Tag Archives: Cushman & Wakefield

Cushman & Wakefield appoints Manoj Sharan for IFM & Asset Services

Posted on by Track2Realty

News Point: Cushman & Wakefield has appointed Manoj Sharan as Sr. Director and Head of Operations for its Integrated Facility Management (IFM) & Asset Management Services.

C&W Logo, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyBased out of Gurgaon, Manoj will be responsible for maintaining and improving the quality of services provided by the company, thus ensuring maximum value for the clients and their occupants. He will also be partaking in business augmentation efforts of the division.

This appointment is in line the company’s endeavor to strengthen our talent team with best in class professionals who are motivated to provide highest value. Manoj would be reporting to Capt. Rajesh Sharma, Managing Director, IFM & Asset Services

Manoj has over 25 years of management experience, both at national and international levels, with large clients and multinationals. He has previously headed Facilities and Procurement divisions for various multinationals including GE Capital International, Dell & Lucent Technologies. In his last role he was Vice President, Corporate Services at Deutsche Bank AG.

Speaking on the appointment, Capt. Rajesh Sharma, “We have an ambitious vision for IFM & Asset Management Services business and this demands that we have an empowered national and city structure which is supported by centers of excellence that drive consistency, innovation and best practices. Hailing from the corporate side of the business, Manoj comes with a wealth of knowledge that complements well with the company’s endeavors. He will work closely with the regional heads to ensure smooth operations and enhance client satisfaction”.

Speaking on his new role, Manoj Sharan said, “I am excited to be a part of a winning team recognized for commitment to clients and in delivering outstanding results. I look forward to transmitting my experience and knowledge into my new role, thus further strengthening service delivery and client relationships”.

Integrated Facilities management and Asset Services have been an integral part of organized real estate. However, with the recent increase in investment from corporations and investments in real estate, the importance for the services have increased manifold.

With REITs in the anvil, asset services will assume greater importance in maintaining and enhancing the value of real estate for investors. The estimated size of REIT- able assets in India is pegged at USD 7.9 BN billion by 2020.

Cushman & Wakefield appoints Swapan Dutta as Managing Director Kolkata

Posted on by Track2Realty

News Point: Cushman & Wakefield has appointed Swapan Dutta as the Managing Director Kolkata operations.

Swapan Dutta, Colliers International India, Cushman & Wakefield, Real estate professionals in India, India real estate news, Indian property market, Real estate news India, Track2Realty, Track2Media Research Swapan will be responsible for developing new avenues of growth in Eastern Region and will work closely with clients to provide innovative and value driven transaction solutions that are in line with their strategic goals. Swapan will be reporting to Anshul Jain, Managing Director, India, Cushman & Wakefield.

Kolkata as a market is at an advantageous position for future growth. With a good human resource base coupled with government announcements like the creation of the Financial Hub in Rajarhat and proposal for setting up of Industrial Parks in PPP mode, improving infrastructure and a legacy of being an economic centre, various industries have begun to show a keen interest in the market.

With its depth of services to clients across the region including the states of Odisha, Assam and Bihar and also overseas destination of Bangladesh, Cushman & Wakefield is well poised to provide real estate solutions to companies actively looking at expanding their operations in these regions.

“Having a presence in the Eastern region for over a decade, we at Cushman & Wakefield completely understand the huge potential of the market and is committed to investing herein. Swapan’s industry and regional knowledge would help us in identifying and developing new streams for long term revenue growth and maintaining our relationships with clients, thereby strengthening our operations and services in Eastern region. Anshul Jain, Managing Director, India, Cushman & Wakefield.

“Cushman & Wakefield is a reputed brand known for putting the clients’ interest as foremost priority. I look forward to working with a group of very talented and dedicated professionals to further fuel the growth of Kolkata business,” says Swapan Dutta, Managing Director, Kolkata.

Swapan joins Cushman & Wakefield with over 23 years of experience in business planning, business development, project management, sales & marketing across various industry segments. In his earlier roles he has conceptualized, formulated and supervised complete profit center operations to achieve business goals, operating profits and cost efficiencies.. Prior to joining Cushman & Wakefield, Swapan was the Director, East with Colliers International.

Sanjay Chatrath joins Colliers International as the Executive Director, NCR operations

Posted on by Track2Realty

News Point: Colliers International India has appointed Sanjay Chatrath as the Executive Director – NCR. 

Sanjay Chatrath, Cushman & Wakefield, Colliers International India, India real estate news, Real estate news India, Indian property market, Professionals in Indian real estate, Track2Media Research, Track2RealtyAn industry veteran, Sanjay has over 16 years of real estate experience and joins Colliers International from Cushman & Wakefield (C&W), where he held diverse leadership positions providing strong contribution in driving strategic growth for the firm.

With over a decade in C&W, Sanjay has led numerous large transactions and has serviced clients across FMCG, BFSI, Government Organizations, Consulting Firms, IT/ITES, Telecom and Power/Energy sectors.

“Colliers International has built a robust delivery platform in India over the past decade. Simultaneously, we have been adding capability to our existing talent pool to leverage this platform and maximize output. This accelerated increase in capacity requires focused local leadership in all markets. Sanjay’s addition to our team provides exactly this leadership to our NCR operations. He not only brings with him deep & rich transactions experience, but also capability to provide direction to our occupier services, as a whole. I am very happy to have Sanjay on the team. These are very exciting times to be working at Colliers International”, said Saacketh Chawla, Deputy Managing Director, Colliers International India.

Sanjay Chatrath added, “I am thrilled to be part of the Colliers International team. My entire career has been spent in the real estate industry and I look forward to continuing that tradition by providing “best in class” real estate solutions to Colliers’ current and future clients. In my current role, I will be directing and overseeing the overall operations of Colliers International in North, with emphasis on providing superior services to clients and driving growth in North India”.

Cushman & Wakefield appoints Somil Agrawal as Head of Strategic Marketing

Posted on by Track2Realty

News Point: Cushman & Wakefield, has appointed Somil Agrawal as the Head of Strategic Marketing for its India business.

Somil Agrawal, Cushman & Wakefield, India real estate news, Indian property market news, Investment in Indian real estate, Track2Realty, Track2Media ResearchIn his new role, Somil will be responsible for strengthening the Cushman & Wakefield brand in India and driving demand generation in line with our global strategy. He will be reporting to Anshul Jain, Managing Director – India, Cushman & Wakefield.

Somil has over a decade of experience with leading organizations like Airtel and Cisco, across different functions and geographies. In his last role at Airtel, he was responsible for driving product innovations for the national mobile internet business and leading strategic business partnerships.

Prior to this, he was responsible for leading the marketing strategy and Go-to-market initiatives for the national mobile business. Somil completed his MBA from IIM Lucknow and is an engineering graduate from NSIT, New Delhi.

“Cushman & Wakefield has led the international property consulting sector through its disruptive and innovative actions over the years, redefining the business in India. Somil comes to Cushman & Wakefield with a wealth of experience in the field of technology and consumer marketing and brings a fresh perspective to our initiatives to consistently delight our customers. I wish him the very best for his new role and look forward to working with him.” Says Anshul Jain, Managing Director, India, Cushman & Wakefield.

“Cushman & Wakefield is an established name in the industry renowned for its quality of service, integrity and its entrepreneurial attitude. The company has created landmarks in the International Property Consulting domain that have gone on to define the sector. I am happy to be a part of this organization and look forward to working for a brand which is a perfect blend of legacy and futuristic thought process,” says Somil Agrawal, Head of Strategic Marketing, India, Cushman & Wakefield.

Residential launches decline ahead of RERA implementation

Posted on by Track2Realty

News Point: Project launches down 8% since the announcement of RERA and launches to remain restricted in the next 2-3 quarters. Price rise unlikely as unsold inventory continues to burden the market and GST also impacts costs.

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India PropertyThe top 8 cities witnessed residential launches of approximately 25,800 units in the first quarter of 2017 and registering a 16% decline from the corresponding period last year, says a report by Cushman & Wakefield.

A closer look at the trend indicate that launches have seen a steady quarter – on – quarter (Q-o-Q) decline for the last 4 quarters, corresponding with the announcement of Real Estate Regulatory Act (RERA) 2016 in March last year and the demonetization exercise in November 2016. Launches in the residential sector have declined by about 8% during the period April 2016 to March 2017 compared to the same period in 2015-16.

Interestingly during the period (April 2016 to March 2017), the share of affordable segment in total launches has improved to 30% compared to 25% in the same period in 2015-16. The share of high-end and luxury segments reduced to 11% from 13% during the same period. While sales have been weak across segments, it has been prominent in the high-end and luxury segments over the last quarters owing to demand-supply mismatches.

Segment wise new unit launches

 Segment April 2016 to March 2017 April 2015 to March 2016 % change

















Total 108,200 117,650


Note: Figures in the above table have been rounded off to nearest multiple of 25

Source: Cushman & Wakefield Research

Anshul Jain, Managing Director, India, Cushman & Wakefield, “Launches in the residential sector are expected to remain restricted over the next 2 to 3 quarters as developers will be making intrinsic changes to their business structure, operations and marketing strategies to comply with RERA norms. Consumers would continue to remain restrained in the first half of the year. Further, with mild change in end user sentiments due to news of downsizing in IT / ITeS segment, sales velocity is expected to reduce. A gradual improvement in buyer sentiment is expected towards the second half of 2017 as the impact of real estate reforms will begin to play out in the market. Capital values which are already reduced in selected locations within markets such as Delhi NCR, Bengaluru and Mumbai, will continue to remain under pressure in the coming quarter as the markets readjust in the post RERA and GST regime. Thus, we expect investors’ and homebuyers’ interest to revive in the residential sector post the enforcement of the RERA and GST, with improved transparency and accountability, in the long term.”

City wise new unit launches

City April 2016 to March 2017 April 2015 to March 2016 % change
Ahmedabad 9,750 8,625


Bengaluru 15,600 20,500


Chennai 6,375 6,800


Delhi-NCR 10,300 20,425


Hyderabad 9,775 10,125


Kolkata 11,600 16,400


Mumbai 26,375 17,125


Pune 18,450 17,675


TOTAL 108,200 117,650 -8%

Note: Figures in the above table have been rounded off to nearest multiple of 25

Source: Cushman & Wakefield Research

Developers realign their marketing strategies to boost sales

The combined impact of a prolonged slowdown in sales and the pressure of mounting inventory led to a price decline in cities such as Delhi-NCR, Bengaluru and select markets in Mumbai during the first quarter of 2017.

In Delhi-NCR, quoted capital values softened by 1-3% in both the mid and high-end segments across most of the submarkets from the previous quarter. Bengaluru too witnessed rationalization of prices in most of the submarkets across mid and high-end segments.

Developers have restricted new launches and are reducing the effective cost of their offerings by bundling in incentives and add-ons to clear the inventory backlog. While the quoted capital values have largely remained range-bound in most of the other cities, developers are offering several lucrative packages and incentives to close deals for genuine buyers. They have launched higher number of subvention schemes such as paying 5% now, 95% on delivery and some developers are even offering assurances of compensation / refund of difference, if prices decline in the future.

It was also observed that the ticket size of new launches across top eight cities saw an average decline of 14% year – on – year (y-o-y) in 2016.  At the same time, the residential unit launches have declined in 2016 by 12% to approximately 113,000 units and the unit launches continued to slide in the first quarter of 2017 as well.

Developers are also focusing on completing their existing under-construction projects, especially the ones at an advanced stage, to avoid contravening RERA’s rules and facing action. Currently, developers are mainly engaged in establishing systems and processes to register the ongoing projects.

Buyers’ sentiment to improve in the post RERA regime; price increases unlikely in the short to medium term

There are mixed views in the market in terms of the impact of RERA on real estate prices. Developers cannot commence sales until all project approvals are obtained. However, it is pertinent to note that the sector continues to reel under the pressure of inventory backlog and slow sales in most of the cities.

Thus, we do not anticipate a price rise for the next 2-3 quarters. A significant upward trend in prices can commence, only if the current stock gets cleared driven by revival in buyer sentiments.

The report does not expect significant momentum in launches across most of the cities over the next 2-3 quarters as developers are realigning their marketing strategies to gear up for the implementation of RERA. They will focus mainly on registering the ongoing projects and establishing other internal processes to become RERA compliant.

The expected transformation in the real estate market through RERA is expected to be well backed by other crucial reforms / measures such as Benami Transactions (Prohibition) Amendment Act, GST, REITs, etc. Affordable housing is likely to witness significant traction with growing interest from developers and PE investors. Large PE funds and NBFCs (like Xander Finance, Kotak Realty Fund, to name a few) are already eyeing investments in affordable housing projects.

Cushman & Wakefield Appoints Kaustuv Roy as MD-New Business Acquisition

Posted on by Track2Realty

Bottom Line: Appointment marks Kaustuv Roy’s return to Cushman & Wakefield.

C&W Logo, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyCushman & Wakefield has appointed Kaustuv Roy as its Managing Director for New Business Acquisition in India. Kaustuv will be responsible for driving the firm’s business by tapping into the emerging real estate business opportunities from across key regions, especially focused on the India-US corridor.

He will also look at expansion opportunities for Indian conglomerate in foreign markets. He will be engaging with various stakeholders in identifying the opportunities for global companies to augment their real estate portfolio.

India’s potential as a global business destination remains positive. The GDP outlook is pegged at 7.7% in 2018 -19, highest growth rate in the world. It has remained resilient despite disruptive events of 2016 Brexit and election of Donald Trump as President of the USA and currency demonetization in India.

This was demonstrated by the steady net absorption of office space (31 msf), while private equity investment saw its best year (US$ 6 Bn approx.). With the global GDP also looking up at an estimate of 4% by 2018, India’s role in this growth remains crucial. It will continue to be a big destination for cross border business and will be an attractive market for investment for global businesses.

Cushman & Wakefield’s is perfectly poised for this growth phase. The company has the depth of experience and leadership strength in India to provide best in class solutions to our clients. From entry to growth strategies, to investment advisory and transactions, Cushman & Wakefield provides for seamless integration of its services to create value for our clients.

Anshul Jain, Managing Director, India said, “Kaustuv’s appointment is an important step for our India operations that is moving forward at an aggressive pace. His experience as a real estate professional is a significant addition to our formidable leadership team. His role in creating business opportunity from overseas markets will give us a competitive advantage to further solidify our position in the Indian real estate industry. Kaustuv is a very well respected professional within the real estate fraternity, which complements the company’s brand.”

Speaking about his appointment Kaustuv Roy, Managing Director, New Business Acquisition said, “Cushman & Wakefield is globally known for innovation, commitment, integrity and partnership aimed at creating value for our clients’ real estate. Our brand equity and India’s global economic position will be a key catalyst for global companies to look at Indian market. Similarly Indian companies too are looking at globalisation. Our team and experience puts us in a unique position to partner with such companies. I look forward to working with a group of very talented and dedicated professionals to further fuel the growth of India business.”

Kaustuv has held multiple leadership roles during his 18-year tenure with Cushman & Wakefield from 1998 to 2016. Most significantly as the firm’s Head of International Desk, Asia Pacific based in New York from 2012 until 2015.

Under his leadership, Cushman & Wakefield built a successful cross-border business between the US and India, a legacy he will now build on to usher in accelerated growth. He also served as the firm’s Country Manager for Philippines.

An industry leader, Kaustuv brings over two decades of real estate industry experience. Kaustuv’s appointment as Managing Director for New Business growth in India marks his return to Cushman & Wakefield.

Ritesh Sachdev to head South India Operations for Cushman & Wakefield

Posted on by Track2Realty

Ritesh Sachdev, Managing Director, South India, Cushman and WakefieldCushman & Wakefield has appointed Ritesh Sachdev as Managing Director, South of the firm in India. Previously the Managing Director for Tenant Advisory Group, India, Ritesh will now focus on steering an aggressive growth strategy and securing a market leading position for the firm in the Southern India market.

He will be working closely with our local leadership in the key cities of Bangalore, Hyderabad and Chennai and work on a strategic level in identifying new business avenues and cross selling opportunities, strengthening client relationships and ensuring excellence in service delivery.

With an extensive experience of over 16 years, on both the developer and service provider sides, Ritesh is known for successfully synergizing ‘Out-of-the-Box’ thinking with ‘deal closure’ and delivery services. He has led transactions on behalf of both occupiers and developers, optimizing and adding value to their real estate portfolios. Under his dynamic leadership, the TAG teams have transacted close to 100 million sq ft across 50+ cities in the country.

Anshul Jain, Managing Director, India, Cushman & Wakefield said, “South India contributes greatly to the Indian Real Estate sector and has been at the forefront of the office and industrial developments in the past decade. As the sector matures and moves towards a more strategic approach, having someone with Ritesh’s experience at the helm of this critical geographic market would be ideal. His knowledge and experience of the markets, will allow us to create innovative and individualized strategies for our clients, thereby ensuring long term value of their portfolio.”

Commenting on the new role, Ritesh Sachdev, Managing Director, South, Cushman & Wakefield, India said, “Each of the three major markets and the subsidiary locations, have very distinct characteristics that have been driving their growth. Thus it would be imperative to treat them distinctly and have growth plans customized to these markets. The multiplier effect that the growing commercial activities have had on the south Indian markets in the last few years, have impacted the growth of residential and retail real estate as well. Today we are at an interesting cusp when the economy and the sector is awaiting a new phase of growth and we anticipate the South Indian markets will be at the forefront of the change.”

According to Cushman & Wakefield, 2016 has witnessed a growing confidence in businesses that has resulted in a net absorption of 34 million square feet (msf) across 8 cities during 2016. Herein, Bengaluru recorded the highest absorption of 12.4 msf, highest in 9 years, followed by Hyderabad at 6.3 msf. While Bengaluru has emerged as the new hub for developmental activities, the political stability in Hyderabad is expected to bring fruition to corporates’ expansion strategies in the coming years.

43-54 billion REIT eligible commercial property in India

Posted on by Track2Realty

News Point: With 315 MSF office and 39 MSF mall stocks, value of REIT-eligible stock seen to be highest in Bengaluru, followed by Mumbai. Bengaluru, Mumbai and Delhi-NCR cumulatively account for over 67% of total REIT-eligible stock

Office space in India, Office space absorption, Commercial real estate in India, Commercial property trends, Indian real estate market, Indian property market, India office market report, Real estate news magazine, Real estate news portal, Real estate website, Track2Media Research Pvt Ltd, Track2Realty, NRI investment in IndiaIndian commercial real estate offers investment opportunity worth USD 43 – 54 billion (Rs. 2,88,758 crore-Rs. 3,60,948 crore) across the top 8 cities via REIT-eligible ready stocks as per and report entitled “Commercial Real Estate: Steering Growth in Indian Cities”.

The report was released at RICS Real Estate Conference 2016 – “Commercial Real Estate: Corporate Catalyst” with Cushman & Wakefield as research partners for the conference. A key focus of the conference discussions was evolving occupier demand, REITs and international standards.

The report estimates that the value of REIT-eligible stock is seen to be the highest in Bengaluru (USD 15.8 billion)/Rs. 1,05,213 crore) primarily due to the high volume of investible Grade developments. Mumbai (USD 14.5 billion/Rs. 96,461 crore) comes a close second due to higher capital values of commercial properties, despite having roughly half of Bengaluru’s REIT-able stock.

The estimated value of REIT –eligible stock in NCR is USD 11.04 billion / Rs. 73,423 crores which is the third highest. Further, it is estimated that approximately 315 million square feet (msf) of office inventory is eligible for REIT across the cities. The REIT-eligible inventory includes existing non-strata sold Grade A inventory, wherein Bengaluru, Mumbai and Delhi-NCR cumulatively account for over 67%. 

Delivering the keynote address, Barnali Mukherjee, Chief General Manager, Securities and Exchange Board of India (SEBI), said, “We have come out with the IPO guidelines for the issuance of units of INVits. On same lines, we are working on the IPO guidelines for units of REITs. Since there are no accounting standards for REITs and INVits, we have set up sub-committees looking at the financials to be brought out with the offer documents as also the continuous disclosure to be made; also set up a sub-committee for issuance of valuations, who will come out with their report. On the valuations side, a separate chapter has been included in REIT regulations where lots of rights and responsibilities have been given to the valuer who has to comply with International Valuation Standards.”

“We have already received 4 applications for infrastructure investment trusts (INVits), where two applications have been processed and two are registered. We have come out with amendments on REIT regulations to bring more clarity and make it more acceptable but as of now, we haven’t received any applications for REITs. Whatever SEBI could do has already been done, in terms of removing key roadblocks such as capital gains tax and DDT and now we are looking forward to applications for REITs so that the REIT market can take off,” she added.

Sachin Sandhir, Global Managing Director – Emerging Business, RICS said “Commercial real estate is expected to see continued demand, fueled by positive business sentiment (especially in IT/ITES and new age digital businesses) based on major policy reforms undertaken by the Government. There is also likely to be considerable international investor interest in income yielding assets and the first REITs and INVits are not far away. REITs will drive the need for Indian commercial real estate to speak the language of international investors which, in turn will create demand international standards and corporate governance; professionalism and skills – which are all the things that the RICS Stands for.”

Sanjay Dutt, Managing Director, India, Cushman & Wakefield said, “REITs can provide a huge opportunity for developers and investors in India given the potential in the . REITs would help developers resolve their fund-raising issues and allow them to focus on completing their projects in a timely manner. Apart from the top 3 cities, Chennai and Pune have immense scope for REITs with approximately 34 MSF each of REITS-eligible stock. Going forward, by the end of 2017, Hyderabad’s REIT-able stock is expected to reach approximately 41 MSF. This would place Hyderabad’s REIT-able stock at 4th place, surpassing that of Chennai and Pune. With investor and occupier interests rising in Hyderabad, a high number of Grade A projects are likely to be completed enabling high REIT-able stock.”

Apart from the office sector, the retail sector too has high potential to generate rental income for investors. Since last year, private-equity firms have shown interest in investing in malls in India, indicating that there is acertain attractiveness in the retail shopping centre space owing to future prospects.

Sachin Sandhir further added, “RICS will continue to work to promote International Property Measurement Standards (IPMS) a global collaborative initiative with 70 global professional bodies, which will bring in a common basis of measuring assets. RICS is also advocating International valuation standards (IVS) and the RICS red book as a basis for valuations of these REIT-able assets. With a common basis of measurement and a common basis of valuations and skilled professionals to undertake delivery of grade A office space coupled with ease of doing business initiatives of the Government, Indian commercial real estate will surely realize its true potential.”

Devina Ghildial, Managing Director – South Asia, RICS said – “2016 looks to be a bright spark for commercial real estate. The asset class looks to be on solid footing with all the policy reforms and initiatives from the Government. The industry will see the emergence of not only REIT’s and INVits but new asset classes including new suburban business districts which will propel commercial real estate to produce a lot more grade A office space in the times to come. In fact, in Q1 2016 alone, the market has seen absorption to the tune of approximately 5 MSF.

“Going forward, we will also see corporate occupiers and investors starting to demand international standards and focus on creating sustainable assets, which will create long term value for international investors in the form of higher yields. This would be a key expectation from the development community. Now more than ever, the potential of commercial real estate is apparent, and this makes it an opportune time for REITs to find their way into the market,” she added.

Of the REIT-eligible stock across the 8 cities, Bengaluru has over 100 MSF of REIT-eligible stock (33% of total REIT-able stock), more than double of that of Mumbai. Approximately 75% of the total (all grades) office stock in Bengaluru is eligible for REIT investments. Delhi-NCR (56 MSF) and Mumbai (51 MSF) are expected to follow Bengaluru in terms of REIT-able stock as of Q1 2016.

REITs once implemented in India would enable investors to generate a stable source of income and also earn profits by trading the units of REITs, thereby increasing the attractiveness of REITs as investing medium. With the government exempting Dividend Distribution Tax (DDT) for Special Purpose Vehicle (SPV) of REITS in the Union Budget, the investment vehicle is likely to be more attractive for investors.

Mall stock of 39 MSF eligible for REIT investment in India

The top 8 cities have REIT-eligible mall supply of approximately 39 MSF, with Bengaluru, Delhi-NCR and Mumbai together accounting for about 64% of the retail inventory. Owing to the presence of large mall developers in Delhi-NCR, Mumbai and Bengaluru that operate some of the best malls in India, investors are likely to concentrate their investments in these cities. Mumbai (11 MSF) has the highest stock of REIT-able malls i.e. non-strata sold grade A malls followed by Delhi NCR (7.4 MSF) and Bengaluru (6.5 MSF).

Delhi-NCR to command corporate confidence in 2013-II

Posted on by Track2Realty

By: Arvind Nandan, Executive Director–Consultancy services, Cushman & Wakefield India

Arvind Nandan, C&W, Cushman & Wakefield, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: IT/ITeS and BFSI firms continue to be among the largest occupiers taking up spaces in excess of 200,000 sf each across Gurgaon and Noida. Close to 7.8 msf of under construction developments are expected to get completed in the fourth quarter, of which 70% comprise of IT SEZ developments across Gurgaon and Noida.

Commercial Grade A office developments of over 10.5 msf, along with about 6 msf of new mall space is planned to become operational across the city in the next one year. However, a great deal depends on the micro-economic factors in the domestic markets and global economic climate during the course of this year.

The notified Special Economic Zones (SEZ) in NCR for Textiles, Multi-services, IT/ITeS, Engineering, Agro & Food Processing and Biotechnology are likely to create demand while promoting the ‘walk to work’ culture for working population in such zones.

However, rising costs and challenges in land acquisition are likely to dampen new residential real estate developments in many suburban locations. On account of this and a few other aspects, capital values in NCR may witness a gradual rise, depending upon local market dynamics.

Gurgaon is expected to remain a favored destination for commercial office and residential activities as compared to the other satellite cities of Noida and Greater Noida.

Overall, the outlook of realty sector in the NCR is stable, with promise for future. The much needed global economic recovery, if it takes place, along with an improved domestic environment, would be the biggest factor for a movement on the path of recovery. In any case, the inherent strength of the market is well-acknowledged, and that is a key reason for corporate confidence in the capital city.

Delhi-NCR to command corporate confidence in 2013-I

Posted on by Track2Realty

By: Arvind Nandan, Executive Director–Consultancy services, Cushman & Wakefield India

Arvind Nandan, C&W, Cushman & Wakefield, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: The capital city is witnessing a face lift with various infrastructural initiatives, increasing prominence of satellite towns and emergence of new business districts. The Master Plan 2021 aims at making Delhi “a global metropolis and a world class city” for which necessary initiatives are being undertaken by both the Government and the private sector.

The Private Public Partnership (PPP) model is being actively propagated by the government to build and improve infrastructure facilities and for the development of land.

The Delhi Master Plan 2021 entrusts large-scale acquisition and development of land to the Delhi Development Authority, which plans to construct 65,000 houses for the urban poor in the next four years.

Further, the Central Government announced various incentives in the Budget 2012-13 for involvement of private sector for affordable housing in the country, which would have a positive effect on the NCR.

Planned infrastructure developments coupled with measures to improve connectivity, with emphasis on developing the mass transport (MRTS), for the capital city and the satellite cities, bodes well for planned concentric development.

Some of the currently under development highways/expressways such as the Kundli-Manesar Panvel expressway, Northern Periphery expressway connecting Dwarka with National Highway 8, and the recently opened Yamuna expressway Noida – Mathura –Agra are expected to propel real estate developments in the adjacent locations, resulting in the emergence of new urbanized locations.

Former Finance Minister Pranab Mukherjee (currently the President of India) also stressed on the importance of Delhi-Mumbai Industrial Corridor (DMIC) being developed on either side of the Western Dedicated Rail Freight Corridor.

Demand in the residential segment will be largely derived from the growth of commercial centers in suburban locations. With a relatively stable global economic condition, the pace of these developments should remain on course.

NCR is expected to witness office supply close to 43 million square feet (msf) in the next 5 years (2012 – 2016). Absorption for the same period is expected to be around 27 msf, which means approximately 64% of the upcoming supply is expected to get absorbed.

…to be continued

1 2