DESTINATIONS IN REAL ESTATE




Interested investing in real estate? Then make yourself aware about the hottest real estate destinations in India. Indian real estate sector is booming and there is lot of hullabaloo about Indian lands in foreign market, big developers are ready to pore in money to develop all kind of structures- IT Parks, Malls, Apartments, townships, etc But only few cities are the golden goose for them, metro: and mini metros are the hubs for commercial and economic activities and their suburbs are not far behind in budding a! new destinations for investment.

MUMBAI

Mumbai the financial capital of India, is still a place full of economic activities; every big business house wants to centre one of its main office or head office in Mumbai. The city will get more financial and legal offices in addition to being one of the country's key export gateways. The city is likely to witness a shortage of office space and a further 10-15 per cent increase in capital and rental values over the next couple of quarters across micro-precincts.

COMMERCIAL- Mumbai's commercial real estate is relocating from the traditional South Mumbai CBD (Central Business District) to North and Central Mumbai and Bandra to Kuria. The commercial market is driven by IT and ITES/13PO. Also, soon 5.4 million sq ft of mall space coming up in the city with major malls expected for completion in 2006 are Mega Mall in Andhcri, Raghulcela, City Center and Palm Beach Galleria in Navi Mumbai.

RESIDENTIAL- In Mumbai there is an increase in the demand of residential properties. Suburbs are emerging as a preferred location for residential development. The price of residential real estate market is the highest in the country and the market is driven by the end-users. The capital values across the city, apart from Navi Mumbai appreciated by 25-40 percent and the rental values in Juhu, Bandra and Santa Cruz has appreciated by 25 percent.

DELHI / NCR

Delhi, being the capital of India, is one of the most favoured destinations for the developers along with the National Capital Region (NCR). Earlier Gurgaon, Noida, Faridabad, Ghaziabad used to be the satellite cities of Delhi but now they are the favourite targets as IT and ITES/BPO cities. The Metro will play a major role in defining the demand and prices along the proposed routes to be commissioned in the next few years. According to Cushman and Wakefield estimate, the demand will remain buoyant over the entire year.

COMMERCIAL- Delhi is loosing hold in the commercial development. The reason behind this is poor quality building and high cost of construction. Fr and ITES/BPO sectors have been the main demand drives in the National Capital Region (NCR). The suburbs of Delhi show a promising future for the NCR. The retail sector is coming up in avenues like Saket and Vasant Kunj. UNITECH, Jaipuria Group, Omaxe, etc are coming up with big projects like IT Parks, Malls, Resorts, SEZs in Delhi, UP and Haryana. India is organizing 2010 Common Wealth Games. For the purpose, the new stateof-art games village is being constructed.

RESIDENTIAL- Delhi is now more or less saturated and the high demand for residential properties has increased rates beyond the reach of the middle class. As a result the suburban town within the NCR have become destinations for new residential project that offer affordable quality housing to the middle class as well as luxury housing for high end-users. Jaipuria Group, Shipra Group, Unitech, Omaxe, Nitishrec, Ansal Group, etc are there in NCR to cater to the public demand of better home: making the living a world-class experience.

BANGALORE

With the international airport coming up at Devanahalli, the property market in the north of the city is likely to witness hectic activity and this is likely to industrialize the districts of Kolar, Tumkur and Hassan. Over the next five years, Mysore is likely to come closer to Bangalore through a doubling of the railway tracks, the construction of an expressway, and more townships coming up between the two cities.

COMMERCIAL- As the city grows there will be higher values that will come in for apartments and offices across the city and this could mean good appreciation of investment. The total commercial projects coming up in Bangalore will be approximately 20 million sq ft in next 3-4 years in different phases. As per present market trend of last 2 years, annual absorption rate ranges between 2.5 million sq ft to 3.4 million sq ft, rental values have shown a marginal increase of 6 percent in CBD locations, while SBD (Subsidiary Business District) locations have remained stable. Most of the malls are located in the CBD area and more are coming up in future. The current focus for mall development is in the central, western and eastern corridor, the focus will shift towards the northern and southeastern quadrants. Bangalore is all set to become a mega-city like Mumbai and New Delhi and this will mean appreciation of real estate values as well.

RESIDENTIAL- The residential market of Bangalore has always been the market of apartments, but lately the developers have started focusing on villa and row house development. The high-end residential developments are mainly concentrated in the CBD and in the east and south side of the city. Whitefield, Devanahalli, Mysore Road, Kanakapura Road, Dasarahalli are the major growth areas in Bangalore. Investment in Bangalore might therefore be a good option with a medium to long-term view.

CHENNAI

The water projects announced in the Budget will make Chennai an attractive destination. The software boom and the arrival of big players have enhanced real estate prices in a major way. The government is promoting the area between Tidal Park and Kelambakkam as a software corridor. The success of Ford and Hyundai is likely to lead other global auto-majors to look at the city to set up base. The cit, also has an abundance of technical manpower and has sec: major multinationals setting up centers. IT and ITES sector will continue to drive the market. Commercial office space supply is currently lagging behind demand and this imbalance is likely to remain for a short while.

COMMERCIAL- More activity towards south and south western suburbs, Chennai's office real estate is 'moving south' especially along Old Mahabalipuram Road designed as IT corridor. Office market is primarily driven by IT and ITES/BPO sector with requirements of large floor plates, state of art facilities and nominal rentals. Chennai is currently starving for quality space in all sectors and the demand is steadily rising. The government policy to provide 1.5 times additional PSI (Floor Space Index) for IT parks has fuelled a massive drive for construction. Also, number of malls coming up in the city is very few There are speculations of development of malls towards the southern part of the city by many private developers as stand alone as well as part of townships.

RESIDENTIAL- The locus of new residential development is the south and the west, in an ever growing semi-circle with the centre gradually moving southward. The year 2004 was the best year in terms of absorption and price increase in the last eight years in Chennai residential market. The market witnessed an 8-15 percent increase in capital and rental values in almost all the residential micro-markets. The upcoming residential townships are Mahindra City, Singapore Township, Unitcch, DU, and Hiranandani Estates etc.

HYDERABAD

Hyderabad is increasingly being recognized as the next hub of technology sector activity, mainly due to its low cost of living and ability to draw quality talent from other locations. The current market may rise to an overall absorption of 3.5 million sq ft. However, the supply constraint could negate this.

COMMERCIAL- Hyderabad has grown rapidly from corporation limits towards north, northwest and west. The southern suburbs also gained prominence after the commencement of work at international airport, outer ring road phase-I and the elevated expressway corridor. The major residential areas in the heart of the city are getting converted into commercial hub to cater to the demand generated for retail space in city centers. IT/ITES sectors will be the main demand driver. The robust infrastructure development and government initiatives have attracted many IT/ITES companies. In the new CBD areas like Begumpet, Panjagutta, Ameerpet, Banjara Hills etc, the capital prices range from Rs. 3500 per sq ft to Rs. 4500 per sq ft, but in old CBD areas such as Abids, Koti, Himayatnagar, Nampally etc, the rates are slightly low as the focus is shifting towards new areas. Retail space in Hyderabad is increasing at a fast rate and attracting India's top retail chains. There will be close to 15 million sq ft of retail space created in the next two years in 12 malls.

RESIDENTIAL- Residential sector in the city continues to grow in the terms of supply and absorption. The suburban areas are witnessing a major transformation particularly towards the western zone of the city. HUDA has proposed for 2 integrated townships along outer ring road at Tellapur and Maheswaram village both in 600 acres under PPP (Public Private Partnership) format in order to meet the growing needs of the city. The major upcoming residential townships are Fortune Fields by Indu Project, Hill County by Maytar, SMR Vinay City by SMR builders etc.

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