advance indian real estate-charting a global course
TRANSCRIPT
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Indian Real Estate -
Charting a Global
Course
The Essential Ecosystem for a Sustainable Future
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The past decade has witnessed a period of economic transformation
of the Indian Real Estate Industry. After the Global Financial Crisis, the
pace with which India bounced back as compared to the most other
economies across the globe is nothing short of magnicent. The moot
point to be debated now is what next? Given the state of the Real Estate
Industry in India, are we well poised to leverage this quick recovery and
ensure that in coming 5-7 years, this industry is at par with some of the
best in matured markets like Asia Pacic and US? A comfortable ground
that we are on today, does it allow us to strengthen our foundation and
leapfrog ahead to be recognized as one of the best? India has started
to receive similar accolades from around the world for various other
industries. Are similar accolades for the India Real Estate industry just
around the corner?
In this paper, we discuss the answer all the above questions by
analysing the market forces that impact the dynamics of the Indian Real
Estate Ecosystem. A typical real estate ecosystem comprises of different
stakeholders that include architects, developers, government/regulatory
authorities, banks, private equity players, other funding agencies,
buyers, brokers, and property consultants.
For any such ecosystem to remain successful over a long term, it is
imperative that all its key industry participants are on a level playing
ground despite the changing real estate dynamics. The dynamics
in Indias real estate ecosystem is driven by Extrinsic and Intrinsic
factors (Figure 1). While the extrinsic factors are those which impact the
dynamics from outside the real estate ecosystem, the intrinsic factors
are those which impact the dynamics of the ecosystem from within.
With a vision to drive the transformation of the countrys real estate
best practices to the next level, Confederation of Indian Industry (CII)
and Jones Lang LaSalle (JLL), through this paper, aims at gaining
perspective on factors that could turn India into a global Real Estate
Powerhouse in the next decade.
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AFFORDABILITYBuild per the needs of the affordability pyramidConsider H + T affordability through Transit Oriented Development (TOD)Maintain ofce rents at less than a-dollar-psf to reap IT/ITeS dividends
TRANSPARENCY Improve transparency to ensure better quality products and servicesSynergise efforts towards a transparent system and harvest collective benets
TECHNOLOGYAND INNOVATION
Innovate to benchmark real estate developments to global standardsUse information technology extensively for planning in real estate
SUSTAINABILITYBe responsible to the environment through resource optimisation to achieve sustainable goalsIntroduce sustainable concepts in each sector from green leases to green homes
IMAGEABILITYEstablish unique imageability to compete as global destinationsRevitalise city centres to improve efciency and imageability of prime locations
PROFESSIONALISMManage real estate assets professionally to gain from global best practicesImpart training to industry personnel for achieving higher quality of products and services
REGULATIONRegulate to introduce accountability within a national framework but having a local thrustCreate a business friendly ecosystem to facilitate fair play and encourage industry stakeholders
INVESTMENTDrive investment a key externality that cuts across all the other extrinsic factorsEnact practical REIT and REMF regulations to make real estate an investable asset classEnhance sources of funding to real estate developers
LANDStreamline the procurement of land assets to reduce barriers of entry for new playersFormulate policies and framework with emphasis on transparent transaction processes
INFRASTRUCTUREDevelop infrastructure to ensure an inclusive growthAdopt global best practices customized to the local needs
Professionalism
Land
Technologyand
InnovationInfrastructure
Regulation
Investment
Affordability
Transparency
Sustainability
Imageability
INTRINSIC
EXTRINS
IC
INDIAN
REAL
ESTATE
Source: Real Estate Intelligence Service (Jones Lang LaSalle)
Figure 1: Indian Real Estate Ecosystem
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Figure : Income Groups and Housing Affordability (Based on 008-09 Income Levels)
Income Groups Households(Thousand)
(% Share) Per Household Income in008-09 (INR)
Affordable Ticket Size forHousing (INR)
Rich , 1.0% 1,01,85 ,500,000
Higher-Middle Income 5,8 15.0% 09,950 1,50,000
Middle Income 8, 0.6% 1,79 550,000
Lower-Middle Income - I 8,85 0.8% 79,5 50,000
Lower-Middle Income - II 55,9 .8% 50,085 15,000
Bottom of Pyramid - I 7,6 11.7% ,69 50,000
Bottom of Pyramid - II 16,665 7.1% 18,851 5,000
Consider H + T affordability through Transit
Oriented Development (TOD)
Access to transit and proximity to daily
destinations prevent the creation of low-density
spread-out urban sprawls dependent on cars.
Transit poor neighbourhoods lead to cities with
trafc congestion, long commutes, air pollution,
green house emissions and reduction in open
spaces. Dense, transit-rich communities are
location efcient because they connect residents
to shopping, work, and recreation while limiting
the strain on public infrastructure and natural
resources.
Intrinsic Factors
AffordabilityBuild per the needs of the affordability pyramid
The income pyramid in India is heavy at the
bottom, with over 60% of the households earning
averagely less than INR 80,000 per year. Nearly
19% of the households (at the Bottom of the
Pyramid) cant afford any type of housing through
their income. Another .6% of the households
in the Lower Middle Income Group cant afford
a house in Tier I or II cities (Figure ). Builders,
architects and government have to plan real estate
development, which conforms to the needs of the
income pyramid of India.
Source: Consumer Pyramids, Centre for Monitoring of Indian Economy (CMIE); Real Estate Intelligence Service (Jones Lang LaSalle)
Rich
Higher-Middle Income
Middle Income
Lower-Middle Income - I
Bottom of Pyramid - II
Bottom of Pyramid - I
Lower-Middle Income - II
09,950
1,79
79,5
50,085
,69
18,851
35.38 million
48.43 million
48.85 million
16.67 million
1,01,85
(Per household income in INR) (Number of Households)
2.42 million
55.94 million
27.46 million
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Figure : Residential Affordability Radar for Indian Cities
Source: Real Estate Intelligence Service (Jones Lang LaSalle), 1Q11
Note:
1. The radar shows the average distance from the city centre at which a residential property would be priced at the given
capital value ranges (See legend).
. The city centres considered for the respective cities are as follows: Mumbai - Nariman Point; NCR - Connaught Place;
Bangalore - MG Road; Chennai - Nungambakkam; Pune - Deccan Gymkhana; Hyderabad - Begumpet and Kolkata - Park Road.
Due to lack of available land parcels within the
cities, suburbanization has accelerated in several
metropolitan areas during the past decade.
Several ofce, retail and residential developments
have dotted the suburban landscape. Unaffordable
land prices have resulted in leapfrogging
of residential development to even suburbs
of suburbs or exurbs. By 01, 60% of the
operational ofce space in the metropolitan cities
will be at suburban locations. The retail market
has been suburbanized earlier than ofce, with
more than 50% of the operational retail space at
suburban locations since 00. The residential
construction activity is even more skewed in the
metropolitan cities, with over 95% of the housing
projects being constructed at suburban locations.
With rapidly expanding city limits due to increased
suburbanisation of Indian cities, the focus of
affordability should not only consider the market
value of the products, but also the travel costs to
the workplaces, retail and recreational centres.
Housing and transportation affordability (H+T
Affordability) involves a more holistic approach
of assessing the utility of a product to the buyer
through not only the intrinsic value in terms of size
of apartment, property rate and amenities provided
but also the linkage value such as accessibility to
workplaces. Transit oriented developments involve
a mix of land uses, including commercial ofces,
residential and community amenities such as
schools, hospitals and parks. They are integrated
with a well developed rail transit network to
discourage proliferation of cars.
Maintain ofce rents at less than a-dollar-psf toreap IT/ITeS dividends
The emergence of information technology
industry in India during the past two decades hascontributed signicantly to the growth of real estate
in several top metropolitan cities in India. Several
concessions from the government under the ambit
of Software Technology Parks of India (STPI)
Mumbai
Bangalore
NCR
ChennaiPune
Hyderabad
Kolkata
8070605000010
INR ,000-,000 psf INR ,000-6,000 psf INR 6,000-8,000 psf > INR 8,000 psf
Distancefro
m
CityCentre
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and Special Economic Zone (SEZ) facilitated this
growth in the past. Nearly 50% of the transactions
of investment grade ofce space are done by
IT/ITeS companies. While IT/ITeS industry has
necessitated higher grades of construction, it
has beneted due to the affordable rents offered
at several Tier I cities of India. Over 60% of the
operational investment grade ofces in top seven
cities currently provide space at a lease rental
of less than a-dollar-per sq ft per month (or less
than INR 5 psf pm), primarily in secondary and
suburban locations. These locations offer large
land parcels that are ideal for the development of
IT/ITeS campuses (Figure ).
With tax benets to IT/ITeS industry ending in
the coming years, the rms shall deviate to cost
effective locations. If Indian real estate has to reap
the dividend of the IT/ITeS industry in the future,
it should maintain the dollar-psf rents for arbitrage
against other competing locations in Indonesia,
China and Philippines.
Figure 4: Micro-Markets in India Offering Ofce Space at INR 25-55 psf pm (As of 1Q11)
Source: Real Estate Intelligence Service (Jones Lang LaSalle), 1Q11Note: Each dot represents a micro-market among the top seven cities of India.
Transparency
Improve transparency to ensure better qualityproducts and services
Is Real Estate in India a market of lemons1? In
information-inefcient markets, sellers tend to sell
lemons to buyers, who have lesser knowledge of
the goods than the sellers. This has an adverse
impact on the industry, as the incentive to produce
a higher quality of product is reduced. On the
other hand, high levels of transparency make
it conducive for buyers to understand the pros
and cons of a specic project and accordingly
make investment decisions. This in turn facilitates
an increase in foreign direct investment a
powerful incentive for encouraging the free ow
of information along with the fair and consistent
application of local property laws.
Transparency of Indias real estate markets
has been gradually improving and is largely
5
0
5
0
15
10
5
50 100 150 00 0050
Gross Rental Values (INR psf pm)
Stoc
kAso
f1Q1
1(mns
f)
SBD Bangalore
Suburbs Chennai
Whiteeld NH-8 GurgaonSBD Chennai
SBD Pune
Hitec City
Thane & Navi MumbaiNoida
Suburbs Pune
-
-
1The Market for Lemons: Quality Uncertainty and the Market Mechanism is a 1970 paper by the economist George Akerlof. It discusses information asymmetry, which occurs when the seller knows
more about a product than the buyer. Lemons in popular parlance are those sub-standard products which are passed by sellers as good ones.
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driven by improvements in data availability on
market fundamentals, the regulatory and legal
environment, as well as governance of listed
entities (Figure 5). The increasing presence of
international real estate developers, investors
and occupiers especially in the Tier II and Tier III
cities has acted as a catalyst for the increase in
transparency outside the Tier I cities.
Data on ofce market fundamentals is now
more comprehensive in the Tier II cities such as
Hyderabad, Pune and Kolkata, as they develop
into IT/ITES and manufacturing hubs. Dataavailability for the retail and residential sectors
has improved across all tiers due to the rapid
development of the residential sector and modern
retail formats. However, when compared to the
other countries in the Asia-Pacic, Indian cities fall
in the category of being semi-transparent. They
rank differentially on various parameters of real
estate transparency.
Synergise efforts towards a transparent
system and harvest collective benets
Transparency is the key to improve efciencies
in the system, which benets all stakeholders,
particularly buyers. While developers should
avoid misrepresentation and unfair practices,
government needs to be unbiased and
participative (Figure 6).
Appropriate indices to measure market
fundamentals and performance is a key indicator
of market transparency. There is an absenceof national indices on real estate sectors, due
to lack of market data. Some international
property consultants, online real estate portals
and government authorities such as National
Housing Bank have begun providing real estate
market data, which is improving this facet of real
estate transparency. However, available data has
a grade bias which results in the performance
Figure 5: Transparency of Indian Cities by Tier
Source: Global Real Estate Transparency Index 010, Jones Lang LaSalleNote: Tier I cities Mumbai, Delhi, Bangalore and Chennai. Tier II cities Hyderabad, Kolkata and Pune. Tier III cities 0 other prominent Indian cities
PerformanceManagement
MarketFundamentals
Listed Vehicles Legal &Regulatory
TransactionProcess
Composite
1
II III I II III I II III I II III I II III I II III
5
INCREASING
TRANSPARENCY
I
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Approvals and TaxationStreamlined and transparent approval process to reduceproject costs. Formulate effective simple taxation rules to
avoid double taxation.Redressal MechanismsSetup an effective grievance redressal mechanism for
all interested stakeholders.
Transaction RecordsMake transaction records available for a
transparent information ow to buyers andinvestors.
Development PlansEnsure civil participation in develop-
ment plans to address concernsand requirements of citizens.
ServicesProvide an objective andunbiased service to buyers anddevelopers.
Cost of FundingMaintain the right cost of funding to buyers anddevelopers to ensure smooth completion of realestate projects.
Credibility ReportingReport credibility ratings of developers and buyers toreduce transaction risks
and fundamentals of investment grade assets
being reported. Also, there is a tier bias since
there is relatively more transparency in the tier
I and II markets and lesser in tier III cities. The
transparency also differs by sectors as residential
market has relatively more transparency, when
compared to ofce and retail transactions.
Real estate sector in India is subject to multiple
taxes such as corporate tax, service tax, minimum
alternate tax, value added tax, stamp duty,
property tax etc. Although there is transparency
in terms of the enactment of legislations, certainkey areas such as evaluation of property tax is a
signicant concern as reliable and easy methods
of its calculation is not available. Also, there have
Source: Real Estate Intelligence Service (Jones Lang LaSalle)
been certain disputes in the taxes being levied
onto real estate developers and buyers. Moreover,
such regulations also differ between states. With
the possible introduction of a single uniform GST
(Goods and Services Tax) in FY 011-01,
several of these issues pertaining to multiplicity of
taxes and even double taxation will be resolved.
The payment of unaccounted and protection
money is also a key lacunae in the transaction
process. There are legislations to regulate foreign
investment in the sector, which are progressively
being relaxed to cater to the increased demands
for funding in the sector.
Figure 6: Role of Stakeholders in a Transparent Ecosystem
ProductsProper representation of product quality, area, amenities,location, efciency and other project characteristics that
inuence buying decision.
ServicesProvide information regarding project progress,approvals, registration and transfer processes andmaintenance.
Performance ReportingReport correct performance of theproject in terms of sales andconstruction.
Accounted Purchases
Should purchase real estate
through accounted means
Information Seeking and Distribution
Seek information through multiple sources and
relay right information to other interested parties
Reporting
Report income and taxes on properties accurately, following
laws and regulations
DEVELO
PERS
BUYERS
GOVERNMENT
FINANCINGAGENCIES
REAL ESTATETRANSPARENCY
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constructed in future as energy efcient spaces.
Government of Maharashtra is considering the
proposal to provide both nancial and non-
nancial incentives including higher Floor Space
Index, reduction in consent fee, rationalization of
property tax and reduction in state taxes including
VAT and Octroi and other incentives, for the
development of green projects in the state. Apart
from Maharashtra, several state governments
are planning to develop their own green building
byelaws.
Builders commitment to respond to the initiativestaken by the government would lead to inclusion
of more green buildings to their portfolio. Also,
they are becoming active participants in guiding
the government towards the enactment of these
byelaws, since they have a better understanding
of the ground realities.
Introduce sustainable concepts in each sector from green leases to green homes
A sustainable lease, often referred to as a greenlease is any lease that has a sustainability
outcome built into it. This can include criteria
around energy, waste and water. The introduction
of these sustainability criteria does not replace the
need to consider the implications of the base lease
clauses. Essentially, the green lease schedule
reects the parties desire to improve and be
accountable for sustainability in the building.
A sustainable lease meets the unique objectives
and challenges faced for every individual situation
reecting the prole of the building, current
building performance, willingness of parties to
share savings in outgoings and the intended use
of the space.
Inclusion of mandatory sustainable norms and
directives in the development control regulations
will ensure the development of low energy city
envelopes. Since the largest contributor to the
demand for electricity in India is the residential
sector, it is imperative that both government and
builders focus on building a sustainable housing
sector, banking on low energy needs. Indian
Green Building Council (IGBC) recently rolled out
Green Homes, which is its rst rating programme,
exclusively for the residential sector. Also, the
IGBC Green Townships Rating System, a pilot
version of which has been launched, should be
benecial at a larger scale for certifying residential
townships.
Imageability
Establish unique imageability to compete asglobal destinations
In his most important work, The Image of the City
published in 1960, Kevin Lynch has studied how
users perceive and organize spatial information as
they navigate through cities. According to Lynch,
city dwellers and visitors form mental maps with
ve elements:
Paths, the streets, sidewalks, trails, and other
channels in which people travel;
Edges, perceived boundaries such as walls,
buildings, and shorelines;
Districts, relatively large sections of the city
distinguished by some identity or character;
Nodes, focal points, intersections or loci;
Landmarks, readily identiable objects which
serve as external reference points.
From Vastu to Vistas, Indian architecture has
come a long way in amalgamating styles and
grammar into its urban fabric. However, there is a
serious imageability crisis in the Indian cities, due
to near absence of implementation of guidelines,
if any. While Indian cities are progressing in terms
of nodes and landmarks due to iconic construction
happening at places, paths, edges and districts
require the attention of planners and designers.
Instead of following global architectural styles,
some of which are probably not appropriate for
Indian cities due to different climatic conditions,
materials of construction and cultural or aesthetic
considerations of the local city, designers should
architect an Indian image, which will create a
unique branding of the urban fabric.
Early examples of urban branding in India are
the cities of Jaipur, Jodhpur and Udaipur (all in
Rajasthan) in India, which follow distinct urban
Inclusion of mandatory
sustainable norms
and directives in the
development control
regulations will ensure
the development of low
energy city envelopes.
Since the largest
contributor to the
demand for electricity in
India is the residential
sector, it is imperative
that both government
and builders focus on
building a sustainable
housing sector, banking
on low energy needs.
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tenancy. Common problems in old ofce building
stock at the city centres include
Deteriorated facades
Poorly maintained common areas such as
lobbies and corridors
Lack of /7 power back up and centralised air
conditioning
Outdated staircases and lifts/elevators, and a
lack of efcient mechanisms for modication of
the same
Lack of new technology for building safety and
security
Poor mechanisms for energy efciency
However, the tide is turning as buildings in newer
locations are providing better grade premises,
amenities and infrastructure to the tenants. There
is a need for an urban renaissance in the coming
decade in which massive investment is required
to upgrade the internal infrastructure of the cities,
as well as revitalize the existing buildings. The role
of architects and designers assumes signicance
due to the heritage importance of these districts.Several buildings were built during the colonial
period, which add to the imageability of the city.
Since most of these redevelopment or retrotting
projects will be inll developments, a localisation
of concepts including form, function and
sustainability is required to preserve the character
of the area, and harmonise with and complement
the existing streetscape rather than compete with
it. This sympathetic inll is vital in providing an
imageability to Indian cities, which is lacking and
prevents them from attaining a global standard.
Professionalism
Manage real estate assets professionally - to
gain from global best practices
Professional management of real estate
encompasses a gamut of services including
positioning, zoning, promotions and marketing,
facility management and nance management.
While this will result in better services being
provided to occupiers, a direct benet would
be in reducing operational costs. Several
shopping centres and ofces have begun availing
professional management services for their
operations; in view of maintaining the long term
viability and success of the asset.
International property consultants bring global
best practices for the optimization of maintenance
costs, which can typically be achieved by
Adoption of efcient planning strategies for
achieving the optimal level of future costs and
expenses
Optimizing the actual costs incurred for themaintenance of the property
Ensuring the long-term viability of the asset and
income stream associated with it.
Impart training to industry personnel for
achieving higher quality of products and
services
With a large unorganised network of real
estate brokers, construction workers and other
intermediaries in the industry, there is a need for
focused training and certication programs for
their skill upgradation.
Government of India recognises this need and
has formed the National Skill Development
Corporation (NSDC), whose objective is to
contribute signicantly to the overall target of
skilling / upskilling 500 million people in India by
0, mainly by fostering private sector initiatives
in skill development programmes and providing
viability gap funding. Real estate is one of the 22focus sectors identied under NSDC. According to
the NSDC report prepared by ICRA Management
Consulting Services, nearly 5 million people shall
be employed in the real estate sector in 0,
with the incremental human resource requirement
between 008 and 0 to be 1 million. The
report further observed that substantial skill
building is required at the skilled workforce level
to build capacity. This would stem from modular
courses of anywhere between months to 8months duration in areas such as carpentry,
plumbing, operations, and other occupations. It
Retrotting Indias Central Business Districts, Jones Lang LaSalle, March 2011.Inll development is the development of a building among other old buildings with heritage value and character in an established streetscape.
The tide is turning
as buildings in
newer locations areproviding better grade
premises, amenities
and infrastructure to the
tenants.There is a need
for an urban renaissance
in the coming decade
in which massive
investment is required
to upgrade the internal
infrastructure of the
cities, as well as
revitalize the existing
buildings.
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is also required to examine models in which such
skills can be delivered to the skilled and minimally
educated workforce near the construction sites.
Estate agents and real estate brokers are a vital
component of the real estate industry. However,
India lacks a national association which can provide
certied licenses for real estate broking and regulate
their conduct through education and ethics. This has
resulted in an unregulated and unorganised sector,
which leads to high search time and costs for the buyer.
Project Life Cycle Property & Asset Management
Value Add
PLANNING
Project feasibility, land procurement, nalizing
project brief, consultants, budgeting, nancial
modeling
Operations stage expenditure can be
predicted to accurately dene feasibility
DESIGN
Finalizing spatial layout, construction
materials, development phases
Layout can be improved to prevent
additional expenditure at later stages
PRE CONSTRUCTION
Tendering, site preparation, sales, promotion,
advertising, brand building
Efcient property management can be
a signicant marketing USP
CONSTRUCTION
Onsite erection of the building structure, from
excavation to internal nishes, tendering ofmaintenance contracts, selection of equipment
Benchmarking of equipment and
operations costs along with generating
tendering documentation for vendors
PHASED OCCUPANCY
Provisioning for ancillary services, security, etc
Supporting transitioning of the project
including commissioning of equipment
Property will be maintained efciently
to the satisfaction of the client/tenants
MAINTENANCE
Asset optimization through maintenance of
equipment, facility & infrastructure and rent
collection
Reports are generated periodically
and analysed to attain operational cost
optimisation, inventory control and
efcient vendor management
RENOVATIONS
Additions & alteration in the building &
infrastructure along with improvement in
management techniques
Re-assessment of existinginfrastructure
Renovation & capital expenditure
planning
Figure 10: Typical Real Estate Project Lifespan andCorresponding Property and Asset ManagementValue Adds
PLANNING
PRECONSTRUCTION
DESIGN
PHASEDOCCUPANCY
CON
STRUCTION
MAINTENANCE
RENOVATION
PRE-OCCUPANCY
MANAGEMENT
POST-OCCUPANCY
MANAGEMENT
RENOVATION
MANAGEMENT
Source: Property and Asset Management, Jones Lang LaSalle, 009
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Extrinsic FactorsInvestment
Drive investment a key externality that cutsacross all the other extrinsic factors
The market value of investment grade real
estate assets under construction across the three
sectors of ofce, retail and residential in India is
more than USD 100 billion. This fact reiterates
the importance of investment in to real estate
sector in order to ensure timely completions of the
projects which are currently under construction. A
sustained capital ow through multiple channelsincluding foreign players, local funding agencies/
banks, and internal accruals of the developers
is of prime importance to ensure growth of real
estate sector in India. Investment, both at a project
level as well as at a market level is imperative for
a sustained growth of real estate sector.
Investment leading to capital infusion can be done
either directly or indirectly into the real estate
ecosystem (Figure 11). While direct investments
include those initiatives leading to money ow
directly towards development of a particular real
estate asset, the indirect investments are those that
involve capital infusion towards developments that
are external to the real estate asset but yet have a
signicant impact on marketability of the same.
Investment in Indias real estate market is further
driven by multiple factors which are listed below:
Growing disposable incomes of along with
favourable demographics leading to diverse real
estate demand calls for niche / unique investment
strategy from a developers point of view.
Increased focus on both traditional manufacturing
sectors as well sunshine services sectors
positions India as one of the fast emerging
economies with multiple economic drivers
resulting in need of improved thrust on
investment in to real estate.
Rapid urbanization rate in India, lack of
availability of land within the city limits and
rise in number of nuclear families leadingto fall in density per household would result
in investment in the form of geographical
expansion of cities and product innovation
especially in terms of residential offerings in
the market.
Need for global infrastructure standards which
would act as a key enabler for development of
new satellite towns and transformation of the
same in to business epicentres.
Enact practical REIT and REMF regulations tomake real estate an investable asset class
Real Estate Mutual Funds In 008, SEBI (the apex
regulatory body in India for the securities markets)
approved the guidelines for real estate mutual
funds (REMFs). As per the guidelines, all the
schemes having an objective to invest directly or
indirectly in real estate assets or other permissible
assets are governed by the provisions and
guidelines under Securities and Exchange Board
of India (Mutual Funds) Regulations 1996.
Source: Real Estate Intelligence Service (Jones Lang LaSalle)
Direct Investment(Project/Company Level)
Indirect Investment(Market Level)
Foreign Direct Investments Urban Infrastructure (JNNURM Scheme)
Private Equity Investments Public Private Partnership ModelsBank Credits Investment in Technology and Innovation
REITs / REMFs Investment in Training and Skill Development
Figure 11: Direct and Indirect Investment into Real Estate
The key features of the guidelines are as follows:
REMFs shall be closed end funds and its units shall be listed on a recognised
stock exchange. The net asset value (NAV) shall be declared at the close of each
business day.
Title deeds pertaining to the real estate assets shall be kept in safe custody with
the custodian of the REMF.
No lending or housing nance activities should be taken up by REMFs.
The investments by an REMF are to be made in the prescribed ratios among
real estate assets, mortgage backed securities (but not in mortgages), equity
shares or debentures of companies (whether listed or not) engaged in dealing
in real estate assets or in undertaking real estate development projects and
other securities. They must invest at least 5 percent of net assets in completed
properties and at least 75 percent of net assets directly in real estate assets,
equity shares, or debentures of real estate companies engaged in real estate
development, whether listed or unlisted.
Real estate assets may be let out or leased out if the term of such lease or letting
does not extend beyond the period of maturity of the REMF.
Real Estate Investment Trusts Under the draft
Real Estate Investment Trust (REIT) regulations,
a REIT is dened as a trust registered under theRetrotting Indias Central Business Districts, Jones Lang LaSalle,March 011.
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Advance - Indian Real Estate - Charting a Global Course 15
sector. If the housing sector is granted
infrastructure status, it could benet from greater
access to long-term nance5.
Relax Foreign Direct Investment (FDI) norms
By lowering the minimum area requirements,
especially for Tier I cities, where land is not
available in plenty, more real estate projects can
garner funding through Foreign Direct Investment
(FDI). Also, early exits should be allowed in cases
where either the project has been completed or is
uninitiated due to lack of statutory clearances.
Regulation
Regulate to introduce accountability within anational framework but having a local thrust
The Indian real estate market has taken a
paradigm shift towards a much organized future as
compared to a couple of decades ago. India has
witnessed multi-fold growth of real estate sectors
across varied asset classes such as ofce, retail
and residential in the past decade underpinned
by a healthy economic growth in the country.
Further, the rising inow of global capital in to
the Indian real estate ecosystem calls for a much
transparent and liquid ways to invest. As a result,
the property rms in India are strategizing towards
strengthening their operational infrastructure,
personnel, and nancial practices to be at part with
global standards. While the industry participants
are the key to ensure fair business practices
of their respective rms, it is important for the
government to roll out the regulatory policies
through a national structured framework which
enforced at a state or city level.
Governments move to introduce market regulatorfor the real estate market could lead to the following
advantages to the countrys real estate ecosystem:
Effective single window clearances of approvals
leading to cost and time advantages to all the
key stakeholders of the industry.
Technologically advanced, e-Governance
mechanisms to reduce barriers of entry for new
developers
Rationalised stamp duty rates across states
through uniform stamp duty policy.
Clear classication of real estate property as
either a product or a service to avoid double
taxation regime which in turn would result in
realistic price points to the buyers.
Structured bank provisioning for lending to
Indian Trusts Act, 188, and registered with SEBI,
whose objective is to organize, operate, and
manage real estate collective investments.
It is similar to REMFs in structure, except for a few
signicant differences:
REITs can invest in income generating real
estate but can acquire real estate under
construction as long as the value does not
exceed 0 percent of the total NAV.
REITs must distribute at least 90 percent of their
annual net income after tax to unitholders and
leverage cannot exceed 0 percent of gross
assets.
REITs and REMFs would demand a greater
transparency from the real estate developers, for
appropriate and periodic valuation of assets and
investment decisions, in turn assuring a higher
transparency to the investor.
The major challenges to enactment of REIT and
REMF legislations in India is the issue over clarity
of taxation and high real estate transaction costs
in India. Government should expedite theselegislations to bring more investment into real
estate, as well as increase transparency in the
sector.
Enhance sources of funding to real estate
developers
Several developers are currently grappling with
funding issues for their ongoing projects, resulting
in execution delays. A concerted effort is required
to enhance sources of funding to real estate
developers.
Reduce bank provisioning for lending to real
estateReserve Bank of India (RBI) has increased
provisioning for lending to real estate, which has
adversely affected the availability of bank funds
for massive amounts of real estate construction
happening in the country. Authorities should look
into reducing the provisioning for a smoother and
timely execution of realty projects.
Provide infrastructure status to housing The
Insurance Regulatory and Development Authority
(IRDA) regulations mandate insurance companies
to invest up to 15% in the social and infrastructure
5Realty Decoded Investing Across Borders, Ernst & Young & FICCI, 010
While the industry
participants are the
key to ensure fair
business practices of
their respective rms,
it is important for the
government to roll out
the regulatory policies
through a national
structured framework
which enforced at a state
or city level.
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16 Advance - Indian Real Estate - Charting a Global Course
developers to ensure timely execution of real
estate projects.
Deeming the real estate sector with
infrastructure status to ensure greater access to
long term nance.
Relaxation of the foreign direct investment (FDI)
norms to ensure qualication of more projects for
foreign investments primarily in the larger cities of
India where the availability of land is scarce.
Streamlined procedures to relax the provisions
of real estate investment trusts (REITs) and
Real Estate Mutual Funds (REMFs) would result
in adequate funding opportunities for real estate
developments in India.
LandStreamline the procurement of land assets toreduce barriers of entry for new players
Land is one of the vital and indispensable
components of any real estate development.
Throughout the world, as economies and
populations grow, the consumption of land for real
estate, infrastructure and public services is rapidly
increasing. India, a country where the availability of
land is scarce, is no exception to the above trend.Lack of availability of land parcels in major Indias
cities has led to the prices within the city limits to
touch record levels in the past ve years. This in
turn has driven geographical expansion of cities in
to the suburbs and suburbs of suburbs or exurbs.
Land acquisition being the rst step towards any
real estate development, it is of prime importance
to have a streamlined and transparent land
procurement process. While still there are risks
involved in buying land in India, the investmentlandscape in the country has signicantly
improved in the recent past. The additional issues
that owners and investors in land have to concern
themselves with are those pertaining to ownership
titles, clarity of permitted use and fairness of
governmental bodies when land is repossessed
for the greater public good. These risk elements,
while particular to the stakeholders of land,
are by no means particular to India. Although
developing nations are often considered to offer
an environment of greater risk in regard to these
elements relative to more developed nations, it is
interesting to note the improvement that India has
made in this area.
InfrastructureDevelop infrastructure to ensure an inclusive
growth
Infrastructure development, a key enabler of real
estate growth, is one of the most critical drivers of
demand for real estate as it allows for geographic
expansion of cities. Major infrastructure initiatives
that are particularly effective in this regard includeimproved connectivity through road, rail and air
networks, as well as the sustained availability of
power and water.
According to Goldman Sachs, India will need to
spend more than $1 trillion on infrastructure from
010 to 019, with roads requiring $7 billion,
power $88 billion and railways $81 billion.
Indias investment in infrastructure is expected to
be around 10% of GDP at the end of 00801
Five Year Plan, as compared to the 7.5% of GDPinvested in the previous plan. While there are
numerous infrastructure initiatives proposed by
the Indian government, we have highlighted few
of the major ones both at a country and city level
(Figure 1).
Source: Draft of Model Real Estate (Regulation of Development) Bill; Real Estate Intelligence Service(Jones Lang LaSalle)
Figure 1: Model Real Estate (Regulation of Development) Bill
Need for Enforcement: The regulation of activities of property developers and
builders in India is a state subject and comes under the purview of the respective
state governments, urban local bodies (ULBs) and development authorities, under
the provisions of State Town and Country Planning or City Development Authority
Acts. This has led to inconsistency, vis-a-vis rules and regulations being followed in
governing, constructing, purchasing, transferring and leasing of properties across
the country.
Proposal: The Model Real Estate Regulation Bill proposes to establish a regulatory
authority and appellate tribunal to regulate, control and promote real estate
construction, keeping in view the interest of the buyer and enable smooth andspeedy construction. All properties being developed on land greater than 1,000 sq
m or have proposed number of residential units greater than four shall come under
the purview of the act and shall be registered with the regulatory authority. All details
regarding the property shall be maintained on a website and the promoter of the
project shall be responsible for recording and entering the project details within a
stipulated timeframe.
Figure 1: Risk Elements for Land Owners & Investors
Source: Real Estate Intelligence Service (Jones Lang LaSalle)
Comprehending the land title documents
Complications and lack if clarity in title deeds when it comes to strata t itle properties
Lack of information on loans, liens and easements
Encroachment hassles and lack of title insurance
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City Initiative Comments
India
JawaharlalNehru NationalUrban Renewal
Mission(JNNURM)
This initiative is primarily to encourage reforms and fast track planned developments in select cities. The mission is to speedthe infrastructure initiatives and to ensure that the gaps in funding for the same are lled. Other initiatives that this mission is
expected to drive would include, provision of basic services to the urban poor including security of tenure at affordable prices,improved housing, water supply and sanitation, and ensuring delivery of other existing universal services of the government foreducation, health and social security.
NationalHighwaysDevelopmentProject (NHDP)
National Highways Authority of India commissioned the Golden Quadrilateral project to connect the four metros (Delhi, Mumbai,Kolkata and Chennai). The project is under progress and is aimed at minimizing the travel time and casualties on the road. Withover 98% of the 5,86 km expressway project completed, the entire project is expected to be fully operational in the near term.The recent announcement of road transport and housing ministry to increase the per day construction of roads from 9 km to 0km is expected to speed up the Indian road infrastructure in the long run.
NCR
Delhi Metro
Initiated with the objective of improving connectivity and combat increasing trafc situation in Delhi city, the Delhi Metro has
spread its wings to the suburbs of Gurgaon and Noida as well. It has now interconnected various parts of Delhi as well as itssuburbs and has eased trafc situation and contributed to local public transport to a great extent.
T InternationalAirport Terminal
The newly made terminal of the International Airport claims to be one of the largest airports in Asia with highly increased passengercapacity and state of the art facilities. Equipped with a dedicated express metro line with check in facility at metro stations and soon tobe integrated domestic and international ight operations, the new terminal will give an edge to Delhis air travel.
Mumbai
Mumbai Urban
TransportProject (MUTP)
This is a multi modal project initiated by Mumbai Metropolitan Region Development Authority (MMRDA) to bring aboutimprovement in trafc and transportation situation in the MMR. MUTP envisages investment in suburban railway projects, local
bus transport, new roads, bridges, pedestrian subways and trafc management activities.
Mumbai MetroRail Project
Aimed at improving the trafc and transportation scenario in Mumbai, Government of Maharashtra (GoM) has commenced the
Metro Rail Project in Mumbai. This is the rst MRTS project in India being implemented on Public Private Partnership (PPP)
format and is envisaged in three phases expected to be completed by 2021. Currently st phase of the project connecting
Versova to Ghatkopar is under construction and expected to become operational by end 011.
Bangalore
BangaloreMetro Rail
Owing to a rise in trafc congestion in Bangalore roads, the Government of Karnataka has initiated the metro rail project which
will connect the North-South and East-West parts of the city. Development of the Metro Rail Corridor is expected to drive the realestate market along the Metro Rail alignment on the EastWest and NorthSouth corridor of the city.
Peripheral RingRoad (PRR)
The Peripheral Ring Road is a 116-km stretch connecting the ci ty with the periphery. About 11.5 km away from the outer ringroad, the PRR will connect Tumkur Road, Magadi Road, Mysore Road, Bellary Road, Old Madras Road, Hosur Road andKanakapura Road.
Chennai Second Master
Plan (SMP)
With a vision to decongest the Chennai city and decentralize central business district, the Chennai Metropolitan DevelopmentAuthority (CMDA) has unveiled the Vision 06 in the second master plan. It is aimed at strengthening the potential for growthin the three satellite towns of Gummidipoondi, Thiruvallur and Maraimalai Nagar and creation of new ones near Thiruporur andnear Sriperumbudur.
Chennai MetroAimed at easing the connectivity and trafc ow between the city centre and the fast emerging suburbs of the city, Chennai
Metro Rail work is under progress and is expected to become operational in phases in the next ve to ten years.
Hyderabad HyderabadGrowth Corridor
Limited
This is a special purpose vehicle formed by the GoAP for the development of Outer Ring Road at an estimated cost of INR ,000
Crores. While the phase I of the project connecting the km stretch connecting Gachibowli to Shamshabad is operational,the 10 KM stretch in the phase II to connect Narsingi, Kollur, Patancheru, Medchal, Shamirpet, Peddamberpet, Turkayamanjil,Tukkuguda and Shamshabad is under construction.
HyderabadMetro Rail
Phase I of the metro rail project includes lines covering a distance of around 71 km. The ground work on the project isexpected to commence by early January 2011 and the entire project is expected to be completed in ve years
Kolkata
Kolkata East-West Metro
EastWest corridor of Kolkata metro rail system is aimed at connecting howrah to salt lake sector V. The improvement inconnectivity in this corridor is expected to drive the real estate developments along this corridor. The metro rail alignment isexpected to go under ground (8 km) as well on an elevated corridor (1.7 km).
Joka-BBD BaghMetro RailExpansion
The foundation for the project was laid during September 010. The 17-km stretch will be built at an estimated cost of more thanRs ,600 crore will connect Joka in South- Parganas district to BBD Bagh, the central business district of the metropolis, andhelp decongesting the arterial Diamond Harbour Road.
Pune
Pune Metro RailConnectivity
Proposed Metro line for Pune is implemented in phases. While the phase I is expected to connect PCMC to Swargate (Metro
Line 1-16.5 Kms), PMC Depot (Kothrud) to Ramvadi (Metro Line -1 Kms), the phase II is designed to link ASI to Hinjewadi (18Kms.).
Outer RingRoad
To avoid trafc congestion in the city the local muncipal corporation has planned a ring road for Pune city that will divert the trafc
of heavy duty vehicles. The length of the ring road is 169 Kms and is divided in to parts, Part 1 is from Theurphata to Chimbli(8 Kms), Part is from Chimboli to Pirangut (6 Kms), Part is from Pirangut to Shriramnagar; Part is from Gogalwadi toTheurphata. While the part 1, part and part is complete, the part is under implementation.
Source: Real Estate Intelligence Service (Jones Lang LaSalle)
Figure 1: Notable Central and State Infrastructure Initiatives in India
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18 Advance - Indian Real Estate - Charting a Global Course
Technology and Innovation
Innovate to benchmark real estatedevelopments to global standards
Developing suitably priced real estate assets
depends a lot on effective planning and scheduling
of various project timelines along with a prompt
delivery. As the rates of raw materials such as
steel, cement and other building materials like tiles
and t-outs continue to uctuate depending on
the demandsupply situation in the commodities
market and the overall macroeconomic weather;
these can impact the delivery schedule of projects.Therefore, it is highly imperative for developers
to ensure adherence of schedule to control costs.
This can be better achieved by utilising technology
to innovate effective methods to construct and
deliver on time.
Despite having large needs for rapid and efcient
construction techniques, the Indian construction
industry is yet to embrace pre-fabrication to the
extent practiced in the developed countries.
It has the benet of planned mass production
under factory conditions, safe from the weather
uctuations. Also, the economies of scale
distribute several costs to a larger number of
units. However, some of the issues that have
been cited with pre-fabrication in the past include
unavailability of skilled labour, expensive transfer
of technology, perceived downsizing of human
labour (from governments point of view) and
simply lack of aesthetics and uniqueness due to
mass production.
However, pre-fabrication is the need of the hour
for India, especially in the low-cost housing sector,
where the targets and benets are huge. One
of the major inputs to pre-fabrication is freight
cost, since modules have to be transported from
the factory to the site. Since there is a large
need for housing in almost every Indian city, a
decentralised network of pre-fabrication factories
can effectively reduce freight costs. Also, local
materials such as y-ash, lime and earth can
be used extensively in pre-fabrication. While
accelerating schedule of projects, pre-fabrication
can help reduce construction costs as well and
increase affordability to the home buyer.
Value Engineering Developers Tool to Ensure Optimal Cost with Enhanced
Quality
1. Effective usage of locally available materials including marginal and industrial
waste for the reduction of cost, yet maintaining the functional requirements of
buyers;
. Rainwater harvesting, low-cost sanitation, waste-water management, and
landscaping with recycled water
. Solar-operated street lights;
. Main electrical equipment to be located together, which helps in further cost
reduction;
5. Trenches for electrical, data etc and cabling to take the shortest route possible;
6. Passive cooling, providing adequate natural ventilation systems to avoid forced
ventilation/pressurisation systems.
Use information technology extensively for
planning in real estate
Geographical Information Systems
Geographical Information Systems (GIS)
based planning and analysis of urban areas
will lead to a better understanding of urban
morphology, merging the exogenous factors such
as demographics, income, trafc and climate
to endogenous factors such as built and open
spaces, green cover and public amenities. Indian
real estate needs to leverage its expertise in
information technology to ensure a holistic urban
development process, which results in equitable
growth of cities.
Property Title Certication System (PTCS)
and Transaction Records One of the optional
reforms required to be undertaken by cities that
are receiving funds under Jawaharlal Nehru
National Urban Renewal Mission (JNNURM)
is the creation of Property Title Certication
System (PTCS). PTCS will be a comprehensive
database of land transaction records, utilizing
Information Technology. It shall have three
registers register of titles, register of disputes
and register of charges and covenants, which
shall together constitute the total record of title of
all lands. It will have far reaching implications in
making the land market transparent and enabling
better policymaking and urban planning. While
none of the states have achieved this, most of
the cities have committed to a 5-7 year timeline
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AuthorsHimadri Mayank, Manager, Research & REIS
+91 07 1500
Himadri Mayank joined Jones Lang LaSalle India in July 008 and is responsible for managing the
quarterly research offering Real Estate Intelligence Service (REIS), which tracks, analyses and
forecasts trends in ofce, retail and residential property sectors for Indian cities. Based out of Mumbai,
he also contributes towards regional and local research publications covering economy, sector analyses,
market forecasts and investment strategies. He holds a bachelors degree in Architecture from Indian
Institute of Technology Kharagpur and has four years of experience in the eld of real estate. He ispursuing the Chartered Financial Analyst (CFA) program offered by CFA Institute, Charlottesville and is a
011 Level III CFA candidate.
Hariharan Ganesan, Manager, Research & REIS
+91 07 1500
Hariharan Ganesan joined the Jones Lang LaSalle India in April 008 and is responsible for managing
the quarterly research offering Real Estate Intelligence Service (REIS) publications. Based in Mumbai,
he contributes to research publications on ofce, retail and residential real estate markets in the city.Prior to joining the Mumbai team, he managed research operations for Jones Lang LaSalle based out of
Chennai region and has worked on multiple topical white papers, property market digests and bespoke
research projects spanning diverse geographies within India. With over ve years of research and
marketing experience, Hariharan holds a dual degree from Bits Pilani and an MBA from IIPM, Delhi.
Abhishek Kiran Gupta, Head of Research & REIS
+91 611 6500
Abhishek Kiran Gupta leads the Jones Lang LaSalle India Research team and is based in Mumbai. Hemanages research operations on a Pan-India level and is responsible for the teams outputs, including
research reports such as topical white papers, property market digests and bespoke research projects
based on specic client requirements. Prior to joining Jones Lang LaSalle, he had seven years of
experience in market research, business analysis and market strategy consulting, servicing diversied
industries including pharmaceutical, software publishing and insurance.
estate market. The registration departments
should integrate these records with Geographical
Information Systems (GIS) and make it available
for analysis, which will enable faster and effective
urban planning. The computerised records should
also be integrated with the Unique Identication
(UID) project that is currently underway, which
is providing a unique identication to all Indian
citizens. This will enable reliable identication of
ownership and transfer of assets.
to accomplish the reform, considering the vast
amount of effort required in compiling this.
Another optional reform under JNNURM is
the introduction of computerized process of
registration of land and property. Over half of the
cities had already achieved this by June 010.
Government should make available the deeds
and titles under the ambit of Right to Information
(RTI) in order to foster transparency in the real
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Real Estate Intelligence Service (REIS) Indiais a subscription based research service designed to provide you with cutting edgeinsights into Indias diverse and challenging real estate markets through collation, analysis and forecasts of property market indicators andtrends across all major Indian markets across various real estate asset classes - ofce, retail, residential.
REIS empowers you with consistent and complete market data and analyses for all real estate indicators by specic micro markets. It issupplemented by value added services including client briengs, presentations and rapid market updates.
For more details, contact,Abhishek Kiran Gupta +91 9801065 [email protected] orHimadri Mayank +91 9975610 [email protected]
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