A new retail report released by Jones Lang LaSalle emphasises that changes across the global retail banking environment continue to be driven by political, economic and technological trends. These trends will lead to continued bank expansion in frontier markets, offsetting the search for greater efficiency in developed markets.
More than 30% of retail mall space against the projected supply for the first half of the year were deferred, says Cushman & Wakefield report on the retail real estate market. A fresh mall supply for H1 2012 stood at 2.27 million sq. ft. (msf). Approximately one million sq.ft. of expected mall supply was deferred to second half of the year or next year. The overall vacancy rate for the major cities as of H1 2012 stood at 19.6% marginally higher than the previous quarter.
Singapore-listed technology park developer Ascendas is close to acquire an IT Special Economic Zone of Shriram Properties in Chennai for about Rs 500 crore, said banking sources close to the development. Ascendas, which owns a string of business parks in India, is said to have pipped competing offers from other global investors Tishmen Speyer, Xander Group and Mapletree, a real estate arm of Temasek.
Does it reflect a disconnect in the luxury housing where demand of high-end units is 16% but supply is as high as 80%? “Not Really.” says Anmol Haval DGM, Sales & Marketing of City Corporation Limited (CCL) which has launched ‘Sweet Water Villas’, an exclusive project of limited edition villas at ‘Amanora’, the first integrated township being developed under the special township policy of Government of Maharashtra.
Indian realty firm Synergy Property Development Services Ltd bagged, through international bidding, a $153-million township development project in the central African country of Rwanda.
In view of the ever increasing housing shortage in cities and towns, the Union Ministry for Housing & Poverty Alleviation has decided to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses. The decision comes after several rounds of representation by the industry bodies, CREDAI & NAREDCO.
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
The new concept of integrated townships is now more about a single developer taking over a large tract of land. There are benefits too. “The infrastructure is under the developers’ control,” explains Anuj Puri, Chairman and Country Head, JLLI, adding that the developer can plan and use the FSI better, and long-term maintenance is a possibility.
Sahara India Real Estate Corp has blamed the market regulator Securities and Exchange Board of India (SEBI) for taking up the issue of Sahara group of companies mopping up Rs 17,400 crore through debentures and ordered their refund. Sahara has this plea before the Supreme Court on Wednesday. Senior counsel Fali Nariman, appearing for Sahara India Real Estate Corp, told the apex court bench of Justice KS Radhakrishnan and Justice JS Khehar that the SEBI took up the matter even though there was no complaint from any investor.
Integrated townships can reduce the burden on infrastructure and provide a fulfilling lifestyle for buyers, at a much reduced cost all round. Gulam Zia, National Director – Research & Advisory Services, Knight Frank India points out, “Of late, the planning authorities and Government bodies have realised the importance of integrated townships and are giving special concessions for creation of such townships.