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Corporate Tax Cut Will Boost Market Sentiment

by Santosh Sinha In continuation to government’s efforts to bring the economy back on the growth track, Finance Minister Nirmala Sitharaman today proposed to slash the corporate tax rate for domestic firms and new domestic manufacturing companies. As per the new announcement, the current corporate tax rate has been brought down to 22% from 30%. The effective tax rate will be 25.17% inclusive of all surcharges and cess for such domestic companies. For new manufacturing companies, the existing tax rate of 25% has been brought down to 15%. The effective tax rate after surcharges and cess will be 17%. This is a huge boost to the corporate sector. A sudden surge of more than 1600 points at Sensex testifies market’s mood over this announcement. As per some of the economists and marke...

CBRE Valuation Services is Now Asia Pacific’s Top Property Valuation Team

CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm has been named Asia Pacific’s #1 Property Valuations team at the annual Euromoney Real Estate Awards. With over 1 lakhs properties valued in India, CBRE valuations team provides comprehensive valuation and advisory services for real estate owners, developers, investors, and lenders. Commenting on the achievement, Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE said, “This is a proud moment for us at CBRE India and we owe this achievement to the unwavering commitment and hard work of our team members who have worked towards this spectacular win. We are confident that we will continue to stand up to the trust we have built with our clients and employees in India as well as the worl...

CII-CBRE launches a joint report: ‘Real Estate – A Relook’

CII in association with its knowledge partner CBRE, today released a joint report ‘Real Estate – A Relook’ at the XV edition of its flagship conference on Real Estate – CII CBRE REALTY 2019. Addressing the real estate fraternity at the conference, Mr. Hardeep Singh Puri, Hon’ble Minister of State for Housing and Urban Affairs, Civil Aviation (I/C) and Commerce & Industry, Government of India said, “Introduction of RERA has led to a truly revolutionary phase in the history of real estate. With the transparency, reforms, and regulation that these new policies have brought to the sector, now is the time to enter into the new technology-driven approach; building green and eco-friendly homes.” The CII-CBRE knowledge paper ‘Real Estate – A Relook’ was unveiled by Mr. Hardeep Singh Puri...

Flexible Space Take-Up In India Reaches 4.6 Million Sq. Ft. In H1 2019

CBRE, India’s leading real estate consulting firm, today announced the findings of its latest report titled ‘India Flexible Space Digest – H1 2019’. According to the report, the overall flexible space take-up in India reached about 4.6 million sq. ft in H1 2019. During this period, Bangalore accounted for almost 30% of the leasing by flexible space operators. Commenting on the findings of the report, Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East, and Africa, CBRE, said: “India is currently one of the leading flexible space markets in APAC and we expect increasing investments in this segment going forward. Office stock is expected to grow from 600 mn sq. ft. in mid-2019 to a billion sq. ft. by the end of 2030 and flexible space will comprise 8-10% of the total off...

Logistics Leasing Records 31% Growth In One Year: CBRE

India’s logistics leasing recorded a growth of 31% on a yearly basis, crossing 13 million sq. ft, reveals CBRE, India’s leading real estate consulting firm, in its report ‘India Industrial and Logistics Market View, H1 2019’. As per the report, Mumbai, Chennai, and Bangalore accounted for more than 60% of leasing activity. Describing this momentum, Anshuman Magazine, Chairman & CEO – India, South East Asia, Middle East & Africa said, “While the overall pipeline for the sector is expected to be around 60 million sq. ft. till 2020, at least 22 million sq. ft. of this supply is anticipated to be released by leading players. We also expect logistics leasing activity to strengthen owing to consolidation/ expansion by occupiers. In addition, as per our APAC Investor Intention...

RBI Repo Rate Cut: A Significant Boost Ahead Of The Festive Season For The Real Estate Sector

by Santosh Sinha The real estate industry welcomes the decision by the Reserve Bank of India to cut the Repo Rate by 35bps, 4th consecutive rate cut in the year 2019. And why not, the sector is about to enter the festive season. The real estate developers expect to boost their sales in the upcoming quarter, provided the respective banks pass on the benefits to the end consumers before that. Anshuman Magazine, Chairman & CEO, India, South East Asia, Middle East & Africa, CBRE, describes, “The Reserve Bank of India’s decision to cut the repo rate by 35 basis points is a welcome move. In a scenario where there is pressure on GDP growth, the move will spur investment and boost consumption activity in the economy. We believe that this announcement might result in a further reducti...

Bhutani Infra invests Rs 1,200 cr to build commercial project in Noida

Realty firm Bhutani Infra is investing Rs 1,200 crore to develop a commercial project in Noida (UP) to tap into the rising demand for office space from corporates and co-working players, a top company official said. The company has so far completed about a dozen commercial projects in East Delhi as well as Ghaziabad and Noida. “We are currently developing a commercial project ”Alphathum” in sector 90, Noida, comprising about 45 lakh sq ft of built-up area,” Bhutani Infra CEO Ashish Bhutani said. Of the total area, around 35 lakh sq ft is for office space and seven lakh sq ft for a shopping mall. The rest will have 500 studio apartments. Asked about investment, Bhutani said the total project cost is about Rs 1,200 crore which is being met through internal accruals. T...

New Delhi’s Connaught Place Amongst The World’s Top Ten Most Expensive Office Markets

CBRE South Asia Pvt. Ltd, India’s leading Real Estate Consulting firm, today announced the findings of its annual Global Prime Office Occupancy Costs survey. As per the survey findings, New Delhi’s Connaught Place – CBD office market is listed amongst the TOP 10 Most Expensive Office Markets globally. The report, tracks the cost of leasing prime office space globally and as per the report, New Delhi’s Connaught Place – CBD retains its ninth position in the list as last year and the office occupancy cost is valued at UD$ 143.97 per sq. ft. Mumbai’s Bandra Kurla Complex and Nariman Point Central Business District ranked at 27th and 40th positions respectively. In the given position, the current annual prime rent of BKC is valued at US$ 90.67 per sq. ft and the CBD Nariman Point is valu...

Union Budget 2019 Boost To Real Estate: Affordable Housing Gets New Lease Of Life

Union Finance Minister Nirmala Sitharaman, while presenting her maiden budget and the first budget of Modi 2.0 government, announced an additional rebate of Rs 1.5 Lakh on Housing Loan Interest. Being considered as a big boost to the real estate sector, this step will encourage first-time homebuyers and will enhance sales. Currently, this rebate was limited to Rs 2 Lakh only. So with this announcement, a housing loan for a home valued up to Rs 45 Lakh, the homebuyers will now avail a rebate of Rs 3.5 lakh on the home loan interest amount. This benefit will be available for home loans taken till March 2020 The Finance Minister also proposed some relief to non-banking finance companies that are facing a crisis of confidence after banks showed reluctance in lending them following the recent I...

What Real Estate Expects From The Union Budget 2019

Ms. Nirmala Sitharaman, the new finance minister in Modi Government is set to present her maiden budget on July 5, 2019. And clearly, her focus would be to pull up the GDP growth rate up to 7.5%, as expected by the World Bank. Generating employment is the next issue that the government wants to tackle. And to do so, she would have to bring in some reformatory and corrective measures to the Housing, Agriculture and the Infrastructure sectors. The housing sector, in particular, holds the key. There are expectations that the Modi government would continue its reformatory mode to bail out the ‘long-forgotten’ sector. During its first term, the Modi government had introduced major reforms such as Real Estate (Regulation and Development) Act, Goods and Services Tax (GST), Insolvency ...

Real Estate Budget Wish List: Pass on tax benefits to boost large-scale housing development

by Anshuman Magazine The Indian realty sector expects some more favorable SOPs and policies to be introduced by the newly re-elected government in this Union Budget 2019-20. Riding on strong regulatory mechanisms introduced in the previous term such as RERA (Real Estate Regulatory Authority Act), GST (Good and Service Tax) and Insolvency and Bankruptcy Code (IBC) and numerous initiatives for the affordable housing sector, the realty sector has made great strides and has witnessed an improvement in overall industry performance. While the Modi-led government in its last term had introduced several reformative measures with the overarching aim to revive the sector, some measures are still awaited with respect to mitigating impending challenges related to fundraising, capital, and liquidity. I...

India Works the Co-Working Way – RealtyMyths

by Shefali Gautam Today, where almost all the sectors are experiencing a change, real estate is no more left behind. From housing demands to infra culture to shift in commercial spaces, the realty market has seen a holistic transformation in the past few years. Co-working space is the new catchword in the realty market. It is one of the fastest growing spaces in the commercial real estate segment. The exploding start-ups firstly created the demand for co-working spaces but now big corporations and Multi-Nationals are also stepping out of their conventional office set-ups, triggering the growth further. Considering the recent changes in the commercial space, arguably the most fascinating one is the emergence of co-working spaces. The arrival of co-working spaces has changed the conventional...

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