Pune is virtually unrecognizable from the sleepy, laid-back city it was a few decades ago. There were no signs of any significant real estate action in the erstwhile Punyanagari before that. Today, however, Pune numbers in the Top Seven property hotspots within the country.
If 2008 was the year of shock, 2009 the year of discovery & introspection and 2010 the follow-up experiment; the year 2011 promises to be the year of comfort level for the Indian real estate sector. It seems the turmoil of the last couple of years has made everybody come out intelligent–investors, developers, bankers and end users.
India has been ranked as the most preferred real estate destination among the Asia Pacific region as foreign investors still consider the country to be extremely viable, according to a report released by ULI-PwC. “India, and particularly Mumbai and New Delhi, are ranked the foremost real estate market destinations as the residential properties have maintain the growth momentum, and foreign investors still consider this market to be extremely viable,” the report titled ‘Emerging trends in Real Estate in Asia Pacific 2011′, said.
While many of the retailers are cribbing about the high cost of retail outlets, the retail empire with revenues of around Rs.10,000 crore, Future Group seems to believe in the conventional wisdom of joining if not beating the rivals. The Group is eyeing a piece of India’s booming real estate sector—putting finishing touches to new homes.
After one and a half years of gradual consolidation, real estate in India has fathomed its own comfortable ground, and is poised at the right threshold to take a giant leap in years to come, according to the forecast of the Jones Lang LaSalle, the global real estate services firm.
While there seems to be a crisis of credibility in the real estate sector on part of the investors, a survey by the Associated Chambers of Commerce and Industry of India (Assocham) says otherwise. It says the traditional investment options like gold, government bonds and bank fixed deposits are considered old school.
The eastern corridor of Pune has witnessed rapid growth in commercial sector as Grade A developers have ample stock to lease in the area which enjoys an advantage in terms of social infrastructure, connectivity to other parts of the city, abundant residential options, proximity to airport and railway station among host of other advantages.
Mumbai is the financial capital of the country. While it is still a far cry from being comparable to Shanghai in terms of aesthetics and infrastructure, the fact remains that most large corporations and financial institutions have their presence in this city.
Indian retail today stands at an inflexion point where the sector is poised to take a giant leap. Jones Lang LaSalle’s latest research offering ‘India Retail – Opportunities in a Revolution’ explores the potential in the Indian retail real estate in the coming years.
Track2Realty: NCR retail real estate market remained largely stable as per the latest retail report from real estate consultancy Cushman & Wakefield. A few locations in both main street as well as malls saw some appreciation in rental values. Connaught Place (Inner Circle) recorded an increase of 12% while prime malls across Delhi NCR saw a positively rising curve following robust demand for the same.