The Union Budget 2012-13 has left the Indian real estate sector grope with the indecision yet again and everyone is wondering whether the Finance Minister’s offer is glass half full or half empty for them.
Pranay Vakil: Let’s start by introducing ourselves. I am Pranay Vakil, Chairman of Knight Frank India. We are a brokerage and consultancy group, positioned as second in the business.
Ahmedabad stands out as a city that weathered the market slowdown most smartly and the property market of the city was the first in the country that showed signs of recovery by June 2009 itself. Since then realty in Ahmedabad is back and booming, with nearly 35% appreciation.
In commercial real estate there is a general marketing strategy to showcase brands that book the space. Will SMEs cluster give the developer that cutting edge?
There is no doubt that the property prices in almost all the micro market of eastern city is going northwards, yet uncertainty looms large over Kolkata realty. There have been less transaction and even lesser new launches in the city, even when the state chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI) demands ten satellite towns in the state.
Hyderabad continues to be a favoured destination for investments due to its unique infrastructure, and real estate prospects are promising despite the Telangana agitation.
During the economic downturn of 2008, while the other neighbouring and glamorous property market of Bangalore and Hyderabad fell by 24-29 per cent, the Chennai market fell only 8.3 per cent. Limited supply of land and pent-up demand is how NHB’s Residex defines Chennai property market.
Manesar was envisaged as a model township encompassing residential real estate as well as commercial office and industrial establishments. Hence, it was appropriately christened as IMT (Integrated Manesar Township).
The world’s housing downturn is gathering momentum, according to the latest world-wide survey of house price indices prepared by the Global Property Guide.
RBI’s latest notification says that stamp duty, registration and other charges should be excluded while calculating the value of a property. This is expected to have a short-term impact and is unlikely to turn out to be a show stopper.