There is hardly any part in Delhi which may not have a Mall. Mall culture is increasing fastly in the Delhi's Adjoing Ghaziabad. According to an estimate more that 24 malls would have been opened in Ghaziabad during next two years. At present eight Malls in Indirapuram and seven each in Vaishali and Kaushambi are under construction. As per the study of ASSOCHAM 100 new malls shall be operative in India during 2008. According to another study, during the last year malls had spread over 4 lakh sq.ft land throughout India with the pace this culture is approaching to two and three tier cities, two lakh sq.ft. Of land would have been added to this figure by end of this year.
According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.
Thursday, January 24, 2008
Wednesday, January 23, 2008
TWIST IN THE TALE
As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.
MORE SECTORES ON THE CARDS
The master plan 2021,approved by the Haryana government, earlier this year earmarked 58 residential sector that are to be developed by 2021 to cater to the projected 37 lakh population in Gurgaon and Manesar. A total area of 14,930 hectares has been earmarked for this. It would increase the total number of sectors in Gurgaon from the existing 57 to 115. HUDA and private developers like Ansal ,Unitech,DLF,Vatika, Uppal’s, Rahejas and other together have developed dwelling units in 8000 hectares of land for inhabitation in Sector 57.Developers have now acquired big chunks of land in residential zones earmarked in the new Master Plan 2021 and have applied for licenses for developing dwelling units in these areas.
Monday, January 21, 2008
RESIDENTIAL SURGE
As per reports, about 60 per cent of the applications are for residential project. Thus, the supply of housing units is slated to go up in the near future in the part of the National Capital Region, where the market is in its correction mode at present. Says Narinder Sahni of Sahni Properties in Gurgaon.” The supply of housing units will no doubt increase in the next 12 to 24 months in Gurgaon belt as several developers are coming up with residential projects. However, this would create an ideal situation for budget buyers, as prices are bound to decline due to excessive competition. The middle class look for what to owing their dream homes-effect that was ignored by developers up till now.”
HOUSING FOR ALL
A number of residential project by private developers are expected to come Up in the new financial year.With the demand for good housing in Gurgaon maintaining its graph, the coming year will witness a horde of residential project coming up in the area, which may create a condition of over-supply.Apart from the numerous projects, which are under construction in the city, Haryana’s town and country planning department recently received more than 400 applications for the approval of licenses from private sector developers. The licenses are for developing apartments, and group housing societies as per the provisions in the Gurgan-Manesar master plan 2021.
Tuesday, January 15, 2008
DLF and Hilton plan first branded residential hotel in Goa
Residential hotels are all set to debut in India. Such hotels combine the flexibility of a vacation home with the service of a hotel. Real estate developer, DLF will soon come up with India’s first branded residential hotel with the Hilton Group in Goa. The 200-room hotel with 80 villas that will be sold out as vacation homes on lease-back basis will be operational in three years. DLF plans to have six hotels on similar format in five years.
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
`India has upgraded from mediumrung houses to premium apartments. But in the hotel industry that kind of shift is yet to happen,” says Siddharth Thaker, associate director, HVS International, a hotel consultancy. With residential hotels that shift in the hotel industry will finally happen. Such hotels provide buyers an opportunity to invest in a property on sale and-lease-back basis.
DLF is in talks with various other international brands such as Four Seasons and The Aman Group for these hotels targeting leisure destinations such as Kerala, Andaman, Sikkim and Himachal Pradesh. “We are well on track with the Hilton Group on our proposed projects. Goa residential hotel is the first to come up. We are likely to spend around $2 billion on our hotel projects based on residential hotel format,” Rajeev Talwar, DLF group executive director, told ET. According to a hotelier who runs a property in Goa, cost of constructing a hotel room in Goa is around Rs 20 lakh while that of a villa Rs 50-60 lakh.
Globally, residential hotel is a popular format. “We are studying the Indian market to evolve the best pricing methodology for such hotels,” said an official associated with the project.
The Indian hospitality industry is registering a 20% YoY growth. “With more funds being pumped in the hotel industry, premium hotel formats that are globally popular such as Residential Hotels, Condo Hotels, Vacation Ownership and Private Residents Club will mark their entry in the country,” adds Mr Thaker. In Thailand, Indonesia Malaysia and some other markets all three formats have strong presence.
For the residential hotels, the group is targeting aspirational class and also NRIs who can’t invest in a holiday home due to skyrocketing real estate prices in prime locations. “The market for lifestyle products in India is growing. Though we will have to educate people telling them the difference between time share holidays, the format which already exists in the country, and residential hotels,” added the official associated with the project. Besides the residential hotels project, DLF also has a joint venture with the Hilton Group to develop around 75 hotels over the next seven years. DLF holds 74% in the JV while Hilton holds the balance.
Room Service
Hotel and restaurant (H&R) industry logged Rs 60,432 crore revenue during FY07, a growth of 21.27% over the previous year
This was primarily driven by foreign tourist arrivals, which rose 14.17%
At present, there are some 1,900 hotels approved and classified by the tourism ministry, with a total capacity of about 1.1 lakh hotel rooms
The hospitality industry is poised to grow at a faster rate and reach Rs 82,676 crore by 2010
It is estimated that over the next two years 70,000-80,000 rooms will be added across different categories.
Courtesy: ET, dtd:-12th Jan.2008
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