Track2Realty: Top eight major cities witnessed a total mall supply of 2.94 million square feet (msf) (3 malls) during the first half of 2013 with over 64% (13 malls) of the total expected supply deferred, says a report by Cushman & Wakefield.
Track2Realty: Retail leasing activity continued to be subdued in Q2 2013, as most retailers remained cautious due to the weak economic conditions that are currently prevailing in India. Several retailers started to employ new service delivery models by closing down loss making stores, especially in non-core markets.
Track2Realty: Office markets in India registered a downward trend in absorption in the first half of the year (Jan–June 2013), according to the latest report by Cushman & Wakefield. The total net absorption across top eight cities in H1 2013 was noted at 10.9 million square feet (msf) which denoted a decline of 15% compared to the same period last year.
Track2Realty: The prime office space segment across key cities in India witnessed a supply infusion of more than 20 million sqft in the first six months of 2013.
Track2Realty Exclusive: The problem remains that many SEZs are seen as real estate scams. Lack of clarity on the country’s land acquisition policy is also a major stumbling block for SEZ projects. EAS Sarma, former Secretary to the Government of India has alleged that most of the SEZs in the country have become real estate ventures lined to money laundering.
Track2Realty Exclusive: Some of the factors that vociferously call for apartment culture. New initiatives like the construction of a metro in cities like New Delhi, Bangalore, Kolkata, suburban railway in the areas like Mumbai, Hyderabad, Chennai, Delhi, Pune, Kolkata and Bus Rapid Transit System taken by the various state governments to improve the public transport systems in cities has raised the interest among people in the surrounding areas so as to save the commutation time.
Track2Realty: NCR retail real estate market remained largely stable as per the latest retail report from real estate consultancy Cushman & Wakefield. A few locations in both main street as well as malls saw some appreciation in rental values. Connaught Place (Inner Circle) recorded an increase of 12% while prime malls across Delhi NCR saw a positively rising curve following robust demand for the same.
Track2Realty: On the occasion of Akshaya Tritiya, Lavasa announced the launch of a new set of elegantly designed apartment blocks at Dasve & Mugaon, the first & second towns in the planned hill city of Lavasa.
Track2Realty: Tata Housing has made it to the Limca Book of Records 2013 for ‘Mumbai Wallbook’, the lengthiest wall painting activity held in Mumbai on May 20th, 2012. This first of its kind initiative on the theme ‘Design Your Dream City’ witnessed 556 artists coming together, on one platform, to design their dream for the city. Over 15,000 likes and conversations were generated on Tata Housing’s Facebook page a week prior to the event, and other social media platforms successfully engaged enthusiasts that ensured high footfalls at the venue.
Track2Realty Exclusive: While the concept is being touted as the next big thing for the realty industry, there are both pros and cons to be weighed with integrated townships. There, of course, is the flip side too. Long gestation periods for these projects to take off and reluctance on the part of people to move to an isolated location are challenging from the developers perspective.