Track2Realty: In the latest phase of the company’s growth in India, Cushman & Wakefield has expanded operations in Kolkata and acquired the entire team of Lemongrass Advisors, a well-respected real estate consultancy firm in Kolkata and Eastern India.
Track2Realty Exclusive Yearly Analysis: Real estate prices have stayed stagnant in 2012 in Mumbai with a mere 0.3 per cent increase in rates, a research report by Knight Frank says. Figure show that real estate sales have been falling by around 25 per cent year after year since 2010 because of high prices.
Track2Realty Exclusive Yearly Analysis: Residential real estate is defying the conventional wisdom of economics where a constant price hike is not benefitting the real estate companies either. Track2Realty finds with pressure on both the demand and supply side, residential real estate has gone into a vicious cycle of ever increasing cost, falling demand, liquidity crunch and last, but not the least, delay in approvals adding to the woes of the developers.
Track2Realty: In the annual report by global real estate consultants Cushman & Wakefield, “Main Streets across the world”, Mumbai witnessed the highest rental growth globally. Colaba Causeway in Mumbai recorded a rental increase of 75% over last year, on the back of strong retailer demand and continuous preference for prime high street properties in the city. Kolkata – Park Street (5th) at 53.8% and Chennai – Khader Niwaz Khan Road (10th) at 36.7% were among the global top ten cities to register highest annual rental growth.
Track2Realty Exclusive: Young professionals in metro cities are no longer the demand drivers of residential property. More than half of them, as many as 57%, say they would prefer to stay in rented apartment and instead invest in their tier-II and tier III city home town for better appreciation potential. 78% of those working professionals with double-income who have bought a house in metro now want to invest in their home town for second home.
Track2Realty-JLLI: Recently, the annual GDP number (6.5% GDP growth during FY April 2011-March 2012) released by the Reserve Bank of India resulted in a negative sentiment throughout the real estate industry. Consistent with this, in 1H12, the demand for commercial real estate moderated on the back of office occupiers that remained cautious about their expansion plans.
Most regions in the top metros have seen prices soar by double digit percentages in the last three years with areas in Mumbai and Delhi-NCR witnessing maximum price gains. In Delhi, Dwarka and Gurgaon regions saw 64% and 50% price rise in 2012 when compared to 2010. In Mumbai, Mira Road, Thane and Navi Mumbai saw prices increase within the range of 48% and 51% during the same time period. These are the findings of 99 acres.com study on the trends in realty prices of key metros.
The world’s housing markets moved clearly down during the year to the first quarter of 2012, according to the Global Property Guide’s latest house price indices survey. House prices fell in 24 countries, of the 36 countries for which quarterly house price statistics are available, and rose in only 12 countries.
There is no doubt that the property prices in almost all the micro market of eastern city is going northwards, yet uncertainty looms large over Kolkata realty. There have been less transaction and even lesser new launches in the city, even when the state chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI) demands ten satellite towns in the state.
During the year 2011 when almost all other matured property market witnessed dip in transaction and price correction was on everyone’s lip, Bangalore registered both healthy transaction as well as upward price movement.