Jones Lang LaSalle India appoints Ramesh Nair as managing director for western India operations

“Residential projects with units below Rs25 lakh will increase dramatically outside Mumbai,” says Ramesh Nair

Ramesh Nair, former managing director of Jones Lang LaSalle India's Chennai and Hyderabad regions, has assumed overall responsibility for the company's western India operations. West India encompasses Mumbai and Pune.

Ramesh Nair, who has been with Jones Lang LaSalle India since 1999, is a real estate veteran with fourteen years' multi-faceted experience. In this period, he has tackled diverse real estate asset classes such as office, retail, land, residential, warehousing and industrial, and he has helped change the real estate fortunes of many domestic and multinational owners, occupiers and investors in South India.

Ramesh Nair's Mumbai real estate predictions for 2011 include that the commercial property market rentals will drop due to a massive addition of stock, leading to higher vacancies. In case of residential property, housing will become even less affordable in the island city; many aspiring home buyers will opt for rentals over the purchase option. Rentals for high-end homes will drop in the face of increased supply of quality apartments across the city. Housing prices will marginally correct in locations with oversupply and inadequate infrastructure where prices have overshot the 2007 peak; the number of speculators will decrease, reducing volatility. Residential projects with units below Rs25 lakh will increase dramatically outside Mumbai. In case of mid-term elections, there will be a wide-spread correction across asset classes and city locations.

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Manufacturing growth slows down in December, HSBC PMI shows

Mumbai: The seasonally adjusted HSBC Purchasing Managers' Index (PMI-a headline index designed to measure the overall health of the manufacturing sector-posted 56.7 in December, slightly lower than November's reading of 58.4. The latest number pointed to a marked improvement of business conditions in the Indian manufacturing sector. While the rate of growth slowed, it remained above the long-run series average, according to data posted on the HSBC Markit website.

December data signalled a marked rise in incoming new business received by manufacturers in India. However, the latest expansion in new order volumes was slightly weaker than in the previous survey period. Growth of new business received from overseas markets also eased marginally at the end of 2010, but remained strong and comfortably above the historical trend.

Output increased substantially in December, which reflected sustained growth in overall new orders. However, backlogs of work increased for a ninth successive month. The rate at which outstanding business accumulated was weaker than in the previous survey period, but remained fast in the context of historical data. This suggested that pressures on operating capacity persisted as workloads continued to rise. In some cases, shortages of materials and labour compounded delays in production. Stocks of finished goods increased only slightly in December. Despite sustained expansions of new business and output, employment in the Indian manufacturing sector was unchanged during the month.

Purchasing activity at manufacturers in India continued to rise markedly during December. However, in line with slower growth of output, the increase in input buying eased. Nonetheless, delivery times lengthened again. Analysts opined that short supply and excess demand for materials had led to the deterioration in vendor performance. Stocks of purchases rose for the 22nd successive month in December as manufacturers continued to increase pre-production inventories.

The December data signalled a substantial rise in input prices faced by manufacturers in India. Input costs have increased in each month since April 2009, with the latest rate of inflation the strongest in eight months and notably sharp in the context of historical data. Output prices also rose markedly during the month and at the fastest pace since May.

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November exports up by 26.5% at $18.8 billion

New Delhi: India's exports in November rose by 26.5% to $18.8 billion on a year-on-year basis, prompting the government to exude confidence that the outbound shipments will touch $215 billion this fiscal, reports PTI.

Exports in November 2009 stood at $14.9 billion.

Imports grew by 11.2% in November to $27.7 billion, while the trade imbalance in the month was $8.9 billion.

During the April-November 2010 period, outbound shipments were worth $140.2 billion compared to $110.6 billion in the year-ago period.

Commerce secretary Rahul Khullar has said that India's merchandise exports would be around $210-$215 billion in the current fiscal. Earlier, the government had fixed an export target of $200 billion during 2010-11.

Imports during the first eight months of this fiscal stood at $221.9 billion compared to $179 billion in the corresponding period last year. The trade deficit stood at $81.6 billion during April-November this fiscal.

Oil imports during November 2010 were valued at $7.7 billion, 2.31% higher than oil imports valued at $7.5 billion in the corresponding period last year.

Oil imports during April-November 2010 were valued at $64.8 billion, a rise of 21.4% over imports worth $53.4 billion in the year-ago period.

Non-oil imports during November 2010 stood at $20.07 billion, up 15.05% over $17.44 billion in November, 2009.

During the April- November period, non-oil imports stood at $157.11 billion, which was 25.04% higher than the level of such imports, valued at $125.64 billion in the same period last fiscal.

Exports sectors, which performed well during April-November period, include engineering goods, petroleum and refinery items and cotton yarn.

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