Track2Realty Exclusive: While the Vijay Kelkar Committee has strongly advocated in its recommendation to the Central Government that monetisation of the government land can finance the basic urban infrastructure needs, a move in that direction has set the tone for a fresh debate in Maharashtra.
Track2Realty-Agencies: Azure Capital, the promoters of India Realty Fund I, launched its India Realty Fund-II (IRF2), a rental yield fund that focuses on commercial properties across the top seven cities of India. The size of the fund is Rs 250 crores with an additional Green shoe option of Rs 250 crores aggregating to Rs 500 crores.
Track2Realty: The Maharashtra government has revised lease rentals of a total of 1,577 lands situated in Mumbai city and suburbs. The revised lease rentals, which are fixed on ready recknor rates, would be effective from January 1. State cabinet chaired by Prithviraj Chavan gave its approval at its meeting held on Tuesday, Oct 9.
Track2Realty: Cushman & Wakefield estimates commercial office space demand of over 180 million square feet (msf) in the next five years (2012 – 16) in the top 8 cities of the country. This was released in the annual publication entitled “Evolving Paradigm – Future of Indian Real Estate” in association with Global Real Estate Institute (GRI) at their India Summit 2012. The report also estimates the total expected supply for the next five years in these eight cities as 219. 6 million sqft, basis announced projects and current pace of construction; indicating a condition of excess supply in the coming few years.
Track2Realty: The total new demand that could be generated for residential dwellings in the period 2012 – 16 will be 11.8 million units across India, says a new report by Cushman & Wakefield. Of the total additional demand, the top 8 cities will be constituting 18% or 2.1 million units across categories. The annual report “Evolving Paradigm – Future Of Indian Real Estate” is in association with Global Real Estate Institute (GRI).
Track2Realty: Everstone has tied-up with Jones Lang LaSalle India (JLLI) for providing retail property management services to four shopping malls at Pune, Kochi, Vadodara and Ahmedabad.
Track2Realty-C&W: NCR registered absorption of 1.2 msf in Q3, 2012 and which was 14% lower when compared to the previous quarter due to cautious approach by the companies. IT/ITeS and consulting firms continue to be among the largest occupiers taking up spaces in excess of 200,000 sf each across Gurgaon and Noida, says office market report from real estate consultancy Cushman & Wakefield.
Track2Realty-Agencies: Delhi Government on Wednesday, Sep 26, issued directions to allow sale, purchase and registration of property in 312 unauthorised colonies built on private land. These were among the 895 colonies regularized early this month.
Leading jewellery brand Kalyan Jewellers is planning to make a foray into the real estate market of Ahmedabad. The Rs 9400-crore company, which has 37 branches in six states of India, opened its 38th showroom in Ahmedabad on Sunday, Sep 16.
Interest from international real estate investors in Indian real estate has been limited in 2012. India has witnessed 6% q-o-q growth in direct commercial real estate in Q1 2012, as compared to China which has seen negative growth of -45%, however China performed better in Q2 2012 on the back of one mega deal. In Brazil, investment volumes seem to be reaching a more ‘normalised’, sustainable pace following the supercharged 2010-2011 period.