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Govt eases FDI norms for single-brand retail – Weekly News Round Up

Welcome back to the Weekly News Roundup! Let’s see what’s in the bulletin for this week. The East Delhi Municipal Corporation (EDMC) has approved a proposal under which the Cooperative Group Housing Societies (CGHS) under the jurisdiction of the civic body will be allowed a property tax rebate of 5%, only if they install rainwater harvesting system in the societies’ premises. Recently Bombay High Court ordered to demolish all structures constructed in the Mumbra-Diva area, in order to protect the mangroves in the coastal area of Mumbai. HC also issued instructions to fine the violators under the Forest Conservation Act. Leh which is the headquarters of the recently formed Ladakh Union Territory is soon expected to be counted in the list of the Government’s Smart Cities Mission. The governm...

Can India’s Coworking Market Double Its Growth By 2021!

by Santosh Sinha The culture of the coworking space market has started getting more acceptance in the Indian market. Recently, coworking firm Oneculture has taken 1.06 lakh sq ft of office space from realty firm Bhutani Infra in its ‘Alphathum’ commercial project in Noida to open its fourth center comprising 1,600 seats. The co-working firm currently has two centers in Gurugram, Haryana with a total capacity of 1,300 seats and will open the third center in the city in November having 700 seats. It offers space in the range of Rs 12,000-22,000 per seat per month, a senior company official said. In this week itself, in an effort to encourage the business environment for MSMEs and startups, Small Industries Development Bank of India (SIDBI) formed a partnership with Incuspaze Solu...

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...

India’s retail sector expected to become $1.3 trillion of size by 2020: Asma Javed

Real Estate is a sentiment-driven sector, where market sentiments play a major role in defining its growth path. But when it comes to retail space, real estate’s one of the subsets, it is the market trends and projects that guide the sentiments. And, it is this difference that Ms. Asma Javed, in her candid conversation with Team RealtyMyths, explains to us. Ms. Javed recently moved to Gulshan Homz as Head-Leasing Retail Commercial, where she will take care of the retail leasing division. It was a pleasure talking to her. Here are the excerpts of the conversation. RM: Gulshan Homes is known for its construction quality and is one of the biggest names in the NCR real estate market. What are your expectations from the company, now that you are a part of this name? AJ: Well,  Gulshan Hom...

The future of Real Estate is less about space and more about services and strategy: CoreNet Global

One of the direct benefits of India’s upward move in the Ease of Doing Business ranks was the growth of the commercial real estate in India. Indeed, the government’s reformatory and incumbent measures helped boost the overall transparency in the real estate market. More and more MNCs are eyeing the Indian market now. And this scenario proved further favorable to the Corporate Real Estate (CRE) segment. With more and more commercial floors being leased out, the need for CRE is also gaining momentum. Team RealtyMyths got an opportunity to understand this phenomenon from  Mr. Sathish Rajendren, Co-Chairs- CoreNet Global India Chapter & COO Knight Frank (India) Pvt Ltd. CoreNet Global is a non-profit association that represents more than 11,000 executives in 50 countries with s...

PE Inflows in Indian Retail Double to $1.2 bn – ANAROCK

– Of total USD 1.84 bn inflows in retail in last 4 yrs (2015-2018), Tier 2 & 3 cities attracted nearly 48% funds (of USD 880 mn) against USD 960 mn in Tier 1 cities – Top favoured Tier 2 & 3 cities included Amritsar, Ahmedabad, Bhubaneshwar, Chandigarh, Indore & Mohali – US-based funds like Blackstone & Goldman Sachs invested more than USD 1 bn between 2015-2018; UAE, Singapore, Canada & Netherlands funds also active – Q1 2019 saw only UAE-based Lakeshore invest USD 110 mn in Indian retail Further liberalization in FDI policies – 51% FDI in multi-brand retail and 100% FDI in single-brand retail under the automatic route (against the previous 49%) – has attracted major global PE funds to double their investments in the Indian retail se...

Government should rationalize the GST on the input cost and bring it down to 12%: Rohit Gera

With more than four decades of experience in the real estate business, Gera Developers is widely known for changing the landscape of Pune and its surrounding areas. The group has developed more than 50 projects in Pune and Goa. It has recently launched two commercial projects in Pune, along with Goa’s first Child Centric Homes. We got an opportunity to interact with Mr. Rohit Gera, MD, Gera Developers. We talked about various issues and concerns the sector is going through, including the GST. Here is the excerpt of the interaction.  It has been more than one year since RERA came into the picture. However, a lot of ambiguity still prevails over certain issues like allotment of open and common spaces in a society. What amendments do you suggest to make RERA a fool-proof law?  RERA is a new l...

The future of retail and commercial real estate in India

by Pooja Bhatia Real estate particularly commercial real estate led by FDI is expected to be on a positive trajectory. The recent reforms introduced by the government brings in transparency and thus, more confidence in the real estate sector in India. Our GDP is improving. A better and stronger Indian economy will in turn boost sectors like e-commerce, start-ups leading to demand in real estate led by logistics, warehousing, etc. A better performing Indian economy also means more activity in retail. Hence, the reason to believe that there will be a strong growth in the commercial real estate sector. Take, for example, the trend of co-working space led by start-ups in India. Even though it has practically reduced the demand for office spaces, but the demand for co-working space is so much t...

FDI in Real Estate: Has Ease of Doing Business helped?

by Akhilesh K. Prasad In January this year, the government further relaxed FDI policy and approved 100% FDI under automatic route in construction development; inclusive of townships, housing, built-up infrastructure and real estate broking services. The government also clarified that real estate brokerage did not amount to real estate business and is therefore eligible for 100% FDI under automatic route. The move was welcomed by the industry. It was said that the announcement could not have come at a better time, given that coming out of a dull period, the industry was poised to receive significant supplied in the near future. Industry insider also expected that the move, coupled with the implementation of RERA 2016, would bring in clean money into the system and help establish internation...

Infrastructure – The backbone of tourism

Anushree Ghosh “Whatever sphere of the human mind you may select for your special study, whether it be language, or religion, or mythology, or philosophy, whether it be laws or customs, primitive art or primitive science, everywhere, you have to go to India, whether you like it or not, because some of the most valuable and most instructive materials in the history of man are treasured up in India, and in India only – Max Mueller , German philologist and orientalist India is bestowed with incredible natural beauty: mesmerizing landscapes with 10 biogeographical zones and many architectural wonders that are categorized as world heritage sites. The diversity allures tourists from all over the world, seeking different kinds of adventure and experiences; but we are still not able to boost...

5 Announcements that changed the game of realty sector

Anushree Ghosh, Apart from going through a phase of stagnancy, the Indian real estate sector is struggling to adapt to the new rules of the games. Several important announcements were made by the government to bring transparency in real estate. While we can keep on debating on the effectiveness of the plans, what we need most is a process to impeccably execute the plans, to align it with the tangent of growth. Here are the five major announcements that will surely impact the real estate. GST GST of 12% is applied on residential units that are supposed to be paid by the developers before the completion of the project. Although there are certain grey areas to analyze the pros and cons, the main point to consider is the ambiguity between the states and the centre, where the state would not mo...

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