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As real estate looks for a revival, some good news came from Mumbai. Direct discounts of around 10 per cent and lowered interest rates attracted consumers to Mumbai property market. 
 
As per a report by JLL India, reduction in apartment sizes and falling interest rates pushed cumulative residential property sales in the last four quarters by 28 per cent compared with the corresponding period. 
 
"This is a congruence of factors -interest rates are dropping, developers are willing to offer discounts and freebies such as subvention schemes, sizes of apartments dropping making it more affordable, buyers believing that markets have bottomed out and an overall marginal improvement in consumer confidence," said Ramesh Nair, COO, JLL India. 
 
But this trend is not seen everywhere as domestic sentiment is not that cheerful. 
 
Local property brokers in Mumbai also look less convinced as markets continued to be sluggish. 
 
Meanwhile, JLL India report stated that developers in Mumbai managed to sell 16,990 units under new launches or in primary market in the last four quarters ending September 30 as against 13,290 apartments in the previous four quarters. 
 
Also, experts are of the view that housing prices will not go up over the next two-three years as builders continue to focus on clearing their inventory. 
 
JLL India stated that having realised that a price correction of sorts has already happened -given that the capital values have not gone up in the last two-three years despite an annual inflation of 5-8 per cent -fence sitters have started taking calls on purchases. 
 
(Image: Reuters)

Real estate in Mumbai shows positive signs, but it is too early to cheer

<keyword id="1390483" type="General" weightage="50" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, <keyword id="6354553" type="General" weightage="80" keywordseo="real-estate" source="Orion">real estate</keyword> consultant Anarock said average housing prices across the seven cities grew 11% annually in the July-September period this year. Hyderabad saw the highest rise of 18%. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51% of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6% to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46% to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63% to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41% to 16,375 units from 11,650 units. In Chennai, housing sales rose 42% to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7% to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

The world’s cheapest city to live and work in is in India and it’s our very own financial capital of the country, <keyword id="6358070" type="COMPANY" weightage="100" keywordseo="Mumbai">Mumbai</keyword>. London, Hong Kong and New York are the world's most expensive cities for companies to accommodate employees, with costs in London going through the roof, says <keyword id="674707" type="UNKNOWN" weightage="100" keywordseo="Savills">Savills</keyword> World Research. 

	The cheapest city in the index among 12 top metropolitan cities of the world is Mumbai, where it costs just $29,088 to accommodate an employee, up only 2.4% since 2008, while Shanghai comes in at $38,089, up 15.6%. 
 

	On comparison, the index which measures the combined cost of residential and office rental per person per year found that London's costs averaged $118,425 in the first half of 2015, an increase of 20.7% since the index was launched in 2008. This is marginally more expensive than Hong Kong where costs have risen just 0.4 per cent since 2008, and New York which has seen 28.4% growth. 
 

	San Francisco has been the biggest riser, with growth of 59.8% since 2008. 
 Yolande Barnes, director of Savills World Research told TNN "Our Live/Work report says that while London, Hong Kong and New York are the world's most expensive cities for accommodating employees, relatively speaking Mumbai's <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> costs are more expensive as they are five times the average <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword>, compared to London and New York where real estate is only twice and 1.5 times the GDP respectively." 

	"Mumbai is the only city we looked at as it is the only 'world city' in India which shares in the same fame, prominence, international reach and 'investability' as other global cities such as New York, Hong Kong and Sydney. The average cost of living and working in the city has risen over the past seven years, from US$ 28,394 per year in December 2008 to U$29,088 per year by June 2015, but in comparison to other global cities it has seen the smallest increase - only 2.4%". 
 

	"With India now likely to outperform China economically in the near future, we anticipate that there will be even more interest in Mumbai's real estate, leading to the average live/work cost continuing to increase and making Mumbai even less affordable if the GDP doesn't also increase at a rate that exceeds accommodation costs." 
 

	So what makes London so expensive and Mumbai so cheap? 
 

	Barnes said "Mumbai's live/work costs are low but it is actually the most expensive city to live and work in relative to productivity, with live/works costs a very high - five times per head GDP. This reflects the fact that most workers in the city do not live and work in the international-standard accommodation that Savills measures. London, meanwhile, has the highest live/work costs, but when this is compared to its GDP they are only twice the GDP, meaning that it is relatively cheaper to live and work in than Mumbai." 
 

	Sydney and Los Angeles offer the best value live/work rent combination at 70% and 80% of per head GDP respectively, followed by San Francisco. 
 

	The average cost per head across the 12 leading world cities in the Savills study is $74,945 per year, which is 1.4 times the average city GDP per head of population. 
 

	Three cities - Tokyo, Dubai and Singapore have all seen live/work costs fall between minus 8% and minus 16.6% over the period since 2008. 

	 
	 
	(Image credits: Indiatimes)

World's cheapest city is Mumbai: Report

The year 2017 seems to be a promising one for India. The New Year will bring in lot of lucrative investment deals in India, which will also be one of the best in the whole of Asia. 
 One of the best deals in 2017 in India will be <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword>. As per a survey, <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> and <keyword id="6358070" type="COMPANY" weightage="20" keywordseo="Mumbai">Mumbai</keyword> will be India’s top picks for real estate investment, and these cities will lead a table of 22 Asian markets. 
 
The survey, compiled by the Urban Land Institute with input from PricewaterhouseCoopers LLP, stated an uptick in business process outsourcing, or BPO, and IT firms that are driving demand for new office space. 
 
"There is little doubt that catering to the expansion requirements of the Indian BPO industry has delivered big profits to investors who arrived early on the scene. Today it remains a compelling story," stated the survey. 
 
<a href="https://www.bloomberg.com/news/articles/2016-11-21/indian-cities-are-the-asian-property-bargain-of-2017">Bloomberg</a> reported the two cities only ranked 12th and 13th last year and were close to the bottom as recently as 2014. 
 
Meanwhile, Tokyo, which was at Number 1 in 2016, fell to 12th spot for 2017, a reflection of growing discontent with the effect of Abenomics on a long-stagnant market. 
 
Bloomberg reported declining economic prospects are hurting short-term prospects for office rental growth, despite low vacancy rates, the survey found. Negative interest rates are also a factor, as they lead to a lack of willing sellers. 
 <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword> will also feature at 21st for next year. 
 
Still, India will have to face a tough competition from China, and outside Asia especially New York and London. 
 
Chinese buyers have been piling into bargain London property in the wake of Brexit, and scouring the globe for any available real-estate investment opportunity.

These are the top Indian cities that will offer best property bargains in 2017

<ul><li>The Narendra Modi government has unveiled a ₹25,000 crore (about $3.5 billion) rescue fund for housing projects that are stuck for cash.</li><li>Aggrieved home buyers waiting anxiously for their homes to be delivered will breathe a sigh of relief.</li><li>However, there are filters and thresholds in place to decide which builder can get this aid and which ones can't.</li></ul>The Narendra Modi government, along with State Bank of India (SBI) and Life Insurance Corporation (LIC), has unveiled a ₹25,000 crore (about $3.5 billion) rescue fund for housing projects that are stuck for cash. Aggrieved home buyers waiting anxiously for their homes to be delivered will breathe a sigh of relief. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. The financial support for builders will be structured as an alternative investment fund (AIF) to be managed by SBI Cap. Here's how the process will work: 1. Bankers and experts will evaluate the progress in the real estate project seeking support from the fund. 2. This fund will be available to all builders where the liquidation has not been ordered by the National Company Law Tribual (NCLT). Even defaulters, where the banks have termed the loans as non-performing asset (NPA), will be eligible to seek support. 3. However, the project must have a positive net worth. This will depend on the demand for the project and expected cash flow from home buyers. 4. Therefore, the government has set a threshold. Only projects that are 70% complete can avail this support. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. 5. There will also be pricing limit for eligible projects. For example, housing units which are priced under ₹2 crore in Mumbai Metropolitan Region, ₹1.5 crore in the National Capital Region, and ₹1 crore in other cities, will be eligible for this fund. 6. The fund provided to developers will be kept in an escrow account— the money cannot be used by the builder for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues. 7. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. 8. Projects like the one from Jaypee Group and Amrapali Group where the state-owned NBCC has been roped into complete the projects will not get money from this fund. 9. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-unveils-3-5-billion-rescue-fund-for-stuck-housing-projects/articleshow/71942030.cms" data-type="tilCustomLink" target="_blank">Indian government unveils $3.5 billion rescue fund for stuck housing projects</a>

Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects

Even though India’s <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> industry went through a deep slump post <a href="http://www.businessinsider.in/topic/demonetisation">demonetisation</a>, looks like the effects have started to wear off, at least in the top eight cities of the country. As per data from Liases Foras Real Estate Rating &amp; Research, a well-known housing and real estate data agency, primary residential sales across these cities rose 21% in the first quarter of 2017, selling about 61,214 units, up from 50,788 units in the previous quarter. Also read: <a href="http://www.businessinsider.in/India-is-set-to-witness-a-housing-boom-worth-1-3-trillion-and-it-would-CHANGE-the-economy-like-never-before/articleshow/58590215.cms">India is set to witness a housing boom worth $1.3 trillion, and it would CHANGE the economy like never before</a> The leading cities in this road to recovery were <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword>, Hyderabad and Ahmedabad, with respective growth rates of 47%, 43%, and 30%. However, the year-on-year growth was still 5% lower, primarily because of weak market in Chennai and <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword>, with sales falling 44% and 35%, respectively. Also read: <a href="http://www.businessinsider.in/RERA-is-a-game-changer-for-real-estate/articleshow/58629172.cms">RERA is a game changer for real estate</a> Talking of <a href="http://www.businessinsider.in/You-can-buy-a-home-in-Delhi-NCR-withinyour-budget-Heres-how/articleshow/57704483.cms">Delhi NCR</a>, the region contributed the most with sales of 14,983 units, after which <keyword id="6361772" type="ORGANIZATION" weightage="100" keywordseo="Mumbai-Metropolitan-Region">Mumbai Metropolitan Region</keyword> ranked second with 14,505 units, registering respective growth rates of 24.5% and 23.6%. "The impact of <keyword id="3315394" type="UNKNOWN" weightage="100" keywordseo="demonetisation">demonetisation</keyword> was transitory as it did result in subdued disbursement growth, particularly in the third quarter and part of the fourth quarter of the financial year under review. But by the end of the financial year, the individual disbursement growth trajectory began normalising," said <keyword id="6419588" type="PERSON" weightage="100" keywordseo="Keki-Mistry">Keki Mistry</keyword>, CEO of HDFC. Also read: <a href="http://www.businessinsider.in/Remonetisation-substantially-completed-will-expand-tax-base-Jaitley/articleshow/58576226.cms">Remonetisation substantially completed, will expand tax base: Jaitley</a> He added that even though the market has just bounced back to normal, this is be the best time to buy residential properties because of lower interest rates, declining property prices in some cities and government incentives.

India's top eight cities saw 21% surge in home sales in last quarter

Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!

The developers' body Confederation of <keyword id="414924" type="ORGANIZATION" weightage="20" keywordseo="Real-Estate-Developers-Association-of-India">Real Estate Developers Association of India</keyword> (CREDAI) and JLL India have done a study in Mumbai, which tells that ready-to-move yet unsold flats in the region comprise of 3.5% of total unsold property. The total value of the unsold inventory is over Rs 2,430 crore, suggests an Economic Times report. 
 The report quotes <keyword id="57321" type="PERSON" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword> as the most adversely affected part of Mumbai metropolitan. 
 
On the one hand, where the property extend went beyond thirty months, the other side stresses on the fact that most of the parts are not yet ready to occupy. The report also suggested that even after providing various discounts and offers, the project could not fetch ample buyers. 
 Navi Mumbai, for instance, has to sell 8.13% <keyword id="1010899" type="UNKNOWN" weightage="20" keywordseo="ready-to-occupy-flats">ready-to-occupy flats</keyword> of total unsold inventory. Mumbai and <keyword id="37647" type="CITY" weightage="20" keywordseo="Thane">Thane</keyword> however are ready to offer possessions with 1.10% and 1.33% respectively of the total inventory. Only 2,600 of the total unsold inventory of 77,460 residential units have been completed in Mumbai as well as Thane and Navi Mumbai. 
 
Of the total unsold inventory, 5,311 units are priced above Rs 5 crore, nearly 17,000 are priced between Rs 2 and Rs 5 crore. Over 35,700 units are priced between Rs 65 lakh and Rs 2 crore, while 19,500 units are priced below Rs 65 lakh. 
 "There is slow absorption due to buyers holding on to their purchase decisions with the expectation of a price correction in this weak market. It also goes on to show how buyers prefer to buy into completed projects. Also, the market has become largely end-user driven and investors no longer park funds in residential <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> as the high returns that it was once known for, have considerably diminished," told Ashutosh Limaye, national director, research, JLL India. 
 
Image: indiatimes

Delayed by 30 months and not ready yet! This is the status quo of ready-to-move residential units in Mumbai.

With the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> taking charge in Maharashtra and Haryana, the real estate industry is expecting revival of the realty market in these states. According to industry players, the revival in the markets will be driven by a rise in the investment inflow in real estate projects through public private partnership (PPP) model. 
	 “Mumbai and <keyword id="6361586" type="COMPANY" weightage="20" keywordseo="Gurgaon">Gurgaon</keyword> have the lion’s share of the pie when it comes to the Indian realty market, and both these cities have been witnessing tremendous growth in absorption of commercial spaces over the past couple of years. With the burgeoning growth in population and migration of people from smaller cities to these areas, there is huge requirement of residential spaces as well,” said Santhosh Kumar, CEO of operations and international director of Jones Lang LaSalle India. 
	 
	He further added that with BJP at the centre focusing on developing the infrastructure in the country, both Maharashtra and Haryana can expect the maximum infrastructural growth as the states will now be governed by BJP at the state level as well. 
	 “The ensuing boost to growth will not be limited to just <keyword id="6358070" type="COMPANY" weightage="20" keywordseo="Mumbai">Mumbai</keyword> and Gurgaon. Given the limited land available for development in the two cities and factoring in the BJP's strong focus on faster and more holistic growth, there is now added impetus for development in their peripheral areas on the charts, as well. Infrastructure such as highways and MRTS projects which will connect these areas to their parent cities will automatically boost their real estate markets,” noted Kumar. 
	 
	Currently, both the states collectively comprise of nearly 35% of the total real estate market in the country. At present, there are three major PPP Infrastructure PPP projects in pipeline in Mumbai, which includes the Navi Mumbai International Airport at Panvel, the Mumbai Trans Harbour Link that has been delayed since 2004 and the expansion of Mumbai Metro.

Realty
Players Expect BJP Govt To Boost Property Market In Mumbai & Gurgaon

<keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> of <keyword id="47359" type="General" weightage="20" keywordseo="apartments" source="Orion">apartments</keyword> across seven <keyword id="480949" type="General" weightage="20" keywordseo="major-cities" source="Orion">major cities</keyword> are estimated to rise by 20 per cent to around 2.6 lakh units, the highest since 2008, on better demand, according to JLL India. Sales stood at 2,15,621 units in the last calendar year in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period. Only apartments are covered in the report while <keyword id="4454413" type="General" weightage="20" keywordseo="row-houses" source="Orion">row houses</keyword>, <keyword id="46887" type="General" weightage="20" keywordseo="villas" source="Orion">villas</keyword>, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai. In 2024, the consultant expects residential sales to be around 2,90,000 to 3,00,000 units on the back of robust demand and quality launches. "Despite the increase in home loan interest rates and <keyword id="72248" type="General" weightage="20" keywordseo="rising-prices" source="Orion">rising prices</keyword>, the overall sentiment in the domestic housing market remains positive, with homebuyers maintaining an upbeat attitude towards purchasing homes. "In 2023, residential sales are expected to surpass 2,60,000 units and launches 2,80,000 units to reach a historic high post-2008," Samantak Das, Chief Economist and Head of Research, India at JLL, said. Commenting on the report, Akhil Saraf, founder of HDFC Capital-backed Reloy, said the real estate industry has undergone a comprehensive transformation in recent years, encompassing regulatory changes and a shift in the mindset of both suppliers and consumers. Reloy helps builders in generating referral sales. "Developers are increasingly adopting a customer-centric approach, focusing on meeting the specific needs and demands of homebuyers. This renewed focus has bolstered confidence among potential buyers, reaffirming real estate as a viable asset class," Saraf added. Pradeep Aggarwal, Chairman of realty firm Signature Global, said the real estate sector has witnessed an impressive surge this year across major cities, including Delhi-NCR. "In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations," Aggarwal said. Construction and real estate firm BCD Group MD Angad Bedi said the real estate sector has demonstrated remarkable resilience in 2023 despite uncertainties related to the global recession and rising interest rates.

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

<a href="http://www.businessinsider.in/searchresult.cms?query=bengaluru">Bengaluru</a>, which is known as the startup hub of India, is now also the best destination for <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate">real estate</a> investment in India. 
 
From 2013 to mid 2015, the IT hub saw investment of around 13% of over Rs 44,450 crore from PEs. 
 
As per the global property consultancy Jones Lang LaSalle's (JLL) latest Asia-Pacific City Investment Intensity Index, Bengaluru was among the top-20 destinations globally. 
 
New Delhi was at 34th and Mumbai at 42nd spot. 
 
A JLL report stated that despite being a smaller city than the political and financial capitals of India, it has managed to attract a lot of investment in comparison of its size. 
 
"Real estate investment is generally difficult for foreigners in India, and investors looking to take part in market growth may need to go through routes such as debt deals and joint ventures with local partners. The index advises investors to continue to seek core business park or office investments in Bengaluru," said Anuj Puri, chairman and country head at JLL India. 
 
Foreign investors showed interest in leased office assets like IT parks and IT-<a href="http://www.businessinsider.in/searchresult.cms?query=SEZs">SEZs</a>. 
 
Many firms have invested over Rs 100 crore at the Electronic City in Bengaluru. 
 
Industry experts point out that the residential and commercial markets in Bengaluru were more vibrant and mature than any other Indian city. 
 
Meanwhile, the top five cities in the Asia-Pacific region are Tokyo, Singapore, Seoul, Sydney and Hong Kong. 
 
(Image: Reuters)

This is the top destination for real estate investment in India. It is neither Delhi nor Mumbai

<ul><li><keyword id="48032" type="CITY" weightage="20" keywordseo="Blackstone">Blackstone</keyword> Group is partnering with <keyword id="44145" type="PERSON" weightage="20" keywordseo="embassy">Embassy</keyword> Group to list their <keyword id="168019" type="ORGANIZATION" weightage="20" keywordseo="REIT">REIT</keyword>, which will be operated through their joint venture- Embassy Office Parks. </li><li>An REIT functions like a mutual fund and distributes income earned from various <keyword id="6354516" type="UNKNOWN" weightage="20" keywordseo="property">property</keyword> assets. It is expected to increase the flow of funding to India’s <keyword id="6543013" type="UNKNOWN" weightage="20" keywordseo="real-estate-sector">real estate sector</keyword>. </li><li>The listing comes four years after the Securities and Exchange Board of India (SEBI) released regulations for the structuring and operation of real estate investment trusts. </li></ul>It was in September 2014 when the Securities and Exchange Board of India (SEBI) first released regulations for the domestic listing and operation of real estate investment trusts (REIT). The move was a response to the growth of India’s real estate sector and the need for a specialised investment vehicle for the financing of commercial real estate transactions. An REIT, which functions like a mutual fund and distributes income earned from various property assets, is such an investment vehicle. And now, four years later, India is all set to witness the listing of its first REIT. Blackstone Group, a US private equity firm, is partnering with Embassy Group, a Bengaluru-based real estate developer, to list their REIT, which will be operated through their joint venture- Embassy Office Parks. The companies are expecting to raise a little over ₹50 billion from investors for the trust, which was first registered in 2016, sources told ET. The REIT will comprise 33 million sq ft of commercial space, making it one of the largest in Asia by portfolio area and is expected to record around ₹20 billion in annual revenues. The portfolio includes nearly 70 buildings and office parks in India’s major cities - Delhi, Bengaluru and Mumbai - some of which are owned by Blackstone. Around 95% of the property under the trust is already under occupation from the likes of companies like Google, IBM, Microsoft and JPMorgan, while the remaining property is still being constructed. The launch of REIT will increase the flow of funding to India’s real estate sector, which has experienced a protracted downturn in the recent past. It will allow institutional investors - domestic and foreign - to easily make their bets on commercial property assets and give India’s real estate developers an additional source of capital. Blackstone has fast become one of the largest private equity <keyword id="6368449" type="UNKNOWN" weightage="20" keywordseo="investor">investor</keyword>s in India’s real estate landscape, with a number of well-known commercial assets like Express Towers in Mumbai’s Nariman Point, the Blue Ridge SEZ in Pune and Noida’s Galaxy Business Park. Given the high rate of annual growth on office rental space, the REIT is expected to met with strong investor demand. While the Blackstone-Embassy REIT will be the first one, it won’t be the only one in the near term. In June, IIFL Holdings, a Mumbai-based diversified financial services firm, registered its own REIT with the SEBI. RMZ Corp, a real estate developer in South India, is also said to be planning an REIT of its own.

You Searched For "real estate in mumbai" and got 13 results

Real estate in Mumbai shows positive signs, but it is too early to cheer

BI India Bureau

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

PTI

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

ANI

World's cheapest city is Mumbai: Report

BI India Bureau

These are the top Indian cities that will offer best property bargains in 2017

BI India Bureau

Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects

Sriram Iyer

India's top eight cities saw 21% surge in home sales in last quarter

BI India Bureau

Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!

Prerna Tyagi

Delayed by 30 months and not ready yet! This is the status quo of ready-to-move residential units in Mumbai.

BI India Bureau

Realty Players Expect BJP Govt To Boost Property Market In Mumbai & Gurgaon

Purba Das

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

PTI

This is the top destination for real estate investment in India. It is neither Delhi nor Mumbai

BI India Bureau

Blackstone and Embassy Group are all set to launch India’s first ever REIT

Dilsher Dhillon

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