Coimbatore has today all the pre-requisite fundamentals of a lifestyle city that is high on the wish list of the corporate sector and the young professionals. The best part is that this development has happened in the last few years when the market conditions otherwise have been bearish; something that suggests the wave of change is here to stay.
Piramal funding to Embassy Group has been done sequentially across both residential and commercial projects in Bangalore, Chennai and Hyderabad over a span of the last six months.
The top 8 cities witnessed residential launches of approximately 25,800 units in the first quarter of 2017 and registering a 16% decline from the corresponding period last year, says a report by Cushman & Wakefield.
Bhiwadi, as a matter of fact, has been the first town to conceptualise what is the most need-based housing in India. Facts speak for themselves. There are 98 million people over 55 with a steady growth of 3.5 per cent per annum. In terms of market numbers, in an analysis of 135 urban cities with a total population of 223 million and 52 million households, as many as 12.8 million families have senior citizens.
Virtuous Retail South Asia has acquired the 2 million sq ft North Country Mall from Sun Apollo/Gumberg for INR 700 crores (USD 108 MM), including paying down debt. With this acquisition, VRSA establishes its presence in North India, adding to its existing award winning portfolio of community-centric centers VR Surat and VR Bangalore, and the 2 million sq ft. VR Chennai slated to open in Q4 2017.
India definitely has to do a lot of catching up as far as smart urban governance and the participation of citizens are concerned. Failing to involve the citizens, the smart cities will only end up having state-of-the-art infrastructure and poor follow-up leading to smart urban chaos for the future.
In terms of pure economics renting out a property as against buying it may sound to be logical due to poor rental yield across India, the market reality beyond fiscal prudence is not that simple. In most of the Indian cities the tenants have to pass through a number of uncomfortable questions ranging from food habits to personal lifestyle choice before they can get a rental property for living. The process itself is very tedious and prone to leave grey zones.
Bangalore-based Nitesh Estates plans to grow its commercial & rental assets to more than 5 million sq. ft. of space in the near future. This includes locations in the central business districts and significant micro markets of Bengaluru. Nitesh Estates will develop and acquire A-Grade commercial & rental assets with an investment of around Rs. 1500- crore across multiple projects.
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