Tag Archives: London

Realtors hope to revive fortunes with property show in London

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London, England, UK, British real estate, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2InfraTrack2Realty-Agencies: Over 20¬†realtors from India will participate in a property exhibition “India U Realty show: Unlock the potential of India real estate” which will bring together high net worth non-resident Indians (NRI) and persons of Indian Origins (PIO) in London to explore investment opportunities in India.

Unesta, a London based property investment company will hold the exhibition on October 6-7 in Wembley, London. Many of these developers are pinning their hopes to revive fortunes after a sharp dip in demand in the Indian market.

A statement issued by Unesta said the aim behind the show is to create an effective platform of understanding, interaction and collaboration for potential purchasers or investors in London and realty developers of India.

The event will showcase properties from India to the substantial NRI community in London in the asset classes of residential, commercial and warehouse. 20 premium developers from India are expected to participate in this event making it one of the largest exclusive Property Shows for Non Resident Indians in London.

The two day property show expects to see over 3,000 visitors and is hoping to be instrumental in some prominent deals.

Vikram Goyal,¬†Managing Director Unesta said in the statement, “London has a very large NRI and PIO population that are looking at investing in property within India. However, the distance and the physical absence make it difficult for them to take informed decision. We realized this gap and through our already existing platform UREALTY (a period publication on Indian Realty for NRIs) have tried to create a platform of interaction and negotiation.”

Goyal said the main purpose of the event is to look at real estate investment beyond residential. The exhibition would also showcase commercial properties such as office space, retail, warehouse and industrial spaces as well, he added.

Cushman & Wakefield, global real estate consultancy will be associating as ‘knowledge partner’ for the exhibition.

Sanjay Dutt, Executive Managing Director, of the company said in a statement, “As an investment destination for NRIs and PIOs, India offers a wide choice both in terms of location as well as asset class. India’s growth story in the real estate market continues notwithstanding the global and national socio – economic dynamics”.

Developers such as Godrej, Total Environment, G Corp, Adani, Wadhwa, Ansal API, ABIL and Kolte Patil Developers Ltd. will be present in the show.

More Indians buying homes abroad, particularly in U.K.

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London, England, UK, British real estate, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyTrack2Realty-CRIENGLISH: In a country where majority of the people do not have decent homes and the volume of sales of housing units in Indian markets is under pressure,a growing number of Indians are keen to buy homes abroad, particularly in the United Kingdom.

According to Lord Andrew Hay, head of global residential services at realty consultancy Knight Frank, “Indians probably represent a broadest purchaser base of any incoming nation.”

He said that in comparison to customers from the Middle East or Russia, who are just interested in owning “trophy assets,” or the ones that are priced anything between 20 million to 80 million pounds, Indians are also buying relatively cheaper assets, which they would prefer to be their residence.

“Interestingly, the Indian purchaser base is much broader. Although there are some Indians buying trophy assets and iconic buildings and hotels, they are also buying a lot of 300,000 and 500,000 pounds properties in all of England,” said Hay.

At least 70 percent would be for their own accommodation, he added.Hay also said that the phenomenon is not just restricted to London, but is being witnessed across the country. Increasing number of Indians is looking for good value investment across the U.K., he said.Hay said, “Indians are arriving in all different locations.

In London, in terms of numbers, they would not be much, maybe say five percent, but some of the purchases made were very significant. In other parts of the country, say north-west London, in Birmingham, in the Mid Lands, they are a very significant part of the market. In certain areas they would be 25 percent.”

In terms of how Indian real estate is being viewed by the foreign investors, Hay said that though there is “confusion”and “ignorance” about the Indian market, it still ranks above China in terms of potential for investment in real estate.

Hay pointed out there were still lot of hurdles for property ownership in China, which were holding investors back at the moment. Also, investors saw far more transparency, legal certainty, economic and political stability and currency stability in India, than in China, he felt.

However, a number of people have returned disillusioned from India as well. The country needs to work upon areas like transparency in real estate dealings, ease of acquisition, permissions for development and others, to give investors confidence in the service and transparency of the Indian real estate market.

On the pricing of residential properties in India, as cities like the commercial capital of Mumbai in the western state of Maharashtra Mumbai and the national capital Delhi are often rated among the costliest places to live in the world, Hay said it was a challenge for most of the markets.

He said, “There is the same thing happening in the U.K. The developers want to build the best product to achieve the best margin, but that is not necessarily shared by the government or the local authorities who want to provide housing for people who need it.”

He said that the price does not come down because of the demand. “I think since the demand is here in India, why would the prices fall? “Unfortunately, in India, there is too much clamor for price reduction,” added Anand Narayanan, national director( residential services), Knight Frank India.Instead of falling, the prices of residential property should stabilize. “Nobody buys when there is blood on the streets.”

RICS launches Red Book for asset valuers

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Royal Institute of Chartered Surveyors, RICS, London, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, 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 newsThe Royal Institution of Chartered Surveyors has launched the RICS Valuation Standards (the ‚ÄėRed Book’) ‚Äď India edition with valuation standards of global application along with India-specific guidance.

RICS claims that through this novel initiative, the RICS ‚ÄėRed Book’, considered the ‚ÄėGold Standard’ in valuation worldwide has been localised for the Indian market. A single set of globally consistent and locally relevant asset valuation standards are now available to RICS members and industry valuers.

The absence of a developed valuations profession, which remains ungoverned by any specific laws, authority or regulation, has hurt the Indian market.

The lack of transparency and established standards for valuation and accounting of land and property have all contributed to the challenges pertaining to valuation of real estate companies, market value of land banks and property assets where over/under reporting of value, inflated valuations, unprecedented price escalations, inaccurate compensation to land owners have been common occurrences.

The Red Book global standards align and comply with standards set by International Valuation Standards Council (IVSC). While the IVS provide broad principle-based standards, RICS Red Book provides a practice framework for implementing IVS, by way of localised standards and guidance across different countries for different applications including valuations for bank lending, taxation purposes and financial reporting, among others.

The purpose of Red Book standards is to provide an effective ethical and practice framework, so that users of valuation services can have confidence that a valuation provided by an RICS member (for whom these standards are mandatory) is objective and delivered in a manner that is consistent with internationally recognised standards.

Sachin Sandhir, Managing Director & Country Head, RICS India, said ‚ÄúRICS India has focussed on contributing towards development of the real estate sector and valuation is one such important area. Along with qualified chartered and non-chartered professionals who operate to the highest levels of professional competence, we also focussed on building capacity and upskilling professionals in different areas of real estate including valuations.‚ÄĚ

India’s transition to International Financial Reporting System (IFRS) which is based on current value accounting is driving the need for institutionalising international valuation standards (IVS) which is what the RICS Red Book follows.

Strong growth predicted for many global commercial real estate markets

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Royal Institute of Chartered Surveyors, RICS, London, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estateLatin America and Asia remain the strongest real estate markets in the world but emerging markets in Europe, particularly Poland, show further improvements, according to the latest Global Commercial Property Survey from the Royal Institution of Chartered Surveyors.

Positive sentiment towards real estate is being felt in an increasing number of countries and more property professionals, particularly in emerging Europe, appear increasingly bullish towards the occupier market, it says.

In addition the survey, a quarterly guide to the developing trends in commercial property investment and occupier markets around the world, suggests a positive outlook for the second quarter of 2011, with more countries expecting rents to rise and capital values to increase than in previous quarters.
Sentiment continues to improve across much of the global commercial property market, which reflects the fact that more of the world is now beginning to enjoy economic recovery,’ said Simon Rubinsohn, RICS chief economist.

‚ÄėReal estate in some countries still remains under considerable pressure, but elsewhere it is booming to such an extent that governments have been forced to take action to try and slow things down. This divergence between the leaders and laggards is something that we expect to persist for some while to come,‚Äô he added.

The Australian market continued to perform strongly against other major markets in the first three months of the year, assisted by positive capital value and rental expectations, and while there may be a slowing in certain sectors of the market this is more than offset by strong growth in other sectors, the report says.

The New Zealand market, however, still has some way to go before it comes out of its downward trend, but the beginnings of that recovery seem to be appearing with another quarter of growth in occupier and tenant demand especially in the office sector, it adds.

Despite the measures implemented by the Chinese government designed to scale back bank financing, the real estate market in China and Hong Kong continues to heat up. Tenant demand increased at a faster pace in both jurisdictions in the first quarter of the year and, looking ahead, rental and capital value expectations remain strongly positive in both markets for the next quarter.
The report shows continued improvement in the US commercial property market and for the first time since 2008, agents report a positive net balance score when it comes to rental expectations and are more optimistic about the forthcoming quarter for commercial property.

In Brazil agents report continued positive sentiment on investment activity, both in terms of transactions and the number of bidders per transaction. Looking ahead, agents seem optimistic regarding rental and capital value expectations for the second quarter, but the likelihood of higher interest rates later in the year could dampen sentiment a little, the report warns.

Some significant and positive shifts were seen in France’s commercial property market this quarter reflecting, in part, the surge in business confidence. Agents report a moderation in the growth of available space and the German commercial property market continued to boom with increased tenant demand.

In India, despite the fact that interest rates are rising and inflation remains high, the market is showing considerable resilience. Agents report that tenant demand continues to increase albeit at a slower rate than in the previous quarter.

There are expectations for solid growth in Russia in 2011 as agents report that both investment demand and the number of investors per transaction rose at a faster pace this quarter while tenant demand remained very strong and inducements declined for third consecutive quarter.
 
There is a weaker picture for UK commercial property although a pick up in tenant demand was seen this quarter. Inducements offered by landlords continue to increase, while property professionals suggest largely no change in investment activity.
 
Uncertainty over the economic outlook combined with increasing available space as the public sector rationalises suggests that the market will continue to languish into the next quarter and agents are expecting further declines in both rents and capital value. However, in contrast to this, prime property in the capital continues to outperform markets in the rest of the country.

RICS calls for fair practices in real estate

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Royal Institute of Chartered Surveyors, RICS, London, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyThe RICS, an international, self regulatory professional body relating to real estate, has called for a mechanism for consumer protection and fair practices in real estate transactions. This will also help increase domestic and foreign investments in this sector.

The real estate transactions are now non-transparent and biased towards developers. This impacts consumers in the form of high cost and loss of interest fee on capital locked in delayed projects.

As a measure of support for infrastructure development and affordable housing, RICS suggests that the definition of infrastructure be broadened to include integrated townships of over 100 acres and encouraging private investments in infrastructure sector by allowing long-term sources of capital such as insurance and pension funds.

A dedicated affordable housing fund along the lines of infrastructure fund could be set up with the government contributing a portion of the fund through bonds ad retail investments in lieu of tax benefits.

The funds should be available to developers, NGOs, private intermediaries at low interest rates for constructing houses for low income groups and economically weaker sections.

State Governments could also consider setting up a ‚Äėhousing trust fund’ from their own resources to augment supply of low cost housing. Unutilised land could also be recovered from developers or vacant land tax levied to promote efficient use of land. Reverse tendering could be adopted in the place of auctions to limit land cost for affordable housing.