Track2Realty: The overall mall vacancy levels across the top eight India cities remained stagnant at 14.47% in Q2 2014, which was recorded around 0.4 percentage points lower compared to Q1 2014. Amongst the top eight cities, Pune witnessed sharpest decline of 2.5 percentage points due to healthy leasing activity and no new mall supply. These are the findings of Cushman & Wakefield latest report.
Track2Realty: Approximately 8 million sq. ft. of office space was leased across eight major cities during the quarter. Bengaluru, Chennai and Pune topped the chart in the total office market absorption.
Track2Realty: Maharashtra Government will soon come out with cluster development policy. This was announced on Friday, June 27, by Sachin Ahir, Minister of State for Housing, Slum Improvement, Housing Repairs and Reconstruction, Urban Land Ceiling, Industries, Mines, Transport, Environment and Parliamentary Affairs. He was speaking at the real estate conclave organised by Confederation of Indian Industry (CII) in Mumbai.
Track2Realty: Over fifty percent of real estate buyers decisions are influenced by Internet research. The phenomenon, of researching online for real estate information is not limited to metros but also extended to buyers in tier II cities, as per the study of Google India. The study was conducted to understand the influence of Internet on real estate purchase decisions in India.
Track2Realty: The emerging cities continue to dominate the rental growth in the region with Jakarta (Indonesia) witnessing the highest office rental growth (yoy) among 33 cities in Asia, followed by Manila (Philippines) at 2nd position and Shenzhen (China) at 3rd Pune (India) at 4th position while NCR (India) ranked at 10, says Asia Office Q1 2014 report of Cushman & Wakefield.
Track2Realty: Despite more than 60% of global retailers already having a presence in India, the lack of quality retail space and legislative issues have been an impediment to the spread of organized retail in the country, according to CBRE’s report, Expanding Horizons of Global Retailers in India.
Track2Realty: A burgeoning automobile ancillary industry and the IT/ITeS sector’s growing presence have been the major growth drivers behind the notable transformation of Maharashtra’s second largest city—Pune. Over the past couple of years, the city’s IT sector in particular has seen significant growth, leading to sustained demand for office space in the city.
Track2Realty: Employment opportunities to the tune of approximately four to five lakh are expected to be generated within the next two years across the country’s leading cities. In case India’s economic growth accerelates to above 6% in 2015, more such opportunities may be expected.
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.