Indian Property

India offers great opportunities with its booming economy. The charm of a growing economy is much stronger than the appeal of foreign shores for residence. Indian metro cities now offer a global lifestyle. In Mumbai, one area that has become increasingly popular is the Kalyan-Dombivli region, thanks to its proximity to the city and well-developed social infrastructure. The planned metro and road networks will further boost its accessibility. Top property developers are coming up with residential real estate projects in the region that offer spacious homes, world-class infrastructure, and amenities. One such example is Palava City by Lodha , a truly planned city that offers a modern lifestyle with a strong sense of community and holistic well-being. Located about 20 minutes from Dombivli Station, Palava City is designed to be in harmony with nature. With over 60% of the city dedicated to open and green spaces, the atmosphere is healthier for its citizens, with lush green parks reminisce...

Noida-based Bhutani Infra or Bhutani Group is planning to come up with a new commercial project in Noida Expressway - Cyberthum by Bhutani Infra . The proposed commercial project is yet to be formally announced & will be available for investment only after RERA registration is complete. Bhutani Cyberthum: New Project by Bhutani Group According to murmurs, Bhutani Infra Cyberthum -- the new launch commercial project in Noida Expressway is going to be developed on a land parcel close to the Noida-Greater Noida Expressway. The new project by Bhutani Group will also be in proximity with a metro station on the Greater Noida Aqua Line and not far from its under-construction commercial project Alphathum. The new commercial project is still in the starting stage of planning & the process of necessary approvals and mandatory RERA registration before it can be formally announced. Bhutani Group has had quite a successful run with its existing Alphathum Noida project, wher...

Mumbai, March 28, 2018: Piramal Realty (PRL), the real estate development arm of Piramal Group, has announced the launch of Piramal Mahalaxmi, its flagship project in South Mumbai. The development takes on the name of the locality, Mahalaxmi, which is one of Mumbai’s most desirable and sought-after addresses. The quintessential offering of this project is the coveted Lifetime Views of the 225 acre Mahalaxmi Racecourse, uninterrupted views of the Arabian Sea on the horizon, Willingdon Golf Course and the expansive Mumbai Harbour. With over 2 million square feet of development, this project is set to be one of the largest premium residential developments in South Mumbai. Piramal Realty will invest INR 2600 crores in this marquee development. Anand Piramal, Executive Director, Piramal Group and Founder, Piramal Realty, said, “Piramal Mahalaxmi is the perfect fusion of rich culture and a cosmopolitan heart. Through this development, we intend to continue setting new benchmarks in the r...

Real estate brokerarge company JLL India has released its retail real estate report at CII National Retail Summit 2017 in New Delhi. The report highlights the Indian retail sector’s growth potential in Tier 2 and 3 cities. In the report, JLL analyzes how mall withdrawals in Tier 1 cities have kept the vacancy levels stable. It has identified top 20 cities that will drive retail growth basis total retail stock, upcoming supply, retailer presence, retailer expansion plans and investments. Among the small towns and cities, Jaipur ranks 1st in total current retail stock, while Lucknow ranks 1st in upcoming retail supply. New Delhi, 1st December 2017: Leading international real estate consultants JLL India today released its latest retail report ‘Fuelling the Retail Revolution - The Paradigm of Emerging Cities’ in association with the CII National Retail Summit, 2017. In Delhi-NCR and Noida, commercial real estate projects such as Alphathum by Bhutani Group are already underway. Ple...

by A. Shankar, National Director & Head of Operations – Strategic Consulting, JLL India City Expects Investments Of INR 2,076 Crore; Sustainable Real Estate Growth Assured Kochi hits a six to become the next highly preferred real estate destination in India. All potential drivers such as IT development for employment generation, Metro rail for intra-city connectivity, the Smart City tag for basic infrastructure, port-based development for industry and commercial growth, airport terminal for international connectivity and foreign investment and tourism for the hospitality industry are emphasized in Kochi. This will ultimately boosts demand for housing and make it one of the next highly-preferred real estate destinations in India. The 6 reasons why this will happen shortly: 1)             Inclusion in the top 20 Smart Cities: Recently, the Ministry of Urban Development, Government of India identified the top ...

by Nirav Kothary, Head – Gujarat Operations & National Director – Industrial Services, JLL India  Gujarat is one of the most industrialised states in India, with a well-earned reputation of being very investor-friendly. The state has a proven track record for attracting high volumes of investment, becoming the most favoured investment destination in India on the back of its sound economic policies and pro-active governance. The Vibrant Gujarat Summit has acted as an effective catalyst for Gujarat’s journey of industry growth, and the 6th edition of Vibrant Gujarat in 2015 saw as many as 21,304 Investment Intentions signed.  The Gujarat Government is developing the only IFC (International Finance Centre) in Gujarat – GIFT City (Gujarat International Finance Tec-City) is an under-construction central business district to be built on 886 acres of land. Additionally, Dholera SIR, the Gujarat affordable housing mission, the Kalpsar Project, PCPIR, DMIC, DFC, High-Sp...

by Kishor Pate, CMD – Amit Enterprises Housing Ltd. Thanks to the fact that prices in the residential property sector have bottomed out across most cities, real estate as an investment class is back on the radar. The investment angle aside, buying a property is also on every end user's wish list. While looking for a suitable property either for investment or personal use, there are many factors that should be on one’s checklist before arriving at any decision. One way or the other, location plays an important role in all of them: Look for a safe neighborhood Certainly, you should look for the basic amenities that will provide comfort and convenience to your family or tenants. However, it is even more important to gauge the safety of the neighbourhood. A safe neighbourhood is one where one can move about freely and not remain confined indoors, regardless of the time of day. Pertaining to today’s job environment and also social preferences in terms of enjoying the night...

By Ashutosh Limaye, Head - Research & Real Estate Intelligence Service, JLL India There is a lot of opacity in India’s real estate market. The industry is highly fragmented, and availability of data/ information in the public domain is limited. Moreover, the real estate industry is very locally orientated and in India, with every market behaving in its own unique way. In fact, there is more diversity in Indian real estate than in most other countries. Nevertheless, mapping the terrain and making sense of it is vital for investors and end users, corporate occupiers and developers, and this is where international property consultants (IPCs) like JLL come in.  It is important for all real estate stakeholders to be able to understand and adapt to local market dynamics, and at the same time remain attuned to global trends. All these factors highlight the importance of market research consultants in today’s market. Thanks to these consultants and their deployment of expert team...

By Sarita Hunt, Managing Director – Chennai & Coimbatore, JLL India Average city-level price forecasted to rise by about 2% this year Known to be a market driven more by end-user demand than speculative investors, Chennai has never seen runaway price escalations unlike some of the more speculative markets in India. As the southern city matures, the size of its residential market has been expanding over the past few years. The residential market witnessed a price appreciation of 2.2% (y-o-y) in 2015 and is expected to see about 2% price hike in 2016. Many sceptics were expecting prices to be in the negative range at the end of the year. However, the office market witnessed a spike in demand by about 33% and this had a direct correlation with the residential prices which also witnessed a marginal growth. The demand remained stable in the middle and low- middle segments where the affordability was higher. Meanwhile, the luxury condominium demand dropped in 2015 as a result...

By Anuj Puri, Chairman & Country head, JLL India The retail real estate industry in India is gradually maturing and going towards the next wave of evolution. With the rapidly changing aspirations of Indian consumers, influx of international brands - and, importantly, increased competition from e-commerce, there is now a pressing need for physical retailers to evolve. Within this process, shopping outlets will have to provide a more specialized shopping experience. The Indian Mall Arrives Let’s start from the beginning. The first Indian malls started springing up in the 1990s, and from then on began more or less taking over the retail landscape. These shopping malls were suburban, lacked adequate parking facilities, and had a standard line-up of mass arcade chain stores and food courts featuring all the usual suspects. Until then, department stores and high streets were the main shopping attraction and provided consumers with restricted options. With the liberalisation and ...

By Ashwinder Raj Singh, CEO - Residential Services, JLL India All indicators are towards a convincing revival by the end of the year India’s residential property market has been going through turbulent times for past few years. However, things are looking up now with changes in the economy and various initiatives announced by the Government. To understand how various market forces have been making an impact, it is essential to look at the overall economic scenario in the country. Economic Performance: ·         FY 2015-16 saw Indian economy become the fastest-growing in the world with a GDP growth of 7.6%. This, despite adverse global economic circumstances that put a lot of pressure on earnings, exports and overall development. ·         The Government was able to contain the fiscal deficit to the budgetary target of 3.9%, and is working on lowering it further to 3.5% in FY 2016-1...

By Anuj Puri, Chairman & Country Head, JLL India Demand in 2016 pegged at around 10 mn sq ft, supply at 8-8.5 mn sq ft Bengaluru, which has a total stock of 96 million sq ft of grade-A (non-captive) office space, is currently staring at a shortfall in the supply of office space. Barely 4-5% of the total space is vacant for leasing as the tech city has witnessed strong leasing activity in the last few years. Even the existing vacancy is mostly in peripheral areas. In 2015, 14-15 million sq ft got leased out. This includes a good volume of pre-committed space too, which will be occupied over the next two-three years. Interestingly, the trend of leasing remains strong. Although there is demand for 10 mn sq ft, supply of only 8-8.5 million sq ft non-captive office space is expected to come up in 2016. Around 4 million sq ft were leased out by occupiers in 1Q16 alone. Compared to the total leased area in 2015, completion in the city stood at 7.2 mn sq ft last year. Bengaluru...

Mumbai, 21 January 2016: International property consulting firm JLL India has partnered with RICS to publish its latest real estate research report on Capital Market trends in the Indian Real Estate sector. The report 'Peering into 2016: Taking Pulse of Investor Preferences' tunes in to the voice of the investor community to gauge the investment patterns and key investment themes in the Indian real estate for 2016. According to Ramesh Nair, COO & International Director, JLL India: "Private Equity capital has been instrumental in propelling the real estate boom in India, but it is a sector where banking finance has had its own restrictions to cope with. After a relatively muted CY 2013 and CY 2014, PE investors increased their bets into the Indian real estate sector significantly in CY 2015. This report examines the motivations and expectations of PE funds who are now actively ramping up their exposure into this sector." JLL carried out a survey of ...

By Ashwinder Raj Singh, CEO – Residential Services, JLL India The most frequently-occurring type of disagreement in Indian real estate is land dispute. Cases range from of illicit land grabbing and illegal land sales to instances of purchase of land where no actual purchase has taken place – to name just a few. The real estate market has historically been plagued by such issues, and the current government’s initiative of facilitating e-registration to streamline the registration of immovable properties is an extremely progressive move which has been universally welcomed for its transparency and ease of use. E-registration has simplified the process for providing evidence of titles and facilitating transactions, and will go a long way in preventing the unlawful disposal of land. This online registration system effectively put paid to the various underlying problems and loopholes in the traditional land registration process, based on the Land Registration Act of 1925, which typical...

By Anuj Puri, Chairman and Country Head at JLL India JLL Research’s latest report ‘Is Indian Real Estate Heading Towards A Tectonic Shift?’ examines the transitions that India’s real estate has undergone over the past decade. Among the major trends is how developers have been decreasing apartment sizes to suit affordability of buyers. Builders are exploring innovative ways to make residential housing across major cities more appealing to potential buyers at a time when it is increasingly becoming difficult to sell expensive apartments. Around the country, builders are emulating the famous sachet marketing strategy adopted by FMCG companies in the late 1990s. Unable to sell expensive homes in a sluggish market, builders across India are making smaller apartments without lowering the price per square feet and compromising on the quality of product. In the last five years, average apartment sizes falling across all major cities of India. The following chart shows the varying degree...

By  Ramesh Nair, COO - Business & International Director, JLL India Yes, it is possible to negotiate with residential property developers. As home sales continue to look sluggish in many parts of the country, developers are becoming more open to a bit of creativity on their stated terms. How can you, as a buyer, put your best foot forward at the negotiation table? Above everything else, the Scout's Motto holds true - Be Prepared. You should be conversant with comparable sales in the project’s vicinity, and know how long it has been on the market. It is important to establish what the launch rates were, how they have moved since then and what the current demand for flats like yours is in the stated locality. You should also find out by word of mouth how much the developer is willing to negotiate. Typically, developers make decisions on pricing based on how a particular project is performing, as well as on how they are faring in general. If you are in...