The period ending 4Q10 witnessed low to moderate activity levels in the CBD and SBD of Delhi NCR. The CBD, with its low vacancy levels, continued to cater to small office queries, while the SBD with significantly more office stock, catered to the larger corporate office space demand.
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Bangalore continued to witness increased market activity in 4Q10. Transaction volumes have improved significantly compared to that in the previous quarter. The improvement in transaction activity can be attributed to the stabilising macroeconomic situation, positive business environment outlook and the strengthening domestic market conditions.
The housing and real estate sector in India witnessed foreign direct investment (FDI) of $2.8 billion in the fiscal year (April-March) 2009-10, according to Indian Department of Industrial Policy and Promotion. The statistics made available to the media at the India Home property exhibition, which concluded in Dubai on Sunday, revealed that total NRI FDI inflows through the period April-December 2009-10 stood at $320.05 million.
The Fitch Ratings 2011 outlook for the Indian real estate sector seems to contradict itself. While it says the realty market is stable in the year, it also warns of a negative bias. The negative forecast of Fitch Ratings is, however, based more on the sentiments than the emerging market reality.
After one and a half years of gradual consolidation, real estate in India has fathomed its own comfortable ground, and is poised at the right threshold to take a giant leap in years to come, according to the forecast of the Jones Lang LaSalle, the global real estate services firm.
Hinjewadi is the fastest developing IT hub of Pune located north-west to Pune city. Hinjewadi is 10 km from Pune city, 21 km from Pune airport and 16 km from Pune Railway station.
Hadapsar is an eastern suburb in Pune City, well known for two SEZs Magarpatta city and Fursungi IT Park. Amdocs, John Deere, Accenture, EXL, IBM, TCS, Aviva, Honeywell and Zensar are among the few IT companies in Hadapsar. Hadapasar is picking up as many big real estate projects have come up in the vicinity.
In India the early 1990s experienced the shopping malls expanding their footprint with well designed, built on international formats of retailing and integrated with entertainment and restaurants to provide a complete family experience. Shopping centers till then were designed and built to house several shops in a single facility.
India has 105 operational (21,214 hectares) and another 631 Special Economic Zones (SEZs) under various stages of approval (see DTZ report on ‘SEZs in India’ June 2010). These zones are the only tax havens in India after the likely expiry of STPI/EOU scheme in March 2011 and have seen healthy interest from occupiers as well as developers. The new Direct Taxes Code (DTC 2010) bill, proposes to alter the tax framework of SEZs.
Real estate markets are inherently vulnerable to prolonged periods where prices deviate from their fundamental value. The features that contribute to this deviation are imperfect information, suboptimal financial markets and supply rigidities. Imperfect information causes buyers to either overestimate or underestimate the fundamental value of real estate assets.