Track2Realty: Investment-grade office space demand slowed down in the first quarter of 2014, with around 6.3 million sq. ft. of Grade A office space getting absorbed across the leading cities of the country. Transaction activity was dominated by the National Capital Region (NCR), Bangalore and Chennai.
Track2Realty: A burgeoning automobile ancillary industry and the IT/ITeS sector’s growing presence have been the major growth drivers behind the notable transformation of Maharashtra’s second largest city—Pune. Over the past couple of years, the city’s IT sector in particular has seen significant growth, leading to sustained demand for office space in the city.
Track2Realty Exclusive: Property markets are often referred with reference to their key demand drivers. Every city has a key demand driver as far as the growth of the property market is concerned. Some have it by home grown end-user demand; others have it with investors finding it magnet for future while many have expat community driving the property market due to increased urbanisation and the professional opportunities.
Track2Realty Exclusive: To say that the property market of Mumbai has been subdued for quite some time would be stating the obvious. Reports of inventory pile up and appreciation despite slow sales have only made the sentiments bearish. The macro-economic outlook in the last over a year has also not supported the cause of real estate market in the city. Amidst this gloomy scenario, comes the festival of Akshay Tirtiya which has traditionally been known for property acquisition in the city.
Track2Realty Exclusive: Is there any co-relation between luxury properties, High Net Worth Individuals (HNIs) and Akshay Tirtiya? Prime facie, it may seem to be very innocuous question but for those who are tracking the property market of Mumbai find not only a co-relation among the three, but also find the three working in tandem can ignite the property market as well.
Track2Realty Exclusive: Thane is a cosmopolitan suburb which has evolved from being a mere city of lakes to the nestling zone of the urban middle class. Most of the working professionals in Mumbai have found Thane to be an ideal location to buy an apartment or take it on rent. Affordability has been a key USP of Thane property market, which has further been ignited with better connectivity.
Track2Realty Exclusive: Noida has defied the conventional wisdom of economics of late, thanks to the new found interest of the multinational corporations (MNCs) and the NRIs. This is due to the fact that the investment pattern of these two demand drivers have so far been guided by the conventional wisdom of economics that suggests to put money in a relatively mature market, and that too when the macro economic outlook is bright and the sentiments bullish.
Track2Realty: During 1Q 2014, commercial leasing in eight major cities recorded at around 8 MN SF including 1.7 million sq ft pre commitment from large corporates for future expansion. Cities like Bangalore, Delhi, Gurgaon and Kolkata witnessed increase absorption on qoq basis. Bangalore and NCR topped the chart contributing 75% in the total absorption. Bengaluru witnessed the highest absorption to the tune of 3.8 million sq ft followed by 2.3 million sq ft in NCR. IT/ITeS topped the charts and remained the primary demand driver IT/ITeS followed by Engineering and BFSI sectors.
Track2Realty: There has been a 43% increase in Q1 2014 new residential unit launches from the previous quarter. The total estimated unit launches were recorded at 55,500 units across major eight cities of India with Bengaluru recording the largest number of units launched, an increase of 22% from previous quarter, says a report by Cushman & Wakefield.
Track2Realty: Kumar Urban Developments (KUL) has introduced futuristic designed homes and washrooms that are built with hi-tech solutions satisfying the needs of discerning home buyers at their award winning project “Sophronia” at Kalyani Nagar, Pune.