A report says that the NCR will have a total demand of nearly 10.2 lakh residential units, 249 lakh sq ft of office space and 66.6 lakh sq ft of retail spaces by 2013.
With rising demand in residential, office, retail, and hospitality sectors, Gurgaon tops the demand charts. Forthcoming world-class projects, proximity and good connectivity to Delhi are a few factors driving these figures. Gurgaon is registering the fastest growth in the real estate sector in the country. Developers are flocking to the region to launch new projects after prices here shot up by as much as 25% in the last one year.
Recently, well-established realty players like Godrej Developer, Tata Realty from Mumbai and Sobha Developers from Bangalore launched their projects in Gurgaon. This has further infused the competition in the sector in the region.
Read more: The Economic Times
Govt asks banks to focus on real estate projects
In a move that could give a further fillip to the economic reforms kickstarted by the Centre last week, the government has now told commercial banks to fund partially completed residential projects, as well as projects in small towns on a priority basis.
At a meeting between the secretary for financial services, DK Mittal, Indian Bankers Association (IBA) and developers’ apex body Confederation of Real Estate Developers’ Associations of India (Credai) in Mumbai, Mittal asked commercial banks to focus on funding under construction projects that are delayed due to want of funds, said Credai president Lalit Kumar Jain. The meeting was called to understand the issues of the housing sector and the problems being faced by developers in terms of funding the projects. Apart from SBI, leading bankers like HDFC, National Housing Bank and Bank of Baroda attended the meeting.
Read more: The Financial Express
Happy developers, unhappy retailers
Prime Minister Manmohan Singh’s decision to allow 51% foreign investments in multi-brand retail has been received with much optimism and some apprehension by the country’s real estate sector. “This much-awaited policy announcement is a move in the right direction as it will give a new fillip to the development of retail sector in the country,” said Lalit Kumar Jain, national president of the Confederation of Real Estate Developers’ Association of India (CREDAI), the umbrella body of realty developers in the country.
With a majority of the foreign direct investment (FDI) likely to be allocated for the creation of back-end infrastructure — like processing, manufacturing, logistics, storage and warehouses — it is expected that FDI will not only increase demand for real estate, but also create jobs across the country and check large-scale migration of people, said Jain. “India needs bold decisions to help the nation progress with new enthusiasm and we are happy that the government has at last begun to move in the right direction,” said Jain.
Read more: DNA
FDI: Realtors smell big bucks in Wal-Mart entry
For beleaguered realtors, every reform smells good. Just as the value of Navi Mumbai land shot up once the new airport project got its clearance, builders are looking to tie up with foreign retailers days after the government approved FDI in multi-brand retail.
Former Civil Aviation Minister Praful Patel’s assurance in 2010 that environment clearance for the Navi Mumbai airport project would be in place by November that year was music to the ears of real estate developers as land prices skyrocketed in the 18 villages to be affected by the airport project. Land, which sold at Rs 20,000-40,000 a acre about five years ago, began selling at Rs 40 lakh-Rs 1.50 crore per acre, depending on the location.
Read more: First Post – Investing
Big hospitals on expansion mode
Multi-speciality hospitals in the city are on an expansion spree — thanks to heavy influx of international patients in these facilities. But does Gurgaon, an emerging medical tourism hub in the country, have the infrastructure that complements its world-class hospitals? The picture of
affluence painted inside the four walls of these hospitals gets shattered the moment one steps out. Poor maintenance of roads, chronic traffic jams, pigs, street dogs and the shabby Mini Secretariat are just some of the many problems plaguing the city.
“Five years ago, they were called medical tourists. Today, we call them international patients,” said Rashmi Hingorani, marketing manager of Columbia Asia hospital.
These multi-speciality hospitals — Artemis Health Sciences, Fortis Memorial, Medanata, Alchemist and Columbia Asia — look after the patients’ all through their stay, right from their landing at the airport to their boarding the flight back home. Their food, travel, accommodation, communication and visa formalities are taken care of by the hospitals.
Read more: HindustanTimes
Smoother Ride, Happier City
With the exception of Delhi, the only city that is reputed to have a future as a financial and corporate centre in the North is Gurgaon. Which is why the city is already home to over 300 Fortune 500 companies and a magnet for property investors.
Gurgaon’s image as a city of the future is staked more on its potential than on its performance. That image, which has taken a beating with mounting infrastructural problems and poor accessibility despite the expressway, has got a fresh sheen with the windfall removal of barriers at the 32-lane toll plaza as per the order of Punjab and Haryana high court last fortnight.
According to Yogesh Kochhar, director of strategic engagement at Microsoft, the traffic flow these days is a breeze. Kochhar, who has an office in Cyber City, said that he usually conducts most of his meetings in Delhi. “It’s suicidal to invite your business clients to Gurgaon. It’s an ordeal for them, and for us. But the last few tollfree days give us a glimpse of what it could be to commute to the city. Certainly it doesn’t have to be a nightmare. The sight of cars whizzing past the gates has been exhilarating.” One of the dreams associated with Gurgaon is that it wears the air of a modern urban centre, thanks to blocks after blocks of state-of-the-art corporate buildings. A visitor who looks up may see a skyline that one normally associates more with Manhattan than, say, Manesar.
Read more: The Times of India
No pact between NHAI, Gurgaon expressway contractor
Even after Delhi high court gave two weeks to NHAI and Gurgaon expressway contractor to ink an out of-court settlement, both parties have failed to come to an agreement. Sources said the consortium of banks, which financed the project and face the prospect of losing their investment, would go with the highways authority when the case comes up for hearing on Monday.
It is learnt that there is a disagreement between NHAI and Delhi-Gurgaon Super Connectivity Ltd (DGSCL) on some points in the draft memorandum of understanding (MoU) finalized by the NHAI board, which has members from other central ministries as well.
“We had said that there can’t be any change in the draft document since it is prepared by our supreme body and the agreement has to be in totality,” a government source said. He added that now it is for the court to issue directions on termination of the contract since all negotiations had failed.
Read more: The Economic Times
10L jobless youth to get training in 5 yrs
In order to achieve the target to provide placement-linked employability training to 10 lakh unemployed youth in next five years, the State Government has decided to create the required infrastructural facilities in those districts which have no scope for skill development.
Chief Minister Naveen Patnaik, while reviewing the vocational training programme on Saturday, directed the Employment and Technical Education Training Department to create infrastructure on a priority basis in the districts that lack the basic infrastructure for skill training. He also asked the concerned authorities to monitor the quality of training at regular intervals and give awards those institutes which provide excellent training.
Read more: The Pioneer
SS Media launches real estate magazine
SS Media launched real estate magazine ‘Estate Avenues’ in New Delhi on September 17, 2012.
Aimed at pan India presence in the near future, the magazine has been launched with print run of 80000.
Commenting on the launch, Publisher and CEO, SS Media, Suraj Sharma said, “The Indian real estate industry has evolved several folds in the past decade, yet accurate information on the same for its stake holders such as developers, architects, banks, investors and property consultants is not easily available. This gap gave us the editorial concept for this magazine. It aims to become a definitive guide to keep people abreast of all real estate developments.”
The magazine has a cover price of Rs 60.
Read more: Exchange for Media