Noida-Greater Noida Expressway (Delhi NCR)In Delhi-NCR, Noida-Greater Noida Expressway continued to garner a healthy traction from homebuyers throughout the year despite the meek sales volume and negative market sentiment. While the region offers housing options across different budget categories, demand for affordable housing ruled the roost.
Properties priced between 2,500 rupees per square foot and 3,500 rupees per square foot witnessed maximum transactions. Improving socio-physical infrastructure, proximity to special economic zones (SEZs) and office spaces, and strong connectivity to Greater Noida and Yamuna Expressway supported growth in these pockets. Average weighted values across the belt surged up by 3-9 percent in these markets in October - December 2016, compared to the same quarter a year ago.
Navi Mumbai and ThaneMumbai recorded a 20 percent hike in YoY sales in the first half of 2016. However, the second half was pulled down by factors such as demonetisation, revision of draft development plan and lack of regulatory intervention. Affordable housing and mid-income housing remained the showstoppers in the realty market across Mumbai Metropolitan Region (MMR). New approved Transfer Development Rights (TDR) rules boosted realty sentiments.
The premium residential housing, however, felt the heat owing to the dependency on unaccounted cash transactions in the October - December quarter. Ulwe and Khargar are two micro-markets that topped the popularity charts in Navi Mumbai in 2016. However, in Thane and MMR, Kalyan and Dombivli qualified as the frontrunners in terms of capital appreciation. Capital values in the aforementioned regions soared by 2-6 percent YoY.
East BangaloreBangalore realty witnessed a healthy traction despite several bottlenecks such as National Green Tribunal (NGT) demolition drive, Akrama Sakrama scheme and political crisis around Kaveri water. Proposed infrastructure projects such as elevated corridors, Namma Metro’s East-West Corridor and Satellite Town Ring Road (STTR) played a pivotal role in transforming the city’s realty landscape. Besides, increased office space absorption also attributed to its popularity amid other metro cities.
More than 90 percent of new launches took place in the mid-income segment, owing to massive influx of working professionals. Electronic City, Hennur, JP Nagar, Sarjapur Road and Yelahanka are few prominent markets that will continue to be on the investment radar this year. These localities saw a 4-10 percent capital appreciation YoY in October - December 2016.
Central PuneHousing demand in Pune witnessed huge impetus as the city recorded 6.3 million square ft of office space absorption. Though number of new launches remained restricted owing to Developmental Control Regulation norms (DCR) and witnessed a 32 percent fall in H1 2016, however, 13,000 new units were reported at the end of September 2016.
Maximum inventory supply fell in mid-income segment owing to increased demand from young working professionals. North-west and North-east peripheries witnessed the highest number of new launches owing to affordable land rates. Baner, Bavdhan, Kothrud, Pimple Saudagar and Singhad Road topped the popularity charts across the year and witnessed a capital appreciation up to four percent YoY.
Guest Author
Narasimha Jayakumar is chief business officer at 99acres.com. Prior to this he was chief operating officer and business head of ecommerce for TV18 Home Shopping Network Limited.
