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Residential sector on the rise

From the year 2009 to 2011, residential space supply of approximately 53,000 units, which equates to 87.2 million sft of residential space, is expected to come up in the city, says the latest research study of the country’s residential market released by the global property consultancy, Knight Frank India.

The report ‘Residential Market Review Q3’ in its Pan India Supply works out Hyderabad with 15 per cent distribution which follows NCR with 25 per cent and Mumbai with 20 per cent.

“Our studies have revealed several interesting trends with regard to the residential sector.

Focus on 2BHK

One of the most important trends emerging is the increased focus of developers on 2&3 BHK housing units from the 4&5 BHK and penthouses witnessed few years back,” says Anand Narayanan, National Director – Residential Agency, Knight Frank India.

Also pointed out is the understanding that there has been a price correction across several cities from 10 per cent to as much as 40 per cent.

Though residential property prices rose again by 10 per cent to 30 per cent since March 2009, the phenomenon remained limited to cities such as Mumbai and Bengaluru and was not a country-wide phenomenon.

“Many developers are targeting the mid-income group in key metros with housing units are priced to suit their needs,” adds Gulam Zia, National Director – Research & Advisory Services.

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