New Delhi: India is still the best performer in the office space market in the world, with average rentals gorwing around 36% as against an average rise of 25% in the Asiapacific region. In the US, rentals rose 18% and Europe saw a 14% increase.
Executive managing director of cushman and Wakefild, South Asia, Sanjay Verma, says that most micro-markets in Mumbai saw an upward trend in rental values due to law vacancy and lack of new supply as projects were delayed. But high rental values across the country are not sustainable beyond the next 12 mounths, given the significant IT- specific realestate supply planned in 2008, he added.
The review said that the rental growth across the world has been driven largely by a lack of supply in the face of strong demand. Vacancy rates have fallen considerably in many markets over the year, but developers have remained relatively cautious.
In the global market, Asia emerged as one of the highest growth markets. And in Asia, India is the main driver. According to the report, within Asia_Pacific region, India captured three of the top 10 most expensive locations with Mumbai-Nariman Point and central Mumbai-Worli on third and fourth position respectively and New Delhi’s connaught place at sixth position in Asia-Pacific.
Monday, February 18, 2008
Sunday, February 17, 2008
OFFICE SPACE IN KOLKATA
At 2.25 million sq ft, supply of commercial office space in Kolkata increased about 65 per cent over the previous year. Most of the supply was concentrated in peripheral locations such as Salt Lake and Rajarhat. However, some planned developments for the non IT-ITeS sector are expected to enter the market, early next year, in new locations such as Park Circus Connector and Rash Behari Connector.
The city witnessed total absorption of approximately 2.1 million sq ft. The majority was accounted for by the IT_ITeS sector in peripheral locations like Salt Lake and Rajarhat. Owing to low vacancy in the CBD areas of Park Street, Camac Street, Chowringhee, AJC Bose Road and theatre road, there have not been significant leases in these regions. The total demand for the year is estimated at 3.6 million sq ft of which approximately .5 million sq ft of commercial office space was pre-leased in the peripheral location of Rajarhat this year.
Overall, the office market in the country is likely to continue to grow in 2008. rentals could stabilise in select markets as more supply gets delivered, resulting in demand_-supply equilibrium in the second half of the year.
Courtesty:ET dtd.01
The city witnessed total absorption of approximately 2.1 million sq ft. The majority was accounted for by the IT_ITeS sector in peripheral locations like Salt Lake and Rajarhat. Owing to low vacancy in the CBD areas of Park Street, Camac Street, Chowringhee, AJC Bose Road and theatre road, there have not been significant leases in these regions. The total demand for the year is estimated at 3.6 million sq ft of which approximately .5 million sq ft of commercial office space was pre-leased in the peripheral location of Rajarhat this year.
Overall, the office market in the country is likely to continue to grow in 2008. rentals could stabilise in select markets as more supply gets delivered, resulting in demand_-supply equilibrium in the second half of the year.
Courtesty:ET dtd.01
OFFICE SPACE IN HYDERABAD
Hyderradab witnessed new commercial office space supply of approximately 4 million sq ft across all micro-markets, with the preferred peripheral loctions of Madhapur, HITEC city and Gachibowli accounting for nearly 3 million sq ft. Peripheral markets, being strategically located, and having good connectivity with residential and retail catchments such as Kukkatpally, Srinagar Colony, Mehdipatnam, Punjagutta and Banjara Hills continued to be the preferred choice for commercial office space. Of the total absorption estimated at 3.34 million sq ft, the peripheral locations accounted for the largest share of 69 per cent primarily driven by IT-ITeS companies. Quarter 2 of 2007 was the most active as 1.98 million sq ft of space was committed. Then city is likely to witness fresh supply quantum of 5 million sq ft in 2008.
Thursday, February 14, 2008
RIDING HIGH
Gaursons has been on a journey. A jorney of architectural excellence to Provide residential solutions to thousands of families.
Building better infrastructure since its inception in 1995, the company owes its success to its total devotion towards projects and relentless pursuit to provide its customers the very best living experience.
Under the guidance of group chairman, B L Gaur, the group has executed some wonderful residential projects in the NCR region at a very fast pace. The commitment to complete all projects in time and hand them over to buyers is a result of his strict discipline. And because of this timely completion of projects, the faith and trust of buyers in the Gaursons Group is tremendous. This can be gauged from the fact that all the group’s projects sold in record time, with Gaur Ganga at Vaishali setting a record of sorts where all 300 apartments were sold in 48 hours flat!
Says Rahul Gaur, Managing Director, Gaursons India limited, “striving for a customer’s trust, credibility and satisfaction has been the core philosophy of our group. Be it Gaur Green Avenue, Gaur Heights, Gaur Ganga, Gaur Homes Elegante, Gaur Grandeur or the recently launched Gaur Gracious at Moradabad, we leave no stone unturned in giving the best to our buyers.”
These endeavors have not only resulted in phenomenal trust but have also led Gaursons to new heights of growth. Boasting of over a dozen successful projects, the company is on its way to becoming one of the best real estate developers in the NCR region and leaders in providing highly personalized and innovative lifestyle-oriented residential buildings at prime location. According to Manoj Gaur, Joint Managing Director. “There is a very thin line that distinguishes the extraordinary from the ordinary. That line is determined by honesty, integrity and commitment. We value our patrons the most and strive hard to maintain the high standards of business that we have set for ourselves and in retrospect, become extraordinary.”
So, when the Indian economy is on a roll, Gaursons is also riding high. And has grand plans for the coming year too.
Courtesy:- HT dtd:- 12th January 2008
Building better infrastructure since its inception in 1995, the company owes its success to its total devotion towards projects and relentless pursuit to provide its customers the very best living experience.
Under the guidance of group chairman, B L Gaur, the group has executed some wonderful residential projects in the NCR region at a very fast pace. The commitment to complete all projects in time and hand them over to buyers is a result of his strict discipline. And because of this timely completion of projects, the faith and trust of buyers in the Gaursons Group is tremendous. This can be gauged from the fact that all the group’s projects sold in record time, with Gaur Ganga at Vaishali setting a record of sorts where all 300 apartments were sold in 48 hours flat!
Says Rahul Gaur, Managing Director, Gaursons India limited, “striving for a customer’s trust, credibility and satisfaction has been the core philosophy of our group. Be it Gaur Green Avenue, Gaur Heights, Gaur Ganga, Gaur Homes Elegante, Gaur Grandeur or the recently launched Gaur Gracious at Moradabad, we leave no stone unturned in giving the best to our buyers.”
These endeavors have not only resulted in phenomenal trust but have also led Gaursons to new heights of growth. Boasting of over a dozen successful projects, the company is on its way to becoming one of the best real estate developers in the NCR region and leaders in providing highly personalized and innovative lifestyle-oriented residential buildings at prime location. According to Manoj Gaur, Joint Managing Director. “There is a very thin line that distinguishes the extraordinary from the ordinary. That line is determined by honesty, integrity and commitment. We value our patrons the most and strive hard to maintain the high standards of business that we have set for ourselves and in retrospect, become extraordinary.”
So, when the Indian economy is on a roll, Gaursons is also riding high. And has grand plans for the coming year too.
Courtesy:- HT dtd:- 12th January 2008
Wednesday, February 13, 2008
Check Carefully The Area Of A House
Before buying a house all enquire about the area. First of all the matter comes of its area and from calculation of area itself, it becomes a major game. It is essential that before buying a house, understand all terms related to area. Loss related to confusion of area is directly borne by the buyer. In most of the cases, he pays more prices for lesser space. For example, several builders charge same amount for carpet area as well as super area, whereas there is difference of 15 to 20% between the two. Charging equal amount, the price of carpet area becomes somewhat higher. Suppose, you want to buy a house, for it there are two options from the builder, firstly, he will give a 1000 Sq. ft house at a cost of Rs 15 lakh and secondly he will give 1100 sq.ft. House at same cost. Evidently, you would like to buy a bigger house, but the game starts from here. As per the extant trend of market, price of a house is decided after combining the carpet area and super area. While buying a flat, instead of doing simple mathematical calculations, one must concentrate on calculation of area. In this case the super area of the flat is 1100 sq. ft. it means that the money you paid is for use of 875 sq .ft. and not for 1100 sq. ft.While finalizing the deal you must enquire about the exact area. If the builder area is talking about area, then ask him how much is he giving usable area and which are the areas included in the price of house. Let us have a look at these areas.
Capet Area
Carpet area means that how much usable space you will get in your house. It can be called total area from a wall to wall. Take it this way that if you are to spread a carpet from one will to another, then the required size of the carpet shall be the carpet area of the flat. It means, after closing the door, all inner area is called the carpet area of a house.
Built-up Area
When space under the walls is included in the carpet area then it is called built-up area of a house. Built-up area an be called the total area of a house.
Super Built-up Area Builders usually talk about super built-up area of a house of a house. If the area of a house. If the areas of common spaces are added to the carpet and built-up area, then it is called super built-up area, for example- when common room, stairs, elevator and outer gallery of a flat in a building are added / included in the built-up area, then it will be super built-up area of a flat. There may not be any confusion with regard to area while buying a house. It is essential for it that concept of super built-up area must be quite clear between the builder and the buyer. Some stand must be laid down for it. If the builders will follow such standard and also apprise customers about same, then the concept of super built-up area can be adopted easily. In addition to bureau of Indian standards several other government agenencies are also working in this regard. for it based on carpet area or national reference area, matter is under way to formulate a rule to decide the price of a property.
Capet Area
Carpet area means that how much usable space you will get in your house. It can be called total area from a wall to wall. Take it this way that if you are to spread a carpet from one will to another, then the required size of the carpet shall be the carpet area of the flat. It means, after closing the door, all inner area is called the carpet area of a house.
Built-up Area
When space under the walls is included in the carpet area then it is called built-up area of a house. Built-up area an be called the total area of a house.
Super Built-up Area Builders usually talk about super built-up area of a house of a house. If the area of a house. If the areas of common spaces are added to the carpet and built-up area, then it is called super built-up area, for example- when common room, stairs, elevator and outer gallery of a flat in a building are added / included in the built-up area, then it will be super built-up area of a flat. There may not be any confusion with regard to area while buying a house. It is essential for it that concept of super built-up area must be quite clear between the builder and the buyer. Some stand must be laid down for it. If the builders will follow such standard and also apprise customers about same, then the concept of super built-up area can be adopted easily. In addition to bureau of Indian standards several other government agenencies are also working in this regard. for it based on carpet area or national reference area, matter is under way to formulate a rule to decide the price of a property.
Monday, February 11, 2008
Take care of property transfer papers.
Change in property ownership or transfer of property in such a process which involves plenty of paper work. Special attention should be paid to all the paper work so as you are not cheated by malafied intention of any party. Let us explain you some documents which are required at the time of a deal.
While Buying Property From a Developer:
Every bank and some financial institutions keep with them a list of developers. This list is prepared after verifying their credibility. Here you are required to see the following documents only:-
Agreement to sell
lease agreement with bank or financial company
Receipts of all payments
While Buying a Freehold Property:
At the time of transfer of freehold residential property, you are required to possess some important documents. Only them the transfer process shall be treated as complete otherwise incomplete documents will only create a problem for you:
Copy of the sale deed under which seller got the ownership right of the property.
Copies of all sale deeds of the property executed till date to verify the names of all buyers.
Agreement to sell.
Receipts of all payments made by the purchaser
Copy of new sale deed for registration
While buying a flat from original allotee of a group housing society.
Here is a list of some such documents which are required at the time of transfer of group housing society. But be careful, these are applicable when the seller is an original allottee:
Share certificate of the society
Lease deed of the society
Property title of the builder
Society’s undertaking certificate if the property is under construction
Allocation, allotment authorization and possession letter
Payment receipts made to authorityPrior permission to mortgage property if needed in future
While Buying Property From a Developer:
Every bank and some financial institutions keep with them a list of developers. This list is prepared after verifying their credibility. Here you are required to see the following documents only:-
Agreement to sell
lease agreement with bank or financial company
Receipts of all payments
While Buying a Freehold Property:
At the time of transfer of freehold residential property, you are required to possess some important documents. Only them the transfer process shall be treated as complete otherwise incomplete documents will only create a problem for you:
Copy of the sale deed under which seller got the ownership right of the property.
Copies of all sale deeds of the property executed till date to verify the names of all buyers.
Agreement to sell.
Receipts of all payments made by the purchaser
Copy of new sale deed for registration
While buying a flat from original allotee of a group housing society.
Here is a list of some such documents which are required at the time of transfer of group housing society. But be careful, these are applicable when the seller is an original allottee:
Share certificate of the society
Lease deed of the society
Property title of the builder
Society’s undertaking certificate if the property is under construction
Allocation, allotment authorization and possession letter
Payment receipts made to authorityPrior permission to mortgage property if needed in future
Flat Allotment Policy for Poor’s Approved by Delhi Govt.
Delhi government has approved the policy for allotment of low cost flat to urban poors under Jawaharlal Nehru urban renewal Mission (JNURM) .After this decision, now the way for quick implementation of low cost housing plan has become clear.According to this policy, the flat will be allotted to him only who is a resident of Delhi since 1990 and should have a valid ration card. In addition, the flat buyer should neither have a pacca house or a plot in Delhi.It is important to note that the government has approved the plan to construct 43804 such low cost flats. Under JNURM scheme, the central government will provide a subsidy of Rs1.00 lakh while Delhi government will provide a subsidy of Rs 25,000/- for these flats.
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