Tag Archives: 2017 in Indian real estate

PNC Menon joins Board of Directors at Rashid Centre for the Determined Ones

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News Point: The Rashid Centre for the Determined Ones has announced that PNC Menon, Founder and Chairman of the Sobha Group, has recently joined as a member of its Board of Directors. 

PNC Menon, The Rashid Center for Determined Ones, Sobha Limited, Sobha in Dubai, Indians investing in Dubai, Indian real estate in Dubai, India real estate news, Indian realty news, Real estate news India, Indian property market news, Realty Plus, Track2RealtyPNC Menon joins at Rashid Centre other prominent officials and business leaders in Dubai, including Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and CEO and chairman of the Emirates Group.

Sheikh Juma bin Maktoum Al Maktoum, Managing Director at Rashid Centre, welcomed the appointment of Menon to the Board of Directors. He said: “Mr. PNC Menon is one of the well-known local entrepreneurs and a real estate tycoon. As founder of the Sobha Group, he has overseen its business expansion over the years and developed the company as one of the leading real estate developers in the country. Mr. Menon joining us will undoubtedly contribute to the vision of the Rashid Center for our stakeholders. We will profoundly benefit from his extensive management experience and he will help develop the Centre’s operational system,” Sheikh Juma underlined.

Rashid Centre has always been keen to enhance the Centre’s presence in the UAE and the region. Over the past years, the Center’s Board of Directors has enriched the work plans we have adopted in the management of the Center, which has positively reflected the nature of the services provided to the stakeholders. This has contributed to having the Centre being held in high esteem and its services expanded to over 300 students coming from various nationalities.

On his appointment, PNC Menon said that joining the Board of Directors of the Rashid Center is an important highlight of his career. “Rashid Centre is one of the most important centres in the field of caring for the Children of Determination. Rashid Centre rightfully deserves our attention, and undoubtedly joining the Board is a conscious step for contributing to the welfare of the special children and a way of giving back to the community,” he said.

He added: “Over the years, I have visited the Centre many times, and every time I have been inspired by the level of development that the Centre has achieved. This is because of the selfless efforts of its management, as well as its employees, who work as one team.”

“I hope that my joining the board of directors, Rashid Centre will be able to contribute more than before to the promotion of the welfare of the young People of Determination. I am delighted to join hands with Rashid Centre in this noble endeavor,” he added

Harleen Oberoi joins Colliers International

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News Point: Colliers International India has appointed Harleen Oberoi as the Senior Executive Director, Project Management, India & Developer Projects Leader, South Asia.

Harleen Oberoi, IPC, International property consultants, Independent property consultants, Colliers International India,  Professionals in property market, Professionalism in real estate, India real estate news, Indian realty news, Real estate news India, Indian property market news, Track2RealtyHarleen has over 28 years of experience in projects, and the construction industry in India and overseas. Harleen joins Colliers International from Brookfield Global Integrated Solutions, where he held the position of Executive Director & Country Head, however a major part of his experience has been with Cushman & Wakefield (C&W), as the Managing Director, Project Management for India.

Colliers International has built a robust project management delivery platform in India over the past decade. Simultaneously, the organisation has been adding capability to its already existing strong talent pool, to leverage this platform and maximize output.

As Colliers International gears up to strengthen its market position across the Occupier and Developer services platform, to capture a higher market share, Harleen’s presence in the team and his vast experience adds to the capability to not just service leading clients in the business, but also to position Colliers International amongst the top 3 International Property Consulting (IPC) firms by 2020. 

“The India team is pleased to welcome Harleen Oberoi to executive leadership team. After his past stints in various leadership positions in our industry, he is today best placed and positioned to leverage the strengths of our already established platform and take it to the next level of service delivery and accelerated growth”, said Joe Verghese, Managing Director, Colliers International India.

Harleen Oberoi added, “Colliers International is the only IPC that has demonstrated and conveyed its intent by investing in technology and resources in India and the region in recent times, envisioning therefore, a complete market dominance by 2020. I am convinced that there can be no better time to come on board and be a part of Colliers International, and contribute towards the assured success story”.

85% growth in property investments in the first nine months of 2017

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News Point: Deal volume recorded at USD2.6bn in the first nine months of 2017, compared to 1.4bn in 2016

Track2Realty, Track2Media, India Real Estate, Valuations of Real Estate, Realty News, Property News,India witnessed a growth of 85% in property investments in the first nine months of 2017, compared to the same period last year, says Colliers International’s recently released report titled ‘Of High Growth, Low Real Rates and Black Swans’.

The deal volume is recorded at USD2.6 billion in the first nine months of 2017 as compared to 1.4billion last year. Although property investment in India remains modest in relation to the country’s size and importance, this growth in activity may be a sign that India is starting to mature as an investment market.

“The increase in deal volume is a testimony of the fact that India is a maturing market, with high value creation potential for its investors. Also, it endorses that there is immense growth potential in commercial, industrial and warehousing industry as most of this capital has been employed in these sectors”, says Suresh Castellino, Executive National Director, Capital Markets and Investment Services, Colliers International India.

Looking at the investment markets on country-basis, Japan retained its position at the top of the table of investment in income-producing properties as on YTD September 2017. However, total transactions in Japan fell by 12% YoY to USD23.3 billion, and ranked just above China that registered transactions of USD22.3 billion (down 2% YoY).

Australia was ranked 3rd in the list with total transactions dropped by 19% to USD15.2 billion. In contrast to the lackluster performance, in the top three markets, fourth-placed Hong Kong saw a 38% increase in transactions of USD14.7 billion. South Korea, recorded a 33% increase in transactions, while deal volumes in Singapore surged by 83%, to USD8.7 billion.

As per Colliers Research, the economic performance of India has been slightly disappointing compared to the rest of Asia. However, in Q3 2017, India recorded a growth of 515% in deal volume, to USD1.2 billion, albeit with a very low base for comparison. The report further highlights that India has higher benchmark interest rates as compared to other countries. Following the cut to the repo rate by Reserve Bank of India, benchmark interest rates have fallen to 6.4%. Most economic forecasters, expect the Reserve Bank of India to keep interest rates unchanged in the coming months, although, few expect further rate cuts. CPI inflation has been under control, reaching 3.3% YoY in September, however, certain core measures of inflation are significantly higher.

“Various economic forecasts expect CPI inflation to move back above 5% in H1 2018, and remain constant. If so, then real interest rates should stay below about 1.6% over next years, compared to a range of about 3.0-4.3%, over the first three quarters of 2017. This loosening of real monetary conditions ought to support capital values in our maturing investment property market”, says Surabhi Arora, Senior Associate Director, Research, Colliers International India.

Looking forward, Oxford Economics, expects average real GDP growth in India to slow from 6.9% over the period 2017-2021 to 6.3% over the period 2022-2024. This growth outlook reflects the following factors: 

Leading position in service sectors: The middle class is set to expand with the number of households with income greater than USD 30,000, likely at least to double over the next decade

Competitiveness: India’s competitiveness in international markets with unit labour costs among the lowest of the BRIC economies

Slow improvement in infrastructure: The inadequate infrastructure has prevented supply from increasing in line with the demand