The retail real estate market received a fresh mall supply of approximately 1.94 million sq. ft. (msf) in Q1 2012 (quarter ending March 2012). Many of the expected mall projects were differed on account of delay in construction, leading to a deficit of close to 50% from the estimated supply (3.37 msf) for the quarter, says Cushman & Wakefield in its latest report.
The real estate sector in Bangalore has grown to a large extent in the past one year. In the year ahead, the city’s realty is expected to grow by 25 per cent, estimates the Karnataka Chapter of the Consortium of Real Estate Developers’ Associations of India (CREDAI).
The office market is likely to observe steady demand, especially in prime locations in leading cities like NCR, Mumbai and Bengaluru.
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.
Mumbai continues to be the costliest property market in India but the sales graph show this value has started taking its toll on the volume. Property registration in India’s biggest real estate market continued its slide and in September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
The much anticipated opening up of Foreign Direct Investment (FDI) in multi-brand retail has renewed interest of several large international retailers in Indian retail market.
Hyatt Hotels Corporation has introduced its new Hyatt House extended-stay brand in India, with the signing of a management agreement by a Hyatt affiliate for a hotel in Mumbai.
Global financial uncertainty, shrinking demand, liquidity crunch, repo hike and demand-supply mismatch…all is not well with the commercial real estate in India.
Economic growth and real estate performance are two significantly intertwined characteristics. It is widely accepted fact that demand for real estate space is drawn and influenced from economic environment.
Confederation of Real Estate Developers’ Associations of India (CREDAI)’s Kochi chapter is organising a two-day property expo, along with Times of India, starting tomorrow, Nov 18, at Regency Hall, Doha.