MUMBAI, June 27, 2014: International property consultancy JLL India released the research report ‘Rowing The New Wave: Game-Changing Rules For Indian Real Estate’ at the CII Real Estate Conclave 2014 held at the Taj Mahal Palace Hotel in Mumbai today.
The report anticipates the changing trends at this juncture of political transformation in India, and provides fresh insights on the real estate scenario in India today:
– Game Changers: Real Estate policies such as Real Estate (Regulation and Development) Bill, 2013 and Goods and Services Tax.
– Introduction of REITs: The opportunity potential for the real estate industry in a mature, adequately funded and more transparent market.
– The IT/ITES Sector: FY 2013–2014 to be relatively more positive.
– Office Supply: About 34.3 million sq. ft. of office space will be supplied in 2014.
– Office Absorption: Expected to be about 27.8 million sq. ft. in 2014 – a 4% increase over last year.
– Retail Real Estate: 6 million sq. ft. of mall space to be supplied in India in 2014.
– Residential Real Estate: Residential absorption rate to pick up to 15% in 2014, though the sector continues to struggle with piling inventory and slow absorption rate in most cities.
Conclave Chairman Anuj Puri, Chairman & Country Head, JLL India said, “Fittingly, this year’s CII Real Estate Conclave took place at a time of visibly improved investor sentiments in the real estate market; even global investors are now once again enthusiastically eyeing the Indian market for the immense opportunities it offers. With the very real possibility of a huge increase in foreign investment inflows, it is certainly time for the real estate industry to get out maintenance mode and once again explore the field of opportunistic growth. This report provides a graphic view of the sector’s current and future opportunities, and the issues that need to be addressed to provide the needed impetus.”
The CII Real Estate Conclave, held in partnership with JLL India, is the biggest and most power-packed event of the industry. This year’s Conclave, themed ‘Voice of Change – 2014 : Building Growth Consensus for Real Estate in India’, once again provided a platform to the foremost stakeholders of the Indian real estate industry to discuss, debate and share their vision for the sector’s collective and progressive growth.
Commenting on some of the foremost concerns of industry, Puri says, “With regards to the upcoming budget and forthcoming policy decisions, there are fairly large issues on which questions are being asked by all segments of Indian industry. Real estate is no exception, and there are distinct areas of concern for this sector. These include whether or not FDI will be allowed to any extent in multi-brand retail and factors relating to the overall FDI policy, such as the term over which foreign funds would have to stay invested in the country before exiting. Whatever changes await, we must be ready for them and plan accordingly. As always, the CII Real Estate Conclave presented us with a tailor-made platform to do this, and to chart the forward course.”
Click here to download the report Rowing The New Wave: Game-Changing Rules For Indian Real Estate