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The current office stock of the city stands at 106 million square feet and it will add 8% of this stock through 2016 or almost 8.5 mn sft. From 3Q 2016 through 4Q 2017, the financial capital of India will expand its Grade-A office footprint by around 15% or almost 16 mn sft.
eAuctions are auctions conducted online so as to enable quicker and more profitable property sales with much less fanfare, efforts and costs involved.
Growing competition and rising aspiration has led to more sophisticated real estate development in India. With increased globalization, Indian consumers are rapidly being exposed to global standards and desire to live a luxurious life. This is acting as a cue for developers to develop classier projects.
Gross rentals in the Delhi-NCR market remained static in 1H16 compared to 1H15. At INR 77 per sq ft per month (on a stock-weighted basis), the third largest office market in India – in terms of stock – showed no appreciation in city-level average rents. Among micro-markets, Gurgaon and Noida saw a marginal rise in rentals with average rents increasing to INR 75 in Gurgaon, and INR 43 (as of 2Q16) in Noida, clocking a y-o-y increase of 1% and 5% respectively.
Translating the affordable housing initiative into actionable targets would involve the construction of close to 2 million homes every year. Compare this with the actual delivery of 1.2 million homes annually during the 11th five-year plan period (ending March 2012), the target clearly appears formidable.
The government expects at least 30,000 houses to become available with the new policy on MHADA lots in Greater Mumbai, and proposes redevelopment of old or dilapidated buildings in the suburbs. This will be carried out under a cluster scheme, currently applicable only to the Island City of Mumbai. At least 10,000 old or dilapidated buildings from the suburbs are expected to get a makeover.
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The incidence of failure to register properties is much higher among professional real estate investors, who often buy properties in bulk directly from the developer. Many such investors are unwilling to pay for the registration of such properties. The reasoning is that they will in any case be resold, and that the purchaser will undergo the registration process at that time.