The country's residential real estate market will not see any recovery in the next 6 months, according to a new report by Knight Frank India.
The current unsold inventory levels stand at over 7 lakh units and it would take over three years to exhaust it, it said.
The third edition of the half yearly report was released today and it covers an analysis of top six cities between January and June 2015.
With respect to the office market, there is shortage of good quality office space. This market is turning from a tenant-driven to a landlord-favouring market.
National capital region
Policy fallacies and project delays have hit NCR's real estate appetite in residential space. New launches have dropped by 68 per cent in H1 2015, the report said.
In office market, NCR saw absorption touch 3.7 million sq ft. Office leasing is expected to hold steady in the second half of 2015. Gurgaon witnessed the maximum number of office deals (within NCR) in H1 2015.