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.
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.
Saturday, February 9, 2008
KOLKATA COMMERCIAL SPACE
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 1.5 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 stabilize in select markets as more supply gets delivered, resulting in demand-supply equilibrium in the second half of the year.
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 1.5 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 stabilize in select markets as more supply gets delivered, resulting in demand-supply equilibrium in the second half of the year.
KOLKATA COMMERCIAL SPACE
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 1.5 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 stabilize in select markets as more supply gets delivered, resulting in demand-supply equilibrium in the second half of the year.
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 1.5 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 stabilize in select markets as more supply gets delivered, resulting in demand-supply equilibrium in the second half of the year.
Thursday, February 7, 2008
HYDERABAD REAL ESTATE
Hyderabad witnessed new commercial office space supply of approximately 4 million sq ft across all micro-markets, with the preferred peripheral locations 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. The city is likely to witness fresh supply quantum of 5 million sq ft in 2008.
HYDERABAD REAL ESTATE
Hyderabad witnessed new commercial office space supply of approximately 4 million sq ft across all micro-markets, with the preferred peripheral locations 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. The city is likely to witness fresh supply quantum of 5 million sq ft in 2008.
Wednesday, February 6, 2008
PROPERTY IN CHENNAI
IT-ITeS continued to be the demand driver for Office space in Chennai. It was followed by telecom and BFSI (banking and financial services industry) sectors. Approximately 10 million sq ft supply entered the market in 2007. About 75 per cent of this supply came from IT Parks and 21 per cent from IT SEZs. The highest influx of approximately 9 million sq ft came from suburban and peripheral regions such as Guindy, Manapakkam and Sholinganllur.
The largest absorption of approximately 4 million sq ft took place in the suburban regions due to better infrastructure compared to peripheral regions. STPI units witnessed higher vacancy rates due to the uncertainty regarding the extension of tax benefits.
The total absorption for Chennai was estimated at 6.5 million sq ft. Demand for Grade-A space was recorded at approximately 8.7 million sq ft. Of this pre-lease commitments were about 2.3 million sq ft.
Peripheral Commercial developments on the Grand Southern Trunk (GST) Road are likely to command a higher rental rate in the short to medium term over peripheral regions like Rajiv Gandhi Salai (OMR) due to better connectivity by road and rail, proximity to airport, better infrastructure, and proximity to residential pockets
The largest absorption of approximately 4 million sq ft took place in the suburban regions due to better infrastructure compared to peripheral regions. STPI units witnessed higher vacancy rates due to the uncertainty regarding the extension of tax benefits.
The total absorption for Chennai was estimated at 6.5 million sq ft. Demand for Grade-A space was recorded at approximately 8.7 million sq ft. Of this pre-lease commitments were about 2.3 million sq ft.
Peripheral Commercial developments on the Grand Southern Trunk (GST) Road are likely to command a higher rental rate in the short to medium term over peripheral regions like Rajiv Gandhi Salai (OMR) due to better connectivity by road and rail, proximity to airport, better infrastructure, and proximity to residential pockets
Tuesday, February 5, 2008
MUMBAI REAL ESTATE
Mumbai witnessed a significant drop in supply of commercial office space: only 451,160 sq ft came into the market during 2007. Many projects will, however, be completed in quarter one of 2008.
Most of the supply in 2007 came in Andheri (52 per cent), Bandra Kurla Complex and Worli. Demand continued to rise and was estimated at 4.5 million sq ft. Of this 3.1 million sq ft was pre-commitment; 1.1 million sq ft was absorption in existing second-generation buildings; and 306,160 sq ft was absorption in new buildings.
Most of the pre-lease commitments were witnessed in the peripheral locations of Thane Belapur Road and Vashi mainly by IT-ITeS companies that require larger plate area and low rental.
An anticipated supply of 13.7 million sq ft in 2008 is expected to stabilize rental and capital values by the second half of 2008. http://www.zameen-zaidad.com
Most of the supply in 2007 came in Andheri (52 per cent), Bandra Kurla Complex and Worli. Demand continued to rise and was estimated at 4.5 million sq ft. Of this 3.1 million sq ft was pre-commitment; 1.1 million sq ft was absorption in existing second-generation buildings; and 306,160 sq ft was absorption in new buildings.
Most of the pre-lease commitments were witnessed in the peripheral locations of Thane Belapur Road and Vashi mainly by IT-ITeS companies that require larger plate area and low rental.
An anticipated supply of 13.7 million sq ft in 2008 is expected to stabilize rental and capital values by the second half of 2008. http://www.zameen-zaidad.com
Monday, February 4, 2008
PUNE REAL ESTATE
In Pune, of the 7.8 million sq ft of supply, Hinjewadi and Hadapsar accounted for the majority of the total share. The total demand during 2007 was approximately 6.35 million sq ft of which 5.5 million sq ft was absorption and the balance 0.85 million sq ft was accounted for by pre-lease commitments.
Most of the demand for commercial space in Pune came from IT-ITeS sector, mostly centred in Hinjewadi. Suburban and peripheral locations, especially Hinjewadi and Kharadi, are fast emerging as major office hubs in Pune.
In some Micro-markets of Pune, such as Nagar Road, Yerwada, Kalyani Nagar, Kharadi, Phursunghi and Magarpatta, vacancy rates rose this year. This is attributed to the high rentals and the existence of sub-prime properties in these markets. The growing trend of companies moving into SEZs is also responsible for this trend
Most of the demand for commercial space in Pune came from IT-ITeS sector, mostly centred in Hinjewadi. Suburban and peripheral locations, especially Hinjewadi and Kharadi, are fast emerging as major office hubs in Pune.
In some Micro-markets of Pune, such as Nagar Road, Yerwada, Kalyani Nagar, Kharadi, Phursunghi and Magarpatta, vacancy rates rose this year. This is attributed to the high rentals and the existence of sub-prime properties in these markets. The growing trend of companies moving into SEZs is also responsible for this trend
Friday, February 1, 2008
BANGALORE REAL ESTATE
Bangalore witnessed the highest absorption in 2007 of 8.7 million sq ft. The total supply here during 2007 was 9 million sq ft. The peripheral regions accounted for over 75 per cent of total supply.
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
BANGALORE REAL ESTATE
Bangalore witnessed the highest absorption in 2007 of 8.7 million sq ft. The total supply here during 2007 was 9 million sq ft. The peripheral regions accounted for over 75 per cent of total supply.
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
Wednesday, January 30, 2008
REAL ESTATE SCENARIO-NCR
Absorption across NCR was approximately 6.6 million sq ft during 2007 and recommitments amounted to an additional demand of 4 million sq ft. Gurgaon Accounted for 4.64 million sq ft or 70 per cent of total absorption in the NCR. Noida, the next biggest market, accounted for 1.37 million sq. ft or 21 per cent of total absorption. Delhi witnessed absorption of 0.66 million sq ft Of this approximately 3.28 lakh came from new developments in Jasola, while the remaining 2.95 lakh sq ft came from older, second-generation developments in the CBD and South CBD.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
REAL ESTATE SCENARIO-NCR
Absorption across NCR was approximately 6.6 million sq ft during 2007 and recommitments amounted to an additional demand of 4 million sq ft. Gurgaon Accounted for 4.64 million sq ft or 70 per cent of total absorption in the NCR. Noida, the next biggest market, accounted for 1.37 million sq. ft or 21 per cent of total absorption. Delhi witnessed absorption of 0.66 million sq ft Of this approximately 3.28 lakh came from new developments in Jasola, while the remaining 2.95 lakh sq ft came from older, second-generation developments in the CBD and South CBD.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
Thursday, January 24, 2008
Malls Culture in India
There is hardly any part in Delhi which may not have a Mall. Mall culture is increasing fastly in the Delhi's Adjoing Ghaziabad. According to an estimate more that 24 malls would have been opened in Ghaziabad during next two years. At present eight Malls in Indirapuram and seven each in Vaishali and Kaushambi are under construction. As per the study of ASSOCHAM 100 new malls shall be operative in India during 2008. According to another study, during the last year malls had spread over 4 lakh sq.ft land throughout India with the pace this culture is approaching to two and three tier cities, two lakh sq.ft. Of land would have been added to this figure by end of this year.
According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.
According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.
Wednesday, January 23, 2008
TWIST IN THE TALE
As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.
MORE SECTORES ON THE CARDS
The master plan 2021,approved by the Haryana government, earlier this year earmarked 58 residential sector that are to be developed by 2021 to cater to the projected 37 lakh population in Gurgaon and Manesar. A total area of 14,930 hectares has been earmarked for this. It would increase the total number of sectors in Gurgaon from the existing 57 to 115. HUDA and private developers like Ansal ,Unitech,DLF,Vatika, Uppal’s, Rahejas and other together have developed dwelling units in 8000 hectares of land for inhabitation in Sector 57.Developers have now acquired big chunks of land in residential zones earmarked in the new Master Plan 2021 and have applied for licenses for developing dwelling units in these areas.
Monday, January 21, 2008
RESIDENTIAL SURGE
As per reports, about 60 per cent of the applications are for residential project. Thus, the supply of housing units is slated to go up in the near future in the part of the National Capital Region, where the market is in its correction mode at present. Says Narinder Sahni of Sahni Properties in Gurgaon.” The supply of housing units will no doubt increase in the next 12 to 24 months in Gurgaon belt as several developers are coming up with residential projects. However, this would create an ideal situation for budget buyers, as prices are bound to decline due to excessive competition. The middle class look for what to owing their dream homes-effect that was ignored by developers up till now.”
HOUSING FOR ALL
A number of residential project by private developers are expected to come Up in the new financial year.With the demand for good housing in Gurgaon maintaining its graph, the coming year will witness a horde of residential project coming up in the area, which may create a condition of over-supply.Apart from the numerous projects, which are under construction in the city, Haryana’s town and country planning department recently received more than 400 applications for the approval of licenses from private sector developers. The licenses are for developing apartments, and group housing societies as per the provisions in the Gurgan-Manesar master plan 2021
Tuesday, January 15, 2008
DLF and Hilton plan first branded residential hotel in Goa
Residential hotels are all set to debut in India. Such hotels combine the flexibility of a vacation home with the service of a hotel. Real estate developer, DLF will soon come up with India’s first branded residential hotel with the Hilton Group in Goa. The 200-room hotel with 80 villas that will be sold out as vacation homes on lease-back basis will be operational in three years. DLF plans to have six hotels on similar format in five years.
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
Monday, January 14, 2008
DLF and Hilton plan first branded residential hotel in Goa
Residential hotels are all set to debut in India. Such hotels combine the flexibility of a vacation home with the service of a hotel. Real estate developer, DLF will soon come up with India’s first branded residential hotel with the Hilton Group in Goa. The 200-room hotel with 80 villas that will be sold out as vacation homes on lease-back basis will be operational in three years. DLF plans to have six hotels on similar format in five years.
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
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