Track2Realty: Knight Frank India in association with the Federation of Indian Chambers of Commerce & Industry (FICCI) has released the fifth set of findings of its flagship report – The Real Estate Sentiment Index for Q4 2014 October – December). The latest edition has captured the current sentiments of the supply side stakeholders, six months after the new government being elected to power.
Track2Realty-Agencies: Fair trade regulator CCI has rejected a plea alleging that real estate company BPTP abused its dominant market position with respect to a residential project in Gurgaon.
Track2Realty Exclusive: In 2014, India elected a new Central Government with absolute majority after three decades. The absolute majority helped in the formation of the strong government capable of taking decisive steps without much opposition. Likewise, several pro-business reforms were introduced to propel the infrastructure growth and to infuse a positive sentiment for the future of the real estate sector including revitalising Special Economic Zones (SEZs), development of several industrial corridors, creation of 100 smart cities, relaxation in FDI norms in real estate, supporting affordable housing sector, introduction of REITs and InVITs etc
Track2Realty: In a market still defined by significant lack of transparency, real estate consultancies play a complex and responsibility-driven role in all real estate transactions, especially in the case of high-value property assets. In large ticket sized transactions such as those involved in Grade A office spaces, there can be no margin for error. Transparency, ethics and accurate market information play an inalienable role in closing such deals.
Track2Realty: Currently, tier 2 and 3 cities account for a smaller proportion of operational shopping malls in India. However, with rising consumer aspirations and demand, the potential of these cities in terms of retail real estate is increasing. Both national and international retailers are expanding businesses in these cities, and this is fuelling demand for organized shopping spaces. While the major metro cities are continuing to launch bigger, international-standard malls, tier 2 and 3 cities are currently graduating to next level by initiation of shopping mall developments. There are notable exceptions to this – Lulu Mall in Kochi is, in fact, the largest mall in India as of today.
Track2Realty: Enhanced levels of activity in corporate real estate transactions led to a total office space take-up of more than 33 million sq. ft.during 2014. This activity was led for the most part by Bangalore(37%) and the National Capital Region (NCR)(24%).
Track2Realty: The Indian real estate market is showing signs of confidence and improved industry momentum post the general elections 2014. The last two quarters clocked an uptick in commercial space take up across leading cities in India. Noticeably, Delhi NCR stood as one of the leading occupiers, registering a significant increase of 25% (y-o-y) in take-up figures during 2014. Moving forth, the demand and corresponding vacancy levels would be key determinants for future traction in the commercial segment across this region.
Track2Realty: Prabhat Ranjan, co-founder of Brick Eagle, a financial services platform for the affordable housing industry, has forayed into real estate development, incorporating a new venture Olympeo Infrastructure. The company has launched its first project Olympeo Riverside, an integrated township spread across 25 acres on the banks of Ulhas River, in the Neral-Karjat belt, an extended Mumbai suburb.
Track2Realty Exclusive: It has indeed been a busy year and 2014 can well be described as the year of roller coaster emotions where the business confidence index was exposed to two extreme ends of swing. In an otherwise flat year, the real estate sector may not have been witness to transactions on ground but the poetic engagement has definitely been at the emotional level.
Track2Realty Exclusive: 2014 was an eventful year for the commercial real estate market in India. The economic outlook in the first half of the year was uninspiring. Coupled with political uncertainty this resulted in investors and occupiers stalled making any real estate decisions. Business confidence was at its lowest. The sentiment changed dramatically in the second half post the national elections as it became clear that there would a ‘new’ stable government.