Track2Realty: Knight Frank India in association with the Federation of Indian Chambers of Commerce & Industry today released its second set of findings of the quarterly Real Estate Sentiment Index. The first index that covered Q4 2013 was released in February, 2014.
Track2Realty: During 1Q 2014, commercial leasing in eight major cities recorded at around 8 MN SF including 1.7 million sq ft pre commitment from large corporates for future expansion. Cities like Bangalore, Delhi, Gurgaon and Kolkata witnessed increase absorption on qoq basis. Bangalore and NCR topped the chart contributing 75% in the total absorption. Bengaluru witnessed the highest absorption to the tune of 3.8 million sq ft followed by 2.3 million sq ft in NCR. IT/ITeS topped the charts and remained the primary demand driver IT/ITeS followed by Engineering and BFSI sectors.
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: In the expanding boundaries of the National Capital Region (NCR) where Gurgaon has been the biggest beneficiary, it has been quite natural that locations like Manesar, Bhiwadi among other adjoining regions start attracting investment. However, what has actually bucked the trend of such an otherwise organic growth is the fact that these locations once seen as the alternative locations of Gurgaon for those who could not afford it in the main suburb are no more just secondary locations.
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: Godrej Properties has launched a residential project, Godrej Oasis, in Sector 88A, Gurgaon. Spread over approximately 4.5 acres, this project will comprise 5 towers with 306 apartments and a total saleable area of approximately 46,000 square meters (500,000 sq. ft.). Customers can choose from 2, 2.5, 3 and 3.5 BHK apartments ranging in size from 121 square meters (1,307 sq. ft.) to 192 square meters (2,066 sq. ft.) with prices starting from INR 85 lakhs.
Track2Realty Exclusive: The occupier report of office space is often seen as the barometer of the vibrancy of the given property market since it indicates the level of economic activity that sustains all other segment of real estate, residential and commercial in particular. However, in downtown Coimbatore market this premise was never considered for critical evaluation since the market had multiple demand drivers and office uptake was not necessary criterion for any of these demand drivers.
Track2Realty Exclusive: Elections are part of a vibrant democracy. And like everyone else who is part of this democratic system, the developer community also pins hope on the upcoming elections. We are, in fact, watching all development with bated breath. We will keenly follow the five Assembly elections to be followed by the general elections of 2014 without any bias and in a totally unattached manner with no political affiliations whatsoever.
Track2Realty Exclusive: Mumbai real estate has historically been the red hot property, something worth aspiration of millions. The island city with less supply and more demand with ever increasing migration only meant that even if the market deviated from the conventional wisdom of economics in demand & supply dynamics, it still would be a sellers’ market.
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.