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Bangalore 2019 January-March

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Bangalore 2019 January-March www.99acres.com INSITE REPORT bangalore 2019 january-March 99acres India’s No.1 Property Portal 99acres India’s No.1 Property Portal INSITE : BANGALORE 3 From CBO’s Desk With sales volume and new launches beginning to improve, Jan-Mar 2019 attested the recovery mode for Indian real estate. Barring Chennai and Kolkata, where demand-supply mismatch Contents and RERA inefficiencies kept the sentiment low, all other metros reported improvement in housing demand and posted marginal hikes in average property values. Interestingly, Hyderabad, riding the From CBO’s Desk Maneesh Upadhyaya Chief Business Officer wave of commercial expansion and competitively priced inventory, CBO’s perspective on current 03 outperformed other cities by scoring a three percent hike in average market 99acres.com weighted capital ‘asks’, QoQ. Ambiguities pertaining to the exclusion of ITC benefits from GST on under-construction units kept prospective National Outlook buyers uncertain about the real benefit of GST reduction. 04 Snapshot of real estate ambience across top 8 metro cities Noticeably, MMR tops the inventory overhang charts with over 2 lakh residential units waiting for buyers. Delhi NCR follows closely, Market Indicators where around 70 percent of the 1.42 lakh unsold units are located in 05 Changes in capital rates and inventory Noida and Greater Noida. The total unsold units across top eight status QoQ; and rental values YoY metros stand at around 6.5 lakh with the least in Hyderabad. While the sector awaits the results of General Elections Market Movers 2019 and further progress towards PMAY (U), the News that impacted Bangalore’s 06 realty market in Jan-Mar 2019 financing crunch faced by a section of builders could be a serious thorn in an otherwise 99acres Outlook positive outlook for FY 2019-20. Methodology Affordable sector is likely to see 07 99acres’ perspective on current market The Insite Report by 99acres.com captures new supply which would cater to the colossal demand in the quarterly capital trends and the annual the segment. Bangalore rental analysis of residential apartments 08 Key highlights - Bangalore’s capital in key real estate markets – Delhi NCR, Mumbai and rental market in Jan-Mar 2019 Metropolitan Region (MMR), Bangalore, Pune, Chennai, Hyderabad, Kolkata and Annexures Ahmedabad. In order to assess the prevailing 10 sentiment, the report delves deep into demand and supply of properties across varied budget segments and occupancy stages. While demand is a function of queries received, supply is based on property listings posted on 99acres.com in Jan-Mar 2019. 99acres India’s No.1 Property Portal INSITE : BANGALORE 5 MARKET INDICATORS DELHI NCR NATIONAL OUTLOOK HOME BUYING SENTIMENT KOLKATA Home buying sentiment remained upbeat; however, uncertainty regarding AHMEDABAD the actual benefit of the revised GST excluding ITC component, and the upcoming General Elections deferred home sales and new launches. 99acres.com data reveals that 45 percent of the demand is for affordable homes priced within Rs 50 lakh. MUMBAI PROPERTY PRICES PUNE Despite improving sales, property rates maintained status quo in Delhi NCR, Chennai, Pune and Kolkata, and scaled up by a marginal one percent in HYDERABAD Bangalore, Mumbai and Ahmedabad, QoQ. Hyderabad led all cities with a three percent rise in average property values. Improved buying sentiment and trimming unsold inventory might propel prices in the subsequent quarters. RENTAL LANDSCAPE The rental market gained on account of cautious buyer approach for yet BANGALORE CHENNAI Capital Values another quarter. Excess ready stock in Gurgaon and Greater Noida kept rental Rental Values ‘asks’ under check in Delhi NCR. Other metros reported a three percent uptick in rental values, each, YoY. The growth in the segment is likely to continue for Supply a few more quarters until the capital landscape recovers completely. Increase by 2-4 percent Increase by 0-1 percent SUPPLY Status quo Limited new launches led to improved absorption of residential stock across Decrease by 0-1 percent cities. Unsold inventory levels dipped by 10-20 percent in Delhi NCR, Mumbai, Bangalore and Chennai between H2 2018 and H2 2017. Hyderabad and Decrease by 2-4 percent Ahmedabad saw inventory stock reducing by up to 40 percent. The average ‘quarters to sell’ (QTS) now stand at 10.2, as against 11.2 a year ago. * Capital values represent quarterly change * Rental values represent yearly change * Supply is basis properties listed on 99acres.com 99acres India’s No.1 Property Portal INSITE : BANGALORE 7 99ACRES OUTLOOK Market Movers The Jan-Mar 2019 quarter saw a burgeoning residential market in Bangalore with the sale of over 15,000 housing units. Upcoming infrastructure projects, especially Metro Phase 2 expansion and widening of Hosur-Laskar Road. The the expanding metro network, helped keeping the market sentiment upbeat. gains momentum State also plans to execute several new Ready units continued to be the homebuyers’ first choice. Even as enquiries for With the settlement of land acquisition projects worth Rs 8,015 crore under the ‘Nava under-construction units posted a hike in Jan-Mar 2019, the city reported negligible hurdles for the proposed depots, the work on Bengaluru Kriya Yojana’’. transactions in the segment owing to the much-awaited revision in the GST regime. the 72 km-long stretch of the Namma Metro While the GST rate cut from 12 to five percent on the under-construction segment Phase 2 has begun. The 128 km-long metro Road widening projects underway The much-awaited widening of the cheered homebuyers, confusion prevailed over Input Tax Credit (ITC), which led line is anticipated to become operational by Tannery Road from 40 ft to 80 ft has finally buyers to adopt a wait-and-watch approach until April 2019. Surplus inventory, 2024. As a part of Phase 2A project, the State commenced, benefitting the commuters majorly in the under-construction luxury segment, restricted price growth in the city has also approved the Outer Ring Road (ORR) in East Bangalore and those travelling to to a negligible one percent, QoQ. line, connecting Central Silk Board Junction to Kempegowda International Airport. Also, the KR Puram and KR Puram to Kempegowda. East and South Bangalore bagged maximum enquiries owing to their proximity land acquisition process has been initiated to the IT corridors, improving metro connectivity and ample housing inventory. for the widening of the 3.6 km-long Begur Land conversion process goes online Despite the Quarter-to-Sell (QTS) the residential stock in the city coming down to Road, connecting Bannerghatta Road The launch of a simplified affidavit-based 10.3 from 10.6 last year, the city has around 93,000 unsold housing units. online system for land-use conversion will to Electronics City. reduce paperwork and expedite the process Like other metro cities, Bangalore displayed a shortfall of almost 20 percent in duration. Now, the time taken to convert land the supply of affordable homes, i.e. homes priced within Rs 40 lakh. The addition use pattern will be two months, as against six of 50,000 affordable units under PMAY (U) in the State might help the city bridge months to a year earlier. this gap. This along with the quick implementation of revised GST rates, timely execution of upcoming infrastructure projects, and faster approval under RERA Infra projects to begin on would ensure a realty revival for Bangalore defence land Bruhat Bengaluru Mahanagara Palike (BBMP) has received 11 acres of defence Price movement in key micro-markets land to expedite multiple road infrastructure LOCALITY AVERAGE ‘ASK’ RATE (PER SQ FT) QOQ CHANGE YOY CHANGE projects such as the construction of alternate stretch from Kavalbyrasandra Main Road Whitefield 4,800-6,400 0% 6% to Modi Garden, development of road from Electronic City 3,600-4,800 1% 7% Ejipura Ring Road to Sarjapur Ring Road JP Nagar 5,000-5,700 3% 8% Yelahanka 4,200-5,400 0% 2% Ramamurthy Nagar 3,700-4,400 3% 7% Marathahalli 4,900-6,600 1% 6% Kaggadasapura 3,900-4,600 2% 7% RT Nagar 5,000-6,000 1% 2% Raja Rajeshwari Nagar 3,800-4,700 -1% 5% Jayanagar 8,500-10,900 0% 6% * Average ‘ask’ rates have been calculated as per listings posted on 99acres.com in the current quarter 99acres India’s No.1 Property Portal INSITE : BANGALORE 9 BANGALORE The year 2019 started on a positive KEY HIGHLIGHTS SUPPLY OF APARTMENTS note for Bangalore’s real estate UC RTM DEMAND UC RTM SUPPLY market with healthier sales volume, In line with the previous quarters, East and South Bangalore continued popularity charts, recording a five percent spike in property prices, each, QoQ. consistent housing demand and to garner maximum housing demand and sales across the city. However, the suburban areas of Bangalore such as Marathahalli in the East improved number of new launches Housing hubs such as Whitefield, Marathahali, Kadugodi and Varthur recorded a negligible surge in property values. A popular hub in the South, than the previous quarter. While the in the East; and JP Nagar, Kudlu Gate, Bommanahalli and Hosur Uttarahalli, saw prices dipping by a percent in Jan-Mar 2019 vs. Oct-Dec 2018. ambiguities pertaining to GST rates Road in the South received maximum enquiries from the homebuyer community in the first quarter of 2019. The rental landscape remained the prime gainer due to the availability of fresh kept property price hike limited to a 92% / 8% inventory across the IT hubs of East and South Bangalore. The expanding percent in the city, QoQ, Bangalore 90% / 10% While affordable and mid-income housing categories accounted metro connectivity also played a key role in boosting the rental market in the recorded the second highest sales for almost 65 percent of the total housing demand, a dip in the city.
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