Source: The Hindu Business Line

Knight Frank India Pvt Ltd, a global property consultant has launched a database “eyestate” on the real estate market in seven major cities. Jointly developed by Knight Frank Research and Indicus Analytics, an economics research firm, the database will give information and analysis of the residential, commercial and retail real estate market in Mumbai, the National Capital Region, Kolkata, Bangalore, Hyderabad, Pune and Chennai. According to a press release from the property consultant, results show that 28 per cent of the properties under construction in the seven urban centres cater to households looking for homes within the Rs 35 lakh category. This product caters to the needs of approximately 80 per cent of the urban households. While market belief may give the assumption that most of this product would be absorbed as it is within the affordability criteria, this isn't the case. More than 44 per cent of these housing units are unsold today. The percentage of development in this segment ranges from approximately 17 per cent in Bangalore to approximately 47 per cent in Kolkata. But half the units are unsold in both these cities, in this segment perceived to be the most active. Eyestate will keep an eye on all current and upcoming residential, commercial and organised retail properties and the information will be updated quarterly. Eyestate is a Real Estate software for key industry players such as developers, banks, private equity funds, financial institutions and corporate houses.