Don’t wait for the right time to buy a house expecting a price correction, say seven out of ten home buyers who are on house hunting. Contrary to the price correction reports, the property search of prospective buyers and sellers across the country have convinced them that cheaper house in 2011 are a fancy and wishful thinking. At least those who have done their home work on property search are pretty sure about it.
Ramesh Nair, former Managing Director of Jones Lang LaSalle India’s Chennai and Hyderabad regions, has assumed overall responsibility for the company’s Western India operations. West India, which encompasses Mumbai and Pune.
The Chennai-based Shriram Group, is expanding its realty business Shriram Properties. As per the plans the Group will invest around Rs 1,500 crore over the next three years in developing various residential projects. The zero-debt company says 60 per cent of this investment, or around Rs 900 crore, would be funded through equity, from existing or new investors.
While there seems to be a crisis of credibility in the real estate sector on part of the investors, a survey by the Associated Chambers of Commerce and Industry of India (Assocham) says otherwise. It says the traditional investment options like gold, government bonds and bank fixed deposits are considered old school.
Keys Hotels, one of the leading players in the mid-market brand of New York-based Berggruen Hotels, has announced plans to develop 15 hotels across India in the next three years with a total investment of Rs 550 crore.
In India the early 1990s experienced the shopping malls expanding their footprint with well designed, built on international formats of retailing and integrated with entertainment and restaurants to provide a complete family experience. Shopping centers till then were designed and built to house several shops in a single facility.
There have been many cases where the project gets a kick start and invites bookings only on the paper. The property dealer with their minor gains/commission advices the gullible buyers to put their money in the projects. The prospective buyer must take the help of a local advocate and request him to prepare a search report.
Indian retail today stands at an inflexion point where the sector is poised to take a giant leap. Jones Lang LaSalle’s latest research offering ‘India Retail – Opportunities in a Revolution’ explores the potential in the Indian retail real estate in the coming years.