With companies, particularly in the IT and BPO industry, holding back their expansion plans due to slowdown fears, the commercial real estate market posted a lackluster show in the 2nd quarter of 2008.
The June quarter saw office space demand lagging far behind the supply levels of 18.07 million sq. ft. across major cities, as companies turned cautious.
According to Cushman & Wakefield, the demand in the quarter was at 9.74 million sq ft, dominated by absorption (where companies move-in or begin fit-outs) of 6.36 million sq ft, and only 3.38 million sq ft in fresh pre-commitments. “There are certain micro-markets like Noida (NCR), and Rajiv Gandhi Salai (Chennai), which recorded excess supply for this quarter thus increasing the overall vacancy rates,” it said.
The 2nd quarter witnessed stable rental values across micro-markets in the major cities with some central business district (CBD) and off-CBD locations witnessing rental hikes of 3-5 % over the previous quarter. Some peripheral locations in NCR (National Capital Region) and Chennai, however, saw a correction in rentals largely because of excessive supply as well as deferred development plans of various proposed projects.
By manish
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Posted in Property News
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Also tagged Central Business District, Chennai, Commercial Real Estate, Cushman, Cushman & Wakefield, Excess Supply, noida, Office Space, Rajiv Gandhi, Rental Values, Slowdown, Space Market, Wakefield
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Real estate brokers have descended on the Commonwealth Games Village, to guide buyers through what is likely to become the toniest neighbourhood in the NCR, where flats command an average of Rs 14,000 per square foot.
The Village, which will host 8,000-odd athletes for the Games in 2010, has a residential corner being developed by the Emaar-MGF group. There will be 34 towers between six and nine levels, out of which 11 towers belong to the Delhi Development Authority. These flats, with a “premium” mark-up and which are now open for booking, are going second to rates in Delhi’s Lutyens’ zone, Chanakyapuri and Vasant Vihar.
But since most houses in these localities are bungalows, the Games Village accomodations thus become the most expensive residential apartments.
This audacious price is buoyed not only by the site’s location and proximity to the Akshardham Temple, but also because of the drop-dead sports facilities being developed for the Games which will ultimately become a part of this residential complex.
Emaar-MGF broker Kaushal Bhansali said these are the only flats to be released in the Capital after those built during the Asian Games, at its site in South Delhi. “There have been other housing developments, but mostly in the outskirts like Dwarka. But the Commonwealth flats are premium. The temple is on one side, and the other provides a green belt where there will be no construction. These flats will be the costliest in the National Capital Region.”
The flats range from two bedrooms to five, with the former of 1,443 square feet priced between Rs 2 crore to Rs 2.25 crore, depending on any additional facility the buyer may want. The five bedroom ones, with an area of 3,278 square feet, can cost up to Rs 5 crore. Demand is insatiable it is learnt as the usual fare of a club house, a multi-purpose hall, sports facilities and a creche have also been thrown in. There will be complete power back-up, treated water supply and Wi-Fi facilities. The complex has also been certified as a “green building”.
By Rajani
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Posted in Property News
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Also tagged Akshardham Temple, Asian Games, Chanakyapuri, Commonwealth Games, Delhi Development Authority, Dwarka, Emaar MGF, Housing Developments, Multi Purpose Hall, Real Estate Brokers, Residential Apartments, South Delhi, Vasant Vihar
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Landmark Group declared that it would invest approx four thousand crore rupees in developing twelve properties across the north India in the coming three to four years.
Mr. Amit Kumar, Director, Landmark Group, said,“Currently, our twelve projects are undergoing in the North, which will be completed in the next three to four years. We will be investing about one billion dollar in developing these projects”. Further he added that the company would fund the projects through internal accruals and funds from private equities. Read More »
By Rajani
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Posted in Property News
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Also tagged Accruals, Amit Kumar, Bawal, Budget Hotel, Dharuhera, Gurgaon, Hotel, Hotels, Landmark Group, North India, Own Resources, Participation, Private Equities, Private Equity
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The transaction level has gone down drastically in various markets. It has resulted in price fall in realty market. This is also because residential capital values in some micro markets in the metros have shown a negative growth in the last 3 months. After tracking capital values in metros such as Mumbai, Chennai, Bangalore as well as Pune and the National Capital Region (NCR), the result was that either there has been a fall in prices of residential values or they have not increased in the last three months. In fact, places like Gurgaon have seen a down of 15 percent, while the plot rates have come down by 20 percent in Noida. In Greater Noida, the plots which were selling at Rs 55000 to 60000 are now available for Rs 40,000 to Rs 45,000. In Indirapuram, rates of flats have come down to Rs 2500 to Rs 2700 per square feet from Rs 3000 to Rs 3200 per square feet. Read More »
By Rajani
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Posted in Property News
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Also tagged Amp, Bangalore, Capital, Friends Colony, Gk, Gurgaon, Hauz Khas, Metro, noida, Prime Areas, Prithviraj, Pune, Realty Market
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