Description
Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general.
Real estate in India With a population of nearly 1.2 billion and increasing at a rapid pace, the construction industry in India is a Pandora’s Box waiting to be opened. With both the state and federal governments and the private sector continuing to spend millions of dollars in building new homes, international project and construction managers find themselves in an enviable position to offer a great deal of expertise. They include raising the bar for ‘acceptable’ quality standards, introducing new technologies and systems and demonstrating the added value that effective project management techniques can bring to clients and to the construction industry as a whole. The construction industry in India is dominated by few players, thus offering tremendous opportunities for new entrants, particularly from overseas. The skilled and semi-skilled labour market is, however, tight which poses constraints for growth without significant investment in training and career development. As the affluence level increases, the demand for high-end residential and entertainment facilities is on the rise, but the number of qualified contractors and specialists sub-contractors that can deliver the desired quality is limited. Some US and European project managers have broken in recently into the Indian market. A case in point is New Jersey-based Hill International, which announced in early October the award of contracts to provide project management services for two mixed-use, real estate developments in India. The order was placed by DLF Ltd, a leading Indian real estate developer. Both projects are part of DLF City, Phase V development, located in Gurgaon in northwestern India.
The first project is a super-luxury residential development, due to be launched in December, 2012. Onsite construction started this summer on the second project, called DLF Horizon Centre. The commercial complex will provide 1.14 million square feet of office and 53,186 square feet of retail space. The complex will have 23 floors, with a four-level basement parking. The project is due to be completed in end 2013. Meanwhile, a report issued by the Indo-Italian Chamber of Commerce said construction is the second largest economic activity in India after agriculture. Construction accounts for nearly 65% of the total investment in infrastructure and is expected to be the biggest beneficiary of the India’ economic surge over the next five years. Some US$300 billion is likely to be invested in the infrastructure sector over the next five to 10 years - in power, roads, bridges, city infrastructure, ports, airports and telecommunications, which would provide a huge boost to the construction industry as a whole, the report commented. Opportunities have attracted the attention of global majors, who have already announced foreign direct investments (FDIs) of nearly US$15 billion. The major global investors include: Jones Lang LaSalle (JLL), the world’s leading integrated global real estate services and money management firm, which plans to invest US$830 million in the burgeoning property market; Dubai-based DAMAC Properties is looking to spend US$3.7 billion to develop properties; Merrill Lynch & Co bought 49% equity in seven mid-income housing projects of India’s DLF in Chennai, Bangalore, Kochi and Indore for US$350 million; UAE-based real estate company Rakeen and Chennai-based mineral firm Trimex Group have formed joint venture company - Rakindo Developers - which would invest over US$4.2 billion over the next five years; and Bahrain’s Gulf Finance House has decided to invest over US$1.6 billion in a greenfield site close to Navi Mumbai. Besides hospitality, residential, commercial and retail buildings construction, international project management firms are also targeting power, highways and rail projects where several multi-billion dollar projects have been earmarked as part of India’s infrastructure development plans . The expertise that foreign project managers are targeting to bring to the Indian market are its abilities to assist a developer in managing design, procurement and
construction by deploying seasoned professionals with extensive experience in delivering projects on time, within budget and with the desired quality standards. By Ashok Dutta, PR Manager, Europe and Middle East
doc_725281048.pdf
Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general.
Real estate in India With a population of nearly 1.2 billion and increasing at a rapid pace, the construction industry in India is a Pandora’s Box waiting to be opened. With both the state and federal governments and the private sector continuing to spend millions of dollars in building new homes, international project and construction managers find themselves in an enviable position to offer a great deal of expertise. They include raising the bar for ‘acceptable’ quality standards, introducing new technologies and systems and demonstrating the added value that effective project management techniques can bring to clients and to the construction industry as a whole. The construction industry in India is dominated by few players, thus offering tremendous opportunities for new entrants, particularly from overseas. The skilled and semi-skilled labour market is, however, tight which poses constraints for growth without significant investment in training and career development. As the affluence level increases, the demand for high-end residential and entertainment facilities is on the rise, but the number of qualified contractors and specialists sub-contractors that can deliver the desired quality is limited. Some US and European project managers have broken in recently into the Indian market. A case in point is New Jersey-based Hill International, which announced in early October the award of contracts to provide project management services for two mixed-use, real estate developments in India. The order was placed by DLF Ltd, a leading Indian real estate developer. Both projects are part of DLF City, Phase V development, located in Gurgaon in northwestern India.
The first project is a super-luxury residential development, due to be launched in December, 2012. Onsite construction started this summer on the second project, called DLF Horizon Centre. The commercial complex will provide 1.14 million square feet of office and 53,186 square feet of retail space. The complex will have 23 floors, with a four-level basement parking. The project is due to be completed in end 2013. Meanwhile, a report issued by the Indo-Italian Chamber of Commerce said construction is the second largest economic activity in India after agriculture. Construction accounts for nearly 65% of the total investment in infrastructure and is expected to be the biggest beneficiary of the India’ economic surge over the next five years. Some US$300 billion is likely to be invested in the infrastructure sector over the next five to 10 years - in power, roads, bridges, city infrastructure, ports, airports and telecommunications, which would provide a huge boost to the construction industry as a whole, the report commented. Opportunities have attracted the attention of global majors, who have already announced foreign direct investments (FDIs) of nearly US$15 billion. The major global investors include: Jones Lang LaSalle (JLL), the world’s leading integrated global real estate services and money management firm, which plans to invest US$830 million in the burgeoning property market; Dubai-based DAMAC Properties is looking to spend US$3.7 billion to develop properties; Merrill Lynch & Co bought 49% equity in seven mid-income housing projects of India’s DLF in Chennai, Bangalore, Kochi and Indore for US$350 million; UAE-based real estate company Rakeen and Chennai-based mineral firm Trimex Group have formed joint venture company - Rakindo Developers - which would invest over US$4.2 billion over the next five years; and Bahrain’s Gulf Finance House has decided to invest over US$1.6 billion in a greenfield site close to Navi Mumbai. Besides hospitality, residential, commercial and retail buildings construction, international project management firms are also targeting power, highways and rail projects where several multi-billion dollar projects have been earmarked as part of India’s infrastructure development plans . The expertise that foreign project managers are targeting to bring to the Indian market are its abilities to assist a developer in managing design, procurement and
construction by deploying seasoned professionals with extensive experience in delivering projects on time, within budget and with the desired quality standards. By Ashok Dutta, PR Manager, Europe and Middle East
doc_725281048.pdf