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Hyderabad among top three in office space demand

Source and Courtesy – The Hans India

Vacancy of office space lowest at 4% in Bengaluru, 5% in Pune

The demand of office space is expected at eight million sq ft in the 2017 calendar year against 8.6 million sq ft occupied in last year.

JLL India CEO and Country Head Ramesh Nair said: “Among the seven major office markets in India, Bengaluru continues to have the lowest vacancy levels at slightly less than 4 per
cent.

In a trend led by the IT capital of India, how can other IT cities be far behind? Pune and Hyderabad too have vacancy levels at over five per cent and nine per cent respectively.” The
vacancy level in Chennai is around 11 per cent, Mumbai 18 per cent, Kolkata at over 27 per cent and Delhi-NCR almost 31 per cent.

At a pan-India level, the average vacancy in commercial real estate stood at 15 per cent as of the fourth quarter of 2016, the report said.

“From these figures, it is clear that IT hubs continue to see a good supply-demand equilibrium compared to other markets in the country,” Nair said. He advised the developers in these IT
hubs, especially Bengaluru and Pune, to look into addressing the existing space crunch before the situation forces occupiers to consider some other cities.

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Office space demand sees sustained pickup across top cities

MUMBAI: The demand for commercial real estate across the country is getting stronger and is witnessing a sustained momentum. The office space absorption across top 9 property markets has seen a sustained growth with total 28.3 million sq ft picked up during the first nine months of 2016, showed a Colliers International report.

Last year, commercial real estate in India registered a record absorption, and given the current momentum, this year is also headed in the same direction.

“The key office markets across India, especially in the south, continue to go from strength to strength in terms of office absorption, and with rents increasing significantly compared to prior years in certain micro markets. This is good news for owners and developers, but a challenge for office occupiers in many cases, as they face the prospect of higher rental rates and fewer options to choose from at least in terms of ready supply,” said George McKay, South Asia Director, Office & Integrated Services at Colliers International.

Colliers expects the leasing activity to pick up in the upcoming quarters and vacancies to decline in prime commercial corridors on the back of rising demand momentum, especially in Bengaluru, Pune and Hyderabad.

“Demand for commercial real estate has been increasing over the recent quarters as corporate entities consolidate and expand operations following a positive economic scenario. Demand for commercial real estate has been on the upswing across markets and we are experiencing it in our ongoing township projects in Panvel, Chennai and commercial tower in GIFT city near Ahmedabad,” said Niranjan Hiranandani, CMD, Hiranandani Communities.

“As I see it, business growth in India has been all about adopting global best practices, and I expect demand for commercial realty to keep growing through 2016 and 2017,” he said.

Expansion strategies by occupiers in ecommerce, healthcare and technology space are expected to increase in the overall occupancy levels. The growing office demand is expected to outstrip supply in technology sector driven markets such as Pune, Bengaluru, and Hyderabad. This should, therefore, lead to downward pressure on vacancies and an upward pressure on gross office rents in these markets, the report said. In contrast, traditional commercial markets such as Mumbai and NCR are likely to remain stable in terms of rents and vacancy due to a stable demand and supply scenario.

According to McKay of Colliers International, the demand for commercial spaces has resulted in land markets in the main cities becoming active as established and next generation developers are looking to replenish their land reserves to satisfy both existing and new client demand. During the first nine months of the year, occupier demand has focused on quality products in preferred micro markets in most of the cities, whereas startup and small-size companies showed an inclination towards serviced and co-working space.

Also, there has been an increased demand for leased out commercial assets in the market as indicated by a recent deal by Brookfield Asset Management to buy 4.5 million sq ft grade-A office and retail portfolio of Hiranandani Group in Mumbai’s Powai suburb for $1billion.

“We expect an increase in office demand beckoned by improving Business Confidence Index which showed a 5.7% increase during April-July 2016. Other factors such as controlled inflation, falling interest rates indicate strong economic fundamentals,” Colliers said.

Courtesy ET Realty

RBI cuts repo rate by 25 basis points; real estate sector urges banks to quickly lower home loan rates

The real estate sector is pinning its hopes on lenders to quickly transmit the RBI’s decision of 25 basis points cut in repo rate into lower lending rates to boost home sales.
“Following this rate cut, it is critical for banks to reduce interest rates so that the benefits can be enjoyed by the end user. The new governor, Urijit Patel’s move to cut rates by 25 bps will infuse confidence in the system thereby providing a boost to not only the real estate sector,” Surendra Hiranandani, Chairman & Managing Director, House of Hiranandani, said.
Hiranandani said lower home loan rates would provide greater filip to the real estate sector. “While RBI has cut policy rates at regular intervals, banks have not followed suit by reducing them proportionately. The combination of lower interest rates alongside the progressive measures taken by the government towards reforms has the potential to reinvigorate demand in all segments of the economy,” he said.

Shishir Baijpal, Chairman & Managing Director, Knight Frank India, agrees. “A 25 bps cut in policy rate is encouraging and signals well for the real estate sector. We do hope that the transmission of the rate cut is efficient and banks pass on the benefit to the customers in similar magnitude,” he said.
Leading real estate players also said that the RBI and government should impress upon lenders to lower lending rates. “The Finance Ministry and RBI should ask banks to transfer the benefits to the end consumer. This initiative has to be transferred to its end beneficiary for any positive effect on ground to the ongoing economic cycle,” Amit Modi, Director, ABA Corp and Vice President CREDAI Western UP said.
Anuj Puri, Chairman & Country Head, JLL India, says RBI move will improve sentiments, but only marginally. “Unless Real Estate Regulatory Act (RERA) and other pro-consumer policies come into play, buyers will continue to be wary. Therefore, we can expect only a marginal improvement in sentiment on the back of this rate cut. At this point, there is also no ready answer to the question of to what extent banks will actually pass on the benefit of the rate cut to borrowers,” Puri said.

 

Courtesy Financial Express

Rules for Real Estate Act finalised: Venkaiah

New Delhi, Oct 3() The Centre has finalised rules for the Real Estate (Regulation and Development) Act, which will be communicated to the states soon, allowing them to set up regulators for the sector, Union Urban Development Minister M Venkaiah Naidu said today.
Parliament had passed the bill in March, to regulate the real estate sector, bring transparency and help protect consumer interests.
“The Real Estate bill has already been approved and we have finalised the rules too. Now, we will communicate to the states shortly and the states have to appoint regulators within a period of six months… it will be a reality now,” Naidu said on the sidelines of ‘India Habitat III-National Report’ release event.
Emphasising that the Act brings in transparency and accountability in the real estate sector, he urged the private sector to join hands with the Centre to meet the shortage of houses in the country.
“This is a regulation and not a strangulation. We want the private sector to join in a big way to take on the challenge of housing shortage in the country,” he said.
The Real Estate Act is touted as a major reform measure to regulate the vast real estate sector and bring order in it.
It will help establish state-level Real Estate Regulatory Authorities to regulate transactions in both residential and commercial projects and ensure timely completion and handover of those. It will also be required to dispose of complaints within 60 days.
Among other provisions, the Act prohibits unaccounted money from being pumped into the sector and from now, 70 per cent of the money has to be deposited in bank accounts through cheques. MP NSD
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Courtesy Times Of India

Real estate banks on festive rushCity builders eyeing sale of 200 flats worth Rs 100 crore by December end

NASHIK: The property expo ‘Punji 2016’, organized by the Confederation of Real Estate Developers Association of India (CREDAI), Nashik has begun in the city with the aim to make a sale of around 200 flats, totally worth Rs 100 crore by December-end.
The three-day exhibition, which started on Friday at Hotel Green View, Trimbak Road, will be open for public between 10am and 8pm.
President of CREDAI, Nashik Sunil Kotwal said, “The real estate sector is passing through a phase of recession, where the supply is more as compared to the demand. But, we hope that Dussehra, Diwali and Christmas will be better for the realty sector. The expo is to make buyers aware of various properties at different places in the city. We are expecting a sale of around 200 flats worth Rs 100 crore, to be generated by December-end.”
Visitors can go site visiting and interact with the builders. Kotawal said, “Currently, the prices are comparatively low and may increase in the next few months. So, this is the best time to buy a home. Moreover, we are in a good position due to the 7th pay commission announced by the central government, which may be announced for state government employees. So, this will help pick up demand in the sector.”
Over 20 builders are showcasing more than 100 projects with over 2,500 flats at the expo. The flats and plots are available across a price range of Rs 5 lakh to Rs 75 lakh and provide options like 1, 2, 3 & 4 BHK, plots, farm house lands, shops, offices, agricultural land etc.
City mayor Ashok Murtadak and municipal commissioner Abhishek Krishna inaugurated the expo, which has Anmol Nayantara, Ashoka Buildcon, Bagad Properties, DJ Builders, Karda Constructions, Madhoor Buildwell, Nandan Developers, Paranjape Schemes, Parksyde, Ravi Mahajan, Roongta Group, Sachin P Bagad, Samraat Group, Sanklecha Constructions, Subhadra Estates, Suyojit Group, Thakkers Developers, Viraj Estates and more participating.
The property expo ‘Punji 2016’, organised by the Confederation of Real Estate Developers Association of India (CREDAI), Nashik, got underway on Friday. The expo, which showcases around 100 projects by city builders across the city, is eying sale of around 200 flats totally worth Rs 100 crore to be generated by December end.
A three-day exhibition, which is being held at Hotel Green View along Trimbak Road in the city, will be opened for public from 10 a.m. to 8 p.m. The property expo will conclude on Sunday (Oct 2).
Speaking to TOI, Sunil Kotwal, president, CREDAI Nashik said, “The real estate sector is passing through a phase of recession. The supply is more as compared to demand. But we hope the coming festive season of Dussehra, Diwali to Christmas will be better for the realty sector. The property expo has been organised to make buyers aware of various properties at various places in the city on a single platform. We are expecting a sale of around 200 flats worth Rs 100 crore to be generated by December end.
Kotawal said, “Visitors will also have opportunity of site visiting and one-to-one interaction with the builders. The existing stock in the city is available at moderate rates. The prices are comparatively low and it may increase further in next few months. Hence, this is the best opportunity to people to buy home now. Moreover, we are also positive due to 7th pay commission announced by the central government and it is also expected to be announced for state government employees. This may help pick up demand in real estate sector.”
The three -day exhibition, which is to be held from September 30 to October 2 at Hotel Green View along Trimbak Road here, will get underway on Friday by municipal commissioner Abhishek Krishna and city mayor Ashok Murtadak.
Around 20 plus builders have showcased over 100 projects with over 2,500 flats. The flats and plots are available across various parts of the city with price range from Rs 5 lakh to Rs 75 lakh. The expo provide various property options like1, 2, 3 & 4 BHK, plots, farm house lands, shops, offices, agricultural land etc.
City mayor Ashok Murtadak and municipal commissioner Abhishek Krishna inaugurated the expo. Murtadak extended full support and appealed every government official to make the most of this opportunity, on behalf of the association. Krishna addressed the participants and visitors with an inspiring speech as he shared his experience and encouraged everyone to strive hard for excellence.
The builders, who have participated in the expo, includes, Anmol Nayantara, Ashoka Buildcon, Bagad Properties, DJ Builders, Karda Constructions, Madhoor Buildwell, Nandan Developers, Paranjape Schemes, Parksyde, Ravi Mahajan, Roongta Group, Sachin P. Bagad, Samraat Group, Sanklecha Constructions, Subhadra Estates, Suyojit Group, Thakkers Developers, Viraj Estates etc.
Graphics
Residential property prices across city (2016)
Locations Price range (Rs. Per sq ft.)
Nashik Road Rs. 3,000 to Rs. 4,500
Dwarka (Ashoka Marg) Rs. 3,000 to Rs. 4,225
Pathardi Rs. 3,000 to Rs. 3,500
Indira Nagar Rs. 3,200 to Rs. 3,500
Gangapur Road Rs. 4,000 to Rs. 6,000
Mahatma Nagar Rs. 5,000 to Rs. 7000
College Road Rs. 6,000 to Rs. 7,500
Tidke Colony Rs. 4,000 to Rs. 4,500
Panchavati Rs. 3,000 to Rs. 4,000
K K Wagh College Rs. 2,700 to Rs. 3,000
Satpur Rs. 2,700 to Rs. 3,000
Ambad Rs. 2,700 to Rs. 3,000

 

Courtesy Times Of India

REAL ESTATE BOOST – Realtors offered consortium route to beat state land cap

KOLKATA: In a move aimed at boosting real estate, the Mamata Banerjee government wants developers to form a consortium and build private townships spread over 50 acres or more, provided 25% of the land is reserved for economically weaker sections and another 25% for non-residential activities.
The move will help landowners bypass the state land ceiling that is currently capped at 24 acres for individuals.
In the new arrangement, a developer with land above the ceiling can form a consortium with another developer having land within the ceiling.For example, a developer having 40 acres can escape the provisions of the land ceiling Act if he joins hands with another who has 7 acres because the combined land parcel of 47 acres would be within their combined land ceiling of 48 acres. By the same logic, the combined land ceiling would go up if more members join the consortium.
The purpose of the move is to make private parties disclose land in their possession that they have not so far declared, fearing that the parcel above the ceiling of 24 acres will be ves ted with the government and returned to the landowner on long-term lease as has been the case with industry .
“During the Bengal Global Business Summit we concep tualised this policy regarding private township. Now we wo uld seek suggestions on this from Credai,” state finance and industries minister Amit Mitra said at a realty conclave organised by the CII.
Mitra also proposed a series of measures for the real estate industry , including 10% extra floor area ratio (FAR) for green building, 10% extra FAR for real estate within 500 met res of upcoming metro stations and modified circle rate regulations.
The president of Credai Bengal, Sushil Mohta, said the new state policy on private township has been well received by the industry . As per the proposal, there is no upper limit of combined land holding and one can develop even 200300 acres if there is demand. “There are some applications for this,” he said.
Sources in the industry said the new policy for private township could unlock a huge quantity of land. “There are over 10,000 acres that have not been disclosed by the owners due to the land ceiling Act,” sources in the know said.
It may be noted that industry is vocal about the land ceiling Act, which does not permit it to hold on to large tracts of land. Earlier this year, Mamata Banerjee had proposed that 2 or 3 or more companies might join hands to hold on to larger tracts.
Elaborating on the 10% additional FAR for green buildings, Mitra suggested that the green-building guidelines of Teri can be taken as benchmark for the purpose. Mitra also urged the real estate players to invest in theme townships conceived by the government.

The government is planning theme townships in Bolepur, Howrah, Siliguri, Asansol, Baruipur and Kalyani.
Meanwhile, Credai Bengal vice-president N Belani said Credai may join hands with real estate consultant JLL to arrange roadshows in Bangalore and Pune to promote IT and ITes industry in the state.

Courtesy Times Of India

Green buildings are the way forward in India’s real estate market: IGBC chairman

In order to ensure a sustainable future, many developers are adopting and promoting building that adhere to this.
Green buildings and sustainable built spaces have been the way of life in India for centuries. In order to ensure a sustainable future, many developers are adopting and promoting building that adhere to this. Fe Money spoke to Prem C. Jain, chairman, Indian Green Building Council (IGBC) on why green sustainable real estate is important for India. He advocates building with sustainable energy norms and says, “Our ancient structures were skilfully built, using locally available resources and incorporating features, which made these function in harmony with Nature. The Kāshi Vishwanāth Temple in the City of Varanasi, The Tāj Mahal in Agra, Forts, Palaces and Havelis are excellent examples of green buildings, which have survived the onslaught of time” Excerpts from the interview:
Q. What is green/environmentally sustainable real estate? What are the features?
A. Any real estate project, which imbibes the five elements of Nature in its design and construction, is a green/environmentally sustainable real estate. Essentially, in order to become environmentally sensitive, the project should broadly focus on the following:
-Water Efficiency
-Sustainable Site
-Energy Efficiency
-Materials & Resources Optimization
-Indoor Environmental Quality Control
Q. How is the green office and residential state in India in current market?
A. Indian Green Building Council (IGBC), part of CII, with the support of all the stakeholders, is spearheading the green building movement in India. India today has the world’s second largest 3.86 billion sq.ft registered green building footprint, with projects spread across the country. The reason for this significant growth is the fact that green buildings make good business sense.
Out of the above total IGBC registered green building footprint, about 30 per cent is commercial office space, under “IGBC NC” rating, and about 50 per cent is residential, under “IGBC Green Homes” rating system.
Q. Why green sustainable real estate is important for India, today?
A. Adopting and promoting green sustainable real estate is indeed an imperative to ensure a sustainable tomorrow. Adopting green design and construction practices facilitates not only lower energy and water consumption, lesser material utilization and reduced green house gas emissions, but also results in improved quality of life for the occupants. Over the last fifteen years, more than 1000 projects, certified by IGBC and operational across India, have demonstrated average energy consumption reduction by 30 to 40 %, average fresh water consumption reduction by 20 to 30%, simultaneously eliminating all solid waste from going to dumping grounds and landfills. Therefore, adopting and promoting green sustainable real estate will go a long way in addressing National priorities, namely – conservation of natural resources, infrastructure, water efficiency, energy efficiency, handling of domestic waste, and most importantly health and well-being of the occupants.
India’s contribution every year to the environmental benefits from IGBC’s current 3.86 Billion Sq.ft of registered green building footprint, amounts to
-CO2 reduction-50 Million Tons
-Energy savings-50,000 Giga Watt/ Hours
-Water savings-170 Giga Litres
-Solid waste diverted from landfills-1.6 Million tons
Q. As the real estate market is facing a slump, do you think green/sustainable houses or offices demand would pick up?
A. Registration of residential and commercial projects with IGBC has been steady over the years. In fact, there has been a steady increase in the adoption and promotion of green buildings across the length and breadth of the country. A clear testimony is India’s leadership position in the global green buildings map. Buoyed by our success, IGBC aspires to facilitate 10 billion sq.ft of registered green building footprint by 2022, when we celebrate 75 years of Independence. The mission is that the places we live, work, study and commute should all go the green way. India is well poised to set new benchmarks in sustainable construction.
Q.Which are the best places to invest in India in this sector?
A. With the spread and growth of green buildings across the country, all places in the country would lead to good returns from investing in green/sustainable real estate. IGBC estimates that the market potential, for green building products & technologies, would be about $300 Billion by 2025.
Q. With government’s focus on smart cities and affordable/low-cost housing, what role sustainable green house could play in these?
A. Government’s focus on smart cities and affordable/low-cost housing indeed augurs well in building a greener and healthier India. A sustainable green home has tremendous benefits, both tangible and intangible. The immediate and most tangible benefits are lower energy consumption and water savings. Green homes have shown energy savings to the tune of 30 – 40% and water savings to the extent of 20 – 30%, over conventional homes. The intangible benefit is better health of occupants, through abundant day lighting in every part of home, and enhanced ventilation as compared to conventional homes.
Some of the distinct measures adopted in Green Homes, which one may not be normally found in conventional designs, include thermally insulated walls, green or reflective roof to prevent heat island effect, day lighting, use of sun pipes, shading devices, use of salvaged materials, low VOC (volatile organic compound) paints, lo-flow fixtures, energy efficient (CFL or LED) lamps, on-site waste water treatment, vermin-composting, energy & water sub-metering and the installation of energy efficient (BEE 3 / 4 star rated) appliances.
Indian construction industry is poised for a great leap towards fulfilment of Government of India’s commitment of “Housing for All”, “Swach Bharat Abhiyan”, “100 (Green) Smart Cities” and “300 Green Villages under RURBAN initiative.” Responding to our Nation’s priorities, IGBC has already started registering projects under “IGBC Green Affordable Housing”; large number of privately run and government-aided schools, under “IGBC Green School”; a handful of mega green-field smart city projects, under “IGBC Green City” rating; and several Village clusters adjoining urban areas, under “IGBC Green Village” rating.
Q. What factors will drive this segment in coming times? Why do you think companies will prefer this?
A. The fact that green buildings make good business sense, several new policy incentives like additional FAR, faster clearance, lower development charges by the State Governments, and growing demand from stakeholders for green buildings, are already consolidating India’s leadership position in the global green buildings map. With the exponential increase in number of green products across the country, the incremental cost of a commercial green building has come down to less than 3%; this additional costs gets paid back within 2 years, through substantial reduction in operational costs. All these important propositions are enabling more and more real estate corporate to adopt green building norms in their projects.

Courtesy Financial Express

COMMERCIAL REAL ESTATE WILL SOON DEPEND ON EMPLOYEES

There has arguably never been a more disruptive time to be in business. The orthodoxy surrounding the global economic cycle has been severely challenged. The onset and subsequent aftermath of the Global Financial Crisis (GFC) has reset the definition of ‘normal’, and instilled a new, more cautious corporate mindset.

“The employees of the future and their demand from the workplace will change the way we look at commercial real estate and the global cities of the future will be built on this demand. The need for businesses to respond quickly to changes in operational conditions has never been greater,” said Dr Lee Elliot, head, commercial research, Knight Frank.

The three major factors that will change the workplace scenario are – war for talent, advent of technology and restructuring of the current business scenarios. Currently, the city’s commercial rental space is robust, and in Bengaluru, it will grow by 10.9 per cent till 2019.

However, till date, the commercial real estate in the city has flourished on the need of the industry but the flexibility of the workspace with modern amenities was a far call. But as the floodgates of globalisation were opened, the entry of multinationals has changed the way the commercial space is perceived, especially when it comes to employee retention.

“The Indian market is currently very volatile, and with the disruption brought in by technology, the needs of the companies – both Indian and global – are changing. The work station has become compact and the era of activity-based working (ABW) space has dawned. Also, the fast-changing tech demands has brought in the concept of co-working spaces as the industry is being more conducive to startups,” said Nicholas Holt, head, research, Knight Frank Asia Pacific.

According to the Knight Frank Global City Report, 2017, the choice of an anchor location or building to house a business or business function is not a marginal decision anymore. It is a decision that is increasingly linked to the pursuit of corporate strategic goals.

As such, it is a decision which has keen interest and active input of a broad array of decision-makers. Contrary to much recent interpretation, it is not a decision based simply on a desire to reduce exposure to real estate costs. Currently, 55 per cent of operating costs are people, whereas real estate costs amount to only 15 per cent, and hence companies are focusing on real estate conducive for its employees, said Dr Lee.

Commenting on the real estate growth in the city, Dr Samantak Das, chief economist and national director, research, Knight Frank India, said that the commercial space in the city is also changing at a rapid pace. Though the growth of companies in Bengaluru has decreased, but the demand is still robust as technology and advent of startups have changed the way people look at commercial real estate. This is going to lay the future for commercial real estate in the city.

by Nitindra Bandyopadhyay Courtesy Bangalor Emirror

DLF ranked India’s top real estate brand

Gurgaon-based DLF has been ranked India’s most reputed real estate brand followed by Godrej Properties and Lodha Group in second and third places respectively, according to a report.

The study conducted by BlueBytes in association with TRA Research (both part of the Comniscient Group), features Hiranandani Developers at the fourth place and Tata Housing at fifth place. Bangalore-based Prestige Estates came in at sixth place and is the second non-Mumbai-based developer to make the list.

A total of eight real estate developers from Mumbai featured among the top 10 in the Most Reputed Real Estate Brands list. K Raheja Corp. took the seventh spot, followed by the 150-year-old Shapoorji Pallonji, which took the eighth spot.

Oberoi Realty (ranked ninth) and Indiabulls Real Estate (ranked tenth) completed the top 10.

A total of 57 Real Estate brands were listed in the India’s Most Reputed Real Estate Brands report, which saw 28 brands from Mumbai, 14 from Delhi, 10 from Bangalore, three from Pune, and one each from Chennai and Hyderabad.

This report is the third in India’s Most Reputed Brands series. The study evaluates brand reputation by analysing media perception and consumer perception.

“Realty in India is intimately connected to progress, to growth, to business success, and to the asset building of its populace. Though real estate investments in the coming years may not give the returns it has been giving for the last two decades, this can only be seen as a sign of the maturity of the industry. Maintaining a good reputation in this competitive sector is a tough task, as the industry is intricately connected to social status, finances, and foresightedness. Consequently, brands need to be certain about the risks they take, as it may just result in them losing their hard-earned and hard-fought reputations,” Pooja Kaura, chief spokesperson for India’s Most Reputed Brands said in a statement.

by BINDU D MENON Courtesy Business Standard