~Lack of quality office space restricts transaction growth~
Mumbai, July 26, 2018: Knight Frank India today launched the ninth edition of its flagship half yearly report – India Real Estate. It presents a comprehensive analysis of the residential and office market performance of MMR for the period January – June 2018 (H1 2018).
Office Takeaways:
Residential Takeaways:
Dr. Samantak Das, Chief Economist & National Director – Research said, “In the backdrop of H1 2017 – a period of RERA and GST implementation, Mumbai residential market witnessed 128% YoY growth in launches in H1 2018. This was primarily driven by dumping ground reprieve in Mumbai city and also mega project launches in peripheral suburbs. Most developers focused on reducing apartment sizes of their new launches. Accordingly, we have seen shrinkage of 12% in apartment sizes across MMR, with some premium markets witnessing reduction of as high as 31%. Further, besides the nominal price drop across markets, developers are also offering a host of other incentives to entice buyers.
The office market has been steady with rentals growing across business districts; however, the growth in transactions was restrained by lack of supply. While the headline vacancy rate for the MMR market hovers around 22%, scarcity of quality office space in desired markets like BKC and Lower Parel has restrained expansion plans of occupiers.”
Corporate Comm India(CCI Newswire)
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