Track2Realty: Office space absorption dipped by 23 per cent during 2012 in major cities to 29 million sq ft as corporates remained cautious of expanding businesses amid global uncertainties and slowdown in the Indian economy, property consultant Cushman and Wakefield has said.
Track2Realty Exclusive-Yearly Analysis: Indian real estate companies are reeling under the burden of debt, so much so that the excess cash that they had borrowed has become a liability that they want to get rid of but are unable to relieve themselves due to various factors beyond their control. They are nonetheless trying all possible measures, from selling land bank to restructuring their portfolio. Track2Realty tries to assess the seriousness of the situation where many of the realtors are caught between the distress sale and the debt trap.
Track2Realty Exclusive: The future of integrated townships is fraught with hurdles, yet it is the only win-win housing solution in the horizon. It is one of the primal human desires to own a home at a nice, peaceful locality with most immediate necessities in the vicinity. Till only recently the fulfillment of this desire came at a heavy price, leading people to often settle for less. These days, this has become affordable, thanks to the concept of integrated townships.
Track2Realty Exclusive: A large section of realty players categorically say that the redevelopment process may be a step in the right direction, it is yet not going to change the demand-supply dynamics, nor will it bring down the prices.
Track2Realty Exclusive: The Union Cabinet has cleared the Land Acquisition Bill, the realty sector is debating its pros & cons but the home buyers are apprehensive whether the house prices will shoot up in proportion of the higher cost of fresh land acquisition. The Bill cleared by the Union Cabinet makes the consent of 80 per cent of owners mandatory for private projects.
Track2Realty Exclusive: What are the challenges for redevelopment of a project in the urban centres? Ram Makhecha, Director, Vakratunda Group believes 80 per cent of the buildings in a city like Mumbai are dilapidated. Most of the other 20 per cent new buildings are better because that got constructed under the redevelopment scheme in recent years.
Track2Realty: Western suburbs of Mumbai are set for a facelift through redevelopment post the new Development Control Rule (DCR). Ravi Sinha speaks to Lalit Kumar Jain, CMD, Kumar Urban Development and CREDAI President to understand whether it would add more pressure on the existing crumbling infrastructure of the suburbs. Excerpts of the interview:
Track2Realty: Subdued economic growth on the domestic front and persistent concerns about the economic outlook in USA and Euro Zone moderated business confidence among office space occupiers in 2012. As a result, the major seven cities in India witnessed restrained office space take-up in 2012.
Track2Realty: Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited, is set to launch India’s largest residential township project. This gargantuan project, ‘Provident Sunworth’, is a 6 million square feet project spread over 60 acres , strategically located off Mysore Road near the NICE ring road junction in Bengaluru, within driving distance from Electronics city, Industrial hubs and the IT corridor.
Track2Realty: DTZ has brokered the sale of US Consulate’s Washington House in Alta Mount Road in South Mumbai to Lodha Developers at the rate of approximately Rs. 140,000 per sq meter or USD 28,000 per sq meter.