Realty News Roundup: Penalty for Construction Delay Reduced in Noida; Connaught Place Ranked World's Fifth Most Expensive Office Market
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Top News
A new rule, effective from Friday, will reduce penalty for delay in construction in Noida. According to this report, those who have been allotted land by the Noida Authority for residential plots but have failed to start construction within the stipulated period of two years or the number of years mentioned in the lease deed will now face a lighter penalty.
A report has stated that supply of retail space for luxury brands is expected to double in the next three to four years. With additional space, the shortage of adequate retail area and high rentals (that falls in the range 500-1,200 per square feet per month on carpet area) is expected to ease to a certain extent. Read more.
A report has ranked Delhi's central business district Connaught Place as the fifth most expensive prime office market in the world with a rent of around $157 per sq ft per annum. The top position went to London West End with an overall occupancy cost of $267 per sq ft per annum, while Asia continued to dominate the world's most expensive office locations, accounting for four of the top five markets. Read more.
Off the front page
Companies including DLF, Reliance Industries, Phoenix Mills, Mumbai-based Maker Group and Shobha Developers have lined up a host of projects—both malls and other commercial buildings—in cities like Delhi, Mumbai, Chennai and Bengaluru. This report on NDTV-Profit, which gives a brighter picture of the industry, says that these projects are expected to take off soon, creating additional supply for retailers.
In an interesting development, Economic Times reports that the realty boom is set to boost applications for BArch course by 10%. The report says that the boom in the real estate sector has turned architecture into a viable career option and fueled a rise in demand for architects.
While chatting with ET Now, at least three Bollywood actresses have endorsed investing in real estate. When asked what they would like to invest in, Mandira Bedi, Soha Ali Khan, Chitrangada Singh and Deepika Padukone said they preferred property and real estate. Read their interviews here.
Opinion
Industry experts have opined that the Modi government's Home for All policy might be a shot in the arm for realty sector. Read the full report in Economic Times, which quotes various stake holders.
Read an article in Mint about how the Smart City concept of the NDA government has gained traction even before the formal launch of the projects.