Realty consultant CB Richard Ellis India said on Wednesday, July 20, leasing activities for office spaces in major cities during April-June period has increased by over 33% to eight million sq ft compared to the previous quarter.
It’s not just the residential real estate market in Mumbai that is going through a slump, the commercial office segment, too, is reeling under a slowdown.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Track2Realty Exclusive: Slow economic growth affecting housing market
The recent Indian economic growth has been hampered by several domestic and global factors, resulting in the GDP growth plunging to 3 years low at 5.3% in 2QFY13[1]. Factors such as weak global economy, high interest rates, high inflation, high fiscal deficit, and lack of reforms were the primary reason affecting the GDP growth.
Faced with the non-compliance by the real estate companies, Brand Capital, earlier known as Times Private Treaties, the ad-for-equity business of publishing group Bennett, Coleman and Co. Ltd (BCCL), has hired real estate consultant Knight Frank India Pvt. Ltd to manage its real estate portfolio.
The Confederation of Indian Industry (CII) has said there is a need to improve the infrastructure and increase in flow of capital in the housing segment, given the increase in the land prices.