Track2Realty: New residential unit launches across top eight cities declined by 12% y-o-y in 2014 with total launch of 153,000 units. The top three cities of Bengaluru (27%), NCR (17%) and Mumbai (16%) comprised of 60% of the total new launches in 2014, says a report by Cushman & Wakefield.
Track2Realty: Residential sales declined by approximately 30% y-o-y by the end of 2014 in the seven leading cities of the country, largely due to high price points, sticky interest rates and cautious buyer sentiments. The decline, which was noted across all major cities, was particularly steep in the DelhiNCR (National Capital Region).The slowdown was reported in the premium/luxury as well as the high-end/mid-end housing segments.
Track2Realty: Almost 25% of the total warehousing/logistics space uptake across the country in 2014 was by e-retail players, while the uptake of logistics space rose by more than seven times over that of 2013. India’s online retail sector saw exponential growth, as a number of local market-specific services—such as cash on delivery (COD), multiple payment options, and EMI options—assisted in developing the growth curve of e-commerce in the country—according to the findings of CBRE’s latest special report, India Online Retail Driving Realty.
Track2Realty: Housing sales across India’s seven leading cities declined by approximately 30% on an annual basis by the end of 2014—according to the latest CBRE report, India Residential Market View – H2 2014. The general decline in the housing market was particularly steep in the Delhi National Capital Region (NCR), signaling the need for property prices to get rationalized in tune with average per capita income rates of home buyers.
Track2Realty: As we move closer to the Union Budget 2015–16, India’s real estate sector is hoping for certain key expectations to get implemented. Following the Government’s announcements of building SMART Cities in the Budget last year, the industry seeks more clarity on the exact definition of one in the Indian context, fund allocations for, and city/Greenfield location identification of such development. The implementation of such ambitions would ultimately result in national wealth creation—to help our cities become sustainable and livable urban centers of growth.
Track2Realty: Enhanced levels of activity in corporate real estate transactions led to a total office space take-up of more than 33 million sq. ft.during 2014. This activity was led for the most part by Bangalore(37%) and the National Capital Region (NCR)(24%).
Track2Realty Exclusive:Following nearly two years of sub-5% growth due to currency volatility, high inflation and fiscal deficits, poor investment and market sentiment scenario, India’s economy bounced back with a growth rate of 5.7% during the April–June period of FY 2014–15, up from 4.6% in the preceding quarter. With business prospects improving across key sectors, the economy is expected to display further improvements in the next quarter.
Track2Realty: In recent years, the Asia Pacific retail market has boomed on the back of strong economic growth, rapid urbanization and the emergence of a large and prosperous middle class population, CBRE’s latest report The New Age of the Asia Pacific Retail Market reveals. As a result, Asia Pacific is now experiencing an upsurge of new retail construction to meet demand as international retailers flock to the region.
Track2Realty: At nearly US$160 per sq. ft. per annum, Delhi’s Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world, according to CBRE’s semi-annual Global Prime Office Occupancy Costs survey. Mumbai’s alternative business district of Bandra–Kurla Complex (BKC) remained at the sixteenth, and its CBD of Nariman Point at the thirty-second positions on the Top 50 rankings for global prime office properties.
Track2Realty: After a better than expected growth of 5.7% during the April–June quarter, India’s GDP growth slowed down to 5.3% during July–September, mainly due to sluggishness in manufacturing growth and a slowdown in agricultural output.