After recording significant leasing in 4Q10, Mumbai city witnessed moderate transaction activity in 1Q11 as the major office occupiers of India Inc awaited the impact of budget on their corporate real estate strategy for the next fiscal year.
The period ending 1Q11 witnessed moderate activity in the office market in the city. With CBD vacancy rates continuing to hover at around 1%, office transactions were limited to either small office queries or larger office spaces that were inevitably a churn in the existing stock.
Faced with the non-compliance by the real estate companies, Brand Capital, earlier known as Times Private Treaties, the ad-for-equity business of publishing group Bennett, Coleman and Co. Ltd (BCCL), has hired real estate consultant Knight Frank India Pvt. Ltd to manage its real estate portfolio.
The Sensex has always been a barometer of the country’s general economic ‘mood’. The real estate index, on the other hand, is an indicator of the sentiments towards real estate developers.
Demand for residential development will continue to remain unabated, but the requirement of real estate by retail industry over the next five years and even thereafter will provide a major thrust to the property market in India, said CB Richard Ellis’ global president Robert E Sulentic.
Unsold, vacant, no takers…these words aptly sum up the story for real estate developers into malls in India. Even though retailers are spreading their wings once again after the slowdown, the absorption of malls remains sluggish, leading to high vacancies.
While real-estate and property advertising in India has been mostly lacklustre, a new campaign by Mumbai-based realty developer Oberoi Realty has broken the mould.
The concept of international, standardized luxury floor space must evolve further before India can absorb the demand. Developers must come up with more imaginative ideas of differentiating their luxury malls from the run-of-the-mill.
Real estate has emerged as the most preferred investment avenue for working professionals in non-metro centres vis-à-vis bullion and stock market.
Dubai’s real estate market is likely to bottom out in the next one year, while peer Abu Dhabi will at least a much longer time, according to Jones Lang LaSalle (JLL) experts.