Around 44% housing units under Rs 3.5mn unsold in India

Leading independent global property consultants – Knight Frank India Pvt. Ltd. announced the launch of their database product “eyestate” that is jointly developed by Knight Frank Research and Indicus Analytics, India's leading economics research firm. The product gives information and analysis of the residential, commercial and retail real estate market across the seven major metropolitan regions namely Mumbai, the National Capital Region, Kolkata, Bengaluru, Hyderabad, Pune and Chennai.

eyestate, a comprehensive database solution of the real estate landscape of major Indian metropolitan regions has proved to be a myth buster. Results show that 28% of the properties under construction within the 7 urban centres cater to households looking for homes within the INR. 3.5 mn. category. This product caters to the needs of approximately 80% of urban households. Contemporary market belief would lead us to assume that all or most of this product would be absorbed as it is within the affordability criteria, but this is not the case. An astonishingly high 44% of these housing units are unsold today.

City  % of under construction apartments under INR 3.5 mn.   % of unsold under construction apartments under INR 3.5 mn.

eyestate will keep a constant eye on all current and upcoming residential, commercial and organised retail properties (mall and anchor level information). All information is acquired through an ongoing survey that will be updated every quarter.

Commenting on the launch Mr. Gulam Zia, National Director – Research & Advisory Services at Knight Frank India says “Today the real estate sector is plagued with incomplete and unreliable information that has left key decision makers helpless and handicapped. Seeing this gap Knight Frank and Indicus Analytics have jointly set about mapping the real estate market diligently and come up with “eyestate”.

Dr. Laveesh Bhandari, Director at Indicus Analytics said “eyestate is revolutionary real estate information software that will prove to be an essential tool for key industry players such as developers, banks, private equity funds, financial institutions and corporate houses.”

Commenting further on their association with Indicus Analytics Mr. Zia said, “Indicus Analytics is known for its thorough in-depth analysis in the economic research space. Economic intelligence coupled with Knight Frank’s real estate expertise makes eyestate a unique and undisputable data product that assures authentic and reliable ground level information.”
About eyestate:
eyestate is an intuitive, user friendly web-based software application that will provide a high level of flexibility to the users. It will provide several analytical cuts with a geographic and price/ type-wise split. Some of the reports generated will be –
• Absorption analysis, performance, rentals and completion analysis.
• It also facilitates an in-depth spatial analysis enabling the user to map properties at multiple geographic levels.
• Pre-loaded tools enable running queries, browsing data, creating graphs, locating properties on a dynamic map and several other features with a single of click of the mouse.

About Knight Frank India: 
Knight Frank India was started in 1995 and today has presence across 7 principal metros across the country and has delivered more than 3000 valuation reports and over 1500 consultancy assignments. Knight Frank India provides comprehensive range of real estate related services covering residential, commercial, land, investments, hospitality & leisure, valuation, advisory services, facilities management and project management.