MORE SECTORES ON THE CARDS

India's largest real estate developer DLF, which rolled out its plans of luxury mall, Emporia, almost two-and-a-half year's back, is bullish about the luxury retail market in India. "Luxury brands have good potential in India. The product has to be one that offers a mix reflective of class, economic status and ambience. We will be looking at metros and super metros in the near future to build more such luxury one-stop destinations with the best names in the market," asserts Rajeev Talwar, group executive director, DLF. UB Group's luxury mall, The Collection, located in UB city in Bangalore, is scheduled to start operations this year. It will house brands such as Louis Vuitton, Salvatore Ferragamo, Canali, Rolex, Omega, Dunhill, Mont Blanc, Zegna, Gucci and Kimaya.

Courtesy: ET  March 7, 2008

NOIDA, the largest industrial town in Asia, has apartments and duplexes to cater to the locals and the housing demands of booth the locals and the NRIs, says Rai Umaraopati Ray.

   New Okhla Industrial Development Authority, or NOIDA, was development in the 1970s a a modern industrial city under the UP Industrial Area Development Act, 1976 Three decades old, the region today boasts of a complete makeover and looks nothing like the outcaste, infrastructurallyweak city it once was. Industrially, NOIDA was, since conception, an advanced town, but what has left the country dazed is the frenzied pace at which development in its residential and entertainment sector has taken place, providing further impetus to its industrial growth.

“I have been living in london for last 30 years and it was sometime in early 1980 that I purchased a piece of land in NOIDA for some Rs 2 lakh. That piece of land, which was bought merely as an investment option, today stands at Rs 3 crore and is perhaps the  simply unbelievable and I am sure there must be many like me who are now reaping the benefits of once investing in this barren land,” says Vinod Shukla, an NRI who is planning to settle in NOIDA.

 It was perhaps the industrial development in NOIDA that led many people to buy houses there and tapping upon this burgeoning demand, the builders turned sand into gold. In fac t, owing to extensive property development, NOIDA, the largest industrial town in Asia, has apartments and duplexes to cater to the housing demands of both the locals and the NRIs. Many corporates are setting base in the region and the manpower working in these have made NOIDA their abode. Numberous MNCs and industries are attracting the youth from all over, resulting in sky-rocketing rates of rented accommodation. Owing to the influx of many working professionals, in NOIDA, the demand for flats and apartments has encouraged home builders to construct plush residential colonies and carry out swanky real estate development in NOIDA.

Alok Sinha, who has been a part of the NOIDA realty development for almost a decade now, is puite proud of the develoment this region has witnessed in the last few years. “Noida was a barren land with just a few industries to its credit, but today, people from Delhi and other NCR town come here to look for some posh entertainment option. The infrastructure has improved, the roads are broad and maintained, the water supply is getting better and a lot of institution and industries have come up. The NOIDA of the yesteryears is history,” says this real-estate veteran.

   NOIDA today is an important constituent of the national Capital Region as it boasts of some of the most magnificent malls, architecturally brilliant buildings and lavish flats and apartments with amenities like swimming pools, club house, gymnasiums etc. In fact, projects like Radisson Hotel, along with other hotels in NOIDA, the Waves Cinema, prestigious schools, universities like Amity, and malls which can put international shopping places to shame, are numerous feathers sitting proudly in Noida’s cap.

IT-ITeS continued to be the demand driver for Office space in Chennai. It was followed by telecom and BFSI (banking and financial services industry) sectors. Approximately 10 million sq ft supply entered the market in 2007. About 75 per cent of this supply came from IT Parks and 21 per cent from IT SEZs. The highest influx of approximately 9 million sq ft came from suburban and peripheral regions such as Guindy, Manapakkam and Sholinganllur.

The largest absorption of approximately 4 million sq ft took place in the suburban regions due to better infrastructure compared to peripheral regions. STPI units witnessed higher vacancy rates due to the uncertainty regarding the extension of tax benefits.

The total absorption for Chennai was estimated at 6.5 million sq ft. Demand for Grade-A space was recorded at approximately 8.7 million sq ft. Of this pre-lease commitments were about 2.3 million sq ft.

Bangalore witnessed the highest absorption in 2007 of 8.7 million sq ft. The total supply here during 2007 was 9 million sq ft. The peripheral regions accounted for over 75 per cent of total supply.

Of the total demand 13.25 sq ft million, demand for 8.8 million sq ft or nearly 30 per cent came from the peripheral locations. Whitefield continued to be the micro market with the maximum demand of 2.47 million sq ft followed by Outer Ring Road (1.66 million sq ft). C.V. Raman Nagar and Old Madras Road micro markets accounted for a total demand of 1.4 million sq.ft.

IT/ITeS segment remained the key driver of demand in the peripheral and suburban locations.