Outlook for Indian Real Estate 2011

OUTLOOK FOR 2011
The Economic Times (Bangalore edition)

As India gears itself to the growth path, the importance of real estate sector need not be overstressed. After a period of gradual consolidation, the sector is now poised to take a giant leap in the years to come. The Credai has released a white paper brought out in association with property consultants, Jones Lang LaSalle. The year 2011 would usher a new decade of opportunities for Indian real estate and the winners would be the ones who balance caution with diligence evaluating at the potential opportunities with pragmatism.

On the commercial property front, the year 2011 should see more wealth being created across industries in the country, which will trickle down as demand for real estate. Absorption of office space across the top seven cities will grow nearly 1.8 times from 19.6 million sqft recorded in 2009 to 35.7 million sqft in 2011.

Infrastructure

CHANDIGARH, PUNJAB, HARYANA TO FINALISE TERMS FOR DPR
Pradeep Sharma, Chandigarh
The Tribune

The City Beautiful’s tube dream is getting a step closer to the reality. Senior officials of stakeholders, the Chandigarh Administration, Punjab government and Haryana government, will meet here on January 14 to approve the terms of reference proposed by the Delhi Metro Rail Corporation (DMRC) to prepare the detailed project reports (DPR) for the prestigious project.

The finalisation of the terms of reference will be another step forward after the approval of the comprehensive mobility plan (CMP) prepared by the Rail India Technical and Economic Services (RITES) by the stakeholders.

Hospitality Sector

ITC’S 600-ROOM CHENNAI HOTEL TO OPEN DOORS BY END 2011
R. Ravikumar, Chennai
The Hindu Business Line

ITC-Welcomgroup’s upcoming Chennai project is likely to be launched in the last quarter of the current calendar year, said Nakul Anand, executive director, ITC Ltd.

This “will be one of the largest integrated upmarket hotel complexes” and will be based on the group’s philosophy of ‘responsible luxury’, he said. The hotel will have 600 rooms with nine food and beverage destinations. Besides, the complex will house 100 serviced apartments, a ‘luxurious preview theatre’, over 40,000 sq.ft of retail space, and 55,000 sq.ft. of conference and exhibition facilities, which, according to Anand, will be the largest that any hotel in the country offers. The hotel will carry the tag of ‘Luxury Collection’ – one of the brands franchised from international hospitality group Starwood Hotels. This will be the ninth ‘Luxury Collection’ hotel of the group.

Automobile Industry

GURGAON-MANESAR-BAWAL REGION GETS AUTO HUB TAG
The Financial Express

Gurgaon-Manesar-Bawal region of Haryana has been identified as an Auto Hub by the Centre and the state government has taken initiatives to give further boost to this sector. While stating this the Haryana industries minister Mahender Partap Singh said the state would continue to accord priority to this sector in allotment of developed industrial land for the existing manufacturers for meeting their expansion requirements as well as the new entrepreneurs.

He said the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) had earlier allotted eight acre to Automotive Research Association of India (ARAI) in IMT Manesar for setting up of an Automotive Testing Laboratory, which is being run by National Automotive Testing, Research and Development Infrastructure Project (NATRIP). Another site measuring 46 acre has been allotted at concessional rates in IMT Manesar.

Economy

HIRING ACTIVITIES GAIN MOMENTUM
Financial Express

The overall hiring scenario in the country improved in December as recruitment activities picked up pace across various sectors, with bright job prospects forecast for this year, according to two reports.

Online job portal Monster.com’s employment index rose to 112 in December 2010 from 109 seen in previous month. Online recruitment site Naukri.com’s job index too climbed to 928 in December as compared to 922 in November 2010.

Both indices reflect the overall recruitment activities every month.

“Opportunities in the IT sector were up by eight per cent (in December 2010) above the November levels… Online opportunities in BPO/ITES sector expanded five per cent.

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