Track2Realty: Union Minister for Urban Development Kamal Nath has promised to enhance collaboration with UK to improve overall urban infrastructure. He was speaking on Monday, Oct 8, at RICS international conference-Cities 2030: Are we on track?
Track2Realty: Cushman & Wakefield estimates commercial office space demand of over 180 million square feet (msf) in the next five years (2012 – 16) in the top 8 cities of the country. This was released in the annual publication entitled “Evolving Paradigm – Future of Indian Real Estate” in association with Global Real Estate Institute (GRI) at their India Summit 2012. The report also estimates the total expected supply for the next five years in these eight cities as 219. 6 million sqft, basis announced projects and current pace of construction; indicating a condition of excess supply in the coming few years.
Track2Realty: The total new demand that could be generated for residential dwellings in the period 2012 – 16 will be 11.8 million units across India, says a new report by Cushman & Wakefield. Of the total additional demand, the top 8 cities will be constituting 18% or 2.1 million units across categories. The annual report “Evolving Paradigm – Future Of Indian Real Estate” is in association with Global Real Estate Institute (GRI).
Track2Realty-C&W: NCR registered absorption of 1.2 msf in Q3, 2012 and which was 14% lower when compared to the previous quarter due to cautious approach by the companies. IT/ITeS and consulting firms continue to be among the largest occupiers taking up spaces in excess of 200,000 sf each across Gurgaon and Noida, says office market report from real estate consultancy Cushman & Wakefield.
Track2Realty: The top six cities of India are expected to see a total of 50,000 new hotel rooms across categories in the next 5- 6 years. This is in response to the steady growth the hospitality sector has recorded over the last few years. 2012 alone is expected to see 14,800 fresh keys by the end of the year. Out of the total expected supply for 2012, 2000 new hotel rooms have already entered the market. These are the findings of a report by Cushman & Wakefield (C&W)and Confederation of Indian Industries (CII).
Track2Realty-JLLI: Recently, the annual GDP number (6.5% GDP growth during FY April 2011-March 2012) released by the Reserve Bank of India resulted in a negative sentiment throughout the real estate industry. Consistent with this, in 1H12, the demand for commercial real estate moderated on the back of office occupiers that remained cautious about their expansion plans.
Interest from international real estate investors in Indian real estate has been limited in 2012. India has witnessed 6% q-o-q growth in direct commercial real estate in Q1 2012, as compared to China which has seen negative growth of -45%, however China performed better in Q2 2012 on the back of one mega deal. In Brazil, investment volumes seem to be reaching a more ‘normalised’, sustainable pace following the supercharged 2010-2011 period.
Kumar Urban Development Limited (KUL) has launched a series of shops at different locationsof Pune at an investment of about over Rs 250 crores.
An estimated 17500 residential units were launched by organised developers in the second quarter of 2012 in major cities across the country, registering a decline of nearly 44% over the previous quarter, says a report by global real estate consultancy, Cushman & Wakefield (C&W). This decline in launches can be attributed to a number of factors such as delay in approvals, significant inventory in certain locations as well as postponement of project to coincide new launches with the festival season.
Pune has been a favoured industrial destination for a very long time. In fact, manufacturing has been a major development focus for the city since the inception of PCMC in the 1960’s. Since then, there has been a massive influx of European companies who were and continue to be keen on setting up manufacturing facilities there.