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Gurgaon Sales Up - Mumbai Flat

Tuesday, March 29, 2011

The residential volumes in Gurgaon increased 50% MoM on account of higher sales in new markets, while Mumbai volumes remained flat MoM.

Gurgaon recorded strong volumes in February at 7.7msf (vs. 5.2msf in January ―11) backed by absorption in New Gurgaon (prices at Rs 3,000–4,000psf, Fig 9) and Southern Periphery Road (Rs 5,000–7,000psf). There have been a number of pre-launches with actual roll-out slated for March-April ―11. Even though the general sense in the market remains cautious, a good product at a fair price is usually well received (~1msf launched by Alpha G Corp in Sec-84, Gurgaon was rapidly sold off).

Volumes in Mumbai came in at ~4msf (vs. 3.9msf in January and 4.4msf in December ―10) mainly on account of steady sales in the western suburbs (mainly Virar) and New Mumbai (Panvel, Ulwe). Prices are muted and we see a few developers offering deals though this is not widespread as yet.

Commercial Real EstateEven though the interest in commercial properties seems to be improving, volumes remain flattish. Inventory levels remained high both in Gurgaon and Mumbai. Rentals seem to have bottomed out and a material uptick may not become visible until inventory levels climb down.

Real estate developers may see some debt repayment–related pressure over Q1FY12, which in turn may trigger a further reduction in property prices.

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