January 2017 Vol 01
Revival of REITs may push commercial property prices upwards in area like BKC
The government’s demonetization move is likely to bolster the prospects of the much-awaited listings of Real Estate Investment Trusts (REITs) that has so far remained a non-starter. Owing to higher liquidity on account of expected transfer of liquidity from the informal sector to banking, government bond yields have seen a compression of 40 basis points since demonetization was announced.
In 2017, office space absorption to cross over 32 million sq. ft.
Growth momentum in office absorption, witnessed over the last two years, is expected to continue in 2017 too. India’s top 8 property markets are likely to witness 10% surge in office space net absorption in 2017 to 32.5 million sq. ft., the highest level seen over the last six years.
Strengthening business confidence, stabilizing global concerns and an optimistic economic outlook are likely to infuse confidence into occupiers, steering net office absorption across property markets. Net absorption will gather pace in the last quarter of this year and is expected to close around 30 million sq. ft. driven at the end of 2016 and is expected to continue to gain momentum for the next four years. These property markets include Mumbai, Delhi-NCR, Bengaluru, Pune, Ahmedabad, Hyderabad and Chennai.
City property registrations up 37% in Dec
Property registrations across Maharashtra increased by over 29% in December compared to November when demonetization had put brakes on property deals.The number of registrations in November was 1,14,632.In December, it shot up to 1,48,305. The state registration department had witnessed a slump in registrations post-demonetisation in November in all the eight revenue divisions of the state.
Rooftop jogging? Civic body to let towers be joined by terraces
A connecting terrace on three high-rise wings is an excellent idea, but there is nothing in the development control rules (DCR) to allow such constructions at present, said municipal commissioner Ajoy Mehta. “Necessary changes can be made in the draft DCR (2034) to allow merit architectural features.“The revision cell preparing the new DC rules did not include these features because of the fear that allowing terrace connectivity having large width may obstruct light and ventilation of the flats below.
Rental realty gains in crunch times
Rental property market is edging out capital property market now as end users await clarity before deciding on outright purchase. The residential property market across Mumbai, Delhi, Bengaluru, Pune and Chennai has witnessed an increase of 812% in average weighted rental values against dormant capital values for the year 2016, property brokers said.
According to property brokers, postponing of purchase decision is benefiting rental transactions and the demand for rented houses has been going up across localities. The end users’ preference, for now, has shifted to renting property and waiting for an expected softening on prices and home loan rates, thereby enhancing affordability.
Court raps BMC over parking mess, says people will have to walk on cars after 5 yrs
The Bombay high court on Friday rebuked the BMC over the latter’s parking policy which has resulted in vehicles being parked anywhere across the city.“You have no policy. Anybody can go and park anywhere,“ said a bench of Chief Justice Manjula Chellur and Justice Girish Kulkarni while hearing a public interest litigation filed by Janhit Manch, seeking regulation of traffic following increase in vehicles in the city and highlighting the inconvenience being caused to citizens due to haphazard parking of the vehicles.
Canadian Pension funds may pump $3 b into Maharashtra
Canadian pension funds, armed with $3 billion, may soon invest in the development of Maharashtra. The Canadian government is in talks with officials in Maharashtra to deploy its pension funds for creating a water grid, financing the housing-for-all schemes, helping the upcoming International Finance Centre at BKC, setting up smart cities, and even in boosting the IT sector.
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