COMMERCIAL PROPERTIES

GURUGRAM: Government agencies have failed to curb commercial activities being run from residential buildings on Golf Course Road, despite repeated complaints. As per norms, commercial activities are not allowed in residential areas, be it colonies — which come under, or plots in sectors — falling under HSVP (formerly Huda). The agencies are also failing to check commercial properties coming up on the stretch — marked as a residential area — flouting all norms, which are causing revenue loss to the state exchequer that run into several crores. Sources said there are over 20 residential buildings, in which the builders, after procuring occupation certificates, made changes in the structures to start commercial activities that include gyms, salons, showrooms, clinics, educational institutes, etc.

MUMBAI: At a time when India’s housing market is yet to recover from a prolonged slump, demand for commercial real estate has continued to grow with several large institutional investors pouring big investments into the segment. “India is a multi-decade story for Brookfield and not a five year story. We have a large footprint in India but we still call ourselves a start up in the larger context of the Brookfield platform we have globally. Real estate houses the economy and the economy is doing well," said Ankur Gupta, managing director & regional head, India real estate, Brookfield Asset Management. India is an important market for the Canada-based investment firm and its presence would not be restricted just in the office market but would look at expanding into other emerging real estate segments like rental housing and industrial housing, Gupta said at a panel discussion on “Real Estate: Finally out of the woods", as part of the Mint India Investment Summit 2019.

Residential property prices across India’s major markets are expected to rise in the second half of this financial year as sales momentum is expected to pick up pace with an increase in demand. The downtrend in prices was arrested with some markets witnessing an increase in demand. “In the past five years, bigger residential markets like Delhi-NCR (National Capital Region) and Bengaluru saw a marginal dip in average property prices while Mumbai, Pune and Hyderabad witnessed 2-3% rise rise in average prices, said a recent report by 360 Realtors and Liases Foras.

NEW DELHI: American hotel chain Hyatt Hotels & Resorts plans to launch 14 new properties in the next two years totalling 2,100 rooms. The new hotels in India will come up in Kochi, Thrissur, Udaipur, Bengaluru, Gurgaon, Dharamshala, Jaipur and Vadodara.