Track2Realty Exclusive: Akshay Tirtiya holds special significance in Gujarat both for the traditional Gujaratis as well as the youngsters with the modern outlook to the culture and traditions. This festival is seen as the right time to acquire assets and traditionally the business of gold touches a new high on the day of Akshay Tirtiya.
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 Exclusive: Statistics only tell half the story and this old adage is all the more relevant in the property market where the transactions and appreciation/depreciation may or may not have a direct co-relation. In Gujarat real estate market the prophets of doomsday had a field day in the last over a year time due to slow pace of growth. They cited the National Housing bank’s Residex that shows Ahmedabad witnessed only 6 per cent growth in property prices in last one year.
Track2Realty Exclusive: Gujarat real estate has seen phenomenal growth in the last over a decade and property markets of Ahmedabad and Vadodara are among the most sought after hot spots. The growth story, however, would be incomplete without understanding the stress level of the sector which weathers multiple challenges to perform, with approvals being the biggest challenge.
Track2Realty: The total the net office space absorption across 8 cities is recorded at 5.9 million square feet (msf) which is 58% higher than same time last year, says the quarterly office market report (Jan–Mar 2014) by Cushman & Wakefield. Among the 8 cities, Ahmedabad and NCR recorded a 3 times increase in net absorption over the same period last year. However, there was a decline in net absorption of approximately 22% over last quarter (Q4, 2014) in all cities.
Track2Realty: The total fresh mall supply by the end of 2014 is projected to be approximately 14 million square feet (msf) approx. in the top eight cities of India, of which 13.6 msf is still under construction, says a report by Cushman & Wakefield. This is nearly 200% more than the supply received in 2013 which was recorded at almost 4.6 msf. Of the total expected mall supply for the year of 2014 approximately 60% or 8.2 msf of fresh mall supply is expected to be received by National Capital Region (NCR) followed by Bengaluru at 2.86 msf.
Track2Realty: Godrej Properties has entered into an LLP to develop a residential township project in North Bengaluru. The project, spread across 100 acres, will offer a potential saleable area of approximately 0.87 million square meters (9.4 million sq. ft.) though its proximity to the new international airport may lead to a reduced consumption of FSI.
Track2Realty Exclusive: Call it migration or mere attraction, the Indian Real estate is spreading its roots into cities-in-making. Though fact remains that this sector has lots to thank the tier I cities for its large scale investments, but the winds of change are here to stay. The recent economic and investment policies, initiated by the government are giving a boost to the less known lands across the Indian sub-continent.
Track2Realty Exclusive: The Gujarat real estate has by and large reasons to feel satisfied with its better-than-national average performance during the year 2013. It would be safe to maintain that the property market in the state has weathered the slowdown blues better than many other matured property markets across the country and the developers are better off now than in 2009. As per rough estimates 50 per cent of top companies in the state have improved on their debt servicing while 30 per cent will see a fall in debt from next fiscal.
Track2Realty Exclusive: If regulatory changes have been a cause of concern for the developers in the Gujarat real estate market, the political uncertainty prior to the general elections definitely threatens to prolong the slump in the realty market. Elections and real estate have a symbiotic relationship where elections bring a kind of stasis that is unproductive.