The idea of creating a new city as a counter magnet to Mumbai was originally envisaged in the Regional Plan of Mumbai Metropolitan Region (MMR) in 1965. The actual planning process of this new city began in 1971 after the formation of CIDCO, a Government-owned company for development of cities.
Viewed dispassionately, the current government’s ‘Housing for all by 2022’ promise seems a bit unrealistic at the moment, as the modalities and concrete steps needed to be undertaken to achieve this goal have not been spelled out. Making 2 crore urban houses and 4 crore rural houses available is a huge undertaking in itself, and will require not only sustained government interest and investment but also substantial private sector investment and involvement.
Track2Realty: RICS, along with 61 professional bodies from around the world, has called for setting uniform measurement standards for residential sector globally (including India) to bring clarity on measuring various aspects of property measurement such as super built up area, built up area and carpet area.
Track2Realty: Reams of newsprint have been dedicated to discussing the sufferings of consumers in the Indian real estate sector. Particularly, homebuyers’ woes related to late delivery of projects, deviation of housing projects from promised quality, additional payments due to change in apartment area and inadequate protection of their rights have been well-documented.
Track2Realty: India’s logistics and warehousing real estate segment attracted steady demand during the second half of 2014—according to the latest CBRE report, India Industrial and Logistics Market View – H2 2014. Occupiers from the automotive, Fast Moving Consumer Goods (FMCG), engineering and manufacturing, and Third Party Logistics (3PLs) sectors were the principle demand drivers for warehousing space in the second half of the year.
Track2Realty: As e-commerce attains new heights and presents a number of opportunities for the real estate sector in general—and the warehousing segment in particular—CBRE recommends strategies for landlords and e-retailers for attaining a win-win scenario.
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.