Track2Realty: The draft guidelines for trading in REITs in India have been introduced and allowed. For the very first time, there exists a tool to channel small savings into the Indian real estate sector. Not surprisingly, several owners of income-generating properties are now considering setting up REITs.
Track2Realty Exclusive: The real estate has by and large welcomed the move to bring the slum redevelopment and rehabilitation projects under the ambit of Corporate Social Responsibility (CSR). It has been a wish that hat was granted even before the sector could get vocal with the wish list. It is hence no surprise that some of the adjectives that the Finance Minister’s announcement could earn have been ‘a game changer’ or ‘a corporate catalyst’ and ‘investment magnet’.
Track2Realty: The West Bangalore sub-market covers the areas and projects around Tumkur Road NH-4 towards the Yeshwanthpur and Malleswaram junction, the Rajajinagar Industrial Area, Yeshwantpur, and Tumkur Road and its surroundings (which has a high-density population and has traditionally been the primary industrial hub of the city).
Track2Realty: The logistics and warehousing market in India attracted steady transaction activity, with large sized transactions of around 100,000–250,000 sq. ft. reported during the first half of 2014. The Delhi National Capital Region (NCR), Chennai and Mumbai accounted for the bulk of leasing activity during H1 2014. The automotive, FMCG, commerce, and third party logistics sectors were the principle drivers of demand for warehousing space in the country during the first half of the year, according to the CBRE report, India Logistics MarketView – H1 2014.
Track2Realty: India’s economy grew 5.7% y-o-y in Q1 2014–15 (April–June) belying market forecasts of 5.3%, and showing signs of recovery following annual growth numbers of between 4.4% and 5.2% in each quarter between Q1 2012–13 and Q4 2013–14.
Track2Realty: Pride Group has launched its mega city township Pride World City (PWC) at Charholi, near Lohegaon airport, Pune. This integrated township is being developed on a sprawling 400 acres of land at one of the most promising real estate locations in the city.
Track2Realty-Agencies: The Delhi Consumer Commission has asked TDI Infrastructure Pvt Ltd to pay over Rs 35 lakh to a man for non-completion of project, in which he had booked a plot, even after three years from date of promised delivery of possession, saying it “amounts to deficiency of service”.
Track2Realty: High profitability is driving growth of new main streets, says Cushman & Wakefield’s report, ‘New Retail Frontiers: Emerging Main Streets in India. The report analyses the potential of new locations, which are emerging as retail hotspots in the seven major cities of Mumbai, Delhi-NCR, Bengaluru, Chennai, Kolkata, Pune and Hyderabad.
Track2Realty: Demand for housing across leading cities remained subdued in the first half of 2014. Owing to high pricing and lending rates, buyer preference remained focused on secondary and emerging markets of leading cities; while developers began to offer discounts to boost sales ahead of the festive season. This general slackness in housing sales has been primarily triggered off by the Affordability Index going down in certain cities; although home buyers have been investing in markets that they perceive to be offering value for the product, as well as the preferred location.
Track2Realty: Pune is no longer the small city whose only claim to fame was its proximity to the country’s financial capital, whose real estate market survived on rural demand emerging from the hinterlands of Maharashtra.