Sales are expected to improve within this year due to high demand and possible reduction in key policy rates, say developers in the region. However, despite the huge demand for residential properties, prices would continue to inch up gradually to be 10-15 percent higher than current levels within this year.
They say with various economic indicators, already present and to be proposed in the market, would lead to increase in rates. “The Reserve Bank of India has already indicated that they would reduce the key policy rates slightly this year. The change in rates would help prospective home buyers to take the buying decision. This should improve overall sales in the country and metros such as Delhi-NCR and Mumbai,” says Rajeev Talwar, group executive director, DLF Ltd.
Read more: Financial Chronicle
Real estate in fix: New home launches decline 16 percent in top 8 cities
About 1.62 lakh housing units were launched last year in India’s eight major cities — a drop of 16 percent from 2011, global property consultant Cushman & Wakefield said today. The cities tracked by the consultant are NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad. “Residential market across major cities in India witnessed a drop in total number of units launched by approximately 16 percent over previous year. 2012 recorded launch of about 1,62,000 new units of residential properties across the eight major cities,” the report said. A majority the units were launched in the mid-segment comprising about 83 percent of total launches, it added. NCR, Chennai, Bengaluru, Hyderabad and Ahmedabad witnessed decline in home launches compared with 2011, but Mumbai, Pune and Kolkata reversed the trend with higher launches. NCR saw maximum launches of new homes at nearly 54,500 units in 2012, followed by Pune (24,000 new units), Mumbai (22,500 units) and Chennai (20,800 units).
Read more: The Times of India
Commercial realty big in 2013
In 2013, the areas, which are likely to perform best in terms of office space absorption, are:
Sohna Road: This region will continue its appeal to office space occupiers in 2013 and beyond. Having already positioned itself strongly as a de-rigueur destination for office spaces, this region will see an increased influx of companies.
Noida Expressway: Good rental affordability and relatively comfortable access to East and South Delhi, Faridabad, Ghaziabad and the population of Noida will continue to work well for this region in 2013. Better infrastructure than in Gurgaon and more affordable housing will provide a clear advantage.
Written by: Santhosh Kumar, CEO – Operations, Jones Lang LaSalle India
The Times of India (Delhi edition)
Real Estate Regulation Bill likely in Budget session
The government is likely to come up with a Bill in the forthcoming Budget session of the Parliament to regulate the real estate sector, Housing Minister Ajay Maken said today. The Minister said the Real Estate Regulation Bill aims to establish a regulatory authority for enforcing fair practice and accountability norms and fast track dispute resolution mechanism in real estate transactions. “Inter-ministerial consultation are still on. Cabinet clearance will be sought once inter-ministerial consultation is over,” Maken said. Asked whether the Real Estate (Regulation & Development) Bill would come in the upcoming Budget session, he said, “Let’s hope. It is required.” The draft legislation, pending since 2009, aims to establish a regulatory authority for the realty sector, ensure sale of immovable properties in an efficient and transparent manner and protect consumer interest. The most important proposal in the draft Bill include setting up a regulatory authority in every state.
Land records to be available online in Gurgaon
The district administration on Wednesday said jamabandis (land records) of all villages in Gurgaon district has been uploaded on the Haryana land records website. Deputy Commissioner P C Meena reviewed the progress of computerization of land records in the district on Wednesday and asked revenue officials to integrate Haryana Registration Information System (HARIS) and Haryana Land Record Information System (HALRIS) pertaining to land records of all the villages in the district by March 31.
Read more: The Indian Express
German Minister on India visit to boost bilateral ties
German Parliamentary State Secretary in the Federal Ministry of Economics and Technology Hans-Joachim Otto, along with a business delegation, is on a six-day India visit to boost bilateral economic ties. “Infrastructure and development are a focus area of Indo-German relations. With an aim of boosting these ties, Otto on Thursday is expected to meet representatives from the infrastructure sector,” a German Embassy statement said.
Read more: Financial Chronicle
Railway fares hiked for first time in 10 years; increase across all classes
Ahead of the rail budget for 2013, Railway Minister Pawan Kumar Bansal on Wednesday announced a fare hike with effect from January 21-22 midnight. Addressing a press conference Bansal said that having hiked the railway fares now, the government will not increase the tariff in the budget.
This is the first railway fare hike in ten years. The new fares imply a 2 paise per kilometre increase in second class ordinary suburban tariffs. The fare for second class non sub-urban travel has gone up by 3 paise per kilometre.
Read more: The Economic Times
Replicating Gujarat’s growth model across India tough prospect for Modi
Turning a single Indian state with a long tradition of entrepreneurship and a solid political majority into an investor-friendly economic powerhouse is one thing. Replicating that experience across a diverse country of 1.2 billion would be a tougher prospect for Narendra Modi whose leadership of booming Gujarat state has led to his being touted as a potential candidate to become India s next prime minister.
While Modi wins praise even from critics for cutting red tape and making government more responsive and predictable many ingredients for Gujarat’s run of growth were in place well before he took office in 2001.
“It is like an icing on cake sort of thing. You have a nice cake and Modi has done a lot of good icing” said Rakesh Chaudhary, director of Pratibha Group, a textile manufacturer in Palsana on the outskirts of the Gujarat city of Surat.
Read more: Hindustan Times