Dun and Bradstreet (D&B) India has announced the launch of ‘Millionaire Homes 2011’, after the successful series of Millionaire Homes 2009 and 2010 held in Mumbai, Delhi, Bangalore, Chennai and Hyderabad. The event is designed as a platform for connoisseurs of lifestyle and fine living, to experience some of the finest concepts in luxury homes in India.
Value and Affordable housing remains a segment where government should definitely continue to provide developers with tax free status which was available earlier. Rather than restricting it to unit sizes as in the past of 1,000 / 1,500 sft per housing unit, the government could instead have a maximum per unit value of say Rs. 15 lakhs for units near Tier I Cities, Rs. 10 lakhs for Tier II Cities.
Bharti-Walmart, a 50:50 joint venture between Bharti Enterprises and US-based Walmart, has roped in real estate company, Ansal API, to set up its cash-and-carry store in Lucknow.The ‘Best Price Modern Wholesale’ store in Lucknow will be spread over 60,000 sq feet in Sushant Golf City, a high-tech residential township being developed by the Ansals.
Mumbai witnessed the highest absorption in the year in 4Q10 which was recorded at 1,328,582 sq ft (123,429 sqm) indicating robust demand. Demand for Grade A office space was broad-based and not restricted to the banking, financial services and insurance (BFSI) sectors, which typically dominate Mumbai’s tenant landscape. Domestic and multinational occupiers from the consulting, aviation, IT/ITES and other industries were active in acquiring front-office and back-office space in 4Q10.
The Hyderabad commercial office market posted a strong increase in demand in 2010 with the foray of new occupiers such as United Health Group, JP Morgan Chase and Facebook, and the expansion of existing tenants including TCS, Accenture, Google, Mindtree and Cognizant. Majority of the leasing transactions were recorded in the peripheral districts of Hitec City and Gachibowli. During the year, the city also witnessed strong pre-leasing activity. Demand of SEZ space in the city increased as compared to IT Parks in 2010.
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.
While some reports have predicted correction in Mumbai realty market, Babulal Varma, Managing Director of Omkar Realtors & Developers assert that rising demand and low availability of ready-inventory will make Mumbai the most sought-after property market in 2011.
The world’s largest and Mumbai’s oldest Red Light District ‘Kamathipura’ known for its kothas that is brothels engaged in flesh trade is now turning golden with the increasing interest of the real estate developers there. Thanks to the Mumbai police that the increasing pressure on brothels under the Immoral Traffic Prevention Act have compelled the operators to shut the brothels and move to suburban area like Navi Mumbai for resettlement; making way for the real estate developers to plan out commercial complexes in the area.
Coldwell Banker UAE now offers a diverse portfolio of properties…
In what real estate experts see as a sign that land rates are becoming more realistic, a 135-acre plot that belonged to the defunct PAL-Peugeot auto company in Dombivli has been auctioned off to Metropolitan Infra Housing Pvt Ltd (a subsidiary of Gammon India) for Rs 601 crore.