Tag Archives: C&W

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