Track2Realty: Concerns over cost reduction and a cautious approach by occupiers had a negative impact on leasing activity across key markets in India. With major corporates continuing to review expansion plans and focusing on improving existing space utilization to control costs; key markets across India witnessed almost 26% decline in absorption of prime office space during 2012.
Track2Realty-Agencies: CCI’s decision to modify realty major DLF’s apartment buyers agreement in relation to a case involving Rs 630 crore penalty on the firm has sparked a debate about the fair-trade regulator’s jurisdiction and other matters concerning the real estate sector.
Track2Realty: The Competition Commission of India (CCI) has modified the agreement between DLF group and apartment owners in its two projects in Gurgaon for abuse of dominance, sending a strong message to realtors indulging in such practices.
Track2Realty-Agencies: Competition Commission of India (CCI) is working on a model framework for commercial agreements between real estate developer and the property buyer, which it expects to serve as a benchmark for the industry.
Track2Realty Exclusive-Yearly Analysis:During the boom, many developers dreamt of transforming the urban landscape with millions of square feet of homes, offices and malls and set off on an aggressive expansion financed with debt that at 6 per cent interest was cheap by Indian standards. When the going was good, they went overboard with over ambitious big-ticket projects in various cities, many of which still remain stalled.
Track2Realty: The National Real Estate Development Council (NAREDCO) has requested the government to extend the computation period for availing itself of income tax benefits by one more year. This period is going to end on March 31, 2013.
Track2Realty: Uncertainties prevailing in the real estate market since the past few years have resulted in the country no longer being an attractive investment destination for international investors, says a recent survey.
Track2Realty: In the annual report by global real estate consultants Cushman & Wakefield, “Main Streets across the world”, Mumbai witnessed the highest rental growth globally. Colaba Causeway in Mumbai recorded a rental increase of 75% over last year, on the back of strong retailer demand and continuous preference for prime high street properties in the city. Kolkata – Park Street (5th) at 53.8% and Chennai – Khader Niwaz Khan Road (10th) at 36.7% were among the global top ten cities to register highest annual rental growth.
Track2Realty: Homestead, the London-based real estate company, has associated with top Sports Icon, Maria Sharapova for a Gurgaon project. After ‘Michael Schumacher World Tower,’ that was endorsed and supported by Michael Schumacher, Homestead now associates with Maria Sharapova for their their second upcoming luxury residence.
Track2Realty: Supertech today announced tie up with hospitality chain The Leela Palaces, Hotel and Resorts for management of its luxury hotel in Noida that is being developed at an investment of Rs 450 crore.