google.com

Translate

Search This Blog

Loading...

Follow by Email

Loading...

Friday, December 18, 2015

Delhi’s CP 6th most expensive office market

Delhi’s CP 6th most expensive office market

At about US$151 per sq. ft. per annum, Delhi’s Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey. This is drop of one place from the last report rankings. The latest survey provides data on office rents and occupancy costs as of September 30, 2015. Mumbai’s alternative business district of Bandra–Kurla Complex (BKC) was at the 18th position, and the city’s CBD of Nariman Point was at the 32nd position on the Top 50 rankings for global prime office properties.
Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt. Ltd., said, “Overall the prime office market in India has been positive during the past few quarters on the back of an improving economic climate. Connaught Place in New Delhi witnessed steady demand from leading corporate real estate occupiers in investment grade buildings, mainly due to its central location.”
London’s West End topped the ‘most expensive’ list, with overall prime occupancy costs of US$273 per sq. ft. per year. Hong Kong (Central) followed, with prime occupancy costs of US$269 per sq. ft. per year Beijing (Finance Street) at US$191 per sq. ft. per year, Beijing (CBD) at US$183 per sq. ft. per year, and Hong Kong (West Kowloon) at US$162 per sq. ft. per year, rounded out the top five. In total, Asia Pacific was home to seven of the top ten most expensive markets globally.
Prime occupancy costs—which reflect rent, plus local taxes and service charges—increased at a 2.4% annual pace globally, as the world economy continued to gradually improve and the service sector, a key bellwether for prime office space, entered its fourth year of expansion, driving healthy demand for space in top-quality properties.
Prime occupancy costs in Asia Pacific increased by 1.9% year-over-year—from 1.4% in Q1 2015—compared to 3.1% growth in the Americas and 2.2% growth in EMEA.           
Top 10 Most Expensive Office Markets
(In US$ per sq. ft. per annum as of Q3 2015)
Rank
Market
Occ. Cost
1
London - Central (West End), United Kingdom
272.56
2
Hong Kong (Central), Hong Kong
269.31
3
Beijing (Finance Street), China
190.99
4
Beijing (CBD), China
182.92
5
Hong Kong (West Kowloon), Hong Kong
162.04
6
New Delhi (Connaught Place - CBD), India
151.27
7
Tokyo (Marunouchi Otemachi), Japan
149.04
8
London - Central (City), United Kingdom
148.63
9
Shanghai (Pudong), China
134.86
10
New York (Midtown Manhattan), U.S.
127.00
Source: CBRE Research, Q3 2015
“The global services sector has grown steadily for four years now, which helps to explain the general uplift in office rents and costs we are seeing worldwide,” said Dr Richard Barkham, Global Chief Economist, CBRE. “Despite the fact that some markets have been hit by the China oil and commodities slowdowns, we expect that most advanced economies will keep growing in 2016 and 2017, which combined with limited availability and relatively muted development levels, will result in moderate 2-3% cost increases.”
Dr. Henry Chin, Head of Research, CBRE Asia Pacific, comments, “The TMT sector continues to drive office leasing demand in Asia Pacific, with healthy appetite for prime quality space in search for talents across the region. Domestic financial services companies will also remain the main drivers of leasing activity, although demand will likely moderate after several years of strong growth. Cost saving remains at the top of the occupier agenda with renewals being one of the main themes.”
CBRE tracks occupancy costs for prime office space in 126 markets around the globe. Of the top 50 ’most expensive’ markets, Asia Pacific had the most number of markets featured, with 20 markets ranked.
“China, where the service sector is still expanding, looked relatively stable, with little change in prime costs in most Chinese markets. One of the goals of China’s current economic policy is to expand the service sector—and there is evidence that this is already happening—a secular trend that should support office demand over the long term,” adds Dr Chin.
Hong Kong (Central) remained the only market in the world—other than London’s West End—with a prime occupancy cost exceeding US$200 per sq. ft. per annum However, there is some evidence that overseas financial services companies are resistant to continued high costs and may be seeking alternatives to a Hong Kong location.

34% of total under-construction space worth Rs 165,064 crore delayed by over 12 months: Liases Foras

34% of total under-construction space worth Rs 165,064 crore delayed by over 12 months: Liases Foras

Project delays, says the report, are the Achilles heel of Indian real estate and are one of the key reasons for high property prices in many parts of the countryRavi Teja Sharma  |  ET Bureau  |  17 December 2015, 3:05 PM IST
NEW DELHI: Of the total residential space under construction across 25 citiesaround 3.2 billion sq ftaround 1.1 billion sq ft or 34% of total is delayed by over 12 months. This delayed space is valued at around Rs 165,064 crore, which is around 1.32% of GDP, according to a report by independent property research firm Liases Foras.

For this calculation, the research firm has pegged the average cost of construction at around Rs 1,500 per sq ft.

Project delays, says the report, are the Achilles heel of Indian real estate and are one of the key reasons for high property prices in many parts of the country.

According to report, the new real estate regulatory bill, once it is cleared by the Parliament, is likely to improve transparency and accountability which will eventually improve efficiency leasing to reduction in delays.

But since the new bill does not tackle the sanctioning process for real estate projects and does not bring into its ambit government authorities that provide approvals for projects, the problem of the real estate sector is only half solved, says Pankaj Kapoor, managing director of Liases Foras.

"While the bill protects consumer interest, faster approvals are also crucial for developers to prevent delays. Against this backdrop, regulatory authorities aim to promote single window system of clearances for real estate projects, wherein the projects and promoters both can be graded along with digitization of land records. However, the bill has a long way to go as far as faster sanctioning process is concerned. Thus, the problem is only Half-Solved," the report says.

On the positive side, compulsory disclosures and registration that are part of the bill will ensure transparency, while taking responsibility in case of any unwarranted deviations in the process will ensures accountability.

"Together these elements generate efficiency by discarding any kind of deception in prices. Firstly, it may usher sales on carpet area, which is a practice followed in the developed countries including

Singapore and UK. Secondly, the escrow account will help in curbing diversion and misuse of funds, ruling out speculative practices," the report says.

The report points out that an important element of the bill is the redressal mechanism, addressed through adjudicating officers and Appellate Tribunal.

"Discontented buyers can now approach 644 consumer courts at the district level instead of only the Regulatory Authorities proposed to be established mostly in capital cities. This makes it convenient for buyers and reduces the costs of litigation. Also, the bill marks a provision for imprisonment of builders and real estate agents in case of violation of rules," it says.

The bill will have a positive impact on the Indian economy as it would provide confidence to foreign investors.

"Indian economy has opened up to the world about two decades ago, and we do want foreign funds to roll in. Thus, it becomes imperative that a global standard is maintained and transactions are monitored by a regulator. Moreover, project delays are the Achilles heel of Indian real estate and one of the key reasons for sky high prices. As far as responsibility for delay is concerned, it lies both with the developer and the Government authorities. Thus, if we look at the larger picture, the delays in execution also have a negative bearing on India's GDP," Kapoor said in the report.

Delhi's Khan Market most expensive retail spot in India: Report

Delhi's Khan Market most expensive retail spot in India: Report

With Rs.1,250 ($19) per sq ft rental, Khan Market is followed by Connaught Place in the city centre at Rs.850 per sq ft and DLF Galleria at Gurgaon in Haryana and South Extension in south Delhi at Rs.750 per sq ftIANS  |  17 December 2015, 5:25 PM IST
NEW DELHI: Khan Market in New Delhi is the most expensive retail location in India and the 24th worldwide, a report by global real estate services firm Cushman & Wakefield said on Thursday.

"Khan Market is the most expensive market in India since five years, as demand for retail space has remained steady owing to its upscale location and current occupier profile," the report noted, ranking the posh shopping place at the top.

With Rs.1,250 ($19) per sq ft rental, Khan Market is followed by Connaught Place in the city centre at Rs.850 per sq ft and DLF Galleria at Gurgaon in Haryana and South Extension in south Delhi at Rs.750 per sq ft.

"Moving two positions up to 24th worldwide and 10th in the Asia Pacific region, Khan Market is centrally located in the national capital, flanked by high-end residential catchment area, with many global and national brands' stores in its vicinity," the report on 'Main streets across the world' pointed out.

Globally, New York's Upper 5th Avenue retained top spot with rental at a whopping $3,500 per sq ft, followed by Hong Kong's Causeway Bay at $2,399, Avenue de Champs Elysees in Paris at $1,372 and Bond Street in London at $1,321.

"In India, New Delhi and NCR (national capital region) accounted for top four most expensive locations in the country due to steady growth in retail activities year-on-year (YoY), entry of new brands and expansion of existing brands," the report found.

Interestingly, DLF Galleria witnessed 15 percent YoY hike in rentals owing to better tenant mix and better quality of retail space and high footfalls due to location and amenities.

In contrast, retail locations in the country's commercial capital Mumbai such as Colaba Causeway in southern suburb (ranked sixth) saw 14 percent YoY rental decline, while it remained flat on Linking Road (ranked fifth) in western suburb.

"Poor infrastructure and lack of amenities for shoppers have led to these locations fall out of preference, while Lower Parel and Kurla are preferred for their quality space and growing catchment areas," the report said.

Vashi and Chembur in the western city's northwest and northeast suburbs have, however, seen 14.8 percent and 9.4 percent rise in rental values YoY, as population with disposable income grew proportionately.

Kolkata' Park Street and Camac Street ranked among top 10 in the Indian retail market despite recording no change in rental values on account of robust retailer interest and a regular inflow of brands to their location.

"The Indian retail industry has progressed to a certain level of maturity, where it has rationalised to ensure healthy growth on the basis of market dynamics," C&W India managing director Sanjay Dutt said on the findings in the report.

Cautious growth by retailers and quality real estate have readied the sector for a new phase of growth.

"Investment in retail space is expected to change and improve supply and effective management leading to better performance of shopping centre," Dutt added.

With presence in about 60 countries the world over and 15,000 employees, the 98-year-old US-based C&W deals in real estate process from strategy to execution.

Mumbai likely to get second Metro by 2019

Mumbai likely to get second Metro by 2019

The Andheri (E)-Dahisar (E) corridor, labelled as Metro VII, is expected to decongest the Western Express Highway significantly. Tenders for Phase I of Metro II (Dahisar to D N Nagar), to be executed by Delhi Metro Rail Corporation are also expected to be floated soonManthank Mehta  |  17 December 2015, 6:30 PM ISTMUMBAI: The city's second Metro may be ready as early as 2019 as the Mumbai Metropolitan Region Development Authority (MMRDA) has invited tenders for the 16.5km-long corridor that will connect Andheri to Dahisar via the Western Express Highway.
The Andheri (E)-Dahisar (E) corridor, labelled as Metro VII, is expected to decongest the Western Express Highway significantly. Tenders for Phase I of Metro II (Dahisar to D N Nagar), to be executed by Delhi Metro Rail Corporation are also expected to be floated soon.
"The tender documents will be available from December 21 We plan to execute the work in three packages to ensure timely completion of work. The three winning bidders will design and construct the entire corridor and 16 stations in 30 months," said an MMRDA spokesperson.
The first package comprises designing and constructing an elevated viaduct and five elevated stationsAndheri (E), Shankarwadi, JVLR Junction, Mahanand and new Ashok Nagar. The second package consists of designing and constructing an elevated viaduct and six elevated stationsAarey, Dindoshi, Pathan Wadi, Pushpa Park, Bandongri and Mahindra & Mahindra. And, the third package consists of designing and constructing an elevated viaduct and five elevated stationsMagathane, Devipada, National Park, Ovaripada and Dahisar (E).

Both, Phase I of Metro II and Metro VII are north-south corridors, unlike Metro I, which criss-crossed over railway tracks and the Western Express Highway. "There were delays in getting the design approved from railway safety authority above the tracks for Metro I, which had added to the problem. Fortunately, we will not have to deal with this issue in these two projects," said the MMRDA spokesperson.

Mere title transfer in immovable prop exempt from Service Tax

Mere title transfer in immovable prop exempt from Service Tax

In cases of sale of flats, transfer of title after the issuance of occupancy certificate will not attract service tax, the Finance Ministry said.

NEW DELHI: In cases of sale of flats, transfer of title after the issuance of occupancy certificate will not attract service tax, the Finance Ministry said today. 


The Central Board of Excise and Customs (CBEC) issued the clarification in relation cases to pertaining to areas under the jurisdiction of Municipal Corporation of Greater Mumbai -- Brihanmumbai Municipal Corporation (BMC). 


"...it has been conveyed to the Service Tax Authorities in Mumbai (on October 23, 2015) that sale of flats/dwellings etc, where the entire consideration is received after issue of occupancy certificate by BMC, leading to a mere transfer of title in immovable property, falls outside the definition of 'Service'" under the Finance Act, 1994, and is "therefore, not taxable," the CBEC said. 


The Board in the Finance Ministry said the clarification was issued to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc after issue of occupancy certificate but before issue of completion certificate in areas under BMC. 


Service Tax is levied at 14 per cent but housing projects attract abatement of 75 per cent, meaning it is levied on the 25 per cent of the cost.


Government to relax compliance norms for payments to NRIs

Government to relax compliance norms for payments to NRIs
17 Dec, 2015, 2249 hrs IST, PTI
The Revenue Department today said reporting and certification requirements in case of payments made to non-residents will be relaxed from April 1, 2016.
NEW DELHI: The Revenue Department today said reporting and certification requirements in case of payments made to non-residents will be relaxed from April 1, 2016.
The Finance Ministry said amendment in the Income Tax Rules have been made to "strike a balance between reducing the burden of compliance and collection of information" in case of payments made by domestic entities to non-residents.
As per the amended rules, a Chartered Accountant certificate will be required to be furnished "only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs 5 lakh".
Also, the requirement of furnishing two types of Forms (15CA and 15CB) by an individual for remittance which do not require RBI approval has been done away with.
Further, the list of payments of specified nature which do not require submission of the those two Forms has been expanded from 28 to 33 including payments for imports.
The Income Tax Act empowers the Central Board of Direct Taxes (CBDT) to capture information in respect of payments made to non-residents, whether chargeable to tax or not.

Thursday, October 29, 2015

oberoi Realty is Back With SKY LIGHT Project at Borivali East

Jai Shree Shyam

Most Awaited Launch of Oberoi Realty Borivali (East) Announced

"SUPER LUXURY HOMES WITH AFFORDABLE PRICING"

PROJECT NAME - SKY LIGHT 
10  HIGH RISE TOWERS

3 TOWERS BOOKING STARTED 
60 STOREY TOWERS

Oberoi First time selling Total 60 floors at Base Price/ Pricing  Inclusive of 2 car parks / Floor Rise just Rs 90 Not 1 % Percent like other oberoi projects

3 Bhk & 4 bhk Apartments

3 bhk Luxury Carpet Area 1034 sq ft to 1115 sq ft @ Rs 22500 psf on carpet + Rs 150

4 bhk Grande Carpet Area 1279 sq ft to 1366 sq ft (Premium View) @ Rs 23500 psf +  Rs 150

Booking starts from 30th Oct at 9.30 am 
Booking Amount 10% 
10 % Within 30 Days 
10 % on foundation or by 30th Jan 2016 which ever is later

Kindly Share with family and friends and in your Groups for attractive gifts and Cash Bonus

Attractive Discounts on offer

Regards


Abhishek kyal 
9930825218