Substantial addition to supply has kept the rentals for the retail mall space in Pune stable in the first quarter of the year 2012, a report from real estate advisory Cushman & Wakefield India has said.
The retail real estate market received a fresh mall supply of approximately 1.94 million sq. ft. (msf) in Q1 2012 (quarter ending March 2012). Many of the expected mall projects were differed on account of delay in construction, leading to a deficit of close to 50% from the estimated supply (3.37 msf) for the quarter, says Cushman & Wakefield in its latest report.
The emergence of the secondary and tertiary cities led to an aggressive increase in hotel development and provided avenues for expansion of hotel brands, which were previously dependent on new opportunities in just the five main cities.
Amidst cut-throat the hospitality vertical of Indian real estate has done well with hotels across the budget segment witnessing upward movement. Track2Realty exp0lores the emerging trends and also addresses the game changers that has influenced in the past and promises to do so in the year ahead.
The much anticipated opening up of Foreign Direct Investment (FDI) in multi-brand retail has renewed interest of several large international retailers in Indian retail market.
The availability of skilled manpower supported by availability of cost effective commercial real estate – especially in terms of Grade A projects – continues to drive demand for office properties in Pune.
Retail chains across the country are signing up for space in a big way, after a long pause that had followed the economic downturn.
The Hero Group of automobile makers on Monday, September 5, announced its foray into the hospitality sector.
The world’s largest casino entertainment company, Caesars Entertainment Corporation is in talks with leading Indian developers and hospitality players to expand its presence in the country.
Both absorption and leasing activity remained robust in Pune in 1H11. Net overall absorption was 2.3 million sq ft (213,591 sqm), with 1.5 million sq ft leased during 2Q11.