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<ul><li>Since 2017, PE investors pumped in $1.8 billion in <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>’s realty market. </li><li>A large chunk of Grade A stock owned by institutional investors lies in East Pune, but newer locations in West Pune are also becoming popular. </li><li>The report predicts that institutional investors are expected to double their portfolio by 2027. </li></ul>Pune’s real estate sector saw an inflow of $194 million in private equity investments in 2022, according to the latest report by <keyword id="4935506" type="General" weightage="50" keywordseo="savills-india" source="Orion">Savills India</keyword>, a global property consulting firm. Since 2017, PE investors have pumped in $1.8 billion in Pune’s realty market, thanks to opportunities in the office space market. Due to continuous investments, institutional investors now have a strong foothold in the city’s office market. “The city’s improving infrastructure, including the expansion of highways and the development of industrial parks, have contributed to this growth. Its proximity to <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s financial capital, Mumbai, makes it an ideal location for companies to establish their operations,” <keyword id="3234814" type="General" weightage="50" keywordseo="praveen-apte" source="Orion">Praveen Apte</keyword>, managing director - Pune, <keyword id="674707" type="General" weightage="80" keywordseo="savills" source="Orion">Savills</keyword> India said. Institutional investors own around 30 million sq. ft. of office space – that’s 45% of Pune’s overall Grade A stock. A large chunk of this stock lies in East Pune, but newer locations in West Pune such as Wakad and Tathawade are becoming popular due to improving infrastructure and increased connectivity. “Pune’s reputation as an educational and research centre has also led to an influx of students and professionals which in turn provides a ready pool of skilled workforce for companies,” <keyword id="208807" type="General" weightage="50" keywordseo="apte" source="Orion">Apte</keyword> added. The report predicts that institutional investors are likely to double their portfolio by 2027. It expects them to add another 27 million sq. ft. of office assets to their portfolios. “Savills expects new institutional investors to enter Pune’s real estate market, while current investors will expand their presence as quality assets grow,” Savills India reported. The city has many infrastructure projects currently under construction or in the planning stages like — smart city development, Ring Road construction, <keyword id="6414924" type="General" weightage="50" keywordseo="bus-rapid-transit-system" source="Orion">Bus Rapid Transit System</keyword>, metro rail, new airport, multiple subways, and flyovers. In addition to office space, institutional investors also own other commercial assets to the tune of 29 million sq. ft. across retail, hospitality, industrial and warehousing sectors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/climate-tech-platform-ecozen-raises-25-million-to-expand-beyond-agriculture/articleshow/97278794.cms">Climate tech platform Ecozen raises $25 million to expand beyond agriculture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/harmanpreet-named-captain-of-the-icc-womens-odi-team-of-the-year/articleshow/97278354.cms">Harmanpreet named captain of the ICC Women's ODI Team of the Year</a>

Almost half of Pune’s GradeA office stock is owned by institutional investors: Savills India

<ul><li>Tier II &amp; tier III cities accounted for 22% of the industrial and warehousing land absorption across <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in 2022. </li><li>At 16%, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022. </li><li>3PL (third-party logistics) and e-commerce sectors, together, accounted for 52% of the total warehouse space absorption in 2022.</li></ul>India witnessed industrial and warehouse absorption of 46 million sq. ft in 2022, of which 36 million sq. ft belonged to tier I cities. Close to 10 million sq. ft belonged to tier II and III cities, as per the latest data from international real estate advisory firm, <keyword id="4935506" type="General" weightage="50" keywordseo="savills-india" source="Orion">Savills India</keyword>. Tier II and tier III cities collectively witnessed 17.4% <keyword id="63194" type="General" weightage="50" keywordseo="yoy" source="Orion">YoY</keyword> growth in industrial and warehousing absorption, driven by e-commerce, retail and 3PL (third-party logistics) firms, observed <keyword id="674707" type="General" weightage="100" keywordseo="savills" source="Orion">Savills</keyword> India. These tier II &amp; III cities included Coimbatore, Guwahati, Indore, Nagpur, Lucknow, Jaipur, Rajpura, <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>, Kochi/Ernakulam, Madurai, <keyword id="6357203" type="General" weightage="50" keywordseo="varanasi" source="Orion">Varanasi</keyword>, Hubli, Ludhiana, Patna and Hosur. Among the major cities in India, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022 at 16% followed by Mumbai at 14%. Pune and Bengaluru saw absorptions at 13% and 12% respectively, while tier II and tier III cities accounted for 22%, Savills shared. The sectors that drove the absorption in 2022 were 3PL and ecommerce (52%); followed by manufacturing (16%) and retail sectors (13%). Increased demand in 2023 As per Savills, the industrial and warehousing market in India witnessed transactions of 3,800 plus acres of land across tier I, II and III cities in 2022, of which 64% was private land and 36% was government land. The warehousing sector in India also raised private equity to the tune of $1.5 billion in 2022. The interest in the market is expected to grow further in the future. “The market is likely to witness increased interest from investors in this asset class in 2023 owing to inherent domestic demand and expansion of distribution networks in tier II and tier III cities,” Savills said in a statement. As per Savills, tier II and III cities are poised to gain further momentum in 2023 and 2024 with ecommerce, retail and 3PL firms capitalizing on consumption-driven growth and pushing up the demand for warehousing space. As per the <keyword id="2646256" type="General" weightage="50" keywordseo="unicommerce" source="Orion">Unicommerce</keyword> 2022 report, more than 6 out of 10 orders shipped in 2022 went to buyers in tier II cities, and orders from tier III cities have also surged 65% since 2020. “The industrial and logistics sector is likely to see absorption of over 40 mn sq. ft in 2023. This demand for space could stem from emerging tier II and III cities, growing demand for urban warehousing and a major transformation in the Indian manufacturing sector backed by <keyword id="9626119" type="General" weightage="50" keywordseo="performance-linked-incentives" source="Orion">Performance Linked Incentives</keyword> (PLIs) and efficient multi model connectivity plan for local and global distribution. We expect over 50 million sq. ft of new supply to be infused in the market during the same period,” said <keyword id="9823945" type="General" weightage="50" keywordseo="srinivas-n" source="Orion">Srinivas N</keyword>, managing director, Industrial and Logistics, Savills India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-are-the-most-bizarre-pitches-on-shark-tank-india-season-1/articleshow/96735850.cms">Belly button shaper to ayurvedic ice cream — here are the most bizarre pitches on Shark Tank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-won-the-first-t20i-against-sri-lanka-in-a-nail-biting-finish/slidelist/96733749.cms">India won the first T20I against Sri Lanka in a nail biting finish</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ms-dhoni-backed-drone-firm-garuda-aerospace-launches-farmers-focused-film/articleshow/96734751.cms">MS Dhoni-backed drone firm Garuda Aerospace launches farmers-focused film</a>

Tier II & III cities see 17.4% growth in industrial and warehousing absorption: Savills

New Delhi, Office space absorption across six major cities in India fell over 50% to 27.4 million square feet in 2020, according to a <keyword id="10518151" type="UNKNOWN" weightage="20" keywordseo="savills-india-report">Savills India report</keyword>. In 2019, office space spread over 55.7 million square feet was leased. Out of the total office leases in 2020, around 57% comprised large deals of more than 1,00,000 square feet each. The report said that <keyword id="6354321" type="COMPANY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> led the leasing activity among the major cities despite a drop of 56% compared with last year, posting maximum office absorption of 6.8 million square feet space. <keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword> followed closely with leasing of 5.4 million square feet in 2020. Leasing of office space in the <keyword id="6371638" type="COMPANY" weightage="20" keywordseo="national-capital-region">National Capital Region</keyword> (NCR) stood at 4.4 million square feet. Like previous year, Bengaluru, Hyderabad and NCR constituted around 61% of the total leasing activity in 2020 as well, showed the report. Savills India also pointed out that <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, India's financial capital, recorded around 2.9 million square feet of leasing through the year, the least absorption witnessed among the six cities. "The overall story of 2020 is the one of survival, and most markets did exactly that. While the story of Indian office market in 2020 may not be as glorious as in 2019 and 2018, it still continues to strive and display resilience, in the face of COVID-induced slowdown," said Anurag <keyword id="108548" type="COMPANY" weightage="20" keywordseo="Mathur">Mathur</keyword>, CEO, Savills India. He noted that the fundamentals of Indian economy remain intact and strong leasing traction continues in sectors like warehousing and industrial. "Now with the coronavirus vaccine in sight and businesses poised to gain momentum, we can expect to reach pre-COVID levels soon," Mathur said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-some-important-changes-in-india-from-january-1-2021-new-year/articleshow/80021085.cms">From mandatory FAStag to quarterly GST returns — these are some important changes in India from January 1</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">December auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/tech/apps/news/google-is-testing-a-shortcut-feature-for-tiktok-and-instagram-videos/articleshow/80021865.cms">Google is testing a shortcut feature for TikTok and Instagram videos</a>

India office leasing in top six cities falls over 50% in 2020: Savills India

New Delhi, Jan 16 () Office space leasing across India's six major cities rose by 22 per cent to record 57.7 million sq ft (gross) during 2019 on strong demand for worskspace from corporates, especially Americans, but pace of growth is likely to moderate to 7-8 per cent this year, according to global property consultant Savills.
 UK-based Savills, which is listed on London Stock Exchange and has 600 offices across 70 countries in the world with over 39,000 employees, has pegged the gross office leasing at 61-62 million sq ft in 2020 across six cities -- Bengaluru, Chennai, Hyderabad, Mumbai, National Capital Region (NCR) and Pune.
 "The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 million sq ft in 2018 to set a new one at 57.7 million sq ft in 2019," Savills India CEO Anurag Mathur told reporters here.
 This growth symbolises that office space across key markets is on a strong footing, driven by India's technology sector, rise in flexible spaces, formalisation of the Indian economy and the growing offshoring by western corporations, he added.
 Of the total leasing, 40 per cent absorption was from US corporations, 30 per cent from European companies and 30 per cent from domestic entities.
 Asked about 2020 outlook, Mathur said the gross office space leasing is estimated at around 61-62 million sq ft.
 "Growth will happen. It may not happen at the same rate as 2019," he said, adding that the demand was exceptional last year.
 Shweta Sawhney, MD (Delhi-NCR), said Hyderabad saw an increase of 53 per cent in office space leasing at 9.5 million sq ft in 2019. Chennai reported 60 per cent rise in absorption of office space at 8 million sq ft.
 Office space leasing rose by 15 per cent in Bengaluru at 15.6 million sq ft, while Delhi-NCR witnessed 14 per cent growth at 10.89 million sq ft.
 In Mumbai, the gross leasing of office space grew by 11 per cent to 6.9 million sq ft. The absorption was stable in Pune at 6.8 million sq ft.
 On rentals, Sawhney said office space rent grew maximum by 18-20 per cent in Chennai. Bengaluru saw a rise of 7-10 per cent in rental, Hyderabad 8-10 per cent, Mumbai 4-5 per cent, Pune 2-4 per cent, Gurugram 3-4 per cent and Noida 0-2 per cent. In Delhi, rentals were stable.
 Major demand generators for Grade-A office spaces on pan-India scale were technology sector companies at 46.3 per cent. Banking, financial services and insurance (BFSI) leased about 10.6 per cent of the overall space and co-working segment has 14 per cent share. MJH PSK MR

Growth in office space leasing may moderate in 2020 after hitting record 58mn sq ft last yr: Savills

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

<ul><li>Over half of <keyword id="4970209" type="General" weightage="20" keywordseo="genzs" source="Orion">GenZs</keyword> and millennials surveyed say they prefer ‘only office’ working models.</li><li>Gen X Plus, over 50, crave for flexibility with work, as they miss work-life balance.</li><li>High cost of living in cities, reverse migration and long commutes are challenges that employees cite about working from offices. </li></ul>One of India’s largest companies TCS has recently reversed its pandemic-time WFH policy and asked its employees to come back to work. The reason? It wants teams to work together, co-exist and especially new hires who have never seen ‘office’ to learn from their colleagues. It looks like employees are half-way there too, and miss being a part of teams. “Collaborating with their teams, socializing and bonding with colleagues, and having in-person meetings with clients are among the top reasons why employees want to go back to the office,” says a report by Awfis and Savills India. The generation that’s most eager to come to office are the GenZs and millennials. Over half of them surveyed prefer an ‘only office’ working model. This preference among the younger workforce might be linked to the significance they place on interpersonal interactions in the workplace, the report says. “Despite the common belief that the younger workforce seeks remote isolation, our research uncovers a significant desire for the indispensable impact of human interaction in a physical workplace. In a digital age, it is heartening to observe the enduring significance of the physical office as a center for fostering creativity, innovation, and shared learning experiences,” said Sumit Lakhani, deputy CEO of Awfis, a co-working space network. GenX Plus respondents, i.e. those over 50 years of age, veered towards hybrid or office-dominated work models as they crave for flexibility, the report adds. Metro office want them back In the survey, 66% respondents said that they have been mandated to go to office. But half of them also said that they prefer it that way. The location of the office also matters when it comes to calling people back-to-office. In Delhi-NCR, Mumbai, and Bengaluru, 71% of employees are required to work exclusively from the office in contrast to 63% in other cities. “In the top three cities, the only-office model is more prevalent, indicating a higher emphasis on in-office work. Other cities are more likely to adopt only-remote and remote-dominant hybrid work models, highlighting a greater preference for remote work or a mix of remote and office work,” the report added. Reverse migration and commutes The shift from work-from-home to back-to-office is riddled with challenges. Not only has a lot of the workforce shifted to their hometowns, a few have gotten used to managing work and personal life – a habit that would be hard to shake off. While going back-to-office will relieve people from the fatigue of working from home, it also means dealing with early morning traffic and more. As many as 31% of respondents considered commuting to work as their biggest concern, while 26% of respondents considered the high cost of living to be their primary challenge. For 16% of them, relocating from their hometown is a challenge. And, for 15% poor work-life balance to be a reason to not return to office. The higher costs are pinching Gen Zs the most as they face the after-effects of reverse migration. Gen-Xers say that poor-work life balance as a reason, early millennials believe that inability to focus will creep in as they work from office only.

GenZs, millennials want to be back to offices even as costs pinch

Mumbai, Jan 26 () As warehousing is fast becoming an integral part of integrated logistics network due to technological advancement and the reform-led policy measures, the sector is expected to add around 40 million sq ft space across the top eight cities this year, a recent survey said.
 According to the study by global property consultant Savills, warehousing space absorption across eight cities like Mumbai, Pune, Chennai, Bengaluru, Hyderabad, Ahmedabad, Delhi and Kolkata, is expected rise to 35 million sq ft in 2020.
 In 2019, the total supply of warehousing space was 37.94 million sq ft while the absorption stood at 33 million sq ft.
 "Warehousing industry in India has come a long way and it's going to continue to mature as a favourable real estate asset class. The sector has witnessed a massive participation from institutional investors and developers amid raising demand from across the sector like ecommerce, retail, FMCG, 3PL (third-party logistics) , cold storage, pharma and manufacturing," Savills India Managing Director, Industrial Warehousing and Logistics Srinivas N said.
 As per the study, Mumbai and Delhi are expected to see a significant addition of around 8 million sq ft each in 2020, followed by Bengaluru and Kolkata.
 Last year, Mumbai witnessed an addition of 5.7 million sq ft while Delhi added 8.1 million sq ft.
 "Delhi NCR, Bengaluru and Mumbai followed by Kolkata will be the front runners in absorbing majority of occupiers since these are sourcing and consumption hubs," the report said.
 As per the study, Pune and Chennai will lead in servicing manufacturing clients' needs, followed by Delhi-NCR and Ahmedabad.
 "Government initiatives like make In India, GST, FDI policy, corporate tax reduction, improved infrastructure of road, port, rail and airports has and will continue to impress the growth," Srinivas said.
 He further said that compliance, quality and improved specifications offerings will be the need of the hour with growing requirements at tier-II locations from organised developers.
 Srinivas added that tier-II locations like Guwahati, Coimbatore, Lucknow, Jaipur, Patna, Bhubaneshwar, Ludhiana, Vapi, Nagpur and Vizag / Vijayawada cumulatively will see a total addition in excess of 6 million sq ft of additional absorption.
 Last year, manufacturing sector absorbed around 6 million sq ft pan-India, while e-commerce and 3PL leased around 20 million sq ft. SMEs and electronic components manufacturers and auto sector leased significantly in few cities.
 "It's also important to note that there is in excess of 800 million sq ft of Grade 'C' and Grade 'D' stock across India which will start migrating to Grade 'A' and 'B' over the next 3 to 5 years," Srinivas added. PSK ABM
ABM

Warehousing sector to add 40 mn sq ft space across top 8 cities this year: Report

<ul class="summary-list"><li><keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> recorded more than 11,000 real-estate transactions in January and February, a record for the city.</li><li>Dubai is seeing a spike in demand from Russian and Ukrainian buyers, agents told Insider.</li></ul>Dubai's real-estate market is off to a roaring start to the year.The city recorded 11,071 transactions in January and February, the highest it has ever recorded in the first two months of the year, according to a <a href="https://www.cbre.ae/en/research-and-reports/Dubai-Residential-Market-Snapshot-March-2022">CBRE</a> report.The record follows a strong 2021: The total value of residential transactions in Dubai last year hit $35 billion — the highest the city has recorded since the global financial crisis — per a report from <a href="https://research.euro.savills.co.uk/uae/uae-2022-report---ar.pdf">Savills</a>.Insider spoke to three Dubai-based real-estate agents to get an inside look at what's happening with the market right now.<h2>Surging demand for luxury off-plan properties</h2>Demand for off-plan properties — projects that have yet to be constructed — has been robust, Thomas Fawcett, the cofounder of Dubai-based luxury real-estate firm <a href="https://www.theproperty.ae/">The Property</a>, told Insider. Projects due to be completed in 2024 and 2025 are selling out in a day, Fawcett said.Fawcett said demand has been particularly high for the luxury <keyword id="11916125" type="UNKNOWN" weightage="60" keywordseo="housing" source="Orion">housing</keyword> developments at <a href="https://properties.emaar.com/en/our-communities/emaar-beachfront/">Emaar Beachfront</a>, which has a private beach, and <a href="https://peninsula.select-group.ae/">Peninsula by Select Group</a>, which is by the Dubai Canal.<div type="image" title="A row of residential buildings along Dubai's coast" height="5657" width="7542" msid="90413836" hostid="261"></div>In March, <a href="https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html" target="_blank" rel="noopener noreferrer">The Financial Action Task Force</a> (FATF), an <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> money-laundering watchdog, put the UAE on its "gray list." In response, the <a href="https://www.mediaoffice.abudhabi/en/economy/uae-continues-progress-and-reconfirms-its-deep-commitment-to-AML-CFT-following-FATF-decision/" target="_blank" rel="noopener noreferrer">UAE's Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism</a> said the country is committed to fighting financial crime and said it "will work closely with the FATF to quickly remedy the areas of improvement identified."Despite its designation, Dubai's <keyword id="12135639" type="UNKNOWN" weightage="60" keywordseo="property-market" source="Orion">property market</keyword> remains popular with investors."The massive opportunity for investors is finding a good off-plan project and looking ahead, two to three, four years time, looking at where the market trajectory is going be, and then hopefully making the capital appreciation on these purchases that they are making today," Fawcett said.With working from home being the norm, Fawcett has said he's seeing increased interest in larger residences in Dubai. The values of villas in Dubai has risen nearly 22% since the start of the pandemic, per a <a href="https://content.knightfrank.com/research/2408/documents/en/dubais-covid-comeback-2022-8855.pdf">Knight Frank</a> report.While Dubai's luxury real-estate market has long been popular with Russian investors, the war in Ukraine has further boosted Russian demand. "We're receiving requests every day from Russia," said Fawcett."It's increased, obviously, with the uncertainty of Russia and what's going on," He added. "People don't know what's going to happen to their money."Unlike the West, the UAE has not levied <a href="https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/" target="_blank" rel="noopener noreferrer">sanctions</a> against Russia. While it remains one of the few places in the world where Russian money is welcomed, with the <a href="https://markets.businessinsider.com/news/currencies/russia-rouble-ukraine-putin-attack-market-halt-trading-rout-sanctions-2022-2">tumbling ruble</a> and sanctions kicking in, the difficulty now lies in completing the transaction. "They want to buy, but they literally cannot deliver the payment," Fawcett said of Russians looking to make real-estate investments in Dubai.<h2>Conflict accelerated Ukrainian buyers' decision to purchase</h2>Russia's invasion of Ukraine has also driven up demand from Ukrainians looking to flee the war, <a href="https://www.drivenproperties.com/">Driven Properties</a> partner Khadija Otmani told Insider. These are people, she said, who were already considering making property purchases before the invasion started."They've been thinking about it since a very long time ago. And instead of taking their time, it just accelerated what they were already about to purchase," said Otmani, who primarily deals with properties that are above 5 million euros ($5.49 million), specializing in penthouses and villas.Earlier this month, the UAE scrapped and then reinstated a policy granting Ukrainians visa-free entry into the country, <a href="https://www.cnbc.com/2022/03/03/uae-reinstates-visa-on-arrival-for-ukrainians-in-quick-reversal.html">CNBC</a> reported.<div type="image" title="Image of skyline" height="3820" width="5094" msid="90413837" hostid="261"></div>The pandemic has also been a factor: In July 2020, Dubai became one of the first cities to reopen internationally as many other countries kept their borders closed. The demographics of the city's luxury real-estate investors shifted as confidence in the government's COVID-19 management soared, Otmani told Insider.Previously, the bulk of her clients were either local, from Gulf countries like Saudi Arabia and Kuwait, or from India. As the pandemic progressed, Otmani noticed an uptick in demand from clients in Europe and other parts of Asia, including people who had never previously shown interest in Dubai.<h2>Completing purchases without setting foot in Dubai </h2>Across the globe, the process of <a href="https://www.nytimes.com/2020/11/11/realestate/10virtual-deals.html">buying real estate has gone virtual</a>. This includes not just payments or the signing of contracts, but livestreams of house viewings as well — and Dubai is no exception."A lot of my clients, they're not actually here," said Nate Dania, the founder and CEO of <a href="https://www.planbadvisory.com/">Plan B Advisory,</a> which oversees residency solutions and prime property investments. He has been working in <keyword id="11893295" type="UNKNOWN" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> since 2007."We've seen a big shift in terms of clients who buy remotely, especially for off-plan projects because there's not really anything to see. Maybe sometimes there's a show apartment, but mostly it's sold on concept and paper," he added.Such deals can be closed after a Zoom call, a livestream tour of the show apartment if it exists, and little else, Dania told Insider. Developments he's closed virtually include <a href="https://sixsenses.luxury-developments.com/?gclid=CjwKCAjwiuuRBhBvEiwAFXKaNCpYG2Lv1tRD5B11NRS0byJi565nx-y1gyQM_dP4qWP4yAIk0TU8TRoCg9sQAvD_BwE">Six Senses Residences by Select Group</a> and <a href="https://www.oneatpalmjumeirah-omniyat.com/">One Palm by Omniyat</a>, both of which are located on the Palm Jumeirah.<div type="image" title="An interior shot of a living room in a high rise apartment." height="500" width="666" msid="90413838" hostid="261"></div>"There was a client who's based in Los Angeles, which is pretty far off. And we did everything remotely. So I sent them all the information for the Six Senses Residences and then they really liked it," Dania said."It was about $6 million," he added.

Luxury projects selling out years in advance and a record-setting start to the year: 3 Dubai real-estate agents detail what the market looks like right now

New Delhi, Jan 28 () Homegrown housing brokerage firm Anarock is entering the commercial real estate consultancy business to sell office properties and will invest Rs 100 crore as well as hire 500 employees by the middle of the next year for the business, a top company official said on Tuesday.
 Anarock, which was formed in April 2017 by Anuj Puri after serving global property consultant JLL, will not lease office spaces, a segment dominated by international property consultants (IPCs) like JLL, CBRE, Cushman &amp; Wakefield, Knight Frank, Colliers and Savills.
 "We are entering into commercial real estate and will focus on strata sale of office assets. This market is very vibrant. We have formed a separate vertical Anarock Commercial with 100 staffs for this new venture," Anarock Chairman Anuj Puri told .
 Asked about investment, he said the company would infuse Rs 100 crore into this new business and hire 500 persons by June 2021.
 "We are starting with three cities Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru. Later, we will expand to other cities," Puri said, adding that the company has already secured mandate from builders to sell 3 million sq ft.
 Talking about potential, Anarock Chairman said that the brokerage in selling office assets is higher at 2-7 per cent compared to 2-4 per cent in the housing segment.
 "Sales of office assets require less workforce than housing and are more profitable", he said.
 On revenue potential, Puri said, "We are targeting a brokerage income of Rs 100 crore for the next fiscal".
 Anarock, which posted a turnover of nearly Rs 190 crore last fiscal, has presence across India and the Middle East with over 2,000 employees.
 In a statement, Anarock said it has appointed Bappaditya Basu as chief business officer of Anarock Commercial, a separate entity for this new venture.
 "Rs 2.5 lakh crore worth of Grade-A office space under construction in top-7 cities to be completed over the next 4 years; 25 per cent (worth Rs 63,000 crore) up for strata sale," it added.
 Anarock Commercial would operate in MMR, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata.
 "Office asset ownership has gained significant traction with investors, including NRIs (non-resident Indians). Depending on the exact location and building facilities, the rental yield ranges from 7-9 per cent for Grade-A office assets and between 9-10 per cent for non-Grade-A spaces," the company said.
 Unlike the housing segment, the commercial real estate market is performing well and achieved record leasing of office space in 2019, which saw successful listing of India's first real estate investment trust that helps monetise rent-yielding assets. MJH HRS

Anarock enters commercial property brokerage biz; to invest Rs 100 cr, hire 500 persons by mid-2021

New Delhi, May 22 () Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits to customers, they said. The industry hailed the extension in the moratorium on loan repayment but felt it was not enough. "The advantages extended by the RBI through reducing the repo rates are not being passed on by the banks to the customers. The series of reduction in policy rates will help all sectors including real estate which is hit by the contraction in demand and liquidity squeeze caused by the COVID 19. " However, we are hoping for quick transmission of these actions in banks' respective lending rates," CREDAI National Chairman Jaxay Shah said. "We expected more stringent measures from the RBI to revive the economy. Real Estate sector can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures. The move of moratorium extension is a short term piecemeal solution to a long term problem," CREDAI President Satish Magar said in a statement. Naredco President Niranjan Hiranandani said the reduction in repo rate and extension of moratorium period were steps in the right direction. "Industry though awaits one-time debt restructuring as a holistic measure to give a breather to the industries across the board and help in its quick revival," he added. Tata Realty and Infrastructure Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said this will provide some financial relief to borrowers with their equated monthly instalments (EMIs) and make it cheaper to take new loans. Sobha Vice Chairman and MD J C Sharma said: "This will further lower the home loan interest rates. Such lowest ever, most lucrative reduced EMIs will augur well for the market sentiments and the larger economy. This will induce demand for homes and will give the much-needed fillip to the current state of the economy." Puravankara Ltd MD Ashish Puravankara said: "The further reduction of the repo rate will aid in ensuring adequate flow of capital in the market. We hope that all banks will incorporate the new announcements and pass down the benefits to loan seekers." Among property consultants, Anarock Chairman Anuj Puri said the repo rate cut will further help banks to lower home loan interest rates, which may get several more fence-sitters onto the market. Anshuman Magazine, chairman and CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The RBI's move to cut repo rate will have a positive effect on the residential property market. This is a clear step towards reducing lending rates, encouraging liquidity, preserving financial stability and supporting overall economic growth." JLL India Country Head Ramesh Nair said the faster transmission of these benefits to the end consumer in the form of lower home loan rates will aid in improving their effective affordability. "However, one-time restructuring of loans is the need of the hour more importantly for the real estate sector which is severely ailing due to the pandemic," he added. Dhruv Agarwala, Group CEO, Housing.com and Proptiger.com, said the move will boost sentiment and demand in the residential segment. "What needs to be seen is how quickly the banks reflect this change in their respective rates," he said. Knight Frank India CMD Shishir Baijal said it would have been a big respite if the long-standing real estate industry demand for a one - time restructuring of loans was allowed along with the measures announced on Friday. Savills India CEO said the lowering of the rates may help accelerate the decisions of a section of home buyers, in the next few months, if not immediately. "It will also help in reducing the EMI burden of customers during such grave times, provided the banks pass down the rates." Among other developers, Supertech Chairman R K Arora expressed disappointment that one time restructuring of loan was not allowed. Signature Global Chairman Pradeep Aggarwal said: "Now the situation for homebuyers might improve further as home loan interest rates are expected to come down further. Affordable housing will benefit the most as the buyers of this segment are very particular about the EMIs." ABA Corp Director Amit Modi, director said the banks need to quickly transmit the announced rate cuts to the end consumer, else the whole effort will be futile. Uddhav Poddar, MD, Bhumika Group said the industry was expecting one-time restructuring of loans while Prateek Mittal, Executive Director, Sushma Group, said the realty sector will benefit from the rate cut. Industry's demand for one-time restructuring of developers' loans should be met, said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. The banks should immediately pass on the reduction in the repo to ensure the objectives of demand creation and liquidity infusion are achieved, said Kaushal Agarwal, chairman, The Guardians Real Estate Advisory. Farshid Cooper, MD, Spenta Corporation, said the announcement of a revision in repo rates and the extension of the moratorium on term loans provide much-needed relief to the economy and the realty sector. MJH SHW SHW

Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

New Delhi, Apr 17 () The real estate industry on Friday hailed RBI's decision to boost liquidity into the system and provide relief to loans taken from NBFCs for commercial projects, but sought one-time restructuring of their loans and a stimulus package to help the sector in battling the crisis caused by the lockdown to control COVID-19.The RBI on Friday reduced the reverse repo rate - the rate at which banks park their fund with the central bank - by 25 basis points to encourage banks to lend to the productive sectors of the economy. It also announced an additional Rs 50,000 crore through targeted long-term repo operation (TLTRO) and another re-financing window of Rs 50,000 crore for institutions like Nabard, National Housing Bank and Sidbi.CREDAI Chairman Jaxay Shah said: " We welcome the RBI's decision of providing the liquidity boost to the realty sector. We are hopeful that the government will soon aid the sector with the announcement of the much needed economic package."The RBI has allowed NBFCs to extend the date for commencement for commercial operations (DCCO) in respect of loans to commercial real estate projects by an additional one year if the projects got delayed for reasons beyond the control of promoters.CREDAI President Satish Magar said, measures such as extension of DCCO, fresh LTRO and reverse repo rate cut will help uplift the economic slowdown."Loans given by NBFCs to real estate companies will get similar benefits as given by scheduled commercial banks, thus easing the financial burden on developers," he said. Naredco President Niranjan Hiranandani said: "From the perspective of regulatory norms to spur an economic revival, the measures announced aim to maintain adequate liquidity in the system, facilitate bank credit flow and ease financial stress. These are absolutely welcome, given that economic activity has come to a standstill during the lockdown."He said the announcement that loans given by NBFCs to real estate companies would get similar benefits as given by the scheduled commercial banks was positive. Anshuman Magazine, Chairman &amp; CEO - India, South East Asia, Middle East &amp; Africa said NHB has been provided with a refinance facility of Rs 10,000 crore for HFCs as additional liquidity for individual housing loans, which is a much needed boost at this time.Anarock Chairman Anuj Puri said: "Among the various measures announced, commendably its allotment of Rs 10,000 crore to NHB is a big move for the real estate sector reeling under the liquidity crisis. It will help provide capital to HFCs and eventually provide major relief to developers battling liquidity issues in COVID-19 times."Tata Realty and Infrastructure MD &amp; CEO Sanjay Dutt said the RBI's measures will provide some relief to the sector, which had already been dealing with its own set of issues prior to the pandemic. "These measures...are bound to encourage banks to lend more, thereby improving the credit flow and giving more purchasing power to homebuyers and investors," Dutt said. JLL India CEO and Country Head Ramesh Nair said, "Today's announcement will give an initial fillip to the real estate sector. The central bank's focus to provide credit flow to NBFCs is a key step. This will provide a boost to various real estate activities."As per the RBI data, NBFCs outstanding credit to the commercial real estate stood at Rs 1,29,359 crore as of September-end 2019, he said. "The relaxation of NPA classification norms and extension of one year for commencement of projects to real estate developers by NBFCs will provide the much needed relief to the sector," Nair said. Dhruv Agarwala, Group CEO, Housing.com, and PropTiger, said the RBI move will help ease some financial stress in the system. This move will hopefully nudge banks to increase lending to various sectors of the economy, which is the need of the hour."We are extremely delighted and find a great sense of reassurance with the central bank taking cognizance of specific problems faced by the real estate sector and proactively taking targeted measures to address those issues," Knight Frank India CMD Shishir Baijal said. Savills India CEO Anurag Mathur said:" The central bank's decision to pump in Rs 10,000 crore to NHB for refinancing companies is expected to address some of the liquidity concerns in the residential segment."Ashish Jain, Partner at Cyril Amarchand Mangaldas, said lack of liquidity has been one of the most critical issues facing the real estate sector, even before the pandemic. Any measure to boost liquidity is, therefore, a welcome move.Reliance Home Finance CEO Ravindra Sudhalkar said, "RBI has provided a welcome relief to NBFcs and HFCs in the form of liquidity boosters, which will benefit both housing and commercial real estate.""With relaxation offered to NBFCs to extend the realty loans by a year, the real estate sector will have greater support in these difficult times," said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. Pradeep Aggarwal, Founder &amp; Chairman, Signature Global said the infusion of liquidity in the market is of utmost importance and the latest announcement will definitely help the economy.Gaurs group MD Manoj Gaur said the banks and the NBFCs should pass on the benefits announced by the RBI.Supertech Chairman R K Arora said "one time restructuring of loans was not allowed which is a primary requirement of the real estate sector."Sushma group ED Prateek Mittal said the RBI's move will boost liquidity but sought a stimulus package to revive the property market and the economy. MJH SHW ANUANU

Real estate industry hails RBI move to boost liquidity in system

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

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