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A F F O R DA B L E HO U SI N G I N I N D IA
Introduction
India, the third largest developing economy in the Asia enjoys
a unique position. The present government with its focus on
business and growth for the nation is keen to undertake reforms
critical for reviving growth. As India gears itself towards sustained
growth; the real estate sectors significance becomes an area
of key importance. Rapid urbanisation and growing occupier
demand are key factors expected to drive real estate demand in
the nation.
The population of India was 1.2 billion in 2011 and there has
been an addition of 180 million in the previous decade1. During
2001-11, perhaps for the first time in Indian history, the urban
population actually grew more than the rural population. Part of
this change in population dynamics is because undoubtedly more
than 2,500 settlements that were defined as villages in 2001
were reclassified as towns in 2011. Rapid urbanisation is also
perceived as a significant contributor to demographic shift.
The countrys urban population has grown at a compound
annual growth rate (CAGR) of 2.8% over 2001-11, resulting in
an increase in the urbanisation rate from 27.8% to 31.2%2. Out
of Indias population of 1.21 billion, 377 million people are urban
dwellers and with more than 10 million people being added to
urban areas every year, Indias urban population is expected to
reach about 600 million by 20313.Furthermore, over 2015-31, the
pace of urbanisation is likely to increase at a CAGR of 2.1% double than that of China.
A F F O R DA B L E HO U SI N G I N I N D IA
A F F O R DA B L E HO U SI N G I N I N D IA
RBI also said that it will periodically review the definition of affordable
housing, on account of inflation.
Size
21-27 sqm of carpet area
EWS
LIG
MIG
Income Criteria
Affordability
A F F O R DA B L E HO U SI N G I N I N D IA
MIG
provision of community
spaces and amenities
2,7005,400 cu ft internal volume
such as parks, schools and
healthcare facilities, either
within the project or in the
6001,200 sq ft carpet area
neighbourhood, depending
5,40010,800 cu ft internal
upon the size and location of
volume
the housing project
300600 sq ft carpet area
LIG
located within 20 km
of a major workplace
hub (could be
suburban hubs as
well) in the city
reasonable
maintenance costs
adequately
connected to major
public transport
system
A F F O R DA B L E HO U SI N G I N I N D IA
The typical size varies from 300 sq. ft. - 800 sq. ft.
A F F O R DA B L E HO U SI N G I N I N D IA
Income Levels
and Housing
Affordability
The relationship between income and affordability for various
income groups follows a nonlinear trend. The costs on food, nonfood essentials and house rent form a significant portion of income
for lower-income groups. As we move towards higher-income levels,
the rise in costs do not increase at the same pace. Disposable
surplus income, which is often used to purchase a new house, drops
significantly at lower-income levels and is higher at higher-income
levels. Thus, people of higher-income levels can better afford to
purchase new houses, owing to higher disposable surplus incomes.
In addition, it can be seen that this disposable surplus is highly
sensitive to incremental change of expenditure. For example, if
house rents increase from 15% to 20%, the disposable surplus for a
LIG household (person with monthly income of INR 10,000) reduces
to 30% from 35%. Whereas for a person with monthly income
around INR 120,000, it can be seen that when rent increases from
15% to 20%, the corresponding reduction in surplus income is from
64% to 59%.
1,20,000
52%
INR
1,00,000
80,000
60,000
60%
50%
40%
35%
30%
40,000
20%
20,000
10%
200,000 - 300,000
300,001 - 500,000
55%
64%
60%
70%
A F F O R DA B L E HO U SI N G I N I N D IA
Percentage of Surplus
to Income
Disposable Surplus
> 1,000,000
0%
Percentage Surplus
1,40,000
Source: Jones Lang LaSalle Research. Note: Trendlines are logarithmic trends of
decrease in percentage of disposable income surplus upon increase in rent as percentage of income
A F F O R DA B L E HO U SI N G I N I N D IA
Policies and
Regulations in
India
Central Level Schemes
Several policies adopted by Central Government have assisted in the
delivery of affordable housing for the EWS, LIG and lower MIG. The
first National Housing Policy was formulated in 1988. It was followed by
the formulations of National Housing Policy in 1994, National Housing
and Habitat Policy (NHHP) in 1998 and follow-up of 74th Constitution
Amendment of 1992. These policy initiatives focused on transition of
public sector role as `facilitator, increased role of the private sector,
decentralization, development of fiscal incentives, accelerated flow of
housing finance and promotion of environment-friendly, cost-effective
and pro-poor technology. The NHHP introduced landmark initiatives
such as involvement of multiple stakeholders, repeal of Urban Land
Ceiling Act and permitting foreign direct investment in housing and real
estate sector. Taking into account the emerging challenges of required
shelter and growth of slums, the first policy specific to urban areas,
the National Urban Housing and Habitat Policy was announced in
December 2007.
National Urban Housing Mission (NUHM), 2015
The NUHM was launched as a Centrally Sponsored Scheme in 2015.
It seeks to meet the gap in urban housing units by 2022 through
increased private sector participation and active involvement of the
States. It has four broad components or verticals out of which credit
linked subsidy would be implemented as a Central Sector Scheme and
not a Centrally Sponsored Scheme. The Mission would initially cover
500 Class I cities and will be spread across 3 phases (2015-2022).
a) Slum rehabilitation of Slum Dwellers with participation of private
developers using land as a resource - The Centre would provide
a grant of INR 1 lakh per house to the state for deployment in the
development of any slum rehabilitation project.
b) Promotion of affordable housing for weaker section through credit
linked subsidy - An interest subsidy of 6.5% on housing loans will be
provided to EWS/LIG categories, which can be availed up to a tenure
of 15 years. It will cover all the 4,041 statutory census towns from the
beginning.
c) Affordable housing in partnership with Public & Private sectors Central assistance at the rate of INR 1.5 lakh per house for the EWS
category to be provided.
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A F F O R DA B L E HO U SI N G I N I N D IA
National Urban Housing and Habitat Policy (NUHHP), 2007 Integrated Housing and Slum Development Programme
(IHSDP) - Integrated Housing and Slum Development Programme
NUHHP 2007 has identified Affordable Housing for All as a key focus
aims to have an integrated approach in ameliorating the conditions
area to address concerns that could potentially impede sustainable
of the urban slum dwellers that do not possess adequate shelter and
urban development. The major objectives of the policy are listed below:
reside in dilapidated conditions. The scheme is applicable to all cities
facilitating accessibility to serviced land and housing for EWS and
and towns as per 2001 census except cities/towns covered under BSUP.
LIG
The sharing of funds would be in the ratio of 80:20 between Central
land assembly, development and disposal to be encouraged by both Government and State Government/ULB/Beneficiaries
private and public sectors
Rajiv Awas Yojana
forging strong partnerships between public, private and cooperative
Rajiv Awas Yojana (RAY), launched as a Centrally Sponsored Scheme
sectors
(CSS), to be implemented in Mission mode during 2013-2022 for
creating adequate housing stock both on rental and ownership basis
the slum dwellers and the urban poor envisages a Slum-free India
using technology to modernise and enhance energy and cost
by encouraging states and union territories to tackle the problem of
efficiency, productivity and quality
slums in a definitive manner. The scope of RAY envisages integrated
development of all existing slums, notified or non-notified, with
Jawaharlal Nehru National Urban Renewal Mission
development, improvement and maintenance of basic services to the
(JNNURM)
urban poor, including water supply, sewerage, drainage, solid waste
JNNURM was launched in December 2005 with an aim to implement
management, approach and internal roads, street lighting, community
reform-driven, planned development of cities in a Mission mode with
facilities such as community toilets and baths, informal sector markets
focus on up-gradation of urban infrastructure, creation of housing
and livelihoods centres.
stock and provision of basic services to the urban poor, community
participation and accountability of Urban Local Bodies (ULBs). For the Affordable Housing in Partnership (AHIP) The scheme
housing sector in particular, its main aim was construction of 1.5 million of Affordable Housing in Partnership (under RAY) aims to increase
houses for the urban poor during the mission period (20052012) in 65 affordable housing stock through promotion of various types of publicprivate partnerships amongst the private sector, cooperative sector,
mission cities.
financial services sector, state parastatals and urban local bodies.
Central support is provided at the rate of Rs. 75,000 per Economically
Financing of Projects under JNNURM
Weaker Sections (EWS)/Low Income Group (LIG) Dwelling Units (DUs)
of size of 21 to 40 sqm. in affordable housing projects taken up under
Grant Central
State/ULB/
various kinds of partnerships including private partnership. A project size
Category of Cities
Share
Parastatal Share*
of minimum 250 dwelling units is eligible for funding under the scheme.
Cities with above 4 million
population as per 2001 census
50%
50%
50%
50%
Cities/towns in north-eastern
states and Jammu & Kashmir
90%
10%
Other cities
80%
20%
Basic Services for the Urban Poor (BSUP) The scheme is managed by the Ministry of Urban
Development. It seeks to provide seven entitlements or
services security of tenure, affordable housing, water,
sanitation, health, education and social security to lowincome segments in the 65 mission cities.
A F F O R DA B L E HO U SI N G I N I N D IA
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Objective
Policy Goals
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A F F O R DA B L E HO U SI N G I N I N D IA
The earlier schemes by Government of India have not been able to bridge the housing deficit gap. The graph below shows the
number of houses sanctioned, completed, occupied and under construction under various Government initiatives.
Source: MHUPA; BSUP = Basic Services for Urban Poor, IHSDP = Integrated Housing and Slum Development Programme.
*All numbers till July 2014. BSUP and IHDSP were part of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). AHP (Affordable Housing in Partnership) was
being implemented under the Rajiv Awas Yojana (RAY) by the Ministry of Housing and Urban Poverty Alleviation. Even till March 2015, 7731 houses out of the total sanctioned
number of 1.9 lakh were completed under RAY/AHP
There is a huge gap between supply and demand and people have fewer choices when it comes to affordable housing supply. While the
supply side constraints for affordable housing include lack of availability of land and finance at reasonable rates, the demand drivers include
the growing middle class and urbanisation. Real estate developers, private players in particular, have primarily targeted luxury, high-end and
upper-mid housing segment owing to the cost of land and higher returns that can be gained from such projects. In addition, several structural
issues, such as the high gestation period of housing projects, limited and expensive capital, spiralling land and construction costs, high fees
and taxes as well as unfavourable development bottlenecks restricting the desired growth in housing stock in India.
Meanwhile, with this pretext, the Government of India to address the growing affordable housing deficit in the country and has launched an
ambitious goal that promises to provide housing for all its citizens by 2022.
A F F O R DA B L E HO U SI N G I N I N D IA
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A F F O R DA B L E HO U SI N G I N I N D IA
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Developed plots are pieces of land where the main infrastructure, including
roads, water supply, street lighting, drainage and sewerage, has been made
available. In addition, the state government, municipal or local body concerned,
which approves the building/development plans, will monitor compliance with the
above conditions by the developer.
A F F O R DA B L E HO U SI N G I N I N D IA
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13
14
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A F F O R DA B L E HO U SI N G I N I N D IA
Slow urban
development
Lengthy and
complex approval
Lack of adequate
funding sources
High cost of
development
Restrictive
development
norms
Overview
Impact
Increases
construction cost with
increase in gestation
period
Dependence on
Limited and
households savings
expensive capital
tend to increase
Limited foreign
housing cost
funding sources
Low access
Limited access to
to credit by
credit by EWS/LIG.
consumers
Consistent inflation
of key input costs
Several indirect
taxes
Low FAR/FSI, density
norms, ground
coverage, parking
provision, etc. are not
separately defined for
affordable housing
Increases housing
cost making
affordable housing
projects unviable.
The limited urban
land is utilised
inappropriately
inflating housing
price.
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Mumbai has led the sector, with over 20 projects targeting this segment.
Karjat, Vasind, Palghar and Boisar in Mumbai along with Chakanand,
Shikrapur in Pune have multiple ongoing projects catering to lowincome groups. Anekal Road in Bangalore, which is around 910
km away from Electronic City, has one project by Value and Budget
Housing Corporation (VBHC) and Janaadhar each.
While many of the end-users have realised their dream of home
ownership, on the flipside, the travel time required to reach places
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A F F O R DA B L E HO U SI N G I N I N D IA
Target
1,500 3,000
80 100
5 10 Lacs
1,800 2,500
G + 3/4
1215 month
Amenities
A F F O R DA B L E HO U SI N G I N I N D IA
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Case Studies
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A F F O R DA B L E HO U SI N G I N I N D IA
Brazil
Features
The structure is comprehensive with
two types of housing units:
o Type I: BUA 35 sqm, Carpet Area
32 sqm
o Type II: BUA 42 sqm, Carpet
Area 37 sqm
Innovative construction techniques
Partnership between federal and
local governments as well as
private developers
Project with
Location
My House, My Life
Programme
Implementing Authority
The Ministry of the Cabinet with the
Ministry of Finance and Planning
Status
Being implemented successfully
Infrastructure
Infrastructure is provided
through partnerships with
local governments and
private companies.
Work-Place Relationship
It is mandatory to connect the
development with the rest of the
city through mass transit system to
maintain work-place relationship,
which is the responsibility of the local
government
ISSUES
Insufficient capacities of
local governments- both
technologically & financially
Limitation of architectural
design
Unavailability of well-located
& serviced land
Development Procedure
Families with a monthly income between GBP 416 - 1388 will be able to receive subsidies from the Government and pay as much as 20
percent of their monthly income for the access to the new homes. The program has also devised a backup plan for families, who lose their
jobs on allocation of homes, with a special fund
A three-tier institutional structure with active support from private developer.
WEST BENGAL
Features
The township is built on 150 acres and
likely to house nearly 1,00,000 people
There would be 20,000 units that
are divided into two types
o Spandan (1 - BHK) -12,000 units
- G+4 structures
o Sparsh (2 - BHK) 8,000 units
G+14 structures as per the initial
plan
Project with
Location
Sukhobrishti Mass
Housing, Kolkata
Implementing Authority
Shapoorji Pallonji with the help of
Govt. of West Bengal
Status
At implementation stage
Infrastructure
The developer will provide
more than basic facilities
to the affordable segment
Work-Place Relationship
The township is located near the
major PBD locations such as Salt
Lake and Rajarhat - New Town,
and is connected by major arterial
roads. Thus, maintaining work-place
relationship is much easier.
ISSUES
The allocation process of the
units is faulty
A lot of units were allotted
to different quotas of state
govt., like KMDA, police etc.
The final products were
unable to reach to the end
users in the initial phases.
The investors made
speculative gain of the
situation.
Development Procedure
The project was awarded to the developer by Kolkata Metropolitan Development Authority (KMDA) on behalf of Govt. of West Bengal.
The initial selling price was kept as INR 0.4 million for 1 BHK apartments, and INR 0.8 million for 2 BHK apartments.
The developer was awarded land parcel by the government to develop commercial projects in return to the mass residential development
A F F O R DA B L E HO U SI N G I N I N D IA
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GUJARAT
Features
423 housing units in 3 types of flats
ranging from 297 sq feet to 730 sq
feet will be developed. The project
includes incorporation of green design
concepts in all stages of development
and electricity, sewage and drainage
installations
The apartments will be sold within
the range of INR 3 million to INR
6.5 million
Project with
Location
Affordable Housing
Development in Vatva,
Ahmedabad
Implementing Authority
Foliage Real Estate Developers Ltd
Status
At construction stage
Infrastructure
The development of
infrastructures like
sewerage, drainage,
water supply, electricity
and mass transport is the
responsibility of the ULB
Work-Place Relationship
The project is being developed
near Vatva, GIDC, and the project
can be a lucrative one for the
industrial workers
The connectivity factor will be
taken care of by the ULB
ISSUES
The project is in final stage
construction after being active
for long (since 2009).Overall the
project is getting good response.
Development Procedure
Lower margin but more volumes
Secure Repayment: The MFIs play a key role communicating to the targeted customers
Reduction of costs of construction materials by:
> Using alternative products, such as mud blocks
> Partnership with cement companies
Cheap and standardized building
Short construction time
Targeted return is minimum 20% per annum
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A F F O R DA B L E HO U SI N G I N I N D IA
Reforms Required
Properly functioning urban land and housing markets are critically
needed to accommodate Indias growing urban population. The
absolute volume of the overall demand for good-quality housing and
serviced land is already daunting. Countering the adverse impacts
of congestion forces, particularly in land and housing markets, is an
urgent priority for the country. Fundamental reforms are required
if these markets are to meet the increasing demand for affordable
urban housing.
Many Indian cities have failed to enable the emergence of efficient
and affordable housing markets. Some examples of cities that follow
comparatively good practices exist, such as Ahmedabad, but the
vast majority have limited technical capacity, inadequate resources
to finance infrastructure, and counterproductive planning and
development control regulations.
Generally, although conditions vary from city to city, the supply of
affordable urban land and housing lags far behind demand. This
affordability gap forces households priced out of the formal market
to live in slums and squatter settlements, move in with extended
family members, rent smaller units, or move to the city periphery
and commute long distances. The lack of access to affordable
housing is, in turn, an important factor in the generally lagging levels
of livability in Indian cities.
Indian cities must both reform land and housing policies and foster
innovative housing finance. High housing prices can be attenuated
over time by relaxing land use and development control regulations,
building infrastructure to open up land for residential development,
adopting efficient and easy-to use land-titling and land-registration
systems, and increasing access to construction and mortgage
finance. Government regulations also need to stimulate the supply
of affordable rental housing. Finally, city and suburban governments
need to change their policy stance on informal housing from
curative to preventive measures-to go beyond slum upgrading to
actually slowing the growth of the slum population in the first place.
Offering more options to low and middle-income households will
increase prosperity, reduce poverty, and enhance the quality of life
for urban dwellers across India.
Urban land and housing markets are highly complex and require a
flexible supply of land and developed housing stock to meet growing
demand. If markets are operating effectively, housing supply should
expand to accommodate increasing demand, easing upward
A F F O R DA B L E HO U SI N G I N I N D IA
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A F F O R DA B L E HO U SI N G I N I N D IA
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A F F O R DA B L E HO U SI N G I N I N D IA
Way Forward
An Institutional Approach to Affordable Housing
The objective of creating affordable housing is to provide adequate
shelter to all. Creation of affordable housing should encompass both
enabling people to buy and to rent, for which there is a need to put an
institutional structure in place. The present models on which affordable
housing is being created concentrate on the ability of people to buy.
These models require a myriad of agencies from public and private
sectors to work together. Private sector develops affordable housing
projects and sells them in the open market. Government agencies such
as Urban Local Bodies (ULBs) and Urban Development Authorities
(UDAs) are responsible for laying down guidelines and bylaws for
affordable housing. Certain restrictions imposed by MoEF limit the use
of land, resulting in the lack of supply of land and thus higher pricing.
RBI regulates monetary policies that affect interest rates, which has a
major impact on the ability of home buyers to purchase houses.
A F F O R DA B L E HO U SI N G I N I N D IA
27
Supply Side
Incentivise developers to develop affordable housing- ULBs and
plans for development of affordable housing. Whilst this needs to be
UDAs can develop guidelines by giving free sale areas, extra Floor
replicated in other cities and towns, it should be ensured that they
Space Index (FSI) and other policy measures so that real estate
are developed within a planned schedule and sufficient to cater to
developers are incentivized to develop affordable housing. Schemes
the projected housing needs of the cities.
for redevelopment and slum rehabilitation should be developed with
Enact rental housing schemes in urban areas- Authorities like
incentives that generate sufficient returns for the developers whilst
MMRDA have experimented with rental housing schemes, but these
controlling the development density. The cost-benefit analysis of
have not been very successful as a proper framework has been
regulations should be carried out from a development perspective
missing for such schemes. Limitations in such schemes include
to ensure that schemes to facilitate the development of affordable
development in far-flung areas, which are not suitable as affordable
housing are feasible.
housing locations and lack of means to identify end users.
Streamline land records to improve planning and utilisation of
Formulate policies for greater participation from private sector
land- Adequate availability of land should be ensured for housing
in the way of technological solutions, project financing and
and infrastructure by computerisation of land records, use of
delivery- Disruptive innovation in terms of technological solutions,
Geographical Information Systems, efficient dispute re-dressal
project financing and delivery is required, which reduces costs
mechanisms and implementation of master plans.
of construction significantly despite rising costs of inputs. As
Include mass housing zones in city plans and develop them within a
construction costs form a significant portion of the selling price of
planned schedule accounting for the future requirement of affordable
affordable housing units, the savings in construction can immensely
housing - Some cities have already dedicated zones in their master
benefit the occupier.
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A F F O R DA B L E HO U SI N G I N I N D IA
Authors
Gaurav Wahi
Head - Strategic Consulting, North India
gaurav.wahi@ap.jll.com
+91 9810 71 7759
Gaurav has over 15 years of multidisciplinary research, consulting and transaction experience. His advisory expertise
includes Business Plan formulation: Roll out & expansion Advisory studies, Urban Planning, Best Use Option & Feasibility
assessment, Portfolio Planning & Rationalization strategy, Real Estate Valuations, Strategic Marketing Advisory, Location
Consulting, Bid Process Management & Transaction Structuring.
Karan Sharma
Assistant Manager- Strategic Consulting
karan.sharma@ap.jll.com
+91 9999 69 0805
Karan Sharma has multidisciplinary consulting experience ranging from real estate, physical and social infrastructure and
urban development projects. In the Real Estate sector he has expertise in planning and undertaking demand assessment
studies, commercial feasibility studies and financial modelling. He has handled projects of Government advisory, portfolio
valuations, commercial feasibility studies, best use option studies, market demand analysis and urban development/
infrastructure projects.
A F F O R DA B L E HO U SI N G I N I N D IA
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A F F O R DA B L E HO U SI N G I N I N D IA
A F F O R DA B L E HO U SI N G I N I N D IA
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by
owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices,
operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing
services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions
in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand
name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 31,100 employees operating in 83 offices in 16 countries across the region. The firm was named
number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards and won Best Property Consultancy in seven Asia Pacific countries at the
International Property Awards Asia Pacific 2014. For further information, visit www.jll.com/asiapacific
About JLL India
JLL is Indias premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi,
Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 8000, the firm provides investors,
developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project
and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health
care, senior living, education and retail advisory. The firm was named the Best Property Consultancy in India at the International Property Awards Asia Pacific
2014-15. For further information, please visit www.joneslanglasalle.co.in
INDIAN CHAMBER OF COMMERCE
Founded in 1925, Indian Chamber of Commerce (ICC) is the leading and only National Chamber of Commerce operating from Kolkata, and one of the most
pro-active and forward-looking Chambers in the country today. Its membership spans some of the most prominent and major industrial groups in India. Currently,
Mr.Shiv Siddhant Kaul is leading the Chamber as its President.
ICC is the only Chamber from India to win the first prize in World Chambers Competition in Quebec, Canada.
ICCs North-East Initiative has gained a new momentum and dynamism over the last few years, and the Chamber has been hugely successful in spreading
awareness about the great economic potential of the North-East at national and international levels. Trade & Investment shows on North-East in countries like
Singapore, Thailand and Vietnam have created new vistas of economic co-operation between the North-East of India and South-East Asia. ICC has a special
focus upon Indias trade & commerce relations with South & South-East Asian nations, in sync with Indias Look East Policy, and has played a key role in
building synergies between India and her Asian neighbours like Singapore, Indonesia, Bangladesh, and Bhutan through Trade & Business Delegation Exchanges,
and large Investment Summits.
ICC also has a very strong focus upon Economic Research & Policy issues - it regularly undertakes Macro-economic Surveys/Studies, prepares State Investment
Climate Reports and Sector Reports, provides necessary Policy Inputs & Budget Recommendations to Governments at State & Central levels.
The Indian Chamber of Commerce headquartered in Kolkata, over the last few years has truly emerged as a national Chamber of repute, with full-fledged
offices in New Delhi, Guwahati, Patna, Ranchi and Bhubaneshwar functioning efficiently, and building meaningful synergies among Industry and Government by
addressing strategic issues of national significance.
Jones Lang LaSalle Property Consultants (India) Pvt Ltd 2015. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the
accuracy thereof.