In Pune, of the 7.8 million sq ft of supply, Hinjewadi and Hadapsar accounted for the majority of the total share. The total demand during 2007 was approximately 6.35 million sq ft of which 5.5 million sq ft was absorption and the balance 0.85 million sq ft was accounted for by pre-lease commitments.
Most of the demand for commercial space in Pune came from IT-ITeS sector, mostly centred in Hinjewadi. Suburban and peripheral locations, especially Hinjewadi and Kharadi, are fast emerging as major office hubs in Pune.
In some Micro-markets of Pune, such as Nagar Road, Yerwada, Kalyani Nagar, Kharadi, Phursunghi and Magarpatta, vacancy rates rose this year. This is attributed to the high rentals and the existence of sub-prime properties in these markets. The growing trend of companies moving into SEZs is also responsible for this trend.
Friday, February 1, 2008
REAL ESTATE SCENARIO-NCR
Absorption across NCR was approximately 6.6 million sq ft during 2007 and recommitments amounted to an additional demand of 4 million sq ft. Gurgaon Accounted for 4.64 million sq ft or 70 per cent of total absorption in the NCR. Noida, the next biggest market, accounted for 1.37 million sq. ft or 21 per cent of total absorption. Delhi witnessed absorption of 0.66 million sq ft Of this approximately 3.28 lakh came from new developments in Jasola, while the remaining 2.95 lakh sq ft came from older, second-generation developments in the CBD and South CBD.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
The total supply in the NCR amounted to 11.53 million sq ft. Gurgaon accounted for the largest share of approximately 6.4 million sq ft Noida and Delhi accounted for 4 million sq ft and 1.7 million sq ft respectively.
Availability of land, improving infrastructure, and better connectivity are some of the factors why most of the supply came in the suburban areas. Prime locations and buildings in most micro markets have low or negligible vacancy. Demand for grade-A Properties Continues to rise in NCR, as is evident from the pre-lease commitments signed.
BANGALORE REAL ESTATE
Bangalore witnessed the highest absorption in 2007 of 8.7 million sq ft. The total supply here during 2007 was 9 million sq ft. The peripheral regions accounted for over 75 per cent of total supply.
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.
IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations
Wednesday, January 23, 2008
Malls Culture In India
There is hardly any part in Delhi which may not have a Mall. Mall culture is increasing fastly in the Delhi's Adjoing Ghaziabad. According to an estimate more that 24 malls would have been opened in Ghaziabad during next two years. At present eight Malls in Indirapuram and seven each in Vaishali and Kaushambi are under construction. As per the study of ASSOCHAM 100 new malls shall be operative in India during 2008. According to another study, during the last year malls had spread over 4 lakh sq.ft land throughout India with the pace this culture is approaching to two and three tier cities, two lakh sq.ft. Of land would have been added to this figure by end of this year.
According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.
According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.
TWIST IN THE TALE
As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.
MORE SECTORES ON THE CARDS
The master plan 2021,approved by the Haryana government, earlier this year earmarked 58 residential sector that are to be developed by 2021 to cater to the projected 37 lakh population in Gurgaon and Manesar. A total area of 14,930 hectares has been earmarked for this. It would increase the total number of sectors in Gurgaon from the existing 57 to 115. HUDA and private developers like Ansal ,Unitech,DLF,Vatika, Uppal’s, Rahejas and other together have developed dwelling units in 8000 hectares of land for inhabitation in Sector 57.Developers have now acquired big chunks of land in residential zones earmarked in the new Master Plan 2021 and have applied for licenses for developing dwelling units in these areas.
TWIST IN THE TALE
As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.
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