On a year-over-year basis, the rate of growth in prime office occupancy costs slowed, up a modest 1.4% globally in Q1 2013, compared with 2.1% in Q3 2012. The slowdown was a result of slower global economic growth as well as significant expense management and cost control, footprint consolidation, and more efficient workplace design by occupiers.
According to CBRE Prime Office Occupancy Costs survey, Connaught Place in Delhi,which was 5th costliest office destination in Q3 2012 has slipped two notches but continued to feature in the top 10 most expensive office destination in the world.
CommonFloor.com, online portal for apartment communities in India and CARE Ratings, the second-largest credit rating agency in India have jointly tried to rates real estate projects in India. The real estate star rating would involve detailed examination of Project Developer Quality, Construction Quality, Legal Quality and Financial Quality which helps the property buyers and real estate investors to evaluate the residential projects in the city. The rating scale from one star to seven stars.
Wegmans Business Park, an impressive approximately 5 Lacs sq. ft. IT Park that is located at a prime location in the Greater Noida by Wegmans group of companies, is assigned NCR 7-Star. Ambady’s Green Meadows-Phase (I) by Ambady Tourist Enterprises Pvt Ltd too rated Kochi 7-Star. Tritvam by TRIF Kochi Projects Private Limited also rated Kochi 7-Star.
According to Knight Frank, home prices in India fell by 1.7 percent in the second quarter of the year compared to the previous quarter.The unsold inventory of homes in Mumbai has reached 130,000 units.
According to Jones Lang LaSalle, Real estate prices in many of the Indian metros have crossed sustainable limits.A massive inventory of unsold residential units in the larger cities, and the developers with the larger shares of this inventory will have little choice but to yield to the price pressures. Average prices of homes in newly launched projects in India have decreased by 15 to 25 percent compared to market pricing.
The top 25 real estate destinations of the Asia Pacific region compiled by PricewaterhouseCoopers (PwC) and the Urban Land Institute, released this month, revealed that the Indian cities of Mumbai and Bangalore had slipped to 23rd and 20th place, respectively, from 20th and 19th position the previous year.
Source:Residential Property Price Correction Expected in India| worldpropertychannel.com
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The charming Fast & Furious star Paul Walker was killed in a car accident in Santa Clarita, California. The Los Angeles County Sheriff’s Department said speed was a factor in Saturday’s one-car crash, though it will take time to determine how fast the car was going.
Paul Walker’s death has came as a shock for everyone. Celebrities took to Twitter to express their sorrow and grief.
Walker was in the passenger seat of a friend’s Porsche on his way to a charity event when the driver lost control.