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JLL India

JLL facilitates 10-year lease for WPP for its new office

JLL India, the country’s largest real estate consultancy and professional services firm, has advised and facilitated a 10-year lease for WPP from Chalet Hotels, for its new office, having a carpet area of 260,000 sq ft, it said in a statement released today. The Firm was also appointed as the project manager to complete fit-outs for the office space, which is situated in The Orb – an integrated food, beverage, and entertainment project close to the city’s international airport. The Mumbai campus is named BAY99, which symbolizes the city’s historical roots and is also the campus’s postal code reference. The creative transformation company is bringing together over 16 of its agencies that were previously situated at different locations across Mumbai. According to the terms of the agree...

Hyderabad gets continued support from occupiers and investors

Investments in Hyderabad has surged more than five times to approximately INR 101 bn since the beginning of 2015 till the first half of 2019, according to the latest JLL study released today. The beginning of 2015 also marked the emergence of the new state as the potential investment destination among investors and occupiers. Compared to this, the city received INR 18 bn from 2008 to 2014. The study said, focus on infrastructure, strong economic growth, development of world-class office and residential assets and progressive state-level reforms introduced in recent years have positively impacted the investors’ and occupiers’ preference for the city. As per the research, the office segment attracted ~70% of investments. “The formation of the Telangana state has added to the growth potential...

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...

Consecutive rate cuts to translate into residential sector growth

by Ramesh Nair In line with the general market sentiment, the cumulative 110 bps rate cut in the last four policy reviews favors the Indian economy. The rate cut of 35 bps delivered by the RBI is likely to bring in a balance between growth and inflation. Riding along the same track, the real estate sector too will gain momentum owing to favorable policy reforms. However, the growth shall also depend on whether there is a proportional transmission of rate cuts to the end consumer. The rate cut has a direct bearing on the real estate sector considering that residential sales rely to a large extent on the availability of credit in the form of home loans and buyer sentiment. The improved market sentiments due to the tax deduction schemes, modified tenancy laws, focus on the implementation of P...

Huge investments enabling co-working spaces to scale up and innovate

– by Ramesh Nair Over the last few years, co-working spaces have gained popularity with start-ups, small and medium enterprises (SMEs)and large corporates. Unlike traditional business centers, co-working offices offer unique amenities such as a gymnasium, spa, a food court, gaming zones, sleeping pods, crèche services, etc. These attributes have helped popularize co-working spaces among employees, entrepreneurs and corporates alike. An analysis of leasing trends in the top seven cities in India in the report by JLL and FICCI ‘Co-Working: Reshaping Indian Workplaces’ clearly reflects the rising proportion of mainstream corporates and established entities from different sectors in the total co-working space leased. Space taken up by the co-working segment has doubled to 3.9 mn sq. ft. ...

JLL Study: Upgrading Assets, a Key to Changing Tenant Preferences – RealtyMyths

-Of the total existing office and retail stock in India, Mumbai and Delhi-NCR have ~24% and ~29% stock respectively, that is a decade old -More than 30 mn sq ft of new office supply gets added every year in top seven cities in India -With changing preferences and expectations of employees, the ageing, existing stock stands at a risk of becoming obsolete driving vacancies higher and rentals lower As decades-old office buildings age, tenants are showing an increasing preference for shifting to new-age office buildings coming up in newly developed business districts, says JLL’s latest whitepaper, Futureproofing Assets in an Evolving Market: Investors’ Perspective, released today. According to the whitepaper, a healthy rate of Grade-A office stock is being created every year in the country. At...

Govt seeks help to improve voting | Weekly News Roundup – RealtyMyths

Hi guys! Welcome back to the weekly news roundup! Let’s get started Supreme Court dismissed a petition challenging the construction of a memorial for former Tamil Nadu chief minister Jayalalithaa at Chennai’s Marina beach, on April 22, 2019. The Delhi High Court seeks the National Highways Authority of India’s (NHAI’s) response on a plea to ensure basic amenities, like toilets, petrol pumps, ambulance and emergency facilities, on the Eastern and Western Peripheral Expressways. The Environment Ministry has issued a show-cause notice to the firm operating the Okhla waste-to-energy plant in south-east Delhi, for violation of rules. The notice asked the company to respond within 15 days The Maharashtra government seeks the help of the office-bearers of housing societies, to spread voter awaren...

International Brand Equity Announces The Best Real Estate Brands List 2018 India

International Brand Equity announces the best real estate brands list 2018 India across major cities in India to analyse the most successful real estate brands. The Best Indian Real Estate Brands List 2018 Year Book will be launched on 30th Nov 2018 during the inaugural ceremony of the IBE “The Best Real Estate Brands Awards 2018 Asia”, to be held at Goa. The real estate sector is a critical driver of India’s economic growth. The sector has been sailing in turbulent waters over the past few years with a lot of challenges. To analyse how various challenges are tackled by the individual companies, International Brand Equity announces the top real estate brands for residential, commercial and others real estate players in major cities like Mumbai, Delhi NCR, Bangalore, Chennai, Pune, Hy...

Top 5 Common Myths of GST in Real Estate Debunked

By Ramesh Nair,CEO  & Country Head,JLL India The Goods and Services Tax (GST)—India’s biggest tax reform post-independence—was implemented on 1 July 2017. This new tax regime seeks to transform the Indian economy with its ‘One Nation, One Market, One Tax’ principle by subsuming a host of indirect taxes charged at varied rates by the Centre and states, therefore bringing uniformity in taxation across the country. Though its primary objective was to simplify the complex tax structure on the supply of goods and services, the reform created quite a stir due to its complex nature, due to which many myths about GST started making the rounds. Let us Debunk some of these myths. MYTH: GST has equal impact on all residential properties  FACT: The impact of GST on property is mainly dependent on ...

Over 13 mn people will operate out of co-working spaces by 2020: JLL India

JLL estimates that over 13 million people will work out of co-working spaces by 2020. In a recently released research report ‘Spotting the opportunities: flexible space in Asia Pacific’, the company says that demand for flexible offices – including coworking spaces and serviced offices – is growing faster in Asia Pacific than anywhere else in the world. In India, the growth of flexible office space is expected to grow at 40 – 50% in 2018. The region’s stock of flexible floor space is growing at 35.7 percent per year compared to 25.7 percent in the US and 21.6 percent in Europe. The potential market size of co-working across India is expected to be 13.5 million users by 2020 about half of which will be from enterprises, which are expected to take up 10.3 mn seats. Freelancers and Smal...

Retail brands look at positive growth in India says JLL India

JLL notes that retail mall absorption recorded a positive trend in Q1 2018 (January – March).  Total absorption across top 7 cities of India was recorded at 352,000 square feet (sq. ft.) recording a rise of 69% over the same time last year. The supply side of the market recorded an addition of only 160,000 sq. ft. of fresh mall supply by adding just 2 new shopping malls in Delhi – NCR.   City Supply (‘000 sft) % Change in Supply (y-o-y) Absorption (‘000 sft) % Change in Absorption (y-o-y) Q1 2017 Q1 2018 Q1 2017 Q1 2018 Mumbai 0 0 NA -18* 2 NA% Delhi 1200 160 -87% 505 292 -42% Bangalore 0 0 NA /0! 2 0 -100% Chennai 0 0 NA! 0 17 NA Hyderabad 0 0 NA 24 31 29% Kolkata 0 0 NA 53 0 -100% Pune 0 0 NA 0! -358* 10 NA TOTAL 1200 160 -87% 208 352 69% Source: JLL Research Of the tota...

RERA may need another 12- 18 months to be fully implemented

Ramesh Nair – CEO and Country Head, JLL India While the implementation of RERA has been below target, it has indeed seen positive steps forward. The achievements of the past year should be seen in the light of the fact that previously, there were no regulations for the sector. RERA brought about a paradigm shift in the real estate landscape of the country. We all hoped that it would be enforced within time limit set by the government, but it would have been an uphill task to enforce it in a short window of a few months. However, the commitment from the various state authorities look promising. We believe that RERA will come to force across the country soon. Predictably in the next 12- 18 months, all the States and Union Territories should be able to establish respective permanent regulator...

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