estateace India Real Estate Weekly Newsletter – Dec 13

    Estate Ace
    By Estate Ace
    estateace India Real Estate Weekly Newsletter – Dec 13

    Emaar MGF inaugurates ACETECH 2013: EquityBulls
               Emaar MGF , the Leading real estate & Infrastructure developer inaugurated ACETECH 2013 Event in Pragati maidan, New Delhi. ACETECH is an exhibition for Architecture, Construction and Engineering which is organized by ABEC Ltd every year in Delhi, Mumbai, Bangalore, Ahmedabad and Chennai.
    Inaugurating the event Dr. K Ramamurthy, CEO-Projects, Emaar MGF lit the ceremonial lamp along with other dignitaries Mr. Sumit Gandhi, CMD of ABEC Ltd, Mr. Navin Raheja CMD, Raheja Group and Architect Dikshu Kukreja of CP Kukreja and Associates.
               Speaking on the event Mr Ramamurthy On behalf of Emaar MGF I congratulate ABEC for organizing this huge event. The event's emphasis on promoting innovative products, services and technologies, "The real estate market in Delhi NCR has developed by leaps and bounds in the past few decades and is today, by far, India's biggest real estate market. Though there are two issues that need to be addressed in order to propel our industry into higher global orbits: quality and delivery. For a real estate company to succeed, I believe timely delivery and assured quality are indispensable prerequisites. A quality-driven agenda is imperative for all real estate players. And this needs to be based upon the norms of zero defects, on-time and within-budget deliveries, innovation, and waste reduction along with prompt after-sales service."


    Bangalore Real Estate Developer Ozonegroup will soon open office in Dubai
                Banagalore based real estate developer will soon open office in Dubai to cater to NRI customers. The group main focus is marketing and building properties in Bangalore and Chennai which it generated Rs 500 million in sales last year from NRI Customer Dubai.

               Ozonegroup VP Sales & Marketing K.R.Raghavan says ““NRIs make up 25 to 30 per cent of our overall business. Gulf NRIs specifically have always been more inclined towards investing in the realty market back home. With an approximate 45 per cent of the UAE’s population being Indians, the need to have a local office catering to this segment was vital”.
               According to Raghavan, villaments and retirement homes are new emerging trends in the Garden City, and are becoming quite popular within the NRI as well as domestic market.


    Real Estate Investors sentiment to remain in wait & watch mode till 2014: PwC
                Price Water Coopers report “Emerging Trends in Real Estate Asia Pacific 2014” indicates Indian Cities have slipped in the rankings of real estate destinations with only Bangalore featuring among top 20 cities in India.
    According PwC report Bangalore slipped to 20th place from 19th and Mumbai dropped to 23rd from 20th, Delhi maintained its 21st position, Chennai moved up to 22nd compared to last year report. Low ratings are due to the ongoing economic problems in India, an uncertain currency outlook following a mid-year plunge in the value of the rupee and an investment environment widely perceived to be unfriendly to international investors, the report said.
    Gautam Mehra Executive Director PwC India says “Real estate investors are shying away from investing in India and the wait and watch mode will continue till the calendar year of 2014.”


    India House Prices likely to rise slowly in 2014
               Housing Markets in India after many years of growth in double-digits are likely to slow down
    Less than 8 % in 2014 across major cities due to economic slowdown and high interest prices as per Reuters Poll Read more


    Gurgaon Property Tax Deadline extended to Dec 31

               According to TOI reports, Last day to Property tax and avail rebate for Gurgaon Properties has been extended to Dec 31.
               As per Municipal Corporation of Gurgaon authorities, Dec 9 which was the last day saw over 5000 people lined up to pay tax and MCG collected over Rs 6.19 crores by evening. Municipal Commissioner PC Meena said “it was a record of sorts since it’s the first time so many visitors turned up to pay the tax. To facilitate 12 additional payment counters were opened. And extra staffing is in place to help those facing difficulty in filling self assessment forms”.
               "Now that the state government has extended the last day to pay the tax to December 31, we hope to earn, as we expected, Rs 200 crore this financial year. This extension will be a relief for those who failed to pay the tax on time”.


    Property Launches in 2014 down by 12 %: C&W
                According to Cushman & Wakefield Report, New Property Launches declined by 12 % in the Residential Segment. Sharpest decline was recorded in Chennai 39 % followed by NCR at 33 %, Pune by 20 % and Ahmedabad by 5 %.
                 In 2013 A Total of 172500 residential Units were launched majority in Bangalore which saw a 15 % rise. Mumbai recorded 6 % rise, Kolkata saw a 3 % rise. Mumbai & NCR accounted for 65 % of overall Launches.
    High-End Residential Units saw 56 % growth, while Mid-segment, affordable, Luxury segment fell. Sanjay Dutt, Executive MD, South Asia), Cushman & Wakefield, said, “In the current economic environment, both buyers and developers are taking a cautious approach, not only towards the residential real estate but across all real estate asset classes.”
                Central Bangalore recorded a 50 % highest capital appreciation Rs 9000-12000/sqft, followed by
    Velechery in Chennai at 27 per cent (Rs 6,000-8,000/sq ft). NCR markets of south, west and southeast and the luxury category in Gurgaon saw 5 – 7 % declines in capital values through the last year.


    Sovereign Wealth Fund Giant investing US $ 250 million in Hines India Real Estate
                The Abu Dhabi investment authority (ADIA), a massive sovereign wealth fund investing US$ 250 million in Hines India Real Estate. They are planning to invest major metropolitan residential areas across India, Cities like Delhi and Mumbai are prime targets.
                Sovereign wealth fund’s first direct real estate venture with a developer in India. The Sovereign wealth fund is positioning themselves with a company that has operating experience in many developing markets by backing Hines.


    India is a High Risk Market due to regulatory issues: Colin Dyer
                Colin Dyer President and CEO of Global real estate services firm Jones Lang said in an interview during his visit to India, the country remains a high-risk market because of transparency and regulatory issues. The global economy has been improving in 2013. In India, in general, the growth rates have been slowing. So, in India, the growth rate has continued to reduce, whereas the growth rate is improving in the rest of the world. There is your answer. Political, regulatory and taxation uncertainty: these are the prime reasons why Indian corporates themselves have been hesitant to invest (in real estate). Read more:


    Tag: Bangalore Real Estate    Properties in Mumbai

     

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