Land appreciation- Residential sector- highest in Mumbai, Bangalore and NCR- Knight Frank’s report
The financial capital of India Mumbai has seen a sharp increase of 35.2% in the land for residential development in the last two years. Bangalore is the close second with 26.1% and NCR third with 24.9% growth in the same index of land price appreciation.
Global consultancy firm Knight Frank’s Prime Asia Development Land Index report has revealed these results. This firm tracks the performance of residential and commercial land values across top Asian cities. This firm has 110 years of experience and is considered the world’s leading independent real estate consultancy.
However unlike the land price appreciation, the office development land index has not shown any appreciation. On the contrary there is a decline of 13.1% which indicates poor demand and absorption for office spaces in Mumbai. There is a large supply of office spaces in Mumbai which resulted in a weak economic scenario in the commercial real estate segment. However the demand for office spaces is high in NCR and Bangalore and the index showed a healthy growth of 16.3% and 12.9% respectively.
It is considered that the steady job growth in the IT/ITeS and non-IT / ITeS sectors in Bangalore has kept the demand for residential and official properties high in the last few years.
Source- The Times of India
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