In a decisive display of undisputed market leadership, international property consultancy Jones Lang LaSalle India swept up all four awards in the IPC segment at the Property World Awards function on December 15, 2010. The star-studded event took place at the Hotel ITC Maratha in Mumbai.
Confusing it may sound, but a project called Delhi One has been launched in Noida by the trend setter of green building concept in India The 3C Company. This mega mixed-use project incorporating residential, commercial, retail and hospitality zones is spread across 12.5 acres at Sector 16-B, Noida.
The Gurgaon-based real estate developer, Orris Infrastructure, has launched a new age commercial complex ‘Business Square’ in Sector 82A, New Gurgaon. The project, which is spread over an area of 9.5 acres, has three towers that will offer office space and also includes a convention centre, 5-star and business hotel, according to the company.
The Faridabad property market has started showing signs of recovery very fast. The pace of recovery in the Faridabad has been witnessing a quiet revolution over the past six months. Real estate prices, which had plummeted post 2008 and then plateaued at Rs 20,000-25,000 per square yard last year, have suddenly shot up by 30-40%.
Keys Hotels, one of the leading players in the mid-market brand of New York-based Berggruen Hotels, has announced plans to develop 15 hotels across India in the next three years with a total investment of Rs 550 crore.
In the year 2007 Preeti Banerjee bought a house in Royal Legacy, Vasundhara, Ghaziabad with the obvious high expectations of moving into a hassle free living. However, the dreams were soon shattered and she was exposed to the agony of an average middle class home buyer, often left alone at the mercy of the builders.
Kolkata is fundamentally a Tier II city, and its real estate market is not as volatile as those of the primary cities. Because of this, Kolkata’s residential property sector was not as seriously impacted by the nationwide slump in the real estate market as cities like Mumbai, Delhi, Pune or Hyderabad.
The final 2010 edition of Global Market Perspective provides our view on the likely shape of commercial real estate markets across the globe in 2011. Over the next 12 months we expect to see a much greater divergence in real estate activity and performance.