Tag Archives: IPC

Harleen Oberoi joins Colliers International

Posted on by Track2Realty

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. 

‚ÄúThe 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‚ÄĚ, said Joe Verghese, Managing Director, Colliers International India.

Harleen Oberoi added, ‚ÄúColliers 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‚ÄĚ.

A look at India’s housing market in 2015

Posted on by Track2Realty

By: Anshuman Magazine, CMD, CBRE South Asia

cb richard ellis, CBRE South Asia, Anshuman Magazine, NRI investment, NRI Property, India real estate news, India property news , Indian realty market, IPC, Independent Property Consultants, Track2Media Research Pvt Ltd, Track2Realty In many ways, the year 2015 was a defining one for the residential real estate segment in India. This was the period when the market began to evolve, along with customer expectations as well as market dynamics.

The most important change among these, perhaps, came about in the outlook of the homebuyer. Unlike previous years, we were no longer dealing with end-users who were satisfied with offers and property brochures alone.

The key words in customer satisfaction for home purchases in 2015 became project delivery, pace of construction progress, and product quality.

The inventory of completed and available housing units in most micro-markets of leading cities in the country helped home buyers to make their purchase decisions.

Much like the home buying process in evolved markets around the world, the residential real estate segment in India caught up with the going trend as well, by enabling investors and end-users to take informed decisions with ready products rather than on the basis of launch information and product literature.

Initiatives for housing sector revival

The Government has been trying to revive the housing market by inducing monetary easing measures; and in this regard, with the  Reserve Bank of India (RBI) having  already pared key interest rates four times this year to 6.75%.

The Central Bank‚Äôs proposal to reduce the minimum risk weightage on individual housing loans for low cost homes will also hopefully lend support to the Government‚Äôs ‚ÄėHousing for All‚Äô scheme. Once implemented, this move is likely to provide an impetus to sales in the affordable housing segment.

As of last year, builders as well as banks had been offering attractive terms to homebuyers during the festive season in a bid to revive the market. Apart from the usual gift vouchers and overseas trips, developers had also planned new project launches, discounts and finance schemes for the period.

During 2015, however, due to the sales slowdown in the housing segment, various festive offer schemes like the subvention scheme, were extended by developers to homebuyers throughout the year. New launches also remained subdued during the year.

Despite reduced home loan rates, relaxation in loan-to-value (LTV) ratio in the housing sector, and significant discounts and attractive offers from developers on completed projects‚ÄĒinvestors are yet to return to the market in comparison to demand in previous years.

Major reasons for this sluggish demand, as highlighted earlier, are home buyer expectations on project delivery, the pace of construction progress, and ultimately, product quality.

An introspective year: 2015

This has been an introspective year for India’s housing market, for development firms, property construction contractors, as well as homebuyers. While homebuyers’ primary demands have been on-time delivery and quality of construction, developers too have been transitioning towards new and innovative methods to attract end-users, with a focus on quality product delivery.

The residential market has been gradually shifting from a pure price mechanism this year towards a more qualitative change in terms of commitment to delivery and right pricing strategies. On the funding front too, there has been a change towards a debt structure from an equity structure.

Apart from becoming more realistic with property pricing, developers and landlords have also become more accommodative of homebuyer requirements.

Currently, developers are more flexible with property price points and are ready to offer better payment plans and structures to get the buyer to return to the market. The focus is now on clearing ready inventory rather than on launching new projects.

Outlook for 2016

The property market in 2016 is expected to see a qualitative change. While homebuyers will continue to remain discerning in terms of quality products delivered without delays; development firms will likely turn their focus on quality construction and on timely delivery of their projects. Monetary easing, meanwhile, is expected to be fully passed on to end-users by 2016. It is hoped that the Government will continue to provide incentives to sectors such as construction materials, while aggressively driving urban infrastructure projects.

West Bangalore – A real estate investment snapshot

Posted on by Track2Realty

By: Srinivasa Reddy, Associate Director – Research & Real Estate Intelligence Services, JLL India

 Srinivasa Reddy JLLI, Jones Lang LaSalle India, IPC, Property consultants, Indian real estate news, Indian realty news, Indian property market, Track2Realty, Track2Media ResearchTrack2Realty: The West Bangalore sub-market covers the areas and projects around Tumkur Road NH-4 towards the Yeshwanthpur and Malleswaram junction, the Rajajinagar Industrial Area, Yeshwantpur, and Tumkur Road and its surroundings (which has a high-density population and has traditionally been the primary industrial hub of the city).

Industrial and commercial profile

  • At present, West Bangalore is surrounded by vacant land parcels and is predominantly an industrial area dominated by warehousing and industrial activities. These industries comprise of large public sector units and various small-scale industries.
  • The area is being promoted as one of the large industrial hubs in the city, especially¬†Peenya Industrial Area (IV Phase III stage)¬†which is home to industries like¬†Parle G, ABB Limited, Bosch, Jindal¬†and¬†Volvo Construction Equipment, to name a few.
  • There are currently no graded major operational commercial/office buildings in the micro-market. The commercial base in West Bangalore has predominantly consisted of government offices, training institutes, small industries and warehouses. Many government offices also have their own residential colonies, for example HMT Colony, Air Force Camp, ITI Training Institute colony, etc.

Residential profile

  • The key residential projects in West Bangalore currently include¬†Temple Bells, Prestige Wellington Park, Gateway, Kensington Garden, Golden Grand, Garrison Vaishnavi Nakshtra, Prince Town, Sobha Aspire¬†and¬†Shoba Elite.
  • Capital values for high-end residential projects range from Rs. 3800‚Äď6500./sq.ft. Buyers from the affordable housing matrix in West Bangalore are mainly small business owners and employees working in industries and the services sector.
  • The upcoming areas in West Bangalore include¬†Karivobanahalli, Handrahalli, Laggere, Jalahalli, Hasarghatta, HMT Housing Colony, BHEL Colony, Peenya, Chikkasandra, Nagasandra¬†and¬†Dasarhalli.

The many infrastructure projects that are taking place in the direction of West Bangalore will lead to improved connectivity and increase residential values in the future. The upcoming residential projects there will attract buyers from the immediate surroundings due to improvements in the social infrastructure.

Investment profile

  • As of now, investors and speculators in West Bangalore are still scarce on the ground. This sub-market is growing at a slower pace when compared to other markets of the city, mainly because of its industrial characteristic and also lack of MNC-type commercial activities.
  • There is now a gradual opening up of land for real estate development as small and medium industries that have existed In West Bangalore for a long time are shutting down or relocating.
  • Currently,¬†land values are comparatively low¬†in this part of the city, and this provides a very¬†favourable entry point for long-term investors.

Tips for property investors into West Bangalore

  • This region holds immense potential for further real estate development. Apart from the comparitivelycompetitive land values, many infrastructure projects will benefit this micro-market. These include thePeripheral Ring Road (PRR)¬†which will lead to¬†improved connectivity¬†reduce travel time¬†towards important parts of the city. The commute to¬†Bangalore International Airport (BIAL) from Tumkur Road will be reduced by 50%¬†from current levels once the PRR become operational.
  • There is high possibility of locations between Bangalore West and Tumkur¬†City to be considered for¬†Smart City¬†benefits via the recently proposed¬†100 Smart Cities programme¬†by the NDA government. Factors that will work in these locations‚Äô favour on this front are¬†availability of land for development¬†and¬†strategic presence between two growing cities.
  • This will lead to short-to-medium for residential assets. Long-term appreciation is assured as West Bangalore strengthens its value proposition as a growth corridor.
  • Investors should look at capitalizing on the West Bangalore housing market for¬†medium-long term gains¬†and maintain a period of¬†4- 5 years¬†as the minimum investment horizon for¬†affordable¬†to¬†mid-end residential developments.
  • Investments¬†into¬†high-end to luxury residential¬†developments in this micro-market should not be the first option for risk-averse investors at this point of time. This is because the buyers in this sub-market are predominantly employees working industries and the services sector who are looking for affordable to mid-end residential options in the price range of Rs. 3500-4500/sq.ft.