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MUMBAI: Cushman & Wakefield, one of the world’s largest property consultancy firms, said the real estate downturn in the US could continue and that India, China and the Middle-East will become even more attractive as these markets offer huge opportunities for investment.
The US-based property consultant also said that more financial institutions in the US and Europe are likely to face financial problems in the coming weeks.
In an interview with ET, John C Cushman III, chairman of the board, Cushman & Wakefield said, “More bad news could come. We are facing new challenges everyday. Though there is a debate on whether this is a recession or not, in the coming months more bad things are waiting to happen.”
The Mumbai Metropolitan Region Development Authority will offer plots for office space at a reserve price of 300,000 rupees a square meter ($690 a square foot), anticipating the buyer will convert the former marshland at Bandra-Kurla Complex into India's version of Canary Wharf, the financial development built in London's disused docklands.
``It will definitely exceed the reserve price as the city offers a lot of opportunities and doesn't have sufficient surplus land,'' said Anuj Puri, the India head for Jones Lang LaSalle Meghraj in Mumbai. ``BKC will emerge as what Canary Wharf is to London.''
Indian textile firm Textile Alok_Industries Ltd has taken a 50% stake in Ashford Infotech, a part of the Ashford Group, for the joint development of real estate projects.
It has acquired the stake through wholly owned subsidiary Alok Infrastructure, it told the Bombay Stock Exchange.
The venture has already purchased the Bhandup land of tyre maker Ceat Ltd, measuring around 6.92 acres for around INR1.30bn (US$30m) as its first property development.
India is currently in the process of formulating legislation for the introduction of real estate investment trusts which will help individual investors enjoy the benefits of owning an interest in the securitised real estate market, an Indian economist and tax expert has said.
Sanjiv K Chaudhary, executive director of Pricewaterhouse-Coopers (India) said the real estate investment trusts would be regulated by the Government of India as well as the Securities and Exchange Board of India (SEBI).
“The Indian real estate sector is booming. Investors can benefit from this by forming part of the real estate investment trusts which will make investments in the sector through various tools,” Chaudhary said.
Global design-focused real estate development company 'Yoo by Starck' has entered India. As its first project, the European company is designing a huge residental condominial worth Rs 1,500 crore with Panchshil Realty in Pune.
Yoo by Starck also plans to expand its presence to Gurgaon, Goa, Bangalore and Mumbai with an investment of approximately Rs 1,800 crore in next four to five years.
Yoo by Starck Chairman John Hitchcox announced this during a press conference on Thursday in Pune. Yoo, a design marketing and branding development firm, has presence in 21 countries. Yoo is presently constructing 41 projects around the globe at Rs 40,000 crore.
