Knight Frank India has launched its 10th edition of India Real Estate – it’s flagship half-yearly report that provides an in-depth analysis of the residential across eight cities and offices across seven cities in India. It analyses residential and business market performance for the period July – December 2018.
As per the report, 2018 has been the best performing year for the commercial office. The residential market also saw upward movement in sales with total sales of residential units recorded at 182,207 units registering a 6 per cent increase over 2017.
Shishir Baijal, Chairman and Managing Director said, “Mumbai has seen a significant drop of 7 per cent in average prices in 2018, which coupled with reduced sizes of new launches, has brought down the average ticket size in the city. Consequently, homebuyers are getting a better value for their purchase than a few years ago.”
Additionally, an average price of residential units in 2018 saw a reduction of 6.8 per cent Year over Year making the market more affordable while average rental values for the office market in Mumbai saw a marginal uptick of 1.7 per cent and were recorded at INR 117/ sq ft/month.