HNIs, family offices target bigger slice of realty mkt

Posted By: Ajay Rawat Posted On: Aug 01, 2023
The growth of real estate AIFs has been substantial with capital raised by category-II AIFs at ?6.94 tn as of March 2023.

New Delhi: Ultra rich, high networth individuals (HNIs) and family offices are rushing to invest in India’s booming property market through alternative investment funds (AIFs) that are promising higher returns and free from red tape.

With lower entry barriers, easing structural and tax reforms in favour of AIFs and real estate investment trusts (REITs), these investors are shifting focus from direct investments in the sector. This has led to growing preference for private credit opportunities for HNIs, family offices and for those investing at least ₹1 crore. According to experts, the benefits of choosing indirect real estate investment platforms are higher risk-reward returns and investors don't have to manage a property directly.

Rising disposable income among the ultra rich and upper middle class, the regulated and well-structured nature of AIF platforms, and volatile stock markets are key factors for the growing interest. The asset-backed tangibility and consistent cash flows seen in the sector also provide a psychological fillip to invest.

Karthik Athreya, director and head of strategy - alternative credit, at Sundaram Alternates said the general appetite for private credit, whether it is venture debt, real estate or corporate credit, is high due to demand for credit and emergence of several fund managers, showing depth and choice for investor money. This also reduces registration, paperwork and other administrative processes involved in directly owning a property, added Raj Inamdar, managing partner at TriVeda Capital.

AIFs have invested about 21% of their total investment of ₹2.84 trillion in the real estate sector as of 31 March 2022, according to the latest available data from the Securities and Exchange Board of India (Sebi). Though the share of their total investment fell by about 3.3% during the year, these platforms expect this to rebound going forward.

In the recent past, institutional firms such as Kotak Alternate Assets, Motilal Oswal Alternates, Sundaram Asset Management, Nisus Finance Group, ASK Property fund and DMI Alternatives, have set up realty-focused funds.

Sandeep Gupta, co-founder and chief business officer at co-working space BHIVE Alternatives said, “Today, direct residential real estate's annual rental yields are a paltry 1-4%. While the last one year was good in terms of capital appreciation, the past decade was a lost cause for capital appreciation in residential real estate. AIFs investing in leased commercial real estate provide stable rental yield of around 8-10% to retail investors in addition to the capital appreciation."

The growth of real estate AIFs has been substantial with capital raised by category-II AIFs at ₹6.94 trillion as of March 2023.

Shobhit Agarwal, managing director and chief executive officer at Anarock Capital, a real estate-focused investment banking advisory firm, terms REITs as an ideal product for moderate risk profiled investors seeking to generate regular income coupled with capital appreciation.

Also, from April, the government removed indexation benefit for debt MFs and began taxing dividend or long-term capital gains (LTCG) at 20%. With this, the flow of HNIs is moving to the high yield space, said Amit Goenka, MD and CEO of Mumbai-based Nisus Finance Group.

Source: Live Mint
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Jaipur Real Estate

Posted By: Anita Mamgai Posted On: Sep 22, 2023

Jaipur-based realty developer Manglam Group has announced an investment of Rs 200 crore for a residential project ‘Manglam Rambagh' at Jagatpura in Jaipur. The company said this gated township is a premium project with meticulously designed features and facilities.

“Spanning across an expansive 2.2 acre of prime land, the Manglam Rambagh Project offers a haven of 114 flats spread over six floors, each meticulously curated to cater to the epitome of luxury living. The flat types include 3 or 4 BHK flats and 5 or 6 BHK penthouse, boasting spacious dimensions ranging between 2370 sqft to 6120 sqft,” Manglam Group said in a statement.

Amrita Gupta, director of Manglam Group, said Manglam Group is at the forefront of forging a sustainable and green future, and the Manglam Rambagh Project exemplifies this vision. This marks the company's maiden venture entirely dedicated to the green building concept.

Gupta added that the company is not just building homes, it is also cultivating a greener lifestyle and nurturing a healthier tomorrow. The company's commitment extends beyond luxurious living; it encompasses environmental responsibility.

“The project incorporates eco-friendly features and innovations that reduce our carbon footprint and promote sustainable practices. This milestone underscores our dedication to pioneering environmentally conscious real estate solutions, shaping a future where luxury harmonises seamlessly with sustainability, ushering in a brighter and greener tomorrow,” said Gupta.

The luxurious abodes are competitively priced, ranging between Rs. 1.38 crore to Rs. 3.73 crore, offering a comprehensive range of amenities that redefine the art of living. The project boasts a sprawling 700 sqyd garden area that serves as a serene escape amidst nature's bounty. Residents can also indulge in the grandeur of the 1.66-acre luxurious clubhouse that adds a touch of sophistication to their lifestyle. The Group is expected to generate Rs 100 crore in sales by March 2024 and an additional Rs 90 crore by March 2025 from this project.

“Strategically located, the Manglam Rambagh Project offers unrivalled connectivity to key areas of Jaipur, including Malviya Nagar, Tonk Road, Sitapura Industrial Area, and Ramchandrapura Industrial Area. Commuting convenience is further assured with proximity to prominent landmarks like the 7-number bus stand (1.3 km), NRI Circle (1.5 km), Jaipur International Airport (8 km), and St. Mary's School (200 meters). With a focus on holistic living, the project has been designed to adhere to Vastu principles, enhancing the overall harmony of the living spaces. The open Brahma Sthaan of the project resonates with positive energy, creating an environment of tranquillity,” Manglam stated.

Source: News18
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Home Buyers Take Note

Posted By: Anita Mamgai Posted On: Sep 19, 2023

Buying an under-construction flat in a society in India is among the big investment decisions for many home buyers, and there are several important factors to consider before making such a purchase. Whether or not it's a good idea to book a flat in an under-construction site depends on a number of factors, including your budget, needs, and risk tolerance.

Home buyers purchase under-construction properties due to reasons like;

Lower price: Under-construction flats are often priced lower than completed flats, as the builder has not yet incurred the full cost of construction and development. This can be a good opportunity to save money, especially if you are buying a flat in a popular location or with a high demand.

Also Read: Residential Real Estate Trends: Expert Tips In Navigating A Shifting Landscape

Flexibility: When you book a flat in an under-construction society, you may have the opportunity to customise the layout and finishes of your flat to your liking. This is not always possible with completed flats, as the builder may have already made these decisions.

Appreciation: The value of your flat is likely to appreciate over time, as the construction is completed and the society is developed. This means that you could make a profit if you decide to sell your flat in the future.

However, like advantages, there are risks involved with an under-construction property, like a delayed project.

There is always the risk that the construction of the society may be delayed. This can be due to a number of factors, such as bad weather, unforeseen site conditions, or financial problems with the builder. If the construction is delayed, you may have to wait longer to move into your flat. This is the biggest reason for delayed projects in Delhi-NCR region where buyers are waiting for their dream homes for many years and fighting legal battles.

Overall, whether or not to book a flat in an under-construction society is a personal decision. It is important to weigh the pros and cons carefully before making a decision.

Here's a comprehensive list of things you should know and consider:

Builder's Reputation: Research the builder's reputation and track record. Look for reviews, speak to previous buyers, and check if there have been any legal issues or disputes with the builder. However, this should not be the sole factor to buy a property as many popular real estate developers have failed in recent years and their projects are stuck.

Project Approval and Licences: Ensure that the project has received all necessary approvals and licences from the local authority and government bodies. Check for environmental clearances, land title, and land use permissions.

Project Location: Evaluate the location of the project in terms of accessibility, proximity to schools, hospitals, markets, public transportation, and future development plans in the area.

Project Plan and Layout: Review the project's architectural plans, layout, and floor plans to ensure they match your requirements. Check for open spaces, amenities, and green areas within the society.

Legal Due Diligence: Hire a legal expert or lawyer to conduct due diligence on the property. Verify the builder's legal ownership of the land and ensure there are no pending litigations or disputes.

Financial Aspects:

Construction Timeline: Get a clear understanding of the project's expected completion date and whether the builder has a history of delivering projects on time.

Builder-Buyer Agreement: Carefully review the builder-buyer agreement, including clauses related to possession date, penalty for delays, and the scope of changes or customisation allowed. This document will be the basis of communication with the builder. It's essential to get it read by a real estate expert so that you have a fair understanding of the agreement.

Quality and Specifications: Understand the quality of construction materials, fixtures, and finishes that will be used in your flat. Ensure they meet your expectations.

Payment Plan: Check if the builder offers a construction-linked or time-linked payment plan. Understand the payment milestones and their timing.

Loan Approvals: Ensure that the project is approved by banks and financial institutions for home loans. This is crucial for securing your financing.

Legal Compliance: Ensure the project complies with RERA (Real Estate Regulation and Development Act) regulations. The builder should have registered the project with the local RERA authority.

Amenities and Common Areas: Verify the promised amenities and common areas such as parks, parking, clubhouse, gym, and security arrangements.

Maintenance Charges: Understand the maintenance charges and how they will be calculated. Ensure that these charges are reasonable and fit within your budget.

Legal Documentation: Ensure all legal documentation, including the sale deed, possession letter, occupancy certificate, completion certificate etc. are in order before making the final payment. Remember, some of these documents are granted by the authority only after project completion.

Home Inspection: Before taking possession, conduct a thorough inspection of the flat for any defects or unfinished work. Ensure that the builder addresses these issues and communicate your concerns in writing.

It's essential to be well-informed and conduct thorough due diligence when buying an under-construction flat in India to protect your investment and avoid potential legal or financial issues in the future. Consulting with a real estate advisor or legal expert is highly advisable throughout the process.

Source: News18
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Artha launches syndicate fund for family offices

Posted By: Vishal Maurya Posted On: Sep 14, 2023
Anirudh A. Damani, director of Artha India Ventures.

New Delhi: Artha Group has launched Artha Continuum Fund (ACF), a syndicate fund, for family offices and ultra-high net-worth individuals (UHNIs).

The fund provides investment opportunities for bridge rounds of emerging growth-stage ventures. With an aim to close 8-10 deals annually, the fund's debut deal is expected to be announced this quarter.

Investors are required to commit ₹10 crore as a minimum investment, the firm said in a statement. ACF offers investors the autonomy to select and allocate funds for each deal.

The fund will strategically co-invest alongside premier VC funds," the firm added. “With a strategic alignment with Artha India Ventures, ACF has garnered in-principle commitments from leading LPs. The fund remains committed to category-leading companies showing significant traction with clear profitability horizons.

ACF addresses a key challenge for many family offices and UHNIs: the depth of due diligence and negotiation power. Leveraging its vast resources and seasoned team, ACF emerges as the optimal platform for those seeking elevated returns from private investments but wary of the risks associated with early-stage startups, the statement added. “Notably, ACF isn't a blind pool, granting investors the autonomy to select and allocate funds each deal."

Anirudh A. Damani, director of Artha India Ventures, said, "ACF arose from listening to our discerning investors. They yearned for a competent entity to oversee rigorous due diligence, sophisticated negotiations, and post-investment management while crafting their direct investment narratives."

Founded in 2012, Artha India Ventures has invested in companies like Oyo, LevergeEdu, Purplle, Karza, and many more.

Source: Live Mint
Related Posts: ARTHA GROUP,ARTHA CONTINUUM FUND,FAMILY OFFICES,ULTRA-HIGH NET-WORTH INDIVIDUALS,BRIDGE ROUNDS,EMERGING GROWTH-STAGE VENTURES

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A Tool To Achieving Efficiency

Posted By: Preeti Dabar Posted On: Aug 31, 2023

Adapting to technological advances is not a new thing in this modern era. Every direction you turn to, every aspect of your life you look at, and every step you take in life is related to the leaps and bounds of science and technology.

In such a scenario, real estate is a late entrant, one might say. The industry in India is expected to grow from $200 billion in 2021 to $1 trillion by 2030, according to a joint report by NAREDCO (National Real Estate Development Council) and EY (Ernst & Young).

Embracing Technology

Although other industries have long embraced innovations such as cloud storage, sensors, and mobile tech, the real estate sector has taken a little longer to start widely adopting these technologies. There are a few reasons for this.

First, realty is a traditional industry, and change can be slow to come. Second, real estate transactions are often complex and involve multiple parties, which can make it difficult to implement new technologies. Third, the sector is highly regulated, which can also make it difficult to adopt new technologies. However, there are now several reasons why the sector is starting to adopt new technologies more widely.

The cost of these technologies has come down, making them more affordable for businesses. Additionally, the benefits of these technologies are becoming more clear, as businesses see how they can improve efficiency and save money. Also, the government is starting to support the adoption of new technologies in the sector.

One such extremely important and efficient advance is proptech (or property technology). It is a type of software that helps real estate and property companies manage and optimise their portfolios throughout the entire lifecycle of their buildings, by automating tasks, providing insights, and connecting people and data. They can also help with everything from marketing and sales to property management and maintenance.

Convergence With Fintech Firms

Proptech and fintech are two of the most rapidly growing industries in the world, and they are increasingly converging. Proptech companies are using technology to improve the real estate industry, while fintech companies are using technology to improve the financial services industry. These two industries are connecting in a number of ways, including partnerships, and competition.

Partnerships: Proptech and fintech companies are partnering with each other to offer new products and services. For example, a proptech company might partner with a fintech company to offer a mortgage lending service.

Competition: Fintech companies are starting to offer real estate-related products and services, such as online mortgage lending. This is putting pressure on proptech companies to innovate and offer better products and services.

The convergence of proptech and fintech is creating new opportunities for both industries. This also makes it easier for people to buy, sell, and rent real estate.

What Are The Solutions?

Proptech solutions are also constantly evolving, and new solutions are being developed on the go. As the real estate industry continues to digitise, proptech solutions will become even more important for businesses of all sizes.

Some of the most popular proptech solutions include property management software (helping with tasks such as tenant screening, rent collection, and maintenance scheduling), real estate marketing software (helping with listing properties, generating leads, and managing listings), virtual reality (VR) and augmented reality (AR) solutions (helping potential buyers and tenants to tour properties without having to physically visit them) and blockchain solutions (helping track and manage property transactions more efficiently).

Improving Customer Experience

Such solutions are also beneficial for fintech firms in improving the customer experience by making it easier for customers to apply for loans and track their progress. It also reduces costs by automating tasks and streamlining processes.

Moreover, such solutions also increase efficiency by making it easier to access and analyse data, thereby improving decision-making by providing better insights into the market and customer behaviour.

Proptech also helps increase innovation in the industry by providing new ways to deliver products and services.

While it brings everything — from online property marketplaces to real estate analytics platforms, smart building technology, virtual and augmented reality tools for property viewings, property management software, and automated property valuation tools — under one umbrella, proptech is also a great way for real estate developers to improve efficiency, efficacy, productivity, and bottom-line results. This technological advance will prove to be an essential part of Indian real estate in the future, and will only provide more opportunities for growth and profitability.

(The author is founder and chief operating officer, BASIC Home Loan)

Source: News18
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Real Estate To Expand At $5

Posted By: Vishal Maurya Posted On: Aug 29, 2023

In its latest report, ‘India Real Estate: Vision 2047', Knight Frank India, the real estate consultancy in the country, in association of NAREDCO, has projected that India's real estate sector is expected to expand to USD 5.8 trillion (trillion) or USD 5,833 billion (billion) by 2047. This estimated real estate output value will contribute 15.5% to the total economic output in 2047 from an existing share of 7.3%.

By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to range between USD 33 trn to USD 40 trn.

Also Read: Real Estate Disputes: Need For Conciliation Benches In Every RERA, Know How It's Useful

For study purposes, Knight Frank took the mean estimated growth of the Indian economy to value USD 36.4 trn by 2047.

Report Highlights

The report said that private equity (PE) investments in the Indian real estate sector have consistently grown over the past two decades. Projections for 2023 indicate that PE investments in Indian real estate are poised to reach USD 5.6 bn, reflecting a YoY growth of 5.3%.

With India's GDP expected to reach USD 36.4 trn by 2047, the private equity investments within the Indian real estate sector are projected to surge to USD 54.3 bn by 2047, signifying a CAGR of 9.5% spanning 2023 to 2047.

Providing perspective on REITs, Knight Frank shared that the combined portfolio of Indian REITs encompasses 84.9 mn sq ft, with 75.9 mn sq ft dedicated to office assets and 9 mn sq ft to retail assets. Additionally, there is ongoing construction of approximately 21.3 mn sq ft within the REITs sector, projected to reach completion within 1-2 years.

Rajan Bandelkar, president, NAREDCO India, said, “Vision 2047, not just for NAREDCO but for Indian Real Estate, is about the roadmap of India's economic growth, and the role of real estate as one of the leading engines of that growth story.”

Details of estimated growth potential across RE asset classes by 2047

Residential

According to Knight Frank India, in the next 25 years, cumulatively there will be an estimated 230 million (23 crores) units of housing requirement in India. In terms of market value, the residential market has a potential to generate an output equivalent of USD 3.5 trn in 2047.

It is expected that with the changing income profiles, the demand for housing will emerge across all the price categories. In the next few years, while the demand for housing will remain concentrated in affordable housing, it will gradually shift towards mid segment and luxury housing.

The share of lower income households will reduce from existing 43% currently to 9% in 2047. Thus, a significant share of the population will shift to lower middle and upper middle-income categories. This will enable a significant demand for mid-segment housing.

Additionally, the share of HNIs and UHNIs households in India which will likely increase from existing 3% to 9% in 2047 will generate a significant demand for luxury housing in India.

Office

As per Knight Frank estimates, 69% of the working population will be formally employed to support the economic expansion of US$ 36 trn by 2047. In terms of market value, the estimated office stock is likely to generate a potential output equivalent to USD 473 bn in 2047.

The office stock has grown significantly from 278 mn sq ft in 2008 to 898 mn sq ft cumulatively across the leading eight cities in India in 2022.

Shishir Baijal, chairman & MD, Knight Frank India, said, “The next 25 years are going to witness a dramatic transformation in the Indian economy and the real estate sector. Factors like demographic advantages, improving business and investment sentiments, and government policy push towards high-value output sectors such as manufacturing, infrastructure etc. will robustly support the economic expansion of India.”

“In the imminent future, India's economy is expected to grow at a rapid pace, and the structural shift in the economy will be led by a major push to the growth of all sectors including real estate. For sustainable growth, it is imperative that India's real estate sector adapts to transformations in the economy and changing technologies, making optimum use of the growing resources, especially the human capital,” Baijal added.

Warehousing

Spurred by the high degree of correlation between the economic growth and increase in income levels, India's warehousing market is likely to witness a potential demand for 159 mn sq ft by the year 2047. India's warehousing sector has a potential to generate an output equivalent to USD 34 bn in 2047.

In a separate section of the report on the impetus of the manufacturing sector to industrial development, Knight Frank estimates that by 2047, at an average pace of growth India's manufacturing sector is likely to contribute 32% to the country's economic growth.

As of 2021, 5 lakh hectares of land in India has been under usage for industrial purposes which comprises 3,989 special economic zones, industrial parks and estates etc.

To cater to the manufacturing activities in the economy in the next 25 years, an estimated 102 lakh hectares of land is required for usage of industrial activities in India.

The exponential growth in required industrial land has a capacity to generate a revenue equivalent to USD 110 bn in 2047..

Rise of REIT

With the initial REITs setting a positive precedent, it is probable that REITs in the coming years will expand into diverse sectors such as residential and warehousing, in addition to the existing office and retail segments. Inspired by global markets, developers are likely to contemplate venturing into REITs for alternative asset classes like data centres, hospitality, healthcare, education and more, in the longer term over the next 25 years.

Retail

As per Knight Frank estimates, organised retail consumption is currently estimated to be at 4.6% of the total private consumption of individuals. This is significantly smaller when compared to developed markets such as the US, where retail consumption comprises 40% of the total private consumption of individuals.

However, with growing income levels and the growing propensity of households in India to consume, by 2047, when the size of the Indian economy is estimated to be USD 36.4 trillion, the share of retail consumption is estimated to be 37% of the total private consumption. This quantum of consumption boost will support the entry and expansion of retailers in India and provide an impetus to the retail real estate both for the shopping malls and the high streets.

Source: News18
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DLF all set to launch 2 luxury housing projects in Gurugram worth ₹15

Posted By: Aditya Gogoi Posted On: Aug 27, 2023
File: DLF Real Estate Construction site in Gurgaon

To expand its business amid strong demand for premium homes, realty major DLF Ltd will launch two luxury housing projects worth ₹15,000 crore in Gurugram during the second half of this financial year, news agency PTI quoted its Managing Director Ashok Kumar Tyagi as saying.

After the success of sales of ₹8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of ₹13,000 crore in this fiscal year and hopes to exceed the number.

DLF posted sales bookings of ₹15,058 crore during the 2022-23 financial year, which is a more than two-fold increase from ₹7,273 crore in the previous year.

Tyagi also spoke about the overall housing market and noted that the demand for ultra-luxury, luxury, and mid-income residential properties is very strong.

He mentioned that there is some stress in the affordable housing segment citing the the rise in interest rates on home loans and an increase in housing prices.

On plans, Tyagi said, "The company has created a launch pipeline of ₹20,000 crore for this fiscal.

"Launches this year will be predominantly driven by two launches in Gurugram - one in Southern Peripheral Road (SPR) and the other in Golf Course Road," Tyagi said.

The estimated sales bookings value of these two upcoming projects in Gurugram is about ₹15,000 crore, as DLF owns land parcels for these two projects in Gurugram.

Apart from this, Tyagi also said that his firm would also launch one residential tower in its project at Moti Nagar here, one in Tricity of Chandigarh, and one in Mumbai this fiscal.

"Launches in Chennai and Goa might spill to next fiscal year," Tyagi said.

Earlier this month, Singh sold his entire remaining stake in DLF for around ₹731 crore.

Recently, DLF reported a 12 percent rise in consolidated net profit at ₹527 crore in the first quarter of this fiscal. The company's net profit stood at ₹469.57 crore in the year-ago period.

Total income rose marginally to ₹1,521.71 crore in the April-June period of the 2023-24 financial year from ₹1,516.28 crore in the year-ago period. DLF's net debt stood at ₹57 crore as of June 30, 2023, as compared to ₹721 crore at the end of the 2022-23 fiscal.

During the period under review, the company's gross debt also fell to ₹3,068 crore from ₹3,840 crore.

With agency inputs.

Source: Live Mint
Related Posts: DLF,LUXURY HOUSING PROJECTS,GURUGRAM,ASHOK TYAGI,REAL ESTATE,AFFORDABLE HOUSING

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India's real estate sector likely to expand to $5

Posted By: Ajay Rawat Posted On: Aug 26, 2023
The residential segment will have an overwhelming share in the real estate sector. (HT)

New Delhi: India’s real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP from an existing share of 7.3% a joint report by Knight Frank and National Real Estate Development Council (Naredeco) said.

The report ‘India Real Estate: Vision 2047' stated that the residential segment will have an overwhelming share in the real estate sector. “By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to range between $33-40 trillion," it said.

The report noted that private equity investments in the Indian real estate sector have consistently grown over the past two decades and from a projected figure of $5.6 billion in 2023, it is expected to reach $54.3 billion by 2047, an annual growth of 9.5%.

Rajan Bandelkar, president, Naredeco India said, "Significant expansion of the Indian economy by 2047, will be powered by Real Estate. A multifold economic expansion will boost demand across all the asset classes - residential, commercial, warehousing, industrial land developments etc - will grow at a multiplier rate to accommodate the growing needs of the economy and consumption needs of the individuals,"

According to Knight Frank India, in the next 25 years, there will be an estimated 230 million units of housing requirement in India. The demand for housing is expected to remain concentrated in affordable housing, will gradually shift towards mid segment and luxury housing. The share of lower income households will reduce from existing 43% currently to 9% in 2047.

Niranjan Hiranandani, National Vice Chairman of NAREDCO, opined that, “The northbound growth in the Indian Real Estate sector is driven by the favourable domestic economic environment with economic resilience, bolstered infrastructure growth plans, alternative investment models, and domestic consumption power. Growing GDP will stimulate commercial and industrial real estate growth, attracting global investors towards Grade A assets. Emerging alternative asset classes will also play a critical role in pooling investments and boosting investors' confidence".

According to the report, REITs in the coming years will also expand into diverse sectors such as residential and warehousing, in addition to the office and retail segments. Builders are also likely to contemplate venturing into REITs for alternative asset classes like data centers, hospitality, healthcare and education.

REITs encompass 84.9 mn sq ft, with 75.9 mn sq ft dedicated to office assets and 9 mn sq ft to retail assets. Additionally, there is ongoing construction of approximately 21.3 mnsq ft within the REITs sector, projected to reach completion within 1-2 years.

As per Knight Frank estimates, 69 per cent of the working population will be formally employed to support the economic expansion of USD 36 trillion by 2047. In terms of market value, the estimated office stock is likely to generate a potential output equivalent to USD 473 billion in 2047.

The office stock has grown significantly from 278 million sq ft in 2008 to 898 million sq ft cumulatively across the leading eight cities in India in 2022, it added.

Source: Live Mint
Related Posts: REAL ESTATE SECTOR,KNIGHT FRANK,NATIONAL REAL ESTATE DEVELOPMENT COUNCIL,PRIVATE EQUITY INVESTMENTS,AFFORDABLE HOUSING

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Bussiness Balrampur Chini Mills posted strong Q1 results on Saturday as their profit jumped a whopping 493% to touch ₹73.5 crore during the quarter ending June 2023. During the same quarter last fiscal, the company posted consolidated net profit of ₹12.38 crore. The revenue of the company rose 28% from ₹1,094.
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Bussiness The price of gold marginally dropped on Thursday, with the cost of 1 gram of 22 carat gold declining to ₹5,495 from yesterday's ₹5,505, as per the figures released by Goodreturns. Accordingly, the price of 8 grams of 22 carat gold also decreased to ₹43,960 from the previous figure of ₹44,040, marking a p
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Bussiness Reliance Industries Ltd, India's most valuable company, has sought shareholder's approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 -- a period during which he has opted to draw nil salary.
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Bussiness Go First airline, which has been grounded since early May, has announced a further extension of flight cancellations till July 31, the airline announced in a tweet on Sunday. Go First airline, which has been grounded since early May, has announced a further extension of flight cancellations till Jul
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Bussiness In order to settle the pending contractual disputes of government and government undertakings, the finance ministry has launched the ‘Vivad se Vishwas II – (Contractual Disputes)' scheme, according to an official statement released on Wednesday. Finance Minister Nirmala Sitharam announced th
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Bussiness IT electronics refurbishing firm NewJaisa Technologies's initial public offering (IPO) will be open for subscription on Monday, i.e September 25. The company aims to raise ₹39.93 crore through its IPO. The issue will close for subscription on September 27. The company's IPO had opened for anchor investors on Friday. The fresh issue size is of 84,96,000 equity shares at face value of ₹5 each.
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Bussiness The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
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Bussiness India's foreign exchange reserves jumped $708 million to $602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.417 billion to $601.453 billion.
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World Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv. Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv.
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Bussiness Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform. Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform.
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World China has released a new documentary about the army's preparation to attack Taiwan and showcasing soldiers pledging to give up their lives if needed as Beijing continues to ramp up its rhetoric against the self-ruled island. China has released a new documentary about the army's preparation to attac
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Life Style Disha Patani went out for a dinner date with her friends last night. The actor got clicked by the paparazzi outside a restaurant in Mumbai. Known for embracing risqué fashion statements, Disha slayed another look for the outing. She wore a golden mini dress featuring intricately-placed cut-outs. Sc
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Technology The approach of Digital Public Infrastructure, which has gained global prominence, can also help in the area of climate adaptation and mitigation going forward, Chairman and Co-Founder of Infosys and the founding Chairman of UIDAI, Nandan Nilekani said on Sunday.
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Latest News The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois.
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Latest News NEW DELHI: Union minister Jitendra Singh on Saturday said, BRICS (Brazil, Russia, India, China and South Africa) should continue to hold global significance for being the most populated marketplace, driven by the knowledge, creativity and innovation economy.
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Latest News Sunny Deol's Gadar 2 craze has truly gripped the nation with fans thronging to cinema halls in large numbers. The Anil Sharma directorial also managed to collect around Rs 39 crore on the day of the release, making it the second highest grosser of the year after Pathaan. Celebrating this tremendous res