Housing Start Up Index launched for Bangalore, Chennai, 25 others

Housing Start Up Index launched for Bangalore, Chennai, 25 others New Delhi:


                                   There is a declining trend in the construction of housing activities in big cities like Kolkata and Chennai whereas a growth is apparent in small cities like Bhopal and Hubli in the housing sector, according to the Housing Start Up Index. HSUI, an indicator of volume of construction in the housing sector during a certain period, was released on Monday covering 27 cities across the country. While the index has shown a declining trend in the sector in million plus cities like Kolkata, Chennai and Bangalore, it has indicated an upward trend in small cities like Dehradun, Bhopal and Hubli, Housing and Poverty Alleviation Minister Girija Vyas said while releasing the HSUI. The first-of-its-kind initiative in the country is a critical indicator of economic growth relating to various sectors like banking, mortgage, labour, steel, cement and paint. She said such trends are useful indicators of the pattern of development in our country, which in turn helps policy makers and administrators understand the future focus and thrust areas not only in terms of housing provision, but all the associated infrastructure and civic amenities required. \"Internationally, only six developed countries - Canada, USA, Japan, France, Australia and New Zealand - are having housing start up index on a regular basis and India has become the seventh country to have such an exercise,\" she said. It was a pilot project covering housing activitie

       s in 27 cities between 2009 and 2011. The index was launched in close coordination with Reserve Bank of India and National Sample Survey Organisation.\"HSUI will include 300 cities soon. The contribution of this sector is about 10 per cent of the GDP and hence, it is a key macro-economic indicator. It will help both the private and government sector in assessing the economic activities in the region. It will also benefit consumers and promoters,\" she said. There are 254 ancillaries which are related to housing sector directly or indirectly like cement and iron. 30 million people are involved in the sector and Rs. 2.48 lakh crore is estimated to be its market size.

Office space demand in India to grow by 7 per cent in 2014: report

Office space demand in India to grow by 7 per cent in 2014: report:

                                                         Office area absorption is probably going to rise seven per cent this year to twenty nine million sq. feet in India's seven major cities as corporates inspect increasing businesses, in step with a report by international realty adviser DTZ.

Absorption was twenty seven million sq. feet last year within the seven cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and urban center.

In its report, on Asian nation workplace Demand and Trends, DTZ additionally projected that workplace rentals would stay stable in most markets within the half of 2014 and also the rents would begin rising from the half.

"Most corporates square measure expected to fix up plans for growth within the next few months with the take-up forecast to grow in 2014, particularly within the half of the year," DTZ aforesaid in its report.

"...economy is projected to grow at a loosely higher rate in 2014 than 2013. This successively can eventually feed through to get higher demand for the important estate sector. Consequently, workplace area take-up is projected to achieve twenty eight.9 million area unit in 2014, a growth of seven per cent y-oy," it added.

Highlighting the findings of the survey-based report, DTZ Asian nation analysis head Rohit Kumar aforesaid that forty one per cent of the respondents aforesaid they might add workplace area.

Demand would be LED by the IT/ITeS sector (40 per cent), followed by producing and BFSI sectors. city would still be the most important contributor in workplace area demand.

There was general optimism amongst occupiers concerning increase in growth momentum in close to the long run.

"Occupiers expect economic process to recover following parliamentary elections," the report aforesaid.

On rent, the survey aforesaid concerning half the respondents expect rents

to stay stable within the half of 2014.

"But the bulk of respondents agree that rents can record a moderate increase over the course of ensuing twelve months."

Mr Kumar additionally aforesaid that a growing range of occupiers insisted on strict adherence to legal, safety and surroundings norms of workplace buildings.

"Consequently, this can be possible to own a positive influence on the standard of edifice in future," he added.