The factors supporting Bengaluru’s top rank include the city’s high long-run economic growth, high availability of office space, and large talent pool. As per Colliers Research, Beijing and Hyderabad as attractive alternatives, and Hong Kong emerging as a potential new option.
Lack of affordability in the larger cities is the primary hurdle to the largest investor base, and property investors are now looking at smaller towns and cities. However, their increasing bullishness on Tier 2 & 3 cities as against their tier 1 counterparts is not just on account of their relatively more affordable property prices, but also because of their better growth prospects.
JLL India has announced key leadership appointments at strategic positions in its Chennai business. Siva Krishnan has been appointed Managing Director, Chennai; Kanchana Krishnan has joined as Head – Markets and Retail, Chennai and Jerry Kingsley has stepped up as Head – Capital Markets, South India and Head – Sri Lanka.
According to a World Bank report, India received USD 79 billion in remittances in 2018 – with a sizeable portion going into real estate. NRI investments into Indian real estate are led Indian expatriates from UAE, USA, UK, and Canada. In terms of Indian cities, Bengaluru, Mumbai, Pune, Hyderabad, Chennai and Delhi-NCR currently attract the lion’s share of NRI investments.
Once completed, Jewar International Airport will not only ease traffic at Delhi’s IGI Airport but also create multiple job opportunities and give decent impetus to the property market in Noida, Greater Noida and Yamuna Expressway. These markets have been reeling under tremendous pressure over the last three to four years, and require a fresh injection of opportunity and intent to overcome this slump.
In an effort towards “Homes for All”, the twin projects – adjacent to each other – will feature 1&2BHK homes in the price range of INR 10.99 lakhs – INR 23.71 Lakhs, making it a very attractive proposition for customers. Accommodating 130 and 312 homes respectively, Vaan Megam & Mann Vaasanai offer single and double bedroom homes ranging from 461 sq. ft. to 778 sq. ft super built-up area.
Is there something in the very DNA of the city that makes every global forecast refer Chennai as the future city on the global map? Analysts believe Chennai is not only the capital city of Tamil Nadu but is also the largest industrial and commercial centre in South India. The Greater Chennai Corporation (GCC) is the flagship Urban Local Body in the Chennai Metropolitan Area (CMA). The Greater Chennai Corporation (GCC) is the oldest municipal Institution in India.
There is a public perception that what has transformed this once non-descript city into thriving metro city is the gulf money since a large number of Kochi residents are working in the gulf region. However, Kochi property market is not being driven by gulf money alone; this could be only a reality in the luxury segment.
Over-supply has been oft-repeated blame game for slow property absorption across the country. However, in most of the cases this over-supply is a misunderstood term. In a country where the housing shortage is huge, any mention of over-supply is misleading in the first place. In most of the property markets, it is the demand & supply mismatch which is termed as over-supply.
At a time when the developers across the cities are struggling to either cope up or align with the emerging regulatory compliances like the RERA, these numbers clearly indicate that Chennai has not only been among the front runners in compliances and best practices but also ahead of the competition curve as far as the launches and absorption are concerned.