Real estate stocks have seen a massive rally in the last month, but market experts have been divided on whether this is backed by a change in the sector's fundamentals. However, data procured by Bloomberg TV India shows that residential real estate prices have indeed shown considerable strength across many key markets.
According to data, price of residential space has skyrocketed by 6% in six months. In a month, the demand of residential space in Bangalore has gone up by 3% and in Gurgaon the hike is as high as 9%. Whereas, in the past six months, demand of residential property in Bangalore has risen by 9%, while in Gurgaon it has rallied to a staggering 20%.
On the hand, according to the CB Richard Ellis data, demand for official space has reduced by 14% QoQ. In terms of commercial space demand; NCR, Mumbai and Bangalore contribution has gone down from 75% to 62%.
Moreover, prime office space absorption is down to 6 million square feet from 7 million square feet, QoQ.
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