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Brexit could bring short-term opportunity for international investors although market sentiment will remain cautious. In Asia Pacific, local occupiers and multinational companies serving domestic economies will help to insulate the region from volatility.
Asia Pacific made the greatest progress globally in terms of real estate transparency over the past two years, according to JLL’s Global Real Estate Transparency Index (GRETI) 2016. The index measures transparency by looking at factors including data availability, governance, transaction processes, and the regulatory and legal environment.
In a major announcement that promises to revolutionise India’s retail industry and improve ‘ease of doing business’, the Modi government has cleared the Model Shops and Establishments (Regulation of Employment and Conditions of Services) Act 2015. This will allow all public amusement establishments with at least 10 employees – such as restaurants, local markets, shopping malls and movie theatres – to operate 24×7.
As per MCGM’s assessment the system, if implemented, would result in a 52% reduction in the number of permissions required to obtain building approvals. If the reforms also succeed in bringing down the costs involved in obtaining permits, the resulting savings are likely to passed on to consumers, making housing more affordable and boosting the absorption of real estate in the city.
Kochi hits a six to become the next highly preferred real estate destination in India. All potential drivers such as IT development for employment generation, Metro rail for intra-city connectivity, the Smart City tag for basic infrastructure, port-based development for industry and commercial growth, airport terminal for international connectivity and foreign investment and tourism for the hospitality industry are emphasized in Kochi.
The real estate sector in India will continue recovering on the back of a resilient Indian economy and strong capital inflows. Brexit will not disturb that recovery much, since India’s office market leasing is dependent only by 5-7% on UK-headquartered companies, and investments and activity of PE Funds from EU countries is more in India than in the UK.
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During the first quarter of 2015, two significant market movements have been observed in Bangalore’s real estate market – an increase in new launches as well as a rise in the net absorption of units. While 13,400 units were newly launched in 1Q 2015, the corresponding figure stood at 11,170 units in 1Q 2014. The city also saw a net absorption rate of 8,310 units in the first quarter of 2015 compared to 7,210 units observed in the corresponding quarter of 2014, which is an increase of 15% in total sales y-o-y. For the same time period though, the overall absorption rate stood lower at 10% in the 1Q 2015 as compared to 11% in 1Q 2014.