Demand for residential development will continue to remain unabated, but the requirement of real estate by retail industry over the next five years and even thereafter will provide a major thrust to the property market in India, said CB Richard Ellis’ global president Robert E Sulentic.
Unsold, vacant, no takers…these words aptly sum up the story for real estate developers into malls in India. Even though retailers are spreading their wings once again after the slowdown, the absorption of malls remains sluggish, leading to high vacancies.
The Confederation of Real Estate Developers’ Association of India, the apex body of private real estate developers, said Wednesday that it would make the code of conduct mandatory for all its members.
Demand for commercial office space across the seven major cities in India is estimated at around 160 mn sq ft by 2014, a latest study by real-estate services firm Cushman and Wakefield Research (CWR) said.
The Confederation of Real Estate Developers’ Association of India (CREDAI) Friday urged the central government to introduce single window clearance and a uniform tax structure for the sector across the country.
India’s housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units.
Hotel Leelaventure will invest Rs.100 crore to upgrade its property in Goa in 2011 and is looking to expand presence in the country by opening new company-owned properties and taking up management contracts.
Interest rate rises are beginning to bite in India, and housing markets in major cities weakened in 2010, says a report by the Global Property Guide.
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.
Mumbai-based RCSPL, which owns group buying portal for real estate GrOffr.com, has acquired Mobstreet.in, a company which was officially shut down in December 2010 due to lack of funds.