As the Modi Government completes its first year in office, there is no dearth of bouquets and brickbats for the NaMo regime in the media. On analysing the Modi government’s electoral assurances, the actions taken so far and the respective timelines being followed to achieve these, I would say that it is reasonably on track with fulfilling its short-term, medium-term and long-term promises.
With the reviving economy having infused a renewed sense of confidence among HNI home buyers, there has been a significant surge in demand for luxury homes asset class in the metropolitan cities of India. Many more developers are now venturing into the premium segment, which has resulted in a massive spurt of luxury projects. In fact, many of these properties are being touted as so exclusive that sales are by invitations only.
Following a particularly strong fourth quarter of 2014, the first quarter of 2015 reported comparatively slow activity on the office market front across leading cities. This apparent demand drop was largely because most corporate space occupiers were still strategizing their real estate plans for the year during the period, with fewer transaction decisions being implemented in the first quarter.
CBRE’s Retail Hotspots in Asia Pacific 2014reports on international retailer activity occurring in the APAC region. Established as well as emerging retail markets in the region saw 464 new retail entrants in 2014—23% more than in 2013.
Godrej Properties has entered into a new deal to develop a residential project at Whitefield, in Bengaluru. The proposed project will offer approximately 79,000 square metres (0.85 million sq. ft.) of saleable area and will be developed as a modern residential development.
Track2Realty: Satra Group has announced an initial investment of Rs 1000 crore towards developing real estate in Mumbai. Praful Satra, CMD of Satra Group says the expansion plan for the next 5 years includes developing of a total of 4 mn sqft, delivering more than 1,000 residential units of residential and commercial space.
Track2Realty: RICS, along with 61 professional bodies from around the world, has called for setting uniform measurement standards for residential sector globally (including India) to bring clarity on measuring various aspects of property measurement such as super built up area, built up area and carpet area.
Track2Realty: The economic growth rates in Asia are likely to lead the world—creating demand for built spaces, triggering business expansion, and inducing businesses to occupy retail premises and office properties.
Track2Realty: Reams of newsprint have been dedicated to discussing the sufferings of consumers in the Indian real estate sector. Particularly, homebuyers’ woes related to late delivery of projects, deviation of housing projects from promised quality, additional payments due to change in apartment area and inadequate protection of their rights have been well-documented.
Track2Realty: International expansion remains high on the agenda for retailers in 2015, in spite of uncertain economic prospects and cost escalation. CBRE’s research report, How Active are Retailers Globally?, has several interesting implications for the Asia Pacific (APAC) region, with some 85% of luxury and business fashion retailers looking at the region, and 67% of coffee and restaurant retailers doing the same.