scholarly journals International Real Estate Review

2015 ◽  
Vol 18 (4) ◽  
pp. 523-566
Author(s):  
Sanjay Sehgal ◽  
◽  
Mridul Upreti ◽  
Piyush Pandey ◽  
Aakriti Bhatia ◽  
...  
Keyword(s):  
Real Estate ◽  
National Capital Region ◽  
Real Estate Investment ◽  
The Real Estate ◽  
Property Prices ◽  
Long Run ◽  
Equal Importance ◽  
National Capital ◽  
Residential Properties ◽  
Under Construction

The paper studies the residential micromarket of the Gurgaon region of the Delhi National Capital Region in India, to identify the key determinants of real estate investment selection and perform empirical analysis of property prices. A primary survey suggests that the goodwill of the developer is the most important factor for investors in the case of residential properties that are under construction (forward projects). Other factors include location, amenities, project density and construction quality. These factors enjoy almost equal importance in selecting completed projects (spot projects). The factor information can be used to construct property quality rating classes. High risk adjusted returns are provided by high quality spot projects and low quality forward projects. A long run equilibrium relationship is observed between spot projects and forward prices with the former playing the lead role. Gross domestic product and non-food bank credit are the macroeconomic variables that can predict property prices. The highest pre-tax internal rate of return is observed for forward projects in the first quarter holding itself while for spot projects, it is around the eighth quarter. The research has implications for property developers, real estate investors and market regulators. The study contributes to the real estate investment literature on emerging markets.

Artefacts and Artifices of the Global

2019 ◽  
pp. 139-161
Author(s):  
Namita Vijay Dharia
Keyword(s):  
Real Estate ◽  
Cultural Capital ◽  
Real Estate Market ◽  
National Capital Region ◽  
The Real Estate ◽  
Corporate Elite ◽  
National Capital ◽  
Indian State ◽  
Global North ◽  
Cross Language

The real estate crash in the Global North in 2008, accompanied by the growth of a comparatively stable real estate market in India, saw a number of architects and allied companies from the Global North enter India’s National Capital Region (NCR). Indian state actors and developers, as well as corporations from the Global North, propagated a discourse of the global in order to generate economic and cultural capital for their work. The discourse operated through and embedded into the built environment and material landscapes of NCR. This paper argues that elite cultures in India need to be understood as an entanglement of local governing and corporate elite with foreign elite actors. It further argues that material environments act as sites through which both local and international groups contest, claim, and reframe the elite identities in India, intimately tying together the global and the elite. Material worlds are integral to understanding the dynamics of elite interactions in the Global North and Global South as they cross language barriers, disseminate knowledge sensorially, and constitute the foci of multinational capitalist intervention in developing countries. This paper is part of a cross-class ethnography of the building construction industry in NCR.

Determining customers’ preferences for housing attributes in India

2016 ◽  
Vol 9 (4) ◽  
pp. 502-519 ◽  
Author(s):  
Vijay Kumar Gupta ◽  
Gunjan Malhotra
Keyword(s):  
Real Estate ◽  
National Capital Region ◽  
Kano Model ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Indian Consumers ◽  
National Capital ◽  
Cross Tabulation ◽  
Housing Attributes

Purpose The purpose of this paper is to understand customers’ preferences for housing attributes in India. Design/methodology/approach The study highlights the attributes important to the customer when purchasing residential property. The Kano model has been used to understand these preferences of consumers. The data are collected across Delhi and the National Capital Region and have been analyzed using the cross-tabulation approach. Findings Demographics of the consumers play an important role in deciding purchase of residential real estate. Because of their income level, Indian consumers prefer low-rise residential complexes. Originality/value The study helps to understand the diverse behavior of Indian consumers when they invest in the real estate sector, especially residential.

scholarly journals The impact of macroeconomic factors on the real estate investment trust index return on Japan, Singapore and China

2016 ◽  
Vol 13 (4) ◽  
pp. 242-253 ◽  
Author(s):  
Hao Fang ◽  
Tsang-Yao Chang ◽  
Yen-Hsien Lee ◽  
Wei-Jui Chen
Keyword(s):  
Inflation Rate ◽  
Stock Index ◽  
Real Estate Investment Trust ◽  
Real Estate Investment ◽  
Causality Test ◽  
Macroeconomic Factors ◽  
The Real Estate ◽  
Long Run ◽  
Index Changes ◽  
Bounds Test

This study contributes to the existing literature by combining the multiple methods to clarify the influence of the macroeconomic factors on the real estate investment trust (REIT) index in three Asian countries. The authors, first, use an autoregressive distributed lag (ARDL) bounds test to find that a long-run equilibrium exists between the REIT index and the interest rate, inflation rate, and stock index for China and Singapore. The authors, then, analyze the long- and short-run elasticity of the macroeconomic variables on the REIT index. Finally, using the Granger non-causality test, the authors demonstrate that a unidirectional relationship, in which inflation-rate shifts cause REIT index changes, exists in Japan and Singapore and that a wealth effect, in which stock index movements cause REIT index changes, exists in Singapore. The findings have economic implications for investors seeking to gain from REITs using macroeconomic factors. Keywords: REITs, macroeconomic factor, ARDL bounds test, ARDL long-run model, error-correction model, Granger non-causality test. JEL Classification: C22, G11, L85, D53, C58, F14

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