SME Times is powered by   
Search News
Just in:   • Forex reserves rise by $2.7 bn  • US govt shuts down as Senate fails to pass stopgap budget  • SIAM expects to release documents on hybrid fuel vehicles in Auto Expo   • Mauritius India's largest FDI source in 2016-17  • Mercedes launches India's first BSVI fuel-compliant vehicle 
Last updated: 12 Jan, 2018  

Real.Thmb.jpg De-growth in residential supply getting worse: Report

Real Estate
   Top Stories
» Jaitley calls for CSR compliance by corporates
» Modi to attend World Economic Forum annual meeting
» Industry welcomes TRAI proposal on in-flight mobile calls, Internet services
» Unemployment may cripple economic growth, says skill minister
» Jaitley meets state FMs in pre-Budget consultation
SME Times News Bureau | 12 Jan, 2018
The de-growth in residential supply has been getting worse and sales of units were down by seven per cent in 2017, said a report released here on Thursday.

"Despite the massive need for housing that India is facing, huge unsold inventories caused by a prolonged focus of the developers on the wrong apartment ticket sizes have brought the residential real estate industry to its knees," said the report - India Real Estate for the period July-December 2017, prepared by Knight Frank India.

It said while the "de-growth in residential supply has been getting progressively worse", that of demand has been relatively muted.

"Down 7 per cent year-on-year, approximately 0.23 million units were sold during 2017 compared to a little over 0.1 million units launched," it added.

However, tumultuous events over the past 14 months that saw the government aggressively push a culture of transparency through measures such as demonetisation, Goods and Services Tax (GST) and the Real Estate (Regulation and Development) Act, 2017 (RERA) have irrevocably altered the course of the industry, it said.

On the Kolkata market, Samantak Das, Chief Economist & National Director - Research, Knight Frank India, said: "Even as impact of demonetisation tapers off pan-India, Kolkata's residential sector is reeling under the pressure of slowdown in real estate activities as developers focus on realignment of operations post the rollout of the Goods and Services Tax (GST) and weakening sales volume."

According to him, launches dwindled by a staggering 47 per cent in 2017 and sales volumes in the end-user driven market witnessed a sluggish movement courtesy waning buyers' confidence post demonetisation and other structural reforms.

"The delay in the setting up of the Housing Industry Regulation Bill (HIRA) has further pushed buyers in the wait and watch mode," he added.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 21 Jan, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(26)
» GST Council reduces GST rates on 18 handicrafts items(2)
» List of items for which anti dumping duties has been levied with related notifications(1)
» Districts to be export units, says Commerce Minister(1)
» FIEO urges states to help, support exporters particularly MSMEs(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter