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Bengaluru continues to top charts/ record year for Hyderabad

Gurgaon, January 21, 2017:
Despite the forecast of falling growth estimates for India GDP to 6.8-7.0% due to short-term adverse repercussions of demonetization, Colliers believes that the outlook for the office sector will remain positive this year. The policy changes that the government is implementing should help improve business confidence in India resulting in robust office leasing demand in coming years. Occupiers looking for large, quality space should consider making pre-commitments to new office buildings, especially in the technology-driven markets like Bengaluru, Hyderabad and Pune

Bengaluru (Bangalore) remained on a high growth trajectory and maintained its leading status among the key cities by retaining a 31% share followed by Delhi-NCR, which represented 18% of the total occupier demand. Hyderabad and Chennai stood on 13% each while Mumbai, Pune and Kolkata accounted for 14%, 9% and 2% respectively of the overall leasing volume.

In 2016, 27.2 million sqft (2.53 million sq metres) of grade A new supply was released into the market.This was insufficient to cope with the very strong demand especially in markets such as Bengaluru,Hyderabad, and Pune and resulted in a significant fall in vacancy levels and an increase in office rents in most of the micromarkets in these cities.

“In the technology driven markets such as Hyderabad, Bangalore, Pune the demand-supply gap is likely to remain a concern in short term. Tenant appetite for higher quality offices has been reflected in new leases being executed at above market rates in select grade A buildings in all the cities. Expecting a similar trend in 2017 as well, we cannot rule out the possibility of upward pressure on rents at least in the first half of the year in most of the preferred markets for grade A buildings”,said Surabhi Arora, Senior Associate Director, Research at Colliers International.

Bengaluru

2016 reaffirms Bengaluru's pivotal position in office sector demand across the top nine cities accounting for highest percentage of overall India leasing volume. During 2016, office sector demand remained healthy recording 12.8 million sqft (1,188,300 sq meters) gross absorption,the highest leasing across top nine Indian cities. IT-ITeS companies were on an expansion spree; vigorous leasing to continue in 2017. . Despite significant supply pipeline, low vacancy in select micromarkets should exert upward pressure on rents.

Hyderabad

For Hyderabad, demand outpaced supply in 2016; which is likely to remain strong in 2017. In terms of occupier demand, 2016 was a record year for Hyderabad with the highest leasing volume since 2011.Recording a 37% YOY increase in gross leasing, nearly 5.6 million sqft (521,250 sq meters) was leased in the city outstripping the new supply addition of about 2.3 million sqft (216,900 sq meters). Hyderabad's office market is in transition, and property owners have aggressively increased rents in 2016 as available office space diminished with massive expansion by IT occupiers. In the short term, supply should complement demand.

NCR

NCR recorded gross absorption at 7.6 million sqft(706,063 sq meters)at par with 2015 numbers. Gurgaon with 51% of total NCR absorption remained the preferred choice among occupiers followed by NOIDA and Delhi that shared about 36% and 13%, respectively.

Interestingly, in Gurgaon while the technology sector remained the key driver of office leasing activity with a 32% share, the stake reduced significantly from the last year's number of 64%. In NOIDA, the technology sector remained the key demand driver with 60% share.

Due to a dearth of quality office space in other technology-driven markets like Pune and Bengaluru, we may see supply-led demand in coming quarters resulting in increased absorption volumes in NCR.

Pune

Narrow supply pipeline likely to tighten the leasing market for Pune. In the leasing segment, conversion and inquiries remained consistent throughout 2016; however, largesized deals significantly declined due to the scarcity of quality supply. Absorption dwindled from 2015 to 3.9million sqft (3,66,038sq metres) for the year 2016, a 22% decrease since 2015.Demand-supply gap is likely to remain a concern in coming quarters.

Mumbai

Muted leasing volume remained subdued due to demand and short supply. Although leasing activity was relatively restrained in H1 2016, it accelerated in H2 2016 with several large deal closures. The overall leasing volume for 2016 was 5.6 million sqft (520,257 sq meters), a 15% percent decrease from 2015. Although rents are likely to remain stable across most micromarkets, we believe availability of Grade A buildings at affordable rent will remain a concern for the next several years.

Chennai

Occupier preference for OMR continued with OMR-Post Toll belt gaining substantial traction. During 2016, office sector demand in Chennai remained levelled with the previous year with total gross leasing

volume recorded at nearly 5.3 million sqft (493,700 sqmeters). In fact, closure of a few large transactions in Q4 2016 helped Chennai to achieve a gross absorption level of 4% above that of 2015. In our opinion, peripheral micromarkets should continue to gain occupier preference as most of the new supply is concentrated in this belt, mainly comprising Old Mahabalipuram Road (OMR).

Kolkata

Rents remained stable as occupier favourable conditions persisted. Leasing activity was relatively subdued during the year as only 0.9 million sqft (79,896 sq metres) of gross absorption was recorded marking a 13% decline from 2015 level. Most of the deals were small with an average size of 8,000 sqft (743 sq metres).Amid high vacancy and affordable rents in Sector V and the peripheral districts of Rajarhat and New Town, occupiers will probably continue to opt for Grade A office space in these micromarkets for expansion and up gradation.

Corporate Comm India(CCI Newswire)

 
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Bengaluru, January 21, 2017: Sobha Limited, the realty major and one of the most admired and trusted brands in India,has bagged the 6th EPC World award in the category Outstanding Contribution in Real Estate (Residential Project ) for Phase 1, International City, Gurgaon Project at an award ceremony held yesterday at New Delhi. The award recognises Sobha’s sterling contribution in the construction sector, with exemplary projects delivered.

Speaking on the occasion, Mr. Ravi Menon, Chairman, Sobha Limited said, “We are deeply honoured and humbled to receive such a prestigious award, recognising our contribution to the sector. It reflects the dedication of each member of Sobha in delivering international quality products on time.With ‘Passion to Work’as our work philosophy, we will continue to set industry benchmarks and create aesthetically-designed international quality products with transparency, reliability, integrity and timely delivery.”

The award ceremony witnessed the presence of eminent leaders from the infrastructure and construction industry.

EPC World Media Group is a one stop knowledge information hub for Infrastructure, EPC and Construction sector. It strives to promote, propagate and assist the decision and policy makers from government and private organizations along with the technology developers and service providers to enhance and develop their capabilities.

Corporate Comm India(CCI Newswire)

 
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New Delhi, January 20, 2017: Knight Frank India today launched the sixth edition of its flagship half yearly report - India Real Estate. It presents a comprehensive analysis of the residential and office market of NCR for the period July to December 2016 (H2 2016).

Key Residential Takeaways:

· NCR witnesses a de-growth in demand and supply by 29% and 73% respectively, compared to the same period in 2015

· New launches dwindle to 26,735 units in 2016 registering a Y-o-Y 58% drop from 2015

· Sales register a Y-o-Y 18% drop ; festive season also fails to infuse life in the dull market as sales decline to 40,000 units

· Demonetisation brought short term challenges in Q4 2016 resulting in 73% drop Y-o- Y in new launches and sales volume plunges down to 53% Y-O-Y in same period

· The QTS of NCR has remained unchanged since the past six quarters and stands at 17 quarters and the unsold inventory stands at approximately 192,758 units as of December 2016

NCR Office Takeaways:

· Project delays dry up office supply in NCR; new completions have dropped to an all- time low. A mere of 4.6 mn sq ft of new completions entered the office market in 2016 as opposed to 11.5 mn sq ft in 2015

· Demand holds steady and the office market clocks 7.3 mn sq ft in 2016

· Sector analysis of NCR office market indicates other sectors is at 36% followed by manufacturing and IT/ITeS at 28% each in terms of transactions

· Gurugram took up 63% of the total transaction pie of 3.8 mn sq ft with 57% of the total 107 deals in H2 2016 and yet again emerged as the most preferred business district

· Lack of new office space have pushed rental values from Rs.64 per sq ft in H2 2015 to Rs. 73 per sq ft in H2 2016 registering a sharp Y-o-Y increase of 14%

NCR New Completion and Transaction of Office Space:

Speaking about the finding, Rajeev Bairathi, Executive Director & Head - Capital Markets, Knight Frank India said “The NCR residential market has been under pressure and 2016 was no different. The market has been in a downward slide, since 2010, with every passing year hitting a new low. In H2 2016, the market witnessed de-growth in demand and supply by 29% and 73%, respectively, compared to the same period in 2015. Piling up inventory, lack of consumer confidence due to litigations and infrastructure delays are some of the major factors that have decelerated new launches in NCR. These factors coupled with partial implementation of RERA in H1 2016 set the sluggish market in a twirl again as new launches came to a standstill and developers rushed to complete pending projects. The market did start giving indications of marginal recovery in Q3 2016 owing to developments like project deliveries, reduction in prices and improving infrastructure in places like Noida Extension and Noida–Greater Noida Expressway. However, the demonetisation move dealt a huge blow to the NCR realty market and the Q4 2016 numbers are a testament to this. As the sales number for the first nine months had shown an optimistic trend, we believe that 2016 would have been at par with 2015 had it not been for the demonetisation move.

The NCR office market maintained its annual appetite and clocked 7.3 mn sq ft at the end of 2016, making it at par with 2015. The overall slump in the real estate sector plagued the office market as well with new completions dropping to an all-time low. Good news is that IT/ITeS which was on a decline for the past one year has made a comeback due to robust leasing from occupiers like IBM, Genpact and TCS. Gurugram holds the largest share in H2 2016 transactions followed by SBD Delhi and Noida. With vacancy at an all-time low since 2012 due to lack of quality office space, there is an upward pressure on rentals. Micro- markets of Gurugram, such DLF Cyber City and Golf Course Road, and Noida, such as Noida– Greater Noida Expressway and Sector-62, are expected to witness significant upward pressure on price.”

Corporate Comm India(CCI Newswire)

 
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~ Partners with Lotus Greens to develop a 20-acre ultra-smart township – Destination – 150~

~Offers 2 BHK and 3 BHK apartments starting at 50 lakhs and 57 lakhs~

New Delhi, January 20, 2017: Tata Value Homes – a 100 % subsidiary of Tata Housing - one of the leading real estate development companies in India, today announced its foray into Noida with the launch of a first-of-its-kind smart community codename: ‘Destination 150’. Developed in partnership with Lotus Greens, this 20-acre ultra-modern property will comprise six wings of 2 BHK and 3 BHK units starting at 50 lakhs and 57 lakhs respectively.

Located in Sector 150 of Noida, Destination 150 will offer smart home features surrounded by best-in-class facilities. Promoting the importance of smart life, the project will consist of various technological initiatives like integrated apartments which will include book facilities, comprehensive automation, etc. Apartments will also be equipped with integrated security features and other smart services such as high speed Wi-Fi in special outdoor gazebos, parking access control, co-working space within the complex and optical fibre connectivity. Providing a greener life in the truest sense, the township will encompass 7.5 acres of well-planned green spaces, green terraces and solar charging pods at convenient locations.

Brotin Banerjee, MD & CEO, Tata Housing, said, “It gives us immense pleasure to announce our expansion into the Noida market with Destination 150 – our first mega housing project of the new year. The launch of this project is in line with our vision of creating marquee projects in the major metro cities of India. This smart housing project scaled to include the latest technology and amenities, will propel residential and commercial development in Noida, creating greater opportunity for growth in the region. Further its connectivity to different parts of Delhi and NCR will attract more opportunities. We welcome our customers to be a part of a smart city in the making.”

Destination 150 is furnished with a modern club house spread approximately across 25000 sq. ft. that will promote lively community interaction. It will have a walking and biking track, badminton court, well-equipped gym and tennis court. The township will provide a holistic, world-class lifestyle by creating party lawns, an infinity pool, homemakers social club, an extensive commercial centre, a senior citizen park and kids play area.

Corporate Comm India(CCI Newswire)

 
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  • General Body of CREDAI Western UP elects members of EC and GC Board
  • Mr. Deepak Kapoor elected as the President of CREDAI Western UP

Noida, January 20, 2017: The CREDAI Western UP Chapter of Confederation of Real Estate Developers Associations of India (NCR) has announced the appointment of Mr. Deepak Kapoor (Director, Gulshan Homz Pvt Ltd) as the President in the recently held General Body Meeting in Noida.

CREDAI Western UP chapter also introduced the new leadership team comprising Mr. Deepak Kapoor as President, Mr. Amit Modi ( Director, ABA Corp ) as Vice President, Mr. Pramod Gupta ( Joint Managing Director, Ajnara India Ltd) as Vice President, Mr. Rajesh Goyal (MD, Rajesh Projects Pvt Ltd) as Vice President and Mr. Vinay Goel (Director, Express Projects Pvt Ltd) as Vice President.

Mr. Suresh Garg (MD, Nirala World ) elected as Hon. Secretary, Mr. Manish Gupta ( Director, Strategic Developers Pvt Ltd) as Joint Secretary and Mr. Subodh Goel (Managing Director, Civitech Group) as Hon. Treasurer.

“The newly elected leadership will be responsible to work closely with various government departments and will also help to shape the future of the region’s realty sector. We will be focusing on the core objective of the CREDAI such as Transparency, single window clearance and code of conduct” informed Mr. Deepak Kapoor, President CREDAI Western UP

General Body also elected Executive Members of GC Board. They are Mr. Ashok Chaudhary, Panchsheel Buildtech Pvt Ltd; Mr. Amit Jain, Mahagun India Ltd; Mr. Dinesh Jain, Exotica Housing & Infrastructure Co. (P) Ltd; Mr Getamber Anand, ATS Limited; Mr Kaushal Jain, Arihant Buildcon Pvt Ltd; Mr. Manoj Gaur, Gaursons India Ltd; Mr. Salil Kumar, Assotech Realty and Mr. Mritunjay Kumar, Unibera Developers Pvt Ltd.

Corporate Comm India(CCI Newswire)

 
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New Delhi, January 20, 2017: Ministry of Housing & Urban Poverty Alleviation has asked all the States and Union Territories to submit proposals for construction of affordable houses for urban poor at the earliest so that the Housing For All target in urban areas could be met by 2022 as envisaged. This was conveyed by Dr. Nandita Chatterjee, Secretary(HUPA) during a meeting of the Central Screening and Monitoring Committee here today. She urged the States and UTs to expedite submission of proposals as per the latest demand assessment undertaken by them.

During the CSMC meeting today, the Ministry of HUPA has approved construction of 78,703 affordable houses for the benefit of Economically Weaker Sections in the States of Tamil Nadu, Kerala and West Bengal with an investment of Rs.2,956.32 cr. Central assistance of Rs.1,180.54 cr has been approved for construction of these houses.

With today’s approvals, the total number of houses approved for the benefit of urban poor under Pradhan Mantri Awas Yojana (Urban), launched in June last year reached 15,48,846. Total investment approved for construction of these houses is Rs.82,708 cr with central assistance of Rs.21,125.36 cr.

The Ministry today approved 52,336 more houses for EWS in Tamil Nadu with an investment of Rs.1,942.24 cr and central assistance of Rs.785.04 cr. With this, the total number of houses approved for Tamil Nadu under PMAY(Urban) has gone up to Rs.2,26,572 with an investment of Rs.8,144 cr and central assistance of Rs.3,461 cr.

Today’s approvals include 2,992 more houses for Chennai, 1,384 for Tiruppur, 1,088 for Madurai, 1,025 for Edanganasalai, 965 for Marakkanam, 931 for Kottakuppam, 905 for Coimbattore, 700 for Thanjavur, 450 for Namagiripettai and 437 for Vadalur.

West Bengal today got 21,285 more houses with an investment of Rs.861.62 cr and central assistance of Rs.319.27 cr. with this, total number of affordable houses approved for the State under PMAY (Urban) has increased to 1,44,016 with an investment of Rs.5,835 cr and central assistance of Rs.2,168 cr.

Today’s approvals include, Bidhannagar-6,067 houses, Uluberia-5,899, Siliguri-2,000, Jalpaiguri-1,945, Jangipur-1,415, New Barrackpore-797, Dinhata-715, Ranaghat-594. Coochbehar-517 and Mathabhanga-439.

The Ministry of HUPA today approved 5,082 houses for the benefit of urban poor in Kerala with an investment of Rs.152.46 cr and central assistance of Rs.76.23 cr. Total number of houses approved for the State so far has gone up to 22,467 with an investment of Rs.755 cr and central assistance of Rs.363 cr.

Today’s approvals include; Kochi-1,528 houses, Nedumangadu-850, Manjeri-530, Chavakkad-355, Thiruvalla-361, Kayamkulam-305, Vatakara-270, Tripunithura-240, Mallapuram-229, Thalassery-210 and Thrissur-204.

 

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