Office space absorption to reach 132 million sqft by 2017: Report

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MUMBAI: Bullish on the revival of the economy after general elections, real estate consultancy firm Cushman & Wakefield expects nearly 132 million sqft of office space, across the eight major metros, to get absorbed by 2017.

The supply of office space between 2013 and 2017 in the top eight cities-Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, and Pune is expected to be around 143 million sqft.

Of this 143 million sqft, around 90 million sqft are currently under various stages construction and is expected to get completed by 2015, the report said.

To know more: Office space absorption to reach 132 million sqft by 2017: Report

Hindu Business Line: Bank Seek Priority Sector Tag For Loans To Affordable Home Builders

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The Reserve Bank Of India is examining a plea by banks to recognize loans given to builders/developers of affordable housing projects as priority sector lending.
Strong demand on housing will have a beneficial impact, creating demand for steel, cement and credit, at a time when the economy is on the midst of a slowdown.

Business Standard: Save Taxes On Property Sale

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Arun Kumar owns a residential property in his name which he uses as residence and also owns an office. Along with this, he has also inherited a plot of land from his father. Kumar works as a whole time director with a private company.

Indian Express: Inclusive Housing Needs The Right Policy

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When metros are planning to bring in new thoughts for utilizing inner city space, it is necessary to move out of state-controlled projects. Marja Hoek-Smit, director, International Housing Finance Program at The Wharton School, University of Pennsylvania says the solution bring in both developers and those for whom the houses are being built into the equation.

Economic Times: Office Traction At A Glance

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Mumbai’s commercial office space market has been showing signs of firming up over the fourth quarters ending Q4 FY2013.

Transaction activity tends to be concentrated in the first half of the financial year as expansion plans are inclined to be executed in that period. However, the fact that Q4 FY2013 showed 26% rise in the transacted volumes. Year-on-Year and almost 57% compared to the preceding quarter, bodes well for the market.

Times Property: Commercial setups, connectivity boost residential demand in andheri east

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Situated in the western suburbs of Mumbai, the eastern part of Andheri, known for its commercial setups, is becoming a promising residential destination to watch out for. The planned commercial development here includes the Maharashtra Industrial Development Corporation(MIDC), the Santacruz Electronic Export Processing Zone(SEEPZ) and the Solitaire Corporate Park. All of these projects are boosting the residential market in the locality. The area is well-placed and connected to major parts of the city, including the airport.

News Update: Reforms in township policy to promote planned development of Mumbai real estate market

Rustomjee Urbania - Thane

Rustomjee Urbania – A 127-acre self sufficient township in Thane.

Living in an integrated township is a growing trend. The new age home buyer is showing a preference for community living that offers a mix of amenities at the doorstep. To make townships more viable, the state government has introduced some reforms in the township policy.

According to the fresh policy as approved by the Chief Minister, the state government has decided to make it mandatory for special township projects to set aside up to one-fourth of the land for economic activity. The idea is to create new economic centers and better employment opportunities. This will also de-congest existing business hubs.

Read more: Reforms in township policy to promote planned development of Mumbai real estate market

Financial Chronicle: Rustomjee offers new luxurious tower in Thane

Rustomjee Group has recently launched Rustomjee Azziano, a luxurious res­idential tower in Thane district.

This 14-tower project is spread across 13 acres. Tower A and B have been recently launched and each tower will comprise 24 habitable floors, in addition to four levels of parking, the com­pany said in a statement.

Percy S Chowdhry, director, Rustomjee, said that Thane is em­erging as a key centre of futuristic growth in the Mumbai Metr­opolitan Region (MMR) because it offers good social, along with substantial lifestyle, residential options to the homebuyers.

“Rustomjee Azziano is a plush residential 14 tower project pr­esent inside Rustomjee Urbania that comprises two and three-BHK homes and is poise to give its customer a complete experience of staying in luxurious en­vi­r­onment,” he added.

Rustomjee Azziano, at the 127-acre township in Thane – Rustomjee Urbania

Mydigitalfc: Office space demand set to revive, may grow 21% in ’13

Office space demand is expected witness an year-on-year increase of 21 per cent to 38 million sq ft in the calendar year 2013, mainly driven by demand from information technology (IT and IteS), banking, financial services and insurance (BFSI) sector.

Boman Rustom Irani, CMD – Rustomjee, said for the past two years there has been very less addition of office space as there was an oversupply situation and developers mostly focused on residential segment. Now with demand slowly picking up, office space absorption is likely to increase in 2013. He expects a 10-15 per cent price increase in commercial space rentals as demand starts reviving.

Read more: Office space demand set to revive, may grow 21% in ’13

Times Property – Auspicious Times

Mr. Percy Chowdhry, Director, Rustomjee, shares his views on exciting projects that are on offer during the festive season, making it the right time for buyers to invest in their much-aspired home. He believes that with Ganeshotsav beginning during the festive season, it is not only considered an auspicious period for buying, but there are also various incentives and discounts offered by developers that make the buying process much more lucrative.

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