Track2Realty Exclusive: India, although not by plan, is experiencing a boom in once relatively obscure cities. Its rising urban centers are not confined to four metro cities or Bangalore and Ahmedabad, and load on urban land and overall infrastructure demands India must take learnings from global experience of redevelopment.
Track2Realty: DTZ annual office space forecast says 21% increase in take-up is expected. Overall take-up stood at 4.80 million sq ft for Q1, a sharp drop of circa 29% from previous quarter. Mumbai witnessed the highest take-up of 1.25 million sq ft, an increase of 3% q-o-q.
Track2Realty Exclusive: East Zone (Kolkata) The overall retail market in the city continued to display sluggish trend with only a few major retailers expanding their operations in large format standalone stores in established high street locations.
Track2Realty Exclusive: Analysis of South Zone (Bangalore)
Retail leasing activity in Bangalore remained active through 2012 due to the opening of a few malls particularly in the Whitefield micro-market. Apart from the stable leasing activity seen through the year, space enquiries from retailers during the period point to the fact that a number of them remained bullish on their medium to long term prospects due to the increasing affluence of the growing middle class.
Track2Realty Exclusive: Analysis of West Zone (Mumbai)
The retail landscape across the western zone of the country has remained active through 2012. The sector performance was characterized by buoyant leasing activity from both Indian and international brands. As a result, in addition to expansion of Indian brands, many international retailers also set up their new outlets in the city. Moreover, the recent policy reforms, allowing FDI in multi-brand retail has improved overall sentiments in the sector.
Track2Realty Exclusive: Analysis of North zone (Delhi NCR)
Owing to sluggish global and domestic economic growth, high inflation and steep depreciation in rupee value, market sentiment remained subdued during the first three quarters of 2012. International brands are still positive about the Indian growth story.
Track2Realty Exclusive: Analysis of East Zone
The transaction activity registered in Kolkata in 2012 was down by 42% during Q1-Q3 2012 compared to the year ago period. The subdued demand is the result of the uncertainty prevailing in both the global as well as domestic markets. Most of the corporates have trimmed their expansion plans and instead looking at consolidation to optimize their real estate usage and bring down the costs.
Track2Realty Exclusive: Analysis of South Zone
Bangalore is the only major metro in the country which saw a year-on-year increase in take-up of office space in 2012. The total take-up increased by 9% to 8.3 million sq ft in Q1-Q3 2012, from 7.7million sq ft in the year-ago period as a number of occupiers took-up space for their future requirement for consolidation and expansion.
Track2Realty Exclusive: West Zone Analysis–The cumulative take-up levels recorded between Q1-Q3 2012 in Mumbai and Pune were the lowest when measured up against transaction activity recorded during similar time frame since 2009. In Mumbai, the first three quarters of 2012 witnessed a total take-up of 2.4 million sq ft which was approximately 44% lower when compared to 2011. Similarly, transaction activity registered in Pune were in 2012 were down by 36% during the same time frame.
Track2Realty Exclusive: Most of the development in the NCR has occurred in the vicinity of the commercial hubs. In the Gurgaon micro market, developers have shifted their focus to the Dwarka Expressway, also called the Northern Peripheral Road. The forthcoming expressway will provide a convenient alternative link between Delhi and Gurgaon.