Commercial Real Estate moving into strongest market since 2007
Jones Lang LaSalle’s second quarter 2011 Global Market Perspective, predicts this year will be the strongest performance and real estate trade volume since the market height of 2007.
Jones Lang LaSalle’s second quarter 2011 Global Market Perspective, predicts this year will be the strongest performance and real estate trade volume since the market height of 2007.
Despite the continuing turbulence and uncertainty in other parts of the globe, two economies – India and China – will continue to grow at an annual rate of 8-10%.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.
Union minister for urban development Kamal Nath on Thursday said the number of approvals a developer has to get will have to be cut down for faster and more efficient property development in the country.
Urban Development Minister Kamal Nath admitted today that “the government has not responded to the tremendous growth in the real estate sector in the last one decade appropriately”.
The period ending 1Q11 witnessed moderate activity in the office market in the city. With CBD vacancy rates continuing to hover at around 1%, office transactions were limited to either small office queries or larger office spaces that were inevitably a churn in the existing stock.
The Sensex has always been a barometer of the country’s general economic ‘mood’. The real estate index, on the other hand, is an indicator of the sentiments towards real estate developers.
While the real estate market in India is far from satisfactory, a section of real estate developers are exploring opportunities in neighboring nations including Sri Lanka and Bangladesh as the governments, seeking to boost economic growth, are providing incentives to develop infrastructure.
Central Business Districts (CBDs) are supposed to be the lifeline of the city and a mirror of the economic activity and real estate market trend.
DLF, India’s biggest real estate developer, will develop its Rs 1000-crore Infopark project spread over 54 acres in Bhubaneswar in phases.