NRI demand for Indian real estate rising after reforms
Around 80 exhibitors representing realty sector showcasing offerings at Times Realty India Expo in Dubai
The demand for property units from non-resident Indians (NRIs) has bounced back following a spate of regulatory reforms that helped propel the real estate sector on a strong recovery path, property analysts and developers said on Friday.
Some 80 exhibitors representing the Indian Realty, who are showcasing at the Times Realty India Expo running in Dubai, will vouch for this revival of interest among their NRI customers given the visitor traffic witnessed on the opening day on Friday.
M.I. Sait, founder and chairman of Mindscape Exhibitions, the show organiser, said the Indian realty sector has been recovering from the after-effects of a combination of government regulations, and now is getting back to normalcy. "It has already overcome the impact of demonetisation and a series of reforms. Investor confidence is re-surfacing as India's real estate sector is projected to reach $180 billion by 2020 from $126 billion in 2015," said Sait.
The reforms initiated through the introduction of the Real Estate Regulatory Authority (RERA) are expected to consolidate the realty industry. Leading developers are seeing enquiries for joint venture development of stalled projects from smaller or financially weak developers as they could not meet the stringent norms imposed by RERA, said Virendra Adhikari, business head for the Middle East at Asset India.
Source: Khaleej Times
Emaar Hospitality adopts Microsoft tech to optimise operations
Microsoft has announced that Emaar Hospitality Group, the hospitality and leisure business of Dubai-based Emaar Properties, has chosen to adopt Dynamics 365 for Finance and Operations as part of a visionary digital-transformation journey.
“We are a global leader in providing memorable lifestyle experiences,” said Olivier Harnisch, chief executive officer of Emaar Hospitality Group. “We are transforming our business model through digitization that would take us to the next level in providing world-class service to our guests. In this, we are setting our fundamentals right and we needed core business applications that will drive new operational efficiencies and support future innovation. With Dynamics 365 for Finance and Operations, we have the balance between back-end control and customer-facing agility.”
As Emaar Hospitality Group mapped out its digital transformation roadmap, the company decided to optimise its operations by replacing outdated legacy systems with a Dynamics 365 for Finance and Operations that brings agility, flexibility and the power to balance the intricacies of financial control with the changing needs of guests.
Dynamics 365 for Finance and Operations allows organisations to unify global financials and operations, and because of its Common Data Model, business leaders have access to a holistic information ecosystem that allows them to make fast, informed decisions. Dynamics 365 also helps provide a 360-degree view of the whole business to key personnel, who can use visual representations of vital operational areas to adapt quickly to changing market demands and drive business growth.
Emaar Hospitality Group’s implementation of Dynamics 365 for Finance and Operations is part of a larger business-transformation programme that will enable the organisation to expand its business reach and introduce new operating models while continuing to improve its world-leading customer service levels.
Source: Trade Arabia
Discounted ready homes hit off-plan sales in Dubai
Off-plan property transactions in Dubai are tapering off in comparison with last year. They are down 30 per cent year to date compared to the corresponding period last year. This could be because ready properties are trading at a significant discount to their off-plan counterparts in some communities. Also, the market seems to have reached a saturation point when it comes to incentives offered to end-users and investors.
"A price analysis of ready and off-plan transactions reveals that the gap between both segments has widened. A closer look at high-end communities reveals that in Dubai Marina and Downtown, ready properties trade close to a Dh300 per square foot discount. It is this gap that has led to a tapering in off-plan transactional activity despite the surfeit of incentives and has started to lead to a revival of ready transactions as investors start to re-allocate," according to a report from Global Capital Partners (GCP).
Over the last 6 to 12 months, there has been a reversal of trends from off-plan to ready units as money flows switch from the former to the latter. There has been a slump in off-plan sales, while ready transactions remain relatively stable.
"They are trading at a discount to off-plan prices. That's typical in most markets across throughout the world. However, what matters is the degree of discount. And at a certain point, investors start to re-allocate and that's what is happening. Everyone rushed into off-plan to take advantage of the incentives. But now, the incentives are not working," Hussain Alladin, head of IR and research at GCP, told Khaleej Times.
According to the report, in communities with low development activity such as Sports City and Dubai Marina, the incidence of ready transactions far exceeds those of off-plan activity. In developing communities, exactly the opposite is witnessed. In areas like Jumeirah Village Circle and Downtown, the volatility of off-plan transactions is considerably higher than that of the ready market, the report added.
Source: Khaleej News