With government support and increase in number of real estate developers, affordable housing demand will surge at a CAGR of around 13% during 2011-2013, says a research report by RNCOS a thinktank group on industry intelligence and creative solutions for contemporary business segments.
Movenpick Hotels & Resorts has announced an upcoming property in Northern India; the Movenpick Dharamshala Resort & Spa, which is due to open in 2013.
Infrastructure plays key role in economic development of the country and, in India, it has being increasingly recognized that Infrastructure development is inevitable for a sustained high growth rate in GDP. It has been recognized that there is a significant deficit in the availability of physical infrastructure across different sectors in the country, hindering economic development.
As Central Business Districts (CBD) begin to gradually lose their sheen against alternative locations because of their inability to offer Grade A buildings at competitive rates, retrofitting emerges as a preferred option (as compared with redevelopment) for quality improvement to increase the attractiveness and economic life of existing old buildings.
Global companies said their real estate portfolios will grow most in Asia by 2013, boosted by the powerhouse economies of China and India, with those in more mature markets trading sideways, a survey said.
The vision of owning a house is slowly getting clearer for buyers as residential real estate prices are beginning to see the promised correction on the back of hardening interest rates and poor transaction volumes.
A mammoth increase in planned supply of retail malls in India will increase retail companies’ bargaining power vis-à-vis real estate developers.
The budget speech indicated further progress on the Direct Tax Code (DTC) as well as the GST – both critical measures, which is a welcome move. Though, I feel that it would have been better for the industry if GST was also rolled out along with the DTC.
The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
The limit of funds to be invested by foreign investors in the Indian infrastructure sector has been raised with Finance Minister Pranab Mukherjee also allowing mutual funds to accept foreign funds in the national budget presented on Monday.