We are happy to share our quarterly newsletter covering the major updates on various asset classes in real estate. Some of the key takeaways are below:
Bonanza year for residential market –
- CY23 sales reached all time high surpassing the previous peak of 2010 by 25%.
- CY23 launches was also the highest ever surpassing previous high in 2010.
- Pan India inventory (in terms of years to sell (YTS)) further declined to 2.1 years only
- While units priced more than INR 10MM has shown more traction, demand of units priced less than INR 10MM far outpaced their supply in CY23
Signs of green shoots in office leasing activity –
- Though CY23 net absorption has not yet reached pre-covid levels, leasing activity quickened in 2H CY23, with net absorption reaching a historic high of c.16MM sf in Q4 CY23.
- Overall supply in CY23 was still high with completions reaching c.19MM sf in Q4 CY23.
- Listed players witnessed increase in leasing activity in the last 2 quarters
Accelerated growth in the hospitality segment –
