Report focusing on real estate trends and forecast in seven major cities was released at the CII Real Estate National Conclave:The report covered trends of real estate in India providing overview of the best performing micro markets for occupiers on seven most prominent cities including, Delhi NCR, Mumbai, Pune, Hyderabad, Bangalore, Kolkata and Chennai. According to the report, the IT/ITES and BFSI sectors will lead the charge as net absorption of office space is forecasted to grow at a CAGR of 29.5% from 19.6 million sq ft in 2009 to 42.6 million sq ft in 2012.
Mr Arun Nanda, Chairman, CII Western Region and Director, Mahindra & Mahindra Ltd requested the Hon’ble Minister for a definite government policy on real estate industry. “The average project completion time is about 4-5 years. Frequent changes in the government policy on real estate and infrastructure affect the projects adversely. There is a need of definite government policy on the real estate sector. Besides, after land acquisitions, it takes at least 18 to 20 months to receive all required government clearances. A single window clearance system for the same is also required for speedy clearances,” he said.
Mr Nanda said, “With market recovery in 2010, the residential prices are shot up by 30-35 per cent. The industry players should not out price the market as there is strong demand and hence, tremendous opportunity for many players in real estate,” Mr Nanda said.