Realty, cement stocks in focus

Shares of real estate developers and cement companies will be in focus after the Prime Minister's Office (PMO) yesterday, 21 January 2015, announced that Prime Minister Narendra Modi has directed all concerned departments to immediately finalise the programme and finalise the financing models for alternate sets of housing requirements with regard to the government's Housing for All Mission. The programme proposes to build 2 crore houses across the nation by 2022. At a review meeting of the Housing for All programme held yesterday, 21 January 2015, Modi has emphasized the need to ensure that there is no compromise in quality during the roll-out of this ambitious programme, the PMO said. The Prime Minister said that the first priority under the new scheme should be on towns and cities along the banks of the River Ganga and its tributaries.

Among key corporate earnings, Biocon, Cairn India, and Dish TV India are set to announce their October-December 2014 earnings today, 22 January 2015.

L&T Finance Holdings' consolidated profit after tax jumped 65.56% to Rs 181.60 crore on 23.19% growth in total income to Rs 1611.52 crore in Q3 December 2014 over Q3 December 2013. The result was announced after trading hours yesterday, 21 January 2014. Loans & Advances as on 31 December 2014 grew by 20% year on year (y-o-y) to Rs 45225 crore as compared to Rs 37820 crore as on 31 December 2013. The growth in Loans & Advances was aided by strong disbursement growth of 32% on a y-o-y basis across B2C products i.e. tractors, two wheelers, housing and microfinance in the retail business and operational projects in renewables, roads and non-infrastructure segments in the wholesale business.

On absolute basis, gross non-performing assets (NPA) edged up to Rs 1326.58 crore as on 31 December 2014, from Rs 1228.22 crore as on 30 September 2014 and Rs 1067.16 crore as on 31 December 2013. Gross NPA stood at 3.01% as a percentage of gross advances as on 31 December 2014, higher than 2.96% as on 30 September 2014. Net NPA stood at 1.98% as a percentage of gross advances as on 31 December 2014, lower than 2% as on 30 September 2014.

L&T Finance Holdings said that the company continued to make additional provisions in Q3 December 2014, increasing the provision coverage to 35% at the consolidated level. In line with the conservative provisioning policy, the company carries about Rs 190 crore of provisions in excess of RBI norms, L&T Finance Holdings said.

The investment management business continued to see accretion of equity assets on the back of both market movement and improved gross and net sales, L&T Finance Holdings said.

L&T Finance Holdings said that the focus of the management in the near term will remain on strengthening the balance sheet and be prepared to effectively take advantage of the upcoming growth cycle. After a significant asset accretion in the wholesale business in Q3 December 2014, the management expects a slight moderation in the company's asset growth in Q4 March 2015 on the back of sell down of certain underwritten projects. L&T Finance Holdings expects to achieve a healthy asset growth of around 20% for this financial year.

ING Vysya Bank's net profit fell 12.93% to Rs 145.69 crore on 13.8% increase in total income to Rs 1693.30 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015. Provisions and contingencies jumped 167.31% to Rs 61.51 crore in Q3 December 2014 over Q3 December 2013. Provisions and contingencies rose 23.86% to Rs 61.51 crore in Q3 December 2014 over Q2 September 2014.

On absolute basis, the bank's gross non-performing assets (NPAs) before technical write off edged up to Rs 764.01 crore as on 31 December 2014, from Rs 635.84 crore as on 30 September 2014 and Rs 582.69 crore as on 31 December 2013. The ratio of gross NPA to gross advances edged up to 1.86% as on 31 December 2014, from 1.59% as on 30 September 2014 and 1.68% as on 31 December 2013. The ratio of net NPA to net advances edged up to 0.66% as on 31 December 2014, from 0.42% as on 30 September 2014 and 0.21% as on 31 December 2013.

Warren Tea announced after market hours yesterday, 21 January 2015 that at the board meeting held on 21 January 2015, it has been decided that the company would explore real estate business including acquisition, development, construction, dealing with lands, buildings, offices, service flats, houses and other residential, commercial or industrial buildings.

With reference to the news item captioned "Sterlite to restart mining in Goa in 2 weeks", Sesa Sterlite has clarified after market hours yesterday, 21 January 2015, that the State Government of Goa vide its order dated 15 January 2015 has revoked its earlier order dated 10 September 2012 vide which mining was temporarily suspended. The company has received approval for renewal of all its mining leases in the state of Goa and expects to resume mining in near future once the entire process for resumption of mining, i.e. execution of leases including registration, environment clearance and other approvals/ consents is approved by the Government and other regulatory bodies.

Poddar Developers announced after market hours yesterday, 21 January 2015, that in respect of the qualified institutional placement (QIP), the Finance Committee of the company has at its meeting held on 21 January 2015, inter alia, passed the resolutions declaring the bid dosing of the QIP on 21 January 2015. It also determined and approved the issue price of Rs 1,125.21 per share for the QIP. It also approved and adopted the placement document dated 21 January 2015 in connection with the QIP.

Blue Star's net profit jumped 124.19% to Rs 6.30 crore on 8.21% rise in total income from operations to Rs 590.75 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015.

Blue Star also announced after market hours yesterday, 21 January 2015, that the board of directors of the company at its meeting held on 21 January 2015, based on the approval of the Audit Committee and deliberations at the board meeting, the board, subject to the approval of the shareholders of the company, considered and approved the related party transaction to transfer the Professional Electronics & Industrial Systems (PE&IS) undertaking of the company to Blue Star Electro-Mechanical (BSEML), a wholly owned subsidiary of the company, on a going concern basis at fair value estimated at about Rs 110.50 crore, determined by an independent valuer. BSEML will discharge the consideration for the said transfer by issue and allotment of fully paid up equity shares to Blue Star.

The board also approved the financial assistance to BSEML by means of loans and corporate guarantees to secure BSEML's borrowing not exceeding Rs 25 crore.

Raymond's consolidated net profit fell 1.44% to Rs 56.07 crore on 13.92% rise in total income to Rs 1396.26 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015.

Century Plyboards (India) announced after market hours yesterday, 21 January 2015, that the board of directors of the company at its meeting held on 21 January 2015, has approved a proposal for setting-up a particle board unit at Chennai with an approximate capital expenditure of Rs 60 crore.

Bank of Baroda turns ex-split today, 22 January 2015, for 5 for 1 stock split.

Corporation Bank turns ex-split today, 22 January 2015, for 5 for 1 stock split.

Symphony turns ex-dividend today, 22 January 2015, for interim dividend of Rs 4 per share for the financial year ending 31 March 2015 (FY 2015).

Wipro turns ex-dividend today, 22 January 2015, for interim dividend of Rs 5 per share for the financial year ending 31 March 2015 (FY 2015).

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Source: Business-Standard

Real estate hopes to shrug off the burden of poor sales

This year did not start well for the real estate sector. Demand was low, inventory was high, funds and inputs were expensive, and political instability with regards to general elections topped the list of worries. Home buyers and investors were facing project delays, high property prices, inflation and sticky borrowing costs. Now, by the end of the year, some things have changed, some haven’t.

“The return of political stability and the introduction of much needed policy reforms, and incentives to developers and homebuyers was good news,” said Anuj Puri, chairman and country head, JLL India. In the budget, deduction limits under section 80C and section 24 were raised by Rs.50,000 each, which meant that borrowers can get more tax benefit on what they pay towards principal and interest on a home loan (for a self-occupied house). “This will help increase savings in the hands of homebuyers,” said J.C. Sharma, vice-chairman and managing director, Sobha Ltd.

Read more at: http://www.livemint.com/Money/jQCfe1HaiD6G3dsTMbPQoM/Real-estate-hopes-to-shrug-off-the-burden-of-poor-sales.html?utm_source=copy

Taxes to be Paid While Purchasing the Property

In India, real estate industry is one of the most heavily taxed industries. When you purchase a property in addition to amount paid to the seller, you are also responsible for paying various taxes to the local government authorities of every city while registration and developer of the property should be paid during construction which comprises about 35 percent to 45 percent of the cost of the property.
You probably know the common taxes such as property tax, service tax and so on, but the fact is, there are many other taxes to be paid while purchasing a property. Read on for some of the taxes and estimate the taxes you will have to pay while purchasing.
Registration costs: Registration is the process of recording the documents with a registering officer or competent land Cadastre and it is the last stage of the agreement between the seller and buyer of the property. The document is the final agreement which is signed between the two parties and then, the buyer will be the legal owner of the property. The content of the documents is registered to prevent the fraud transactions, for the purpose of protection of evidence, title assurance and publicity of documents.

Read More: http://goo.gl/0zb7ag

Steve Waugh launches real estate agency to sell luxury houses to Indian expats

As they picked their way through India’s dense, overpopulated slums, cricket icon Steve Waugh and his investment banking friend Dean Honan saw great struggle, but also great opportunity.
India needs houses, badly. Waugh and Honan are determined to build them.
The two are something of an odd couple. Waugh’s face is weather-beaten after long hours in the middle of the park, while Honan has the slicked-back hair and designer stubble of a financial type.
The partnership started from Honan’s “yearning” to go to India, where the former Morgan Stanley vice president sniffed money to be made.

Read More: http://goo.gl/Ls9jd9

Government Relaxes Rules for Foreign Investment in Construction

It appears that ‘achhe din’ have finally arrived at the doorstep of the Indian real estate industry. The central government’s decision to ease FDI for the construction sector is considerably one of the most important decisions that have kept this Industry waiting for a long time now. This decision has met with an unmatched enthusiasm from the industry, confirming their approval for syncing their efforts with the centre to cater to the segment, and also showing their apprehension for meeting the demands despite the enticing proposition.
And the developers, along with the money-constrained potential buyers, have every reason to be ecstatic of the centre’s decision. So how possibly can it evoke such a strong and optimistic reaction from the real estate industry, and to what extent do the benefits reach the potential buyers from the related segment?
The realty sector experts view this decision not less than the knock of ‘achhe din’ at their doors and have hailed the promptness of the government to arrive on the long awaited critical decision to boost the industry efforts. The move is expected to inject the much needed investment in the sector that was declining consistently along with the losing interest of potential investors.
Neeraj Bansal, partner and head, real estate and construction sector, KPMG in India, expresses his satisfaction over the centre’s consistent efforts to improve the current scenario, and says “The new government has taken several steps in the recent past to tackle the issues hampering the development of housing and urban infrastructure in the country. The sector has witnessed a marginal growth in new investments over the last couple of years and FDI, in particular, has almost dried up from a high of USD 3 billion (or 10 per cent of total FDI Inflow) witnessed in 2009-10.”
The developers have lauded the policy and see it as a breather for the financial institutions. Also, expectations are high to improve the development efforts, especially in the affordable segment that is expected to be a game changer if the government is to take development beyond prominent regions of the country Prashant Tiwari, chairman, Prateek Group and vice-president, Credal NCR, Western UP Division, is of the view, “This welcome outcome was worth waiting for and will further boost the affordable housing segment in the country. The much needed breather for the sector will further entice developers to be more aggressive in the segment and would take development beyond metro cities. Developers will now be able to expedite the construction of delayed projects along with intensifying their efforts to meet the requirements.”
“Also, it will ease the burden of lending for banking and non banking institutions, which till date have been bearing the load of capital needs for the real estate sector,” adds Tiwari.
The sector has been reeling through an acute funding pressure. The foreign investment in real estate has also gone down over the last few years. Investors were shying away due to ambiguity in rules and regulations. Also they were not keen on locking their funds for longer period. With these reforms in place, they would now be able to manage their fund quite well. “We believe affordable housing would be the biggest beneficiary of this step as funding is now allowed in projects sizing 20,000 square meters as well. It is evident that government intends to fulfill its dream of housing for all by 2022 and these steps are aligned to that,” puts in Rohit Raj Modi, director, Ashlana Group and secretary, CREDAI-NCR.
Vikas Sahani, CMD, Property Guru, also updates that not only the size of projects has been reduced from 50,000 square metres to 20,000 square metres, but the cap on FDI has been raised from $5 million to $10 million till the period of ten years from the commencement of the project or before the completion of the project, whichever expires earlier. “This step will encourage developers to complete their projects on time and help to fulfill the shortage of around 25 million houses in the country of which 96 per cent are in the economically weaker and low income segment,” adds Sahani.
R K Arora, CMD, Supertech and vice president, CREDAI-Yamuna Expressway agrees, “A 100 per cent FDI approval means more capital can be invested in towns and cities for the development of both residential and commercial spaces. It’s a positive move as government’s aim to provide home for every citizen by the year 2022. With this positive announcement by the government and REITs (Real Estate Investment Trusts) coming soon, we believe foreign players will not hesitate in investing in India.”
But the experts also lay emphasis on the responsibility that the decision brings in and suggest setting specific deadlines, for not just the projects, but also for the state authorities in order to achieve the desired momentum through the push that the industry expects with the improved cash flow and investor sentiments.
“Now onwards, the realty industry shall Endeavour to invite FDI in developed areas for housing, commercial and retail projects particularly in the metropolitan centres and their satellite towns. In this connection the responsibility of state development authorities and state governments to develop trunk infrastructure of roads, water supply, drainage and sewage requires to be given special thrust for developing serviced land. Fixed time schedules are desirable for translating government policy intentions into action in the states for implementation of relaxed FDI policy,” emphasises Navin Raheja, CMD, Raheja Developers and Chairman, NAREDCO.
As David Walkner, managing director, SARE Homes, informs that in terms of direct support to the residential sector, availability of finance is a critical area with mortgage debt in India only circa 9 per cent of GDP versus China with circa 35 per cent and UK with over 70 per cent. “Buying a home is the best investments available and so incentivising families to buy via finance offering is a good policy,” says Walkner.
So this step will revive the overall economy and the realty market, and also hoping for the infra status in near future.

Real Estate in India

Owning a home is a keystone of wealth….both financial affluence and emotional security. India is a country where home is not home, its symbol of status, security and relief. Home is a desire, a dream which everyone is dying to achieve in this country. With growth in population this desire has became immense passion and this lead to the growth of a strong sector “The Indian Real Estates”. The Indian real estate sector is one of the fastest growing and globally recognized sectors. It comprises four sub sectors-housing, retail, hospitality, and commercial. The real estate industry's growth is linked to developments in the retail, hospitality and entertainment (hotels, resorts, cinema theatres) industries, economic services (hospitals, schools) and information technology (IT)-enabled services (like call centres) etc and vice versa. The total realty market in the country is expected to touch US$ 180 billion by 2020.
Recent years have seen the Indian real estate sector grow, especially the commercial real estate segment. According to a study by Knight Frank, Mumbai is the best city in India for commercial real estate investment, with returns of 12-19 per cent likely in the next five years. Bangalore and Delhi-National Capital Region (NCR) come second and third on the list, with returns of 12 per cent and 8-11 per cent respectively. Delhi-NCR was the biggest office market in India with 110 million sq ft, out of which 88 million sq ft were occupied.
In the residential segment, the number of new launches in the first quarter of 2014 has increased by 43 per cent at 55,000 units across eight major cities. Bengaluru recorded the largest number of units launched, an increase of 22 per cent at 16,838 units, followed by Mumbai and Chennai with new launches at 10,698 units and 7,436 units with a growth rate of 93 per cent and 191 per cent respectively, during the first quarter.
With the government allowing 100 percent foreign direct investment (FDI) in this sector, the number of foreign firms owning real estate projects in India has also increased. The construction development sector, including townships, housing, built-up infrastructure and construction-development projects garnered total FDI worth US$ 23,587.25 million in the period April 2000-June 2014.
The Indian real estate sector continues to be a favored sector for investments from international as well as private investors. In the upcoming years, the residential as well as commercial segments of the real estate industry is set for major growth, aided in no small part by the government's plans and initiatives to boost this sector.

Indian Real Estate Present Scenario

The Festive Seasons are of great importance for whole real estate market of India. Dhanteras brings yet another reason to invest in property this Diwali. Since the festival holds special significance and is considered auspicious, there is definitely going to be a beeline of investment buyers.

Despite the fact that the boom in the property market is slower than the previous year, the enthusiastic display of property is still at its peak. Driving into the festive mood, the tradition drives the property purchase, especially in the residential sector.

In spite of a dip in the new launches and ventures, Dhanteras seems to be one of the most flourishing times for the realtors and the buyers. Dhanteras is the time when the realtors settle for new launches and this is also the best occasion for property investment considering great offers and best deals.

However, the 80-20 scheme by RBI was a big hurdle in front of real estate companies. In an 80:20 scheme, the buyer pays 20 percent of the purchase price upfront initially and the balance on possession irrespective of when that happens. As per the advertisements, under the scheme a buyer needs to pay EMI for two years. When an under construction flat is booked under the scheme, the buyer need not pay any pre-EMIs. The builder agrees to pay interest on the borrowers' behalf for a specific period of time while the bank disburses the entire loan amount to the builder.

This year real estate market has also struggled by series of penalties being imposed upon some of the largest developers in the country by regulators and courts. Overall sentiment within the sector has diminished. We hope that lessons have been learnt by realty companies and from now on-wards there would be a positive atmosphere of transparency and trust among various stakeholders within the sector.

In such hard times the real estate market has managed to sell properties, but that to in a moderate way. The festive season favored all real estate companies, but it was not proven to be a fortune. Diwali has covered up losses for real estate market, but what will be the upcoming scenario of real estate industry in India, is a Big Question. Companies have to focus a lot on the completion of projects before launching new projects. With increase in population in our country, buyers will always be there, but gaining trust for completion of projects is key point on which companies have to focus.

There's no dearth of money ? it always follows innovative ideas, says real estate baron Niranjan Hiranandani

This is the simple story that's probably known to most people, but nonetheless needs to be retold to emphasise the fact that money is not the most important thing in life. And that those who think that it is, are living in a fool's paradise.

When the BJP-Shiv Sena led a coalition government in Maharashtra, it built the Bombay-Pune Expressway as also 35 flyovers over the two Express Highways leading to Bombay city. The total cost of these projects was estimated at Rs. 3,000 crores (Rs. 1,350 crores for the flyovers and Rs. 1,650 crores for the Expressway).

Even though the government had no money, it created a company, the Maharashtra State Roadways Development Corporation (MSRDC), appointed an able IAS officer, Mr. R.C. Sinha, as MD and CEO and asked it to go ahead and implement projects worth Rs. 3,000 crores.

However, there was another roadblock. Bankers insisted that the government would have to put in something to run the show and asked it to come up with some equity. And how much did the government put in? A mere Rs. 5 crores! With that paltry equity, the MSRDC went ahead and, 15 years ago, built the Bombay-Pune Ex- pressway and 35 flyovers over the two Highways in Bombay.

The moral of the story, according to the narrator, Mr. Niranjan Hiranandani, the creator of the iconic Hiranandani Complex in the once-barren Powai, is that money is not the most important thing in life.

"Whether it's housing, whether it's re-housing, infrastructure or new concepts, money will follow innovative ideas wherever we can create them, whether in government or the private sector, whether you are putting up a hospital, a building or industry.

"Money is available for any innovative business, good people are not. Leadership is lacking. We do not have the foresight or vision to do things that we want to do. If we put the rest of these components together, we can save lives, we can have the youngest of people deliver, we can get ideas from women who may otherwise not look educated...

Read More: http://www.rotaryclubofbombay.org/Article.aspx?articleid=d5ff6694-ac40-4022-bcc0-4913a11d24bf

Election impact may hold back Mumbai, Gurgaon realty

As the elections are coming just about a week ahead of Diwali, a time for the biggest real estate launches, those tracking the sector say there could be some changes and delays in new projects

Be alert while investing your money in real estate

In Today's world everybody is concern about its future and  hence invests its hard earned money in Gold, Real Estate, LIC, and other insurance companies. One of the major investment is being done in real estate because it is the fastest growing and safest investment in the world . But sometimes people are confused for Investment in real estate because of lack of information regarding property they buy, sell or for lease. One thing is most important for investment in real estate is gathering information such as their market value at that time and the future scope of the development in that area.

There are many top private as well as government real estate companies and one of them is HUDCO ltd. It is one of the well known real estate company in the world managed by Indian Government. At the time of crisis it played an important contribution in rehabilitation. It deals with Housing Projects, Infrastructure management Project and also Provide Housing loan.

In my opinion the policy of this Organization is well suited for rich as well as poor person of our country. One of my friend had an investment in a real Estate Company and was not satisfied with their services. Later, he switched to Hudco ltd. and now he is very happy and satisfied with their services. It is an organization recognized by Indian government. Their customers are satisfied with the services provided to them. The most important thing that everyone need is security that has been provided by Hudco. They pay attention on the benefits of their customers rather than on the money. They provide better services at lower cost rate. And such companies directly reflects the economy of the country. Its just a real estate war going on between many organisations/companies/investor so be alert and hence be safe.

Where to invest your hard earned money?

In the present scenario, money is the golden key which enables an entrepreneur or an individual to unlock the door that leads him to the zenith of success but on the other hand money is not everything. The success or progress of individual or business personnel entirely depends on its management skills i.e. what to do with the available money, where to invest, and how to invest, etc. If the person lacks such management skills and fails to understand such concept, his growth will become static and he will be far apart from the line of success.
One of the major sectors that have become very popular in terms of investment is real estate. With the aim of obtaining fruitful return after a certain period of time, looks to be a new place for individuals. It’s important to invest money in some profitable schemes like LIC, medical insurance, etc but on the other hand it is also important to have a healthy life and own property to have one less thing to be tensed about. This can be done by investing in real estate sector because of the large and long term profit. And specially, it gives the livelihood to the person that is the major issue in today's world.
It has been seen many times that people fear investing their money in real estate because many builders never fulfill what they promise to their investor; but it will be unfair to say that it is same for all the builders. We just need to be aware and alert of such frauds. It’s nothing really, just a real estate war going on between various builders. Most of the people invest in real estate to earn profit that sometimes creates a lot of problem for those who are in real need of the house. This gives the negative impact on our Economy also. The richer get rich day by day and the poor people never are able to uplift themselves in life and own a decent house.
But yes there are very few builders or real estate companies who actually fulfill and give livelihood to the genuine people. Also what they say fulfill that on time. It is really very difficult to search for such a builder/real estate company because all of them are not bonafide and doing business with the sole aim of working and fulfilling what they say to their customers. Companies like DLF, Imperia Structures, Nitesh Estates Ltd., Emaar MGF embrace the faith of the investors thus turning real estate sector to be a profitable and trustable pact for the patrons.
Now, one more thing I would like tell everyone is learn about real estate. Real estate provides the highest returns, the greatest values and the least risk but the condition is that the people should only invest in the companies that are authenticated. Real estate investing, even on a very small scale, remains a tried and true means of building an individual's cash flow and wealth.

Mumbai property prices leave Delhi behind

Delhi and Mumbai, two of the biggest residential property markets in the country, have shown divergent trends in price appreciation in the past two years. While Delhi recorded the least price rise at 4.4 per cent, Mumbai showed highest appreciation at 25.27 per cent between June 2012 and May 2014.

The prices in Pune grew 21.9 per cent, in Bangalore 19.47 per cent, Kolkata 17 per cent, Hyderabad 16.8 per cent and Chennai 13.2 per cent during the same period, according to data by real estate firm research firm PropEquity.

In the same period, the inventory levels have been rising. Mumbai Metropolitan Region has an inventory of 53 months at the end of June this year, while the National Capital Region has an inventory of 45 months, the data by research firm Liases Foras shows.

“Buyers were in a wait-and-watch mode. The demand is there, but people have been delaying their purchasing decisions due to various factors which lead to such a huge inventory pile up,” said Harinder Singh, managing director, Realistic Realtors.

Due to developers’ focus on clearing the existing backlog, the number of new launches has also come down drastically in the range of 47-92 per cent across all seven major cities at the end of May this year, compared to June 2012, according to PropEquity data.

Experts say the slowdown has impacted the investor’s market of Delhi-NCR the most. Many non-resident Indians had stopped buying and there was hardly any activity in the past couple of years, leading to such minimal appreciation in prices. The realty market is seeing declining sales coupled with higher inventory for the past two years. Moreover, developers are hard-pressed on funds with not many lenders willing to lend money to the ailing sector.

Earlier, the political uncertainty had impacted buyers’ and investors’ confidence. It was expected that the demand would return in the sector once sentiments improved. However, now it seems it will require much more than sentiment for a full revival in the sector. With a new government in place, experts are expecting the realty sector to bounce back soon.

The markets have already started showing signs of an improvement. “The activity and interest level have gone up since the formation of a new government. We are seeing increased property inspection visits as well increased footfalls in developer’s offices of potential buyers/sellers. Overall, the number of queries has increased by almost 1.5 times compared to the past six months,” said Ashutosh Limaye, head (research and real estate intelligence service) at Jones Lang LaSalle India.