The population in India’s big cities is exploding and in the next five years, the housing boom will reach the smaller urban centres to target new segments of customers, says realty finance expert and author Sitaraman.
“The real estate sector will go to the tier 4, 5, 6, 7 cities – the small towns – in the next five years. The industry intends to target government servants, small businessmen and small companies in the small towns. The big cities are bursting at the seams,” Sitaraman told IANS.
The sector wants the “infrastructure heads to develop parallely across India and people to go to the smaller cities “.
Law to regulate housing sector on the cards
The Hindu Business Line
Mumbai, May 12: A law to regulate the housing sector in the country is being formulated.
The Union Ministry for Housing has prepared a draft Bill, which has been referred to the Law Ministry for its opinion, Mr S.K. Singh, Joint Secretary, Union Ministry of Housing, said on Thursday.
He was interacting with mediapersons on the sidelines of a real estate and housing investment conclave organised by the Confederation of Indian Industry.
Professionals in state prefer real estate for investment: Associated Chamber of Commerce and Industry of India (ASSOCHAM)
Unlike young professionals in other states who prefer a blend of investment portfolios, their counterparts in Gujarat prefer to park their hard earned funds in the real estate sector, stated a survey by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).
The random survey conducted by ASSOCHAM under the aegis of ASSOCHAM Social Development Foundation (ASDF) on ‘Current investment trends amongst young professionals’ covered over 7,000 young professionals in non-metro cities like Ahmedabad, Jaipur, Lucknow, Surat, Patna, Ranchi, and Bhopal. Figures in Gujarat were in complete contrast of those in rest of cities as majority of respondents in other cities approved of investing in real estate, considering realty has huge prospects in sectors like commercial, housing, hospitality, retail, manufacturing and healthcare.
Real estate rating systems expected to bring in transparency
The Economic Times
The credit ratings agency Crisil recently launched real estate ratings in India, which will help end users make informed purchases.It is expected to bring in more transparency in real estate sector and will work on a project-specific basis. Rating will be assigned on a scale of one to seven stars after comparing units with alternatives available in the same city. Roopa Kudva, Crisil’s MD and CEO, says: “A developer commissions the agency and gives us access to various details needed for assessment.
Demand for office market expected to continue to grow
A recent report says that the Indian office market is expected to continue to grow with new opportunities offered by corporate expansion plans across most industry sectors.
Prime Minister to review road development
The Times of India
NEW DELHI: Prime Minister Manmohan Singh, who heads the Cabinet Committee on Infrastructure (CCI), is scheduled to review the progress of highway development on May 19, a fortnight after the new highways minister C P Joshi announced initiatives to push award of contracts.
Singapore likely to hire 60k Indian professionals in 2011
Singapore has emerged as one of the worlds largest hiring markets this year, and this offers opportunities for Indians.
The country expects to hire over 3 lakh mid-to-senior level professionals in 2011.Hiring firms say over 20% of this talentaround 60,000 people-will be from India ,50% from within Singapore and the rest from other parts of the world.
Zubin Shroff,partner in executive search firm Braithwaite Steiner Pretty, said Singaporean firms requirement for talent had multiplied this year,with all markets in the region growing.This is creating opportunities for many Indian professionals from across industries.
Ericsson plans to hire over 1,500 in India by year-end
Telecom equipment maker Ericsson is planning to hire more than 1,500 people at its global delivery centre in Gurgaon, which has close to 3,500 people at present.
US health insurance major Cigna Corporation plans to form JV with Indian co
The Economic Times
NEW DELHI: American health insurance major Cigna Corporation plans to form a joint venture with an Indian company in the next three months to foray into the country’s fast-growing health insurance sector, David M Cordani , president and CEO of the firm, told ET.
The firm has shortlisted three local players. “We are looking for a partner who has local knowledge of the market, vast distribution network and the right values,” he said, but declined to name the potential partners.
Exports grow 34% to $23.9 billion in April
The Hindu Business Line
India’s exports grew by 34.4 per cent in April to $23.9 billion. Releasing the trade data, Dr Rahul Khullar, Commerce Secretary, said imports for the opening month of fiscal 2011-12 were up 14.1 per cent to $32.8 billion, leaving a trade gap of $8.9 billion.