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Bangalore, June 18, 2014 - While transportation and connectivity becomes much easier, the impact on the Mumbai realty market is expected to be more pronounced. Historically, infrastructure developments related to transportation always had a positive impact on the capital values of the property market. Mumbai is no exception. Commercial and residential properties in and around the region definitely command a rise in its prices. An independent study conducted revealed that vicinity of a realty project to the metro railways have the authority to influence property prices in leaps and bounds. Mumbai properties lying close to the metro corridor are expected to boost up to at least 22%. Other factors contributing to the same include distance, location and income groups.

Experts are of the opinion that the metro is expected to have a long-term impact. The Suburban Business Districts of Mumbai will experience an immense positive impact. Absorption rates along the corridors have increased considerably and will continue to remain so in the coming months. The Eastern and the Western suburbs will derive considerable benefits from the launching of the metro railways.

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Currently the real estate is largely unregulated and opaque, with consumers often unable to procure complete information, or enforce accountability against builders and developers in the absence of effective regulation. The Bill is expected to ensure greater accountability towards consumers, and to significantly reduce frauds and delays. The Bill aims at restoring confidence of the general public in the real estate sector; by instituting transparency and accountability in real estate and housing transactions which in turn will enable the sector to access capital and financial markets essential for its long term growth.
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  Contents  

Cover Story

Wienerberger India - Sustaining Sustainability

Debate

The Real Estate Bill, 2013 provides uniform regulatory environment

Market Overview

Colliers International India releases Office Property Market Overview

 

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At The Property Times we present real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike. We are dedicated to sharing input from industry professionals, articles on breaking news, and statistics showing exactly what’s going on in the market. With up-to-date news published by our organization, investors stay informed on local and national trends. Thus a more informed decision leads to making higher net returns.

The Property Times has launched an exclusive platform to facilitate the buy-sell-rent process in user friendly manner. Our visitors are requested to take advantage of this platform. For Builders and all those associated with Real Estate, we have customised positioning and branding solutions. For details please contact: Ph: +91-80-41156483 / Mob: +91-9591100992

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Asad Waseem is presently the Group Head-Delhi NCR, for Corporate Comm India. Prior to this he was working as a Feature Editor with Property Observer Magazine. He has an extensive and diverse experience of print and digital media platforms of more than four years. He is a Master in Journalism & Mass Communication from Aligarh Muslim University.

 
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New Delhi, Feb 11, 2015 - 
According to Colliers International’s latest report “India Office -Trends to watch for in 2015”, Mumbai’s office real estate market is expected to bounce back after 4 consecutive years of falling annual absorption, that resulted in an 8 million plus sqft of annual absorption in 2011 reduce to 3.3 million sqft in 2014, even lower than that in Pune and Chennai .

Despite a spurt in demand in the last quarter of the year, the total annual absorption of 3.12 million sqft in 2014 was 44% lower than that in 2013 which was 5.6 million. The main reasons for this are attributed to limited uptake from the IT/ITeS companies and the overall pessimism that was prevalent in the first half of the year leading to corporate postponing their decision to occupy more office space. There was also a decline in the average deal size. Over 60% of the transacted deals were in the area range of 5,000 to 20,000 sqft. The BFSI segment was the main contributor to this demand, with a 39% absorption share, followed by engineering (15%) and IT/ITeS (8%). Western suburbs, including locations like Andheri East, Goregaon and Malad, remained the most preferred locations among occupiers and had about a 32% share of the total absorption, followed by Thane (19%) and BKC (18%).

As per Nishit Agarwal, Associate Director - Office Services Mumbai, “With a stable government and a strong mandate to stimulate economic growth, demand for real estate sector will pick up over the next 12 to 18 months. Real estate transaction volumes are beginning to see a gradual turnaround and we are already witnessing a trend of moderate to healthy leasing and sales activity . E Commerce companies, dot com companies, apart from conventional BPO and Software Development, along with the BFSI and Pharma sectors will likely to be the major occupiers in 2015.”

The next six months are expected to witness a boost in Mumbai’s commercial demand from prospective tenants seeking quality office space. Lack of quality new Grade ‘A’ supply and increasing demand will benefit landlords holding on to inventory with higher specifications. While there will be an upward pressure on rentals for such properties, the overall rental values are expected to remain stable on account of the addition of 11 million sqft of new supply expected in the second half of 2015. This will negate the upward pressure on rentals, which are expected to remain stable.

2014 Summary : The first three quarters of the year remained quite dull for the Mumbai commercial office market with falling absorption and negligible new supply. However, the market revved up towards the end of the year as transaction volumes picked up. New supply added to the Mumbai market during 2014 was 3.3 million sq ft. This is well below the 5 year average of new annual supply of 8 million sq ft. Thus the net vacancy increased marginally. Approximately 7.4 million sqft of vacant Grade A office space was available for lease or sale in the Mumbai office market. Overall vacancy levels dropped to 14% in 2014 from 14.5% in 2013. Capital values remained largely stable across all micro-markets, the overall rents witnessed a 4% YoY increase in 2014 despite lower absorption levels due to limited new supply and lack of quality office space. Come 2015, Colliers International forecasts around 11 million sqft of new Grade ‘A’ office space to be ready for occupancy; most of which is expected to hit the market towards the end of the year. Rentals for high specification buildings will increase marginally, but overall rentals will remain stable due to the large upcoming inventory. CCI Newswire

 

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