‘Beverly Homes’, a Ferrous City Phase II project, is being developed by Ferrous Infrastructure & Developers Gurgaon. It is ideally located at Sector 89, Faridabad. Apartments in this project are affordable. Prices for apartments start from Rs16.08 lakhs. ‘Beverly Homes’ is a low-rise floors project. Persons living with their old parents will prefer to buy homes in this low-rise project. Other specialities of  this project are – Gated Complex with 24x7 security, Club and Recreational facilities, Creche, Nursery School, Shopping Complex within the vicinity, Landscaped green with Rain Water Harvesting and Dedicated car parking per unit with additional option for covered car parking.

Ferrous Infrastructure & Developers, Gurgaon has grown into a dynamic corporate conglomerate with a market capitalization of over Rs1500 crores with several upcoming townships in cities like Faridabad, Palwal, Dharuhera, Rewari and Ghaziabad. For complete customer satisfaction, the company offers the best possible value at any given price point. They are committed to provide the fastest, most convenient service possible for an individual home, sub-division or even a new community. The company has a vision of perfect lifestyle. They claim to always look for better ways to satisfy their customers. It’s the dedicated team work and total quality management approach that empowers them to build homes of distinction. Their careful planning is as such that employment centres, schools, transportation, shopping  and recreation facilities are available within convenient distances from their project/s.

 

We, Shri Aditya Estate, are one of the leading real estate consultants, established in Delhi and working successfully for more than a decade. We have developed well-embellished websites viz. www.zameen-zaidad.com, www.propertycafeteria.com with a clear concept to showcase all kinds of properties of our patrons for wider publicity of their products for sale/purchase, leasing and renting purposes. Our website – www.zameen-zaidad.com - is displaying the details of project of  ‘Beverly Homes’ Faridabad. Homes for sale are available in ‘Beverly Homes’ Faridabad. For best and transparent deals for apartments in ‘Beverly Homes’ project in Faridabad, our experienced marketing executives can  be contacted  at  mob no 91-9650398925, 9810445860, 9911158601, 011-42470622  or email at : info@zameen-zaidad.com. Our company is on the approved list of leading banks/financial institutions for grant of home loans. We have got an experienced team to process home loan applications. For hassle-free home loans for apartments in ‘Beverly Homes’ project in Faridabad, our executives can be contacted at mobile no 91-9990217028, 9810445860, 011-47082736 or email at : info@zameen-zaidad.com.

 

For more info log on to http://www.zameen-zaidad.com

                                    And http://www.propertycafeteria.com/main.aspx

 

   

 

 

 

 

 

‘Beverly Homes’, a Ferrous City Phase II project, is being developed by Ferrous Infrastructure & Developers Gurgaon. It is ideally located at Sector 89, Faridabad. Apartments in this project are affordable. Prices for apartments start from Rs16.08 lakhs. ‘Beverly Homes’ is a low-rise floors project. Persons living with their old parents will prefer to buy homes in this low-rise project. Other specialities of  this project are – Gated Complex with 24x7 security, Club and Recreational facilities, Creche, Nursery School, Shopping Complex within the vicinity, Landscaped green with Rain Water Harvesting and Dedicated car parking per unit with additional option for covered car parking.

Ferrous Infrastructure & Developers, Gurgaon has grown into a dynamic corporate conglomerate with a market capitalization of over Rs1500 crores with several upcoming townships in cities like Faridabad, Palwal, Dharuhera, Rewari and Ghaziabad. For complete customer satisfaction, the company offers the best possible value at any given price point. They are committed to provide the fastest, most convenient service possible for an individual home, sub-division or even a new community. The company has a vision of perfect lifestyle. They claim to always look for better ways to satisfy their customers. It’s the dedicated team work and total quality management approach that empowers them to build homes of distinction. Their careful planning is as such that employment centres, schools, transportation, shopping  and recreation facilities are available within convenient distances from their project/s.

 

We, Shri Aditya Estate, are one of the leading real estate consultants, established in Delhi and working successfully for more than a decade. We have developed well-embellished websites viz. www.zameen-zaidad.com, www.propertycafeteria.com with a clear concept to showcase all kinds of properties of our patrons for wider publicity of their products for sale/purchase, leasing and renting purposes. Our website – www.zameen-zaidad.com - is displaying the details of project of  ‘Beverly Homes’ Faridabad. Homes for sale are available in ‘Beverly Homes’ Faridabad. For best and transparent deals for apartments in ‘Beverly Homes’ project in Faridabad, our experienced marketing executives can  be contacted  at  mob no 91-9650398925, 9810445860, 9911158601, 011-42470622  or email at : info@zameen-zaidad.com. Our company is on the approved list of leading banks/financial institutions for grant of home loans. We have got an experienced team to process home loan applications. For hassle-free home loans for apartments in ‘Beverly Homes’ project in Faridabad, our executives can be contacted at mobile no 91-9990217028, 9810445860, 011-47082736 or email at : info@zameen-zaidad.com.

 

For more info log on to http://www.zameen-zaidad.com

                                    And http://www.propertycafeteria.com/main.aspx

 

   

 

 

 

 

 

New Delhi: So is the demand for homes getting real again? It seems to be a mixed bag so far, report Neha Dewan & Anand Rawani. While developers are aggressively talking about a spurt in demand, industry experts and buyers attribute this ‘revival’ to the strong nexus between developers and intermediates. SundayET spoke to a cross section of developers, bankers, buyers and realty brokers to assess the ground situation. In fact, the demand in the residential segment for  Q3 of this calendar year remained marginally higher. However, leading developers said the growth has been optimistic and some even claimed a 30% rise in demand in these three months. The figures, no doubt, look impressive. But there is a catch. Industry experts and buyers say that this business is mainly the result of a strong developer-intermediary network.

Residential real estate prices are going up. In the last three months, prices of affordable apartments have appreciated by around 10% across the country.

"With improvement in the sentiment in the economy, transactions in the affordable range of residential real estate have gone up. This has made developers to increase prices by 5% to 10% in the last three months," said Anshuman Magazine, MD of real estate consultancy firm CB Richard Ellis, South Asia.

 

Seven Cash-Strapped Realty Cos File Red Herring Prospectus with Sebi to Raise Rs 14,000 Cr

The cash-strapped realty sector is scurrying for an initial public offer (IPO) cover with several builders approaching market regulator Securities & Exchange Board of India (Sebi) to seek approval to rise around Rs 14,000 cr or $3billion.

At least seven realty companies, including Lodha Developers, Sahara Prime city, Emaar MGF and BPTP, have either filed the draft red herring prospectus (DRHP) with Sebi since Friday or plan to do it tomorrow.

“Every company intending to do an IPO is in a hurry to file DRHP, as any delay beyond September 30 will force them to get their books audited again, which might delay the whole process,” a banker handling one large realty firms IPO said. The banker didn’t want him or his client to be named for regulatory reasons.

The audited balance sheet is valid for six months for filing prospectus. In case the company files the DRHP after six months of the annual report, it needs to incorporate audited numbers for proceeding six month period.

Emaar MGF, , a joint venture between Delhi-based MGF and Dubai-based Emaar, Sahara Prime City, Lodha Developers and Kumar Developers filed DRHP with Sebi on Tuesday. Delhi-based Ambience filed the prospectus last Friday, while Delhi-based BPTP, Sriram Properties will likely file tomorrow. BPTP, however, denied it was filing DRHP tomorrow.

Emaar MGF plans to re-launch its IPO to raise 3,850 cr for 10% stake dilution. In addition, the promoter is also divesting 1.17 cr shares to mop up around Rs 400 cr. This means Emaar MGF is looking at a valuation of Rs 38,500 cr, as against a valution of Rs 70,000 cr last times round.

Sahara group’s realty arm Sahara Prime City plans to rise up to Rs 3,450 cr through initial share sale.

Mumbai-based Lodha Developers plans to raise Rs 2,700 cr, while BPTP and Ambience plan to raise Rs 2,000 cr and Rs 1,100 cr respectively. Kumar Developers and Sriram Properties expect to raise Rs 400 cr and Rs 600 cr respectively.

“We will use the IPO funds to retire high cost debt, pay for government license fee for our land and in developing our projects,” says Ambience chairman Raj Singh Gehlot.

Led by real estate companies, the stock markets have been rallying this year with benchmark sensex registering a gain of 75% since January to close at 16,852 on Tuesday.

Several listed realty firms, including DLF, Unitech, Indiabulls Real Estate, Sobha Developers and HDIL, went in for successful qualified institutional placements (QIP) or promoter stake sale rising over $2 billion. The ability of listed realty players to raise funds gave privately-held firms the confidence to test the primary market which saw a slump following the fall of realty firm Emaar MGF’s IPO early 2008.

All listed realty companies were quick to tap the QIP route when markets improved because they were the ones who were most leveraged. Once again they are the ones leading the IPO rush because of the same reason.

Debt-ridden developers’ internal accruals too haven’t picked up significantly as buyers have been slow to return to the property market. Some of the developers are also under pressure from private equity (PE) funds, which earlier invested in those companies, to go public as it would give the PEs an exit route.

Courtesy:- ET dt:- 30-09-09

 

 

 

 

The Financial Intelligence Unit (FIU) has decided to scrutinize real estate deals to track money laundering and related crimes.

 

The country’s anti-money laundering agency has told states to submit monthly data on registration of properties, a state government official, who did not wish to be identified, told ET.

 

FIU is a central agency responsible for receiving, processing and analyzing information related to suspect financial transactions. The real estate deals in the country often involve unaccounted cash transactions that lead to money laundering, the official said.

 

Money laundering involves disguising financial assets in such a way that they can be used without detection of the illegal activity that produced them. Through money laundering, a fraudster transforms the monetary proceeds derived from illegal activities into funds with an apparently legal source.

 

All property registrars have to send data on property transactions above Rs 30 lakh to income-tax authorities as part of the annual information return. The FIU too now wants data on all property transactions.

 

The agency also needs the data to coordinate efforts with international intelligence to check money laundering and related crimes. If timely intelligence input is available, an international agency can act promptly, the official said.

 

Since India will soon become a member of the Financial Action Task Force (FATF), it is obliged to keep a track of such transactions that could be used to launder money.

 

FATF an elite inter-governmental body that has been established by the G-7 group to develop policies to combat money laundering and terrorist financing

 

The body recommends placing real estate agents entities, under reporting obligations. However, India, which recently amended its anti-money laundering law, Prevention of Money Laundering Act, skipped them even as it brought overseas payment gateways such as Visa and MasterCard, money changers and money transfer service providers and casinos under reporting obligation. Banks, stockbrokers and foreign institutional investors are among the entities that already submit data to FIU on a regular basis.

 

Courtesy:- ET dt:- 03-10-09

 

 

 

 

So is the demand for homes getting real again? It seems to be a mixed bag so far, report Neha Dewan & Anand Rawani. While developers are aggressively talking about a spurt in demand, industry experts and buyers attribute this ‘revival’ to the strong nexus between developers and intermediates.

SundayET spoke to a cross section of developers, bankers, buyers and realty brokers to assess the ground situation. In fact, the demand in the residential segment for  Q3 of this calendar year remained marginally higher. However, leading developers said the growth has been optimistic and some even claimed a 30% rise in demand in these three months.

Last month, India’s largest real estate developer DLF claimed to have sold

1,250  flats in two hours in the second phase of its Capital Greens project in Delhi. Rival Unitech too said that they had a sale of 3,500 apartments across cities between July and September. Similarly, BPTP sold nearly 2,100 apartments in the same quarter.

For Delhi-based realty firm Omaxe, Q3 got a sale of Rs 300 cr, up 50% from the previous quarter. And according to Niranjan Hiranandani Developers, there has been an overall industry sale of 10,000 units in the Mumbai region in these three months.

These figures, no doubt, look impressive. But there is a catch. Industry experts and buyers say that this business is mainly the results of a strong developer-inter-mediary network. “To some extent it is artificial hype but it is not completely a false story. Around 35-40% of such stock goes to end users and 50-60% goes to brokers or investors who want to sell it off later,” says Pankaj Jain, executive director of Realistic Realtors, a North Indian real estate consulting firm.

Jain is not the only one echoing this view. Other reputed brokers in the industry also have a similar take. Rajesh Arora, vice chairman of  Arora and Associates Realty, puts it this way, “It is not practical to sell 2,000 or 3,000 apartments within a few hours. They would have a sold it to middlemen or agencies. The demand in the sector has remained the same as in the last quarter and though the prices in Mumbai have increased in Delhi they are at the same level.”

Businessman and prospective buyer, Anil Dhawan, says that such claimes by developers do not hold any meaning. “Financiers take up most of the stock. End users would possibly make up only 10% of the buyers in these cases.” Dhawan says that although the time is conductive to buy right now, he would mainly look at a ready to move in property over an under construction one to avoid delivery hassles.

Developers, however, are up-beat about the housing demand. DLF is basking in the glory of ‘good demand.’ “We have launched the second phase of Capital Greens project. We are selling one flat per pan card and buyers cannot sell the property within a year. So I am sure that end users are the buyers right now,” says Rajeev Talwar, group executive Director, DLF.

The demand is ‘robust,’ says CMD of Omaxe, Rohtas Goel. “There has been a 30% increase in this quarter. We had a sale of Rs 300 cr in these months as against Rs 200 cr in the last quarter.”

Many also are of the view that the fear of increased prices later is propelling more number of buyers to come forward right now. That is leading to increased enquries as well as conversions. “People think that is the best time to buy as prices may go up later. The price band of Rs 15-Rs 40 lakh is doing quite well. We will  be lauching more projects in the affordable segment. Our target is to launch 30 million square feet in residential space by the end of this Financial Year,” reveals a Unitech spokesperson.

Home loan offtake too bears out increased demand statistics. The management of HDFC is up-beat  about 20-25% growth in the home loan disbursement. Also, according to a senior official from Indian Bank, the demand of the home loan remained the same as it was in the previous quarter. “The demand for loans between Rs 15-20 lakh is more than the rest,” said the official.

 

Et realty dtd:05/10/09

 

 

 

 

Many areas in South Delhi along the Outer Ring Road have taken a hard hit owing to development work along the stretch, and rentals have plunged here, ET Realty reports

Long and unending traffic jams, now even on public holidays, are taking the sheen off some of the better-known posh South Delhi colonies, especially those close to Outer Ring Road. This when only a couple of years ago there were hardly any bottlenecks one would encounter along Outer Ring Road. As construction work related to Metro Rail, flyovers, and widening of roads go on and on along Outer Ring Road, this whole activity is forcing high-profile tenants out of areas like Panchsheel park, SDA, Hauz Khas, Mayfair Garden, among others.

New tenants are also avoiding such places in their search for new rented accommodation. Everybody will testify that if one were to drive to any of these places from CP for some work, then one would encounter traffic snarl-ups and jams at Defence Colony, BRT corridor, Asian Games Village, apart from routine heavy traffic. And if it rains or there is some mishap along the way, then it is an extended session on the road. Right from Nehru Place to R K Puram, the stretch is badly affected due to chaotic scenes on Outer Ring Road - and the worst part is nobody can say when things will settle down. Realty expert Anil Makhijani of Mak Realtors presents a very grim picture of the whole scenario. According to him, there used to be a veritable rush of people, always on the lookout for accommodation in areas like Panchsheel Park, SDA, Hauz Khas and Mayfair Garden - even as recently as one-two years ago. "You cannot say the same thing for all these areas now, as well as other colonies close to Outer Ring Road - all because of the massive traffic woes. Those who have no option but to take the Outer Ring Road to reach their office or home suffer the most due to the snail pace of traffic and the daily jams," says Makhijani.

Naturally, in order to save themselves from such a messy situation, many tenants staying in areas close to the dreaded Outer Ring Road have moved to areas like Defence Colony, Lajpat Nagar-3, South Extension, and Safdarjung Enclave in recent months. As for those who have offices in either Gurgaon or Noida, they have either shifted or are thinking of moving houses.

Meanwhile, a realtor says the rentals have never seen such a dip in these colonies. If realtors are to be believed, the average rent in these places has come down by up to 25% to 30%. It is a big fall by any standards. Another realtor Pradeep Mishra of Sainik Estates says there are many residents in colonies all over Delhi who run their household from rental income and they are sure to be affected if they don't get rental income on a regular basis.

Courtesy: - ET Realty dt: - 02-10-09

 

 

Developers spurred into market by bull run in stocks, series of successful QIPs.

 

Three real estate companies — Lodha Developers, Subrata Roy’s Sahara Prime City and Delhi-based Emaar MGF — each filed a draft red herring prospectus (DRHP) today with the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise in all as much as Rs 10,000 cr from the primary markets, sources said.

 

While Lodha is expected to raise anywhere between Rs 2,500-3,000 cr from the initial public offer (IPO) of shares in the next three-four months, Sahara Prime City plans to raise up to Rs 3,450 cr in the next few months. Emaar MGF, which aborted its plans to raise Rs 7,000 cr early last year, plans to raise Rs 3,850 cr in the IPO by selling 11.50 million shares, sources said.

 

Last Friday, Delhi-based developer Ambience Ltd filed a DRHP with Sebi to raise as much as Rs 1,125 cr through an IPO, with a green shoe (over-allotment) option of Rs 168.75 cr. Godrej Properties, which earlier postponed its plans, is also planning to launch its Rs 500 cr IPO in the next three months, where it plans to sell 9.4 million shares to investors.

 

While Sahara will utilise what is raised from the IPO to develop townships in 99 cities, Lodha and Emaar are expected to use the proceeds towards their upcoming projects.

 

According to analysts, the recent Bull Run in stock markets and the series of qualified institutional placement (QIP) of shares by property developers has given confidence to private unlisted developers to enter the markets. The benchmark Sensex has risen 33.8 per cent in the past year and nearly 4 per cent in the past month, while the BSE Realty index, which tracks property stocks, has risen over 30 per cent in the past year and nearly 4 per cent in the past month.

 

A number of developers such as Unitech, DLF, HDIL and India bulls have raised Rs 10,000 cr through QIPs since the beginning of the year. According to estimates, IPOs worth Rs 40,000 cr are expected to hit the markets in the next six months. At least 14 real estate companies are waiting to tap markets with IPOs and QIPs in the next six months.

 

"The way QIPs have been sold, I do not have doubts about investor interest in IPOs. If companies are good and projects are bankable, they can easily raise funds from investors,'' said Ambar Maheshwari, director of investments at DTZ, an international property consultant

 

Courtesy:- BS dt:- 30-09-09

 

 

Realtors See Red as Draft Proposes Mandatory Registration of Projects

A Draft bill on the much-awaited real estate regulator that will protect the interest of home buyers by ensuring a transparent and healthy real estate sector has drawn the ire of developers.

“The government is trying to play nanny to the home purchaser,” said Kumar Gera, chief of the Confederation of Real Estate Developers’ Associations of India (CREDAI).

According to the draft, a builder will have to register a project with the regulator before he can market the properties. For this, the builder will have to submit a documentary proof of land ownership and the mandatory licenses to the regulator for registration.

Once verified, the entire information about the project will be available on the regulator’s Website that will be accessible to everybody. The regulator will also scrutinize the advertisements and names of brokers.

This process will ensure the legitimacy and the viability of the project, ending the current practice of realty firms launching projects without land ownership or mandatory approvals that leads to buyers getting stuck with inappropriate or illegal projects. “The proposed law will protect home buyers from fraudulent builders,” said Ajit Krishnan, partner for real estate at Ernst & Young.

However, developers don’t agree. “This draft has been prepared by people with good intent but with no knowledge of the nuances of the business,” said Mr Gera, who is also the chairman of Pune-based Gera Developers.

If the proposed regulator gets all the proposed powers, a property buyer would know exactly what he is buying. Importantly, the draft bill prohibits a builder from accepting an advance from a home buyer before the sale agreement is signed. At present, builders force buyers to pay 20-30% of the cost of the property before making a sale agreement.

Many times, a flat allotted by this process is completely different from what the buyer had initially understood from the developer or his broker. “It’s a good idea to have a sale agreement in place at the time of the first installment, which will help both parties know what is on the table,” Mr Gera said.

To make the builder accountable, the draft suggests that he will have to submit a bank guarantee of 5% of the total cost of the project, which will be encased by the regulator if the builder does not complete the project on time or violate a condition that has been agreed upon in the agreement.

In case a builder is unable complete a project on time, the allotted can ask for a full refund of the amount he has paid along with an interest. The regulator will then takes over the incomplete project and appoint another agency to complete the project by encasing bank guarantee and recovering the balance amount from the builder and/or allotters.

The bank guarantee will push up the cost of the project and the provision of taking over incomplete project is ‘completely impractical’, Mr Gera said.

The draft bill also addresses the concern of the home buyer on the cancellation of an allotment. If a builder unilaterally cancels the allotment, he will have to refund the entire amount along with interest. At present, developers generally forfeit a disproportionately-large percentage of the total amount paid by the buyer if the sale deed is cancelled on the buyer failing to make timely payment.

Significantly, the draft bill also mandates the builder to keep a separate bank account for each project. “This will prevent promoters from speculating with the cash collected from customers. However, at the same time, it will also not allow a promoter to take away part of his profit till the project is completed,” Mr Krishnan said.

Courtesy:- ET dt:- 26-09-09n

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate sector in the country will witness a prolonged and robust demand with the top seven cities accounting for most of it, says Prabhakar Sinha

Real estate sector in the country will witness a prolonged and robust demand. According to a report by global realty consultation firm Cushman & Wakefield, the pan-India residential demand for 2009-2013 could be around 7.5 million units and that for office space at 196 million sq ft.

The Cushman & Wakefield India Real Estate Investment report 2009 Survival to Revival Indian realty sector on the path to recovery estimates demand for retail space at around 43 million sq ft while the hospitality sector is expected to see a demand of approximately 6,90,000 room-nights in the same period.

According to Anurag Mathur, MD of C&W, India, though the high growth trajectory of the previous years saw a setback during the global economic slowdown, the inherent strong economic fundamentals, low exposure to debt and state intervention, would help the sector gradually return to the path of recovery and witness robust demand for real estate across sectors.

The pan-India residential demand is estimated to be over 7.5 million units by 2013, across all housing categories, of which 85% is expected in the mid-segment and affordable housing segment, the report says. Of the total demand expected across India, 60%, equivalent to 45 lakh units, would be generated in top 7 cities (see chart). Mumbai is expected to witness the highest cumulative demand of 16 lakh units by 2013, followed by the National Capital Region, which is expected to see a demand of 10.20 lakh units in the same period. That means, on an average, every year there will be a demand of two lakh units. This is far more than the expected supply in the area.

According to the report, the demand for housing units will keep on rising year after year. The total demand for the housing units in all the seven cities will rise from 11.96 lakh units in 2009 to 13.32 lakh units in 2010 and to 14.86 lakh units in 2011. The figure will further rise to 16.63 lakh units in 2012 and to 18.64 lakh in 2013. Bangalore and Hyderabad are expected to see the highest compounded annual growth rate of 14%.

Total office space demand is expected to be 196 million sq ft during 2009-13, of which approximately 42% is expected to be generated in the seven cities.

According to the C&W report, though office market is expected to witness a fall in demand in 2009 with an expected absorption of 27 million sq ft, the period from 2010 onwards will see the markets experience a healthier demand with a compounded annual growth of 19% from 2009-2013. The commercial office market in India is likely to head towards a more balanced demand and supply situation in the next few years. The highest demand in the next five years is expected to be in Bangalore at 34 million sq ft followed by Chennai at 27 million sq ft. This increase in demand is largely due to improving economic conditions, positive market sentiments and growing corporate confidence.

Retail sector is expected to see a demand of approximately 43 million sq ft, mostly concentrated in the seven cities. Bangalore would see the highest demand of approximately 6.8 million sq ft however; Pune is expected to record the highest compounded annual growth of 51% for the next five years. The demand for the hospitality sector is expected to see a surge and is expected to be approximately 6, 90,000 room-nights between 2009-2013. NCR and Mumbai are expected to see the highest demand due to the higher volume of business travelers to these cities. Approximately 35% or 2,42,000 room-nights of the pan-India demand for hospitality is expected to be generated in the top three cities owing to various initiatives taken by the Indian government to promote commercial and tourism activity in these locations.

Mathur says, While the upcoming 2010 Commonwealth Games have been the key demand driver for hospitality segment in NCR, the significant expected rise in office demand in the peripheral locations is also likely to play a role is boosting room-night demand. Factors like increase in urbanization, income growth, relatively high disposable incomes are likely to positively impact retail as well as residential demand in the city.

NCR is expected to see the highest demand in the hospitality sector, owing to its growing importance as commercial and political centre. The maximum surge for demand in hospitality is expected to be witnessed in 2010 during the Commonwealth Games. The retail demand is expected to be 66.6 million sq ft by 2013 and the residential demand in the same period is expected to be approximately 10.20 lakh units. The office space demand on the other hand is expected to be approximately 25 million sq ft.

Mumbai is expected to see the highest demand for residential space of approximately 16.40 lakh units due to the large scale urbanization. The mid-scale and affordable housing in suburban and peripheral areas will be the focus of this demand. However, the demand for office space would be approximately 23.7 million sq ft, which is lower than that in Bangalore, Chennai and NCR. The demand for hospitality in Mumbai is expected to be strong at over 98,500 room-nights, by virtue of the fact that the city is regarded as the financial capital of India and therefore the volume of both domestic and foreign business travelers is expected to grow steadily. Demand for retail is expected to be 6.19 million sq ft.

On the other hand, Pune is expected to see the highest compounded annual growth in retail demand at 51% due to the current favorable demographics. The total expected demand for retail in Pune is approximately 1.76 million sq ft. Office demand in Pune is expected to be 21.7 million sq ft.

Bangalore emerges as a clear preference for sectors like office and retail, whiles it come a close third in the residential and hospitality segments. Bangalore is expected to see the highest demand for office space in 2009-2013 of approximately 34 million sq ft. The expected recovery in the IT/ITeS sector would have a positive effect on the demand in Bangalore, the preferred location for many IT/ITeS companies. The demand for retail sector is also expected to be the highest in Bangalore with approximately 7 million sq ft, while demand for residential is expected to be approximately 5, 70,000 units over 2009-2013, with the highest compounded annual growth rate at 14%.

Chennai is likely to witness the second highest demand for office spaces after Bangalore, of approximately 27.2 million sq ft, by 2013. Good infrastructure, high quality construction and competitive pricing would be the key reasons for the location to see high demand from corporate sector. Hyderabad is expected to witness an office demand of 16.6 million sq ft. The residential demand for Hyderabad is expected to be 2, 90,000 units, and like Bangalore, is expected to see the highest compounded annual growth rate of 14%.

Kolkata is expected to see a demand of 9 million sq ft for office space while retail is expected to be a healthy 4.15 million sq ft. Residential space demand is expected to 2,90,000 units while hospitality demand is expected to be approximately 24,869 room-nights.

Courtesy:- TOI dt:- 26-09-09