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‘Commercial space leasing up at 11 mn sq ft in Q1’

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RERA
Photo Credit, Free Press Journal

New Delhi, April 30 (IANS) Leasing activity in the commercial real estate segment rose 18 per cent on a year-on-year (YoY) basis during January-March 2018, to 11 million square feet across the country, a report said here on Monday.

“Commercial real estate leasing segment recorded 11 million sq ft of pan-Indian gross absorption in Q1 2018, representing an 18 per cent YoY rise in demand,” said Colliers International’s report, “Asia Market Snapshot – Q1 2018”.

Colliers International Group is a global real estate services company listed on the NASDAQ.

The report further said the office market segment is becoming more organised with developers being strategic in their development plans and upgrading their office portfolios.

“About nine million square feet of new Grade-A office space reached completion across major cities in Q1 2018,” it said.

The report also observed that the residential property market in the country is on the path of revival and the commercial and warehousing sectors are likely to flourish in 2018.

“With the after-effects of RERA (Real Estate Regulatory Act) and GST (Goods and Services Tax) settling in, we are starting to see the initial signs of a gradual revival in the residential sector.

“A gradual uptick is being witnessed even in the sales numbers of some of the developers, who have a good track record of delivery over the past few years,” said Gagan Randev, National Director, Capital Markets and Investment Services at Colliers International India.

He added: “Demand is primarily being seen from end-users only. Grade-A commercial, quality retail (mall) space and warehousing continues to evince strong interest.”

IANS

Analysis

Resurgence of nativism, protectionism in West disturbing: Manmohan

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New Delhi, Aug 8 (IANS) Former Prime Minister Manmohan Singh on Tuesday said that resurgence of “nativism and protectionism in the West is a disturbing trend” and the “old and tried approaches may not suffice”.

“Building goodwill and peace among nations is of paramount importance,” he said after releasing a book, “Ten Ideologies – The Great Asymmetry between Agrarianism and Industrialism”, authored by his former Cabinet colleague S. Jaipal Reddy.

Singh said that in the process of writing the book, Reddy brings out that the “divisions based on race, religion, caste or colour are products of the historical periods, but cannot be accepted by holistic reading of history”.

“While alluding to the beginnings of the Industrial Age, the author has pointed out that the historical foundations for the new era were provided by China, India and West Asia, both in ancient times and medieval period,” said Singh addressing the audience at the Constitution Club of India.

“The technologies borrowed from the East helped the West in having the Renaissance, Reformation, Scientific Revolution etc. It was these intellectual movements which stimulated historical changes and new schools of thought. They were all happening at about the same time,” said Singh.

Singh further said: “The resurgence of nativism and protectionism in the West is a disturbing trend. Old and tried approaches may not suffice. We should not hesitate to think afresh.

“While doing so, the paramount thing is to build goodwill and peace among nations. In this context, the conflict of mindsets of Agrarian and Industrial eras that Sri Jaipal Reddy focuses upon is relevant.”

Singh also said he was reminded of his Cambridge days as he went through the book.

“As I went through the book and came across the ideas of masterly thinkers, I have been reminded of my own Cambridge days.

“It is like going back to basics. I have enjoyed this refreshing experience and benefited by it. I am happy to note that Jaipal Reddy is trying to build a new approach to meet the current crises in the world. This is what we should focus on,” he said.

Praising Reddy, Singh further said: “Although he has been a professional politician, he has proved to be an intellectual as well. I hope and trust that this will set a new trend in Indian politics.”

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Congress takes on Modi over ‘industrialist’ remark

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Manish Tewari

New Delhi, July 29 (IANS) With Prime Minister Narendra Modi asserting that he was “not afraid of” publicly standing beside industrialists because his intentions were “noble”, the Congress hit out at him, saying he should not lend his legitimacy and respectability to such corporates.

“If the Prime Minister feels alright to be photographed with such people, who allegedly ripped off the banking system, and run away to Antigua and London or probably disappear from the earth, then I leave it to the Prime Minister’s wisdom to lend his legitimacy and respectability to such people,” Congress spokesperson Manish Tewari said at a press conference.

“The question is not the capitalists or industrialists. The question is what kind of capitalists or industrialists,” he said, while stressing his party was not against industrialists and capitalists, but against “crony capitalists”.

“The Congress feels that private enterprise has a legitimate place in the developmental trajectory of the country. But what we are against is crony capitalism and the nexus between the suit and the boot. ‘The Suit Boot ki Sarkar’, when the government functions for the benefit of a few at the cost of many,” he said.

Tewari also hit out at Modi for comparing himself with Mahatma Gandhi, saying: “What is even more astonishing is that the Prime Minister went and compared himself to Mahatma Gandhi.

“Its unfortunate because no politician should compare himself to the father of the nation. He said that even Mahatma Gandhi used to carry industrialists with him. Again the question is what kind of industrialists. They were those people who in the teeth of British tyranny, British imperialism, in the teeth of persecution were ready to stake in sacrifice everything they had for the freedom of India.”

These industrialists stood with Mahatma Gandhi and the Indian National Congress because their goal was the freedom of India, and were “not those industrialists who had gamed the banking system and runaway with thousands of crores of public money,” he said.

Slammed Modi over development issues, Tewari said that “the Prime Minister patted himself on the back saying that the country is developing splendidly”, but this is not borne out by facts.

“The facts are that farmers are forced to sell their crop below the minimum support price. The fact is that small and medium industry is closing down rapidly across the country.”

On Modi’s visit to Uttar Pradesh, Tewari said when any Prime Minister visits a state seven times, six or nine months before the Lok Sabha elections, it is possibly the most “potent barometer of the nervousness” of both the Bharatiya Janata Party (BJP) and the Prime Minister of India.

“This is perhaps the seventh trip that the Prime Minister is making to Uttar Pradesh in less than a month.”

He also criticised BJP President Amit Shah’s interview to a newspaper where he mentioned the Rs 12 crore Mudra loans for youth, saying the question was “how many sustainable livelihoods have those loans created”.

Congress spokesperson Randeep Singh Surjewala meanwhile tweeted: “Dear PM, your political career reeks of a culture of cronyism! From giving land to your crony friends at throwaway prices in Guj to GSCPC scam, from promoting select mobile wallets in DeMo to gifting largest defence contracts in Rafale! So spare us the lecture!”

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Truckers call off strike after government agrees to consider demands

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Truck Strike

New Delhi, July 27 (IANS) The All India Motor Transport Congress (AIMTC) on Friday called off their their nationwide strike on the eighth day of their protest after the government agreed to consider their demands.

Welcoming the decision, Union Transport Minister Nitin Gadkari said the government was “sensitive” to the demands.

“We have already agreed to some of their demands earlier. For the rest demands, we have set up a high level committee,” Gadkari tweeted.

As per the joint statement issued, Insurance Regulatory Development Authority of India (IRDAI) has agreed the demand of review of premium for third party insurance for heavy vehicles and the government has agreed to devise a mechanism for seamless movement of transport vehicles across toll plazas.

Also, the government will explore possibility of extending health benefits under ESIC to the drivers and co-workers of the commercial vehicles and notify National Permit Scheme for tourist vehicles.

The government also plans to extend coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana to the drivers and co-workers of the commercial vehicles.

The high level committee will look into issues such as E-way Bill implementation, GST related issues of the transport sector, rationalisation/ abolition of TDS rates, rationalisation of rates for presumptive tax on transport vehicles, seamless travel across the state borders and highways, Direct Port Delivery.

Union Finance Minister Piyush Goyal and AIMTC President S.K. Mittal were among those present in the discussion.

Transportation services to and from ports, refineries and industrial units have been stopped from July 20.

The AIMTC had demanded that diesel be brought under the ambit of GST and tax structures like the e-way bill should be simplified.

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