While the country may be going through a slowdown, country’s leading real estate player DLFBSE -4.01 % says that it did not feel any such downward pressure. Vice Chairman and MD, DLF, Mohit Gujral said that the demand for residential and to some extent commercial projects was always there and DLF did not feel any effects of the slowdown. He said that tier-II and III cities have also emerged as prominent centres with lot of pent up demand for high quality housing and commercial projects.
He said that the demand for premium serviced apartments and studios in Lucknow, which has been growing rapidly, has led to DLF launching “My Pad” multi utility spaces in the state capital.
The 600 contemporary studio suites which comes with concierge services, would cater to needs of professionals, expats, and businessmen.
He said that the projects that DLF has undertaken in UP have had a very good response enthusing them to consider expanding their operations here.
“We sold more than 1,000 plots in Garden City township in a short span and have received encouraging enquiries for the My Pad studios. The growing prosperity of people in tier-II and III cities has led to demand for premium residential and commercial projects in these towns. People look for a better standard of living and there are specific demands of working professionals which we intend to provide. We hope to increase our operations in UP and provide international living standards to people here”.
He said that DLF intends to start studio apartment projects in other cities of the country, as professionals who keep traveling frequently would like to own such a space.
Growing Indian Real Estate Sector
The real estate sector in India has come a long way by becoming one of the fastest growing markets in the world. It is not only successfully attracting domestic real estate developers, but foreign investors as well. The growth of the industry is attributed mainly to a large population base, rising income level, and rapid urbanization. The cities and towns in India are expanding and the space requirement for education, healthcare and tourism provides opportunities in the real estate sector. The industry in India contributes about five percent to the country’s Gross Domestic Product and, in the next few years, this contribution is expected to rise to six per cent. The total revenue generated in fiscal 2011-12 stood at around 314 million USD. After undergoing corporatisation and professionalisation, today real estate is recognized as one of the key sector contributing to the country’s economic development. The Union Budget 2013 on the other hand is looking forward to improving the sector sentiment further and at the same time re-stimulate its growth. Real estate plays an important role in the Indian economy, as it is the second largest employer after agriculture. The size of the Indian real estate market is expected to touch 180 billion USD by 2020.
Realty players seek more cuts in RBI rate to boost sector
Real estate players and analysts on Tuesday welcomed the Reserve Bank’s move to cut short-term lending rates, but said that more such steps are needed to bring growth back to the sector.
Confederation of Real Estate Developers Associations of India (CREDAI), however, termed RBI’s repo rate reduction by “just” 25 basis points as a “missed opportunity” and urged it to ease funding options in realty sector.
“One would have expected RBI to be realistic and appreciate the fact the real estate industry supports hundreds of other industries and hence plays a major role in rejuvenating the economy, hit by job losses and dwindling investments,” CREDAI National President Lalit Kumar Jain said.
The RBI should take steps to ease funding for real estate sector at much lower rates in the interest of millions of home seekers, and ease Cash Reserve Ratio for banks to further enhance liquidity in the system, he added.
Read more: The Economic Times
FDI inflows up 8% at $2.15 b in Jan
After declining for two months in a row, foreign direct investment (FDI) inflows in India grew 8 per cent year-on-year to $2.15 billion in January.
In January 2012, the country had received FDI inflows worth $2 billion.
However during the April-January period of the current fiscal, FDI inflows declined 39 per cent to $19.10 billion due to global economic uncertainties, an official in the Department of Industrial Policy and Promotion (DIPP) told PTI.
During the same period of the previous fiscal, FDI inflows stood at $31.28 billion.
Sectors which received large FDI inflows during the first 10 months of the current fiscal include services ($4.66 billion), hotel and tourism ($3.19 billion), metallurgical ($1.38 billion), construction ($1.2 billion) and pharmaceuticals ($1 billion), the official added.
India received maximum FDI inflows from Mauritius ($8.17 billion), followed by Japan ($1.69 billion), Singapore ($1.82 billion), the Netherlands ($1.51 billion) and the UK ($1.04 billion).
Read more: Business Line
Municipal Corporation of Gurgaon ready to take over water supply by April 1
Reaffirming its stand that it will eventually provide water supply service from April 1, the Municipal Corporation of Gurgaon (MCG) held a meeting with the public health engineering department (PHED) officials on Tuesday to fine-tune and discuss the process of takeover.
The MCG was supposed to take over the water supply from PHED after it was formed in 2008, but has so far been postponing in handling the responsibility under one pretext or the other. However, the state government has set a deadline of April 1 for the MCG to finally assume its responsibility.
The municipal corporation is already supplying water to 37 villages that comes under it.
According to MCG officials, beginning April 1, the MCG will provide water supply in old Gurgaon area, excluding HUDA sectors. “To begin with, we will supply water in the old municipal committee area. This covers all of old Gurgaon, but will not include HUDA sectors as residents of these sectors are provided water by the urban development authority,” said a spokesperson.
Read more: The Times of India
Delhi top e-commerce hub in India: eBay
Delhi has emerged as the top e-commerce hub in the country closely followed by Mumbai, Jaipur, Bengaluru and Chennai in 2012, according to a census conducted by leading e-commerce platform eBay.
According to the census, India has 4306 e-commerce hubs from all 28 states and seven Union Territories, a 30 per cent increase from 2011.
The top five states with most transactions were Maharashtra, Rajasthan, Tamil Nadu and Karnataka.
The most wired states with maximum e-commerce hubs were Andhra Pradesh, Tamil Nadu, Maharashtra, Uttar Pradesh and West Bengal.
The top rural hubs according to the census were Guntur (AP), Choryasi (Gujarat), Kartikapall (Kerala), Villupuram (Tamil Nadu) and Dindori (Maharashtra).
Amongst the product categories which dominated transactions were electronics at 48 per cent out of which 41 per cent were lifestyle categories, Sharat Digumarti, director, revenue management, Asia Pacific region told reporters here today.
Read more: The Times of India