India Residential Property Market Overview - Feb 2016

Residential Property Research
and Forecast Report

February 2016
www.colliers.com/india
INDIA | RESIDENTIAL
Economic Barometers
INDICATORS
The general residential buyer has maintained a cautious

approach in 2015, however, an increase in enquires has
been witnessed towards the end of the year in select cities.
We recorded launch of nearly 120,000 units across seven
major cities. Despite, decrease in home loan interest rates
and various incentives being offered by developers, the
transaction volumes in residential real estate continued to
remain on lower side across cities. One of the primary
reasons of this restraint is increasing delay in the existing
under construction projects, quality issues, and higher price
points etc.
2014
2015
Source: Government of India, Colliers International India Research
Return on Alternative Investments

INDICATORS
2014
2015
QoQ %
CHANGE
Colliers View
In 2016, overall property markets are expected to edge
further into recovery. There are several factors that can
be considered as key drivers for the sector in 2016, such
as decreasing interest rates and boosted employment
scenario due to increase office absorption. Capital values
across cities are expected to remain stable due to huge
supply pipeline.
Economic Indicators

SBI home loan rate for loan up to INR 30 lakhs
SBI fixed deposit rate for a period of more than one year & amount below INR 1 crore
Realty index is a free float weighted index, comprised of real estate development
companies in BSE 500 Index
MUMBAI | RESIDENTIAL
Market Indicators
Relative to prior period
2014
2015
2016F
2017F
Capital Value
Rental Value
New Projects
Project Completions
Overall the residential market in Mumbai has seen a slight

recovery towards the end of the year, which is evident in
the increased number of enquiries. However, the
transaction volume has not picked up much. In the primary
market, the sales were majorly driven by the mid-range and
affordable projects located in Western Suburbs and
peripheral areas of Mumbai. In the secondary market, a few
premium residential apartments were bought by celebrities
and industrialists in South Mumbai and Western Suburbs.
On the supply side, due to high unsold inventory levels and
overall lower transaction volumes, developers remained
cautious in launching new projects. Moreover, an
uncertainty loomed over the Mumbai development plan
2034. We recorded, the launch of approximately 35,000
new units this year, which was about 40% less than the last
years new launches. In the premium residential category,
majority of the projects were launched in micro markets
such as Worli, Prabhadevi, Bandra West and BKC Annexe,
in the price range of INR 23,500 - 27,300 per sq ft. ; in the
mid-segment projects were launched in locations such as
Kandivali (E), Kanjurmarg (E), Goregaon (E), Thane,
Borivali, Vikhroli, Bhandup and Chunabhatti, in the price
range of INR 10,500 15,000 per sq ft; peripheral markets
of Thane and Navi Mumbai witnessed project launches in
the range of INR 4,000 to 7,000 per sq ft.
Source: Colliers International India Research
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft)
% CHANGE
QoQ
* Indicative asking price for premium properties in secondary market

YoY
Average Capital Value Trends
During 2015, only a few premium projects were

completed in Bandra East and Prabhadevi locations
during the year.
Despite lower transaction volumes, the capital values in
secondary market increased by 6% YoY across major
micro markets, barring few locations such as Breach
Candy, Napeansea Road, Peddar Road, where capital
values remained stable during the year.
In 2015, the city witnessed various private equity
transactions such as Altico Capital, IIFL Real Estate Fund
and Primal Fund have invested in premium residential
projects located in Mazgaon, Chandivali and BKC micro
markets respectively. Apart from this, in major land deals,
Wadhwa Group bought 6.5 acres from Gopal Narang and
Rajan Raheja and Tata Housing Development acquired a
7 acre plot from KEC International located in Pokharan
Road 2, Thane.
Average Rental Values
Colliers View
In primary market, while absorption in the luxury
segment is expected to remain under pressure due to
high price points, the pre-launches in the mid and lowend segments will continue to witness traction at the
induction prices. In the secondary market, premium
locations continued to remain in demand including,
South Mumbai, Prabhadevi, Lower Parel, Parel, Juhu
Andheri and Bandra. Overall capital values are
expected to increase marginally in select micro
markets in the mid term.
Select New Projects Launched in 2015
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
* As mentioned by developer or secondary market sources
** Base Selling price as quoted by developers website or secondary market sources
^ Base Selling price varies for different configurations
Research & Forecast Report | February 2016 | <<India>> | Colliers International
Delhi | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Value
Rental Value
New Projects
Projects
Completed
Following the last years trend, prime residential market in

Delhi remained lack luster in 2015, transaction volumes
for prime residential properties remained low in both
primary and secondary market. In the primary market,
only a few small-scale projects were launched by local
level developers in premium locations such as Vasant
Vihar, Westend, Jorbagh and Anand Niketan. These
projects are currently in the range of INR 45,000 65,000
per sq ft. Apart from this, we have seen initial level of
activities in newly developing L- Zone under land pooling
policy. This area has started developing high interest
levels among buyers due to the affordability and address
of Delhi.
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR per sq ft )
% CHANGE
QoQ
On the supply side, the city witnessed completion of a

few small-scale residential redevelopment projects such
as Metro Buildtech, Windshield, Uppals, Salcon and
Sanskar Homes were ready for possession in Shanti
Niketan and Vasant Vihar micro markets.
The preference of top executive of embassies and large
MNCs to stay near their offices located in secretariat
zone, kept the leasing market upbeat. The micro markets
such as Defence Colony, Vasant Vihar, Chhatarpur,
Diplomatic Enclave, Malcha Marg, Jorbagh, Safdurjung
Enclave, Westend and Shanti Niketan were the most
preferred micro markets this year.
* indicative asking price for premium properties in secondary market

YoY
On a yearly basis, capital values for prime residential

properties declined in most of the micro-markets barring
few premium micro markets such as Prithviraj Road,
Aurangzeb Road, Chanakya Puri, Golf Links, Jor Bagh,
Sunder Nagar, Shanti Niketan and Westend, where
capital value increased on an average by 7% YoY. Also
rents remained under pressure this year and posted a
average 2% YoY decline.
In a major policy level change, under review of Master
Plan of Delhi 2021, the Ministry of Urban Development
has approved a proposal to allow building residences in
hotels in Delhi. After this change get approved by the
Development Control Regulations for Commercial
Centers, Hotels will be allowed to use up to 40% of the
floor area ratio for commercial offices, retail and
residential purposes. However residential units, can be
built only on 20% of the FAR.
Colliers View
In 2016, we anticipate a stable scenario in Delhi, with
less new prime projects expected to launch. Capital
values are expected to remain stable in most of the
micro markets, except Vasant Vihar, Greater Kailash,
Westend where few redevelopment projects will
command a premium over the prevailing market rates
due to their newly build configuration and amenities,
like car parking and open area. Rents will remain under
pressure and landlords will be more accommodating in
lease terms in order to retain current tenants and
secure new ones.
Select Ongoing Projects of 2015
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
** Base Selling price as quoted by developer or secondary market sources
Gurgaon | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Value
Rental Value
New Projects
Project Completions
2015 remained a dull year for Gurgaon residential market.

Transaction volumes and number of new launches both have
declined, as the investors choose to remain at bay in
anticipation of further decrease in prices. In view of the
reduced demand, the city has witnessed launch of a little
over 10,000 new units this year, which was about 45% less
than the last year. A majority of these projects were launched
in micro markets such as Sector 53, Sector 79, Sector 88A &
B and Sector 68, in the price range of INR 6,000 6,600 per
sq ft. ; in Sector 85 and Sector 92 in New Gurgaon, the
projects were launched in the price range of INR 4,400
5,500 per sq ft. A few projects were also launched in Sohna
Region, a newly developing sector, in the affordable range
of INR 2,600 to 3,600 per sq ft.
In the primary market, the sales were primarily concentrated
in New Gurgaon Sectors such as Sector 69 73 towards
south and Sectors 81 to 95 in west, also some traction was
observed in upcoming Sohna region. Apart from this, the
projects launched under affordable housing projects scheme
in the last two years have observed decent absorption.
There are a number of projects lying ready at Dwarka
Expressway and New Gurgaon Sectors. Due to connectivity
issues the area still has to see proper habitation. However,
we noticed, end-users started living in few sectors adjoining
NH-8 in new Gurgaon.
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft)
% CHANGE
QoQ

YoY
On the leasing side, Golf Course Road and M G road

remained as the most preferred locations by expats of
various MNCs and large corporates, mainly due to better
connectivity and availability of premium residential space at
best prices.
This year, the State government has come up with the New
Integrated Licensing Policy (NILP). In this policy, the
government introduced the concept of Transferable
Development Rights (TDR) for the first time in Haryana.
This policy is expected to unlock land in the existing sectors
in Gurgaon and will allow farmers or land owners with small
piece of land to voluntarily monetise their land at current
market price.
The capital values on an average posted a decline of 1%
on yearly basis, however, a few locations such as Golf
Course Road and NH 8 increased by 2 7% YoY.

Colliers View
In 2016, we expect investors and occupiers will relook
at the residential real estate sector and transaction
volumes to grow from the current levels. This will be
backed by various infrastructural upgrades happening
across the city and the Government initiatives like
Haryana Global Investment Summit, which is further
expected to infuse foreign investment in the city.
Segment wise, mid-range and affordable schemes
projects will continue to see traction . Capital values are
expected to remain under pressure in emerging
locations like New Gurgaon, SPR and Dwarka
Expressway, due to huge supply pipeline; while Golf
Course Road, DLF phase micro market, Sohna Road
and other micro markets are likely to remain stable in
mid term.
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
NOIDA | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Value
Rental Value
New Projects
Project Completions
2015 started on a cautious note when due to National

Green Tribunals (NGT) order several completed projects
which were awaiting possession could not get occupation
certificate from the authority within the eco-sensitive zone
around the Okhla Bird Sanctuary. The investor sentiment
has abated towards the end of the year where the NGT
issue got resolved. The decision has put a ray of hope for
buyers as well as developers whose projects were stuck
along the Noida Expressway. Despite the resolution of the
NGT issue in the later half of 2015, only a handful of new
projects were launched towards the end of Noida
Expressway. The city witnessed launch of only 6,300 units
this year, which was about 36% less than the last years
new launches.
Micro market wise, a few premium projects were launched
in sector 128 and 132, in the price range of INR 8,650
9,090 per sq ft. In the mid range category, projects were
launched in newly developing Sector 150 which is located
on NOIDA Expressway and in Sector 79. These projects
were priced in the range of INR 4,000 4,600 per sq ft. All
of these projects are expected to complete in 2019 2020.
During 2015, various mid segment projects were completed
in micro markets like Sector 74, 75, 76, 78 and 137. These
were priced in the range of INR 4,400 - 6,000 per sq ft in
the secondary market.
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft)
% CHANGE
QoQ

YoY
Low sales transaction volumes has impacted the capital

values in the secondary market for under construction
projects and deals were available on discount in select
projects. However, sectors such as Sector 100 to 110
and Sector 70 to 79 witnessed an average increase of
4% YoY due to completion of a few residential projects.
In 2015, NOIDA authority has hiked the circle rates by 5

10%. With this, Sector 15A and Sector 44 have become
the costliest sectors with a circle rate of INR
90,500/Sq.mtr., which was earlier INR 86,000/ Sq.mtr.
This year private equity fund ICICI Prudential made an
exit from Logix Blossom Green for about INR 62 crores
and invested INR 130 crore in ATS Infrastructure villas
based projects located in Sector 150. Apart from this,
Supertech Ltd. has raised INR 100 crore from Indiabulls
Real Estate Fund to develop its various projects located
in Delhi NCR region.
Colliers View
The market is likely to regain momentum only if, it sees
completion of projects as expected; falling interest
rates, coupled with an upbeat economic backdrop,
which will support the overall sentiments. We expect
the completion of a number of projects along NOIDA
Expressway and Sector 70 to 79. Huge upcoming
inventory will continue to put pressure on capital
values. Rents are also likely to come under pressure
due to increased supply in the market.
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
CHENNAI | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Rate
Rental Rate
New Projects
Construction
In 2015, Chennais residential property market showed

signs of demand revival as enquiries for micro markets
such as Velachery, Sholinganallur and Mount-Poonamallee
High Road (MPR) gained momentum. Demand from endusers concentrated primarily for projects nearing
completion or available for immediate possession.
However, developers refrained from introducing any new
schemes as they waited for fence-sitters to rethink home
purchasing decisions with the arrival of the new year.
Select micro markets faced a momentary dip in capital
values in the aftermath of recent floods.
Nearly 12,000 new units were launched in 2015 as several
locations along Old Mahabalipuram Road (OMR)
witnessed launches in mid segment. Almost 40% of total
units launched in 2015 were concentrated in the postSholinganallur toll plaza belt consisting of locations such as
Kelambakkam, Navalur and Padur. Most projects launched
in this belt were in the price range of INR 3,500 5,000 per
sq ft. More than 95% of total units launched in 2015 catered
to the mid-end segment indicating the change in
developers product segmentation owing to the demand in
this category. Nungambakkam and Kotturpuram witnessed
limited launches in high-end segment in the price range of
INR 14,500 21,000 per sq ft.*
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft )
% CHANGE
QoQ

YoY
Limited number of ready to move in units came to the

market as only a handful of projects witnessed
completion in locations such as GST Road, Porur,
Navalur and Thoraipakkam amongst others. Prominent
high-end completions included Atlantic by Ceebros
(Egmore) and Luz Amor by Appaswamy Real Estates
Limited (Mylapore) both of which offered units in the price
range of INR 14,000 -16,000 per sq ft.
Capital values in Nungambakkam and Adyar dropped by
9-15% as landlords/developers reduced pricing to attract
buyers for these premium locations. Capital values in
Sholinganallur, Besant Nagar and Alwarpet, too,
witnessed an annual 2-3% downtick due to dwindling
demand and low enquiries. Rental values in Adyar and
Besant Nagar dipped by 17% annually from peak values.
Corporation of Chennai has finalized T Nagar for Smart

City Challenge Mission Proposal. This may push capital
values upwards as the project aims to decongest and
resolve traffic and parking woes for residents.
Colliers View
Demand for residential real estate is expected to remain
stable during the first half of 2015 due to the upcoming
Tamil Nadu Assembly elections. However, the second
half of 2016 may witness demand revival owing to the
impending budget and positive macro economic
indicators. Expansion by corporate occupiers and
strengthening office leasing coupled with fast-tracking of
Metro Rail Phase II construction may give a fillip to
residential pockets along these corridors. Micro markets
such as Nungambakkam and Alwarpet/R A Puram may
witness moderate capital value appreciation due to
steady demand over the year. Rental values are
expected to remain stable in 2016.
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
BENGALURU | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Rate
Rental Rate
New Projects
Construction
During 2015, Bengalurus residential property market

witnessed the launch of nearly 22,000 new residential
units. Nearly one third of the total units launched were
concentrated in the southern and south-eastern belt
comprising locations such as Sarjapur Road, Electronic
City and Bannerghatta Road. All launches in these
locations catered to the mid segment category as
developers launched new projects due to increased
enquiries from both end-users and investors. Additionally,
the high office absorption by IT-ITeS sector is another
factor which boosted the demand for new residential
supply near these prime commercial hubs.
Market Trends
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft)
% CHANGE
QoQ
Locations in North Bengaluru, such as Hebbal, Hennur

Road and Thanisandra Road accounted for 15% of total
launched this year, out of which 70% belonged to the mid
segment category. Hebbal witnessed the launch of a
high-end township from a reputed developer comprising
more than 1000 units in totality. Projects in mid segment
were launched in the range of INR 3,900 6,500 per sq ft
and are expected to complete by 2018.
Prominent project completions in 2015 included, Nitesh
Ceasers Palace on Kanakpura Road and Purva Midtown
Residences on Old Madras Road. Both these projects
cater to mid segment apartment formats.

YoY
Capital values in Sadashivnagar appreciated annually by

14% annually due to lack of land parcels for future
development. Kormangala and Bannereghatta Road too
witnessed an uptick of 3-4% in capital values due to
availability of good social infrastructure and connectivity
to various IT parks. Rental values remained stable across
micro markets.
Bangalore Metro Rail Corporation (BMRCL) is planning
to raise INR 12,000 crore from domestic and foreign
financial institutions to fund the second phase of Metro
project. Phase II will include both extension of current
route as well as two new lines between RV Road Bommasandra and between Gottigere - Nagawara. For
the second phase, the corporation has also started land
acquisition on Mysore Road, Kanakpura Road and
Whitefield for extension of east-west and north-south
corridors.

.
Colliers View
Availability of quality residential products coupled with
steady demand from end-users and investors, will auger
well for the residential sector in 2016. Emerging micro
markets in North Bengaluru such as Hebbal, and
Thanisandra Road coupled with Panathur-Varthur Road
in eastern quadrant of the city are expected to lead the
influx of new residential supply. Whitefield, Outer Ring
Road and Sarjapur Road will continue to witness high
residential demand. Capital values in these locations
may appreciate marginally over the year. However,
capital values in other micro markets may remain stable
due to availability of abundant supply in both primary
and secondary markets.
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
PUNE | RESIDENTIAL
Market Indicators
2014
2015
2016F
2017F
Capital Value
Rental Value
New Projects
Project Completions
Year 2015 concluded on a cautious note in Pune,

especially from the sales side. The transaction volumes
declined, and there was a marginal decline in new
launches as well. Premium projects were unable to attract
buyers this year and large share of overall transaction
volume was contributed by mid range and affordable
category projects. Micro markets such as Baner,
Hinjewadi and Wakad have witnessed good traction. An
increased office uptake from IT/ITeS occupiers and
improved connectivity via Mumbai Pune expressway
made a strong case for West Pune micro markets for
residential properties.
This year about 32,000 new units were launched, which
was about 4% less than the last years new launches. In
the premium residential category, majority of the projects
were launched in micro markets such as Koregaon Park,
Sopan Baug, Baner and Kothrud in the price range of INR
9,000 - 16,000 per sq ft. ; in the mid-segment projects
were launched in locations such as Kharadi, Hinjewadi,
Viman Nagar, Wakad, Tathawade, NIBM and Mundhwa,
in the price range of INR 5,000 8,000 per sq ft.
Emerging locations such as, Dhanori, Undri and Tingere
Nagar witnessed project launches in the range of INR
4,000 to 4,700 per sq ft.
Capital Values
MICRO MARKETS
CAPITAL VALUES*
(INR Per sq ft)
% CHANGE
QoQ
YoY

This year a number of mid range projects saw completion

located in Hadapsar, Kondhwa, Balewadi, Baner, Pisoli,
Wakad, Sus, Undri, Handewadi, Mohammadwadi,
Wanwarie, Pimple Nilakh and Pimple Saudagar micro
markets.
The capital values on an average posted a decline of 3%

on a yearly basis, however, a few micro markets like
Magarpatta, Hadapsar, Baner, Hinjewadi, Wakad,
Pashan, Kothrud, Bavdhan and Wajre were remained
stable.
In 2016, Pune witnessed various private equity
investments and exits such as, HDFC PMS exited from
seven projects; various projects of Marvel Realtors and
ASK Property Investment Advisors exited from two
residential projects in Pune, namely Serano by Amit
Enterprises at Baner and Skyone by Paranjape
Scheme's at Model Colony. Apart from this, in an
another transaction, Xander Advisors India has invested
around INR 280 crore in Kumar Urban Developments
residential proposed project at Karve Road in central
Pune.
Colliers View
We expect, increased demand in residential market in
2016. The strong office uptake from IT/ITeS sector in
2015 is expected to bring more employment to the city
and will result in demand creation for the residential
properties. Developers will continue to supplement
demand via launching more new projects and
completing their existing ventures. Capital values are
likely to remain stable in almost all the micro markets,
due to huge supply in the pipeline.
Project Name
Location
Developer Name
Tentative
Possession*
Rate
(INR Per Sq ft)**

Notes:
Primary Authors:
502
67 countries on
6 continents
United States: 140
Canada: 31
Latin America: 24
199
EMEA: 108
$2.3
Surabhi Arora
Associate Director | Research
surabhi.arora@colliers.com
Sachin Sharma
Manager | Research
sachin.sharma@colliers.com
Divya Grover
Senior Manager | Research
divya.grover@colliers.com
Amit Oberoi
National Director | Valuation & Advisory Services & Research
amit.oberoi@colliers.com
For Residential Services:
billion in
annual revenue
Sumit Jain
National Director | Residential Services & Corporate Finance
sumit.jain@colliers.com
1.7
Arvind Kapoor
Director |India Operations, Residential Services
arvind.kapoor@colliers.com
billion square feet

under management
16,300
professionals
About Colliers International
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2016
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India Residential Property Market Overview - Feb 2016

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India Residential Property Market Overview - Feb 2016

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Formats disponibles

Residential Property Research

and Forecast Report

The general residential buyer has maintained a cautious

Source: Government of India, Colliers International India Research

Return on Alternative Investments

Source: Government of India, Colliers International India Research

Source: Government of India, Colliers International India Research

Overall the residential market in Mumbai has seen a slight

Source: Colliers International India Research

* Indicative asking price for premium properties in secondary market

Average Capital Value Trends

During 2015, only a few premium projects were

Source: Colliers International India Research

Average Rental Values

Source: Colliers International India Research

Select New Projects Launched in 2015

Source: Colliers International India Research

Research & Forecast Report | February 2016 | <<India>> | Colliers International

Following the last years trend, prime residential market in

On the supply side, the city witnessed completion of a

* indicative asking price for premium properties in secondary market

Average Capital Value Trends

On a yearly basis, capital values for prime residential

Source: Colliers International India Research

Average Rental Values

Select Ongoing Projects of 2015

Source: Colliers International India Research

Research & Forecast Report | February 2016 | <<India>> | Colliers International

2015 remained a dull year for Gurgaon residential market.

Source: Colliers International India Research

* Indicative asking price for premium properties in secondary market

On the leasing side, Golf Course Road and M G road

Average Capital Value Trends

Source: Colliers International India Research

Average Rental Values

Source: Colliers International India Research

Select New Projects Launched in 2015

Source: Colliers International India Research

Research & Forecast Report | February 2016 | <<India>> | Colliers International

2015 started on a cautious note when due to National

* Indicative asking price for premium properties in secondary market

Low sales transaction volumes has impacted the capital

Average Capital Value Trends

In 2015, NOIDA authority has hiked the circle rates by 5

Source: Colliers International India Research

Average Rental Values

Select New Projects Launched in 2015

Source: Colliers International India Research

Research & Forecast Report | February 2016 | <<India>> | Colliers International

In 2015, Chennais residential property market showed

* Indicative asking price for premium properties in secondary market

Average Capital Value Trends

Limited number of ready to move in units came to the

Source: Colliers International India Research

Corporation of Chennai has finalized T Nagar for Smart

Average Rental Values

Source: Colliers International India Research

Select Ongoing Projects of 2015

Source: Colliers International India Research

Research & Forecast Report | February 2016 | <<India>> | Colliers International

During 2015, Bengalurus residential property market

Locations in North Bengaluru, such as Hebbal, Hennur

* Indicative asking price for premium properties in secondary market