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The total office space absorption for the half-year ended June added up to 13.6m sft for the five cities with positive traction in the first quarter softening the overall half-yearly decline to 31%.
The residential property market in metros such as Bengaluru, Mumbai, Delhi, Pune and Chennai have witnessed an increasing number of young professionals vacating rented homes and paying-guest accommodation, or asking for rent relief. Many such tenants have moved to their hometowns or are in the process of doing so, with companies also extending the work-from-home option as there is no let-up in the pandemic situation.
New Delhi, Jul 29 () Housing demand will see an uptick once revival of Indian economy starts and prospective home buyers feel secure about their jobs, property consultant JLL India on Wednesday said.
As per the report, NCR saw office transactions decline by 45% YoY to 2.1 msf but Noida recorded a growth of 86% with 1.08 msf leased area.
The survey was conducted online covering over 2,500 prospective homebuyers from Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Hyderabad, Chennai and Pune.
The National Capital Region (NCR) exhibited a maximum decrease in prices by 9 per cent while Bengaluru, Chennai, Mumbai Metropolitan Region (MMR) and Pune witnessed a drop of 4 per cent each.
Eight residential market in India have over seven lakh unsold housing units as on June 30, according to a report by PropTiger.com. Inventory overhang, however, has increased to 35 months as against 28 months last year.
According to IDC, construction companies must work on creating a digital transformation technology roadmap. In India, 35% are planning to establish this roadmap within the next 12 months, highlighting how it is a priority for construction companies in the country. However, 24% still have no plans to do so.
"With the suspension of construction activities across the country from mid-March, completion of under-construction projects is likely to be delayed, constraining new demand," the FSR said. House sales and launches, which had declined by 16 per cent and 35 per cent (y-o-y) during the third quarter of FY20, were pulled down by around 26 per cent and 51 per cent respectively, during the fourth quarter, it added.
According to survey, 63 % operators are expecting a major shift towards professionally managed facilities. The survey was jointly conducted by Student Accommodation Providers Association of India (SAPFI) and CBRE during June and July 2020 and included operators from the Professionally Managed Student Accommodation (PMSA) and co-living segments.
Omaxe has signed an agreement with Jindal Steel and Power Ltd. The company is developing a multi-level parking-cum-commercial project at Chandni Chowk under PPP model with North Delhi Municipal Corporation (North DMC). To ease the traffic and parking woes at Asia’s largest wholesale and retail hub, North DMC allotted about 4.5 acre land to Omaxe for providing parking for 2100+cars.
Homebuyers already preferred developers with an established execution track record, which had resulted in large, listed players reporting healthy sales and collections in the first three quarter of 2019-20, despite the prevailing liquidity crisis and unfavorable supply-demand dynamics.
“We will accept customers from any stuck project and give him a flat at any of our under-construction or ready-to-move projects. Once we receive a request, we will contact other buyers of the same (stalled) project and that way we will get more customers without spending on marketing and brokerage,” said Yash Miglani, the managing director of Noida-based Migsun group.
This trend is likely to continue for the next 12-18 months and is expected to gradually exhaust the ready-to-move inventory. The shift in priorities is evident in the demand pattern.
Real estate digital sales have come up in a big way during this pandemic: Mohit Malhotra, MD, Godrej Properties
Tata Group’s subsidiary, Tata AutoComp provides products and services to Indian and global automotive original equipment manufacturers (OEMs) as well as tier 1 suppliers.
The volume of active listing of properties on Magicbricks website, too, fell 42.5 per cent during April-June 2020 from the first quarter of this calendar year, it said in a report.
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