Track2Realty: Office space absorption dipped by 23 per cent during 2012 in major cities to 29 million sq ft as corporates remained cautious of expanding businesses amid global uncertainties and slowdown in the Indian economy, property consultant Cushman and Wakefield has said.
Track2Realty Exclusive: The future of integrated townships is fraught with hurdles, yet it is the only win-win housing solution in the horizon. It is one of the primal human desires to own a home at a nice, peaceful locality with most immediate necessities in the vicinity. Till only recently the fulfillment of this desire came at a heavy price, leading people to often settle for less. These days, this has become affordable, thanks to the concept of integrated townships.
Track2Realty: Amidst a global economic slowdown as a consequence of the US fiscal cliff and Eurozone debt crisis, India’s growth forecasts too have been revised downward over the last three quarters of the year.
Track2Realty Exclusive: A large section of realty players categorically say that the redevelopment process may be a step in the right direction, it is yet not going to change the demand-supply dynamics, nor will it bring down the prices.
Track2Realty Exclusive: What are the challenges for redevelopment of a project in the urban centres? Ram Makhecha, Director, Vakratunda Group believes 80 per cent of the buildings in a city like Mumbai are dilapidated. Most of the other 20 per cent new buildings are better because that got constructed under the redevelopment scheme in recent years.
Track2Realty: MCHI CREDAI has appealed to the Maharashtra Government to slash the ready reckoner rates that form basis for stamp duty.
Track2Realty: A cautious RBI decided to keep key policy rates untouched, and the sector reacted insipidly to the RBI’s decisions, which were taken after its mid-term quarterly policy review. While many financial analysts termed its move as “over cautious” one and said that they were expecting a cut in key rates, realty reeling under a whole lot of issues and living on a wish of market revival in the year ahead said the decision to leave policy on hold has no immediate implications for the real estate sector.
Track2Realty: Subdued economic growth on the domestic front and persistent concerns about the economic outlook in USA and Euro Zone moderated business confidence among office space occupiers in 2012. As a result, the major seven cities in India witnessed restrained office space take-up in 2012.
Track2Realty: Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited, is set to launch India’s largest residential township project. This gargantuan project, ‘Provident Sunworth’, is a 6 million square feet project spread over 60 acres , strategically located off Mysore Road near the NICE ring road junction in Bengaluru, within driving distance from Electronics city, Industrial hubs and the IT corridor.
Track2Realty: DTZ has brokered the sale of US Consulate’s Washington House in Alta Mount Road in South Mumbai to Lodha Developers at the rate of approximately Rs. 140,000 per sq meter or USD 28,000 per sq meter.