMEDABAD 16% MUMBAI 25% The quarter witnessed the launch of about 240 new residential projects in top eight metro cities. Despite being severely hit by the Coronavirus pandemic, Mumbai led all cities with a 25 percent share in new and re-launched projects. Pune, Hyderabad, Bangalore and Ahmedabad followed suit with a 16-19 percent share, each. Delhi NCR made a meagre three percent share of the total new launches, with a few projects in Greater Noida, Ghaziabad and Gurgaon. DELHI NCR Kolkata and Chennai reported minimal new activity from developers. 3% BANGALORE 17% PUNE 19% Note: The data depicts share of new launches across metro cities in the studied quarter The numbers include re-launched projects HYDERABAD 18% MARKET MOVERS COMMERCIAL REAL ESTATE OUTLOOK UP government grants State government a 6-month extension to announces Film City • Office space leasing stood at • A few co-working giants reported complete projects in Noida 0.2 million sq ft in Delhi NCR during occupancy levels coming down to Jul-Sep 2020. The continuity of the 41 percent, as opposed to 78 The Uttar Pradesh government The latest announcement to create work-from-home concept led to percent in Feb 2020. extended the project completion a 1,000 acre Film City in Sector 21, reduced demand for office spaces. deadline for real estate developers Greater Noida, along the Yamuna • With around 23 million sq ft operating in Noida, Greater Noida Expressway, is touted to propel • The average leasing rate in H1 2020 of strata office market, Delhi and Yamuna Expressway areas from investment prospects in the stood at Rs 844 per sq ft per month, NCR stood second to Mumbai June 30, 2021, to December 31, 2021. region. This has come as another about eight percent lower than in the segment. About The move was taken in the backdrop game changer for Noida’s H1 2019. 54 percent of the projects of the ongoing COVID-19 crisis, which realty, after the upcoming Jewar are under-construction. delayed project construction work International Airport project. • Around 0.9 million sq ft of new during the nationwide lockdown. The project is expected to propel office supply was added in the • Delhi NCR offers 50 million sq ft Haryana and Delhi had taken a similar the interest of NRI investors in studied quarter across micro- of REIT-worthy assets, which are stance in the month of May 2020. the region in the long run. markets of Golf Course Extension valued at around $6.5 billion. Road and NH-8 in Gurgaon and Noida-Greater Noida Expressway. Metro construction Greater Noida authority gains steam expedites work on Ganga After a lull in Apr-Jun 2020, Water project construction work resumed on the The Greater Noida Industrial 29 km-long metro stretch between Development Authority (GNIDA) Janakpuri West and RK Ashram Marg expedited work on the 85 cu Ganga under the fourth phase of Delhi Metro. water project, which was likely to be The 82 km-long Ghaziabad-Meerut completed by September 2020. The Rapid Rail Transit (RRTS) corridor project has now reached its final also kick-started in the quarter. stage and the region will receive Ganga water supply soon. 99acres India’s No.1 Property Portal DELHI NCR’S REALTY AT A GLANCE Property Prices Rental Rates Demand Supply BUDGET-WISE DEMAND AND SUPPLY Key micro-markets across budget segments Budget Localities based on Average Average Rental Jul-Sep 2020 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month) 0% Within Rs 40 lakh Raj Nagar Extension 2,900-3,500 8 2.94% Chattarpur 3,400-4,700 17 5.01% 4% Sector ZETA, Gr Noida 3,400-4,200 10 2.85% -4% Rs 40 lakh - Rs 1 crore Sector-137, Noida 4,200-5,300 13 3.03% Sector-78, Noida 4,700-6,000 14 2.99% Sector-83, Gurgaon 4,900-5,500 9 1.86% Rs 1 crore and above Vasant Kunj 11,600-13,500 29 2.61% DLF City Phase I 10,300-13,900 24 2.12% Demand Sector-12, Dwarka 7,800-8,800 17 2.26% 29% 25%0% 30% 34% 41% 41% Supply Note: Rental Yield has been calculated for a 1,000 sq ft apartment. Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
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