NEWS
ETIHAD AIRWAYS OFFERS STOPOVER PASSENGERS ONE NIGHT’S FREE ACCOMMODATION IN ABU DHABI
Revenue Development and Operations Guy Epsom as they celebrate the launch of the Abu Dhabi stopovers program. Etihad Airways, the national airline of the United Arab Emirates, will offer one night›s free
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accommodation to passengers stopping over in Abu Dhabi for a minimum of two nights before December 1, 2012. Te Essential Stopovers offer, part of the Essential Abu Dhabi program, can be redeemed at 25 hotels,
ranging from three to five star. Further nights in five and four star accommodation can be purchased at rates as low as US$59 per person, based on twin occupancy, and US$43 for three star accommodation. Etihad Airways passengers taking advantage of the stopover offer can also enjoy two-for-one deals
at Ferrari World, Saadiyat Beach Golf Club, Abu Dhabi Golf Club, Yas Links and Monte Carlo Beach Club. Two-for-one safaris or tours can also be claimed from operators Desert Safari and Abu Dhabi City Tour. Te stopover program offer is available to all Etihad Airways guests, as well to passengers travelling on Etihad Airways marketed flights. All passengers must have an onward booking beyond Abu Dhabi. Etihad Airways Chief Commercial Officer Peter Baumgartner said: We are delighted to invite people
from all over the world to experience Abu Dhabi for themselves. Te capital city of the United Arab Emirates has so much to offer both business and leisure travellers. Tis offer is intended to encourage people to make time to get off the aircraft at Abu Dhabi and explore
the emirate - be that with a visit to the Arabian desert, a trip to one of the world›s largest mosques, a tour of the attractions on Yas Island or by sampling the emirate’s world class hotels and restaurants.
Abu Dhabi is a magical place with something to offer everyone l HYDERABAD REAL ESTATE UPDATE Q1 2012
Residential Real Estate Residential property buyer sentiments in Hyderabad have improved
considerably over the last three quarters. Tere has been a gradual but certain increase in residential demand and absorption. Tat said, the market is still a long way from touching the 2007- 2008 levels. Tere has been a marked increase in activity by developers scouting
for suitable land parcels for residential development. More than anything else, this is a convincing indication that they want to proceed with their expansion plans and not hold on to their land, which had more or less been the trend since 2008-2009. We definitely expect an increase in PE investments into residential
real estate projects in Hyderabad in 2012. Until now, institutional capital flows had been slow in Hyderabad when compared to some of the other cities. Te reasons for this were specific to the period:
•• In 2007-2008, the main reason was high valuations In 2008-2010, the global financial crisis was clearly the culprit
• In 2010-2011, the state-level political scenario depressed institutional investment sentiments
At this point in time, the real estate valuations are once again making sense, and developers as well as end users are once again in action mode. Tere is every reason to believe that the political scenario will take a turn for the favourable for PE investment in 2012-2013. On the more sombre side, it also looks like residential supply is likely to outstrip demand in the foreseeable future. Tere is clearly a
supply–demand mismatch, and unsold inventory is quite high. Tis fact will definitely have an impact on residential property pricing in the mid-term. Tat said, there are also going to be selective price rises for projects in high-demand locations having good amenities.
Commercial Real Estate Te commercial real estate sector in Hyderabad has reacted very
differently from the residential sector over the past few years. In 2008-2009, the Grade A office space absorption in the city stood at approximately 2.2 million square feet. Tereafter, in 2010 and 2011, Hyderabad saw absorption of 4.4 to 5.0 million square feet year on year. Tis clearly indicates that corporate client did not let the political scenario upset their expansion plans in Hyderabad. In fact, all our large corporate clients such as Cognizant & Accenture have expanded their office bases over last 2 to 3 years. What is worrisome is the fact that very few new companies have set up their base in Hyderabad over last couple of years. Notable exceptions would be JP Morgan and Facebook, along with a handful of others. Almost 90–95% of the city›s commercial real estate absorption has been via expansion of existing companies. In 2012, the lack of SEZ supply will result in city absorption being
lower than in 2010 and 2011. Tere is a huge supply of STPI/Commercial space available for corporates amounting to approximately 4.5–5.0 million square feet, but as 50-60% of the absorption is in SEZs, landlords and developers owning STPI/Commercial spaces might feel the pressure of unsold and un-leased inventory l
tihad Airways Chief Commercial Officer Peter Baumgartner (left) alongside Abu Dhabi Tourism Investment and Development Company (TDIC) Senior Manager of Business Partnerships,
6 I CITYSCAPE I APRIL 2012
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