Regulating transfer of property
The Hindu : Biotech grabs realty sectorBangalore, Hyderabad, Chennai rank among the most preferred destinationsAccording to the Cushman & Wakefield “Bio Reality in India report 2008,” the biotechnology industry would contribute approximately 140 million sq. ft. to the office demand within India by 2010. Even though the country currently holds a minimal market share of two per cent of the global biotechnology market, it has immense potential to develop as one of the major players by 2010 and is expected to generate $ 5 billion revenues, creating employment for a million by 2010 through its products as well as services.C&W conducted a study across 40 cities to evaluate the top 15 locations which have or would witness growth in the sector based on various parameters related to three crucial factors that affect the industry viz. investment environment; social and physical infrastructure; and polices and framework. The maturity in the above factors would foster the pace of development in the sector.Bangalore, Hyderabad, Chennai, Pune and Mumbai emerge as the preferred destinations to set up a biotech facility and scored considerably high on the parameters with each city having distinct fundamentals/factors driving the growth.Better infrastructureThese cities hold proven potential and have sustained the confidence of the corporate entities operating under the sector. They offer better infrastructure and talent pool, the two most important factors in setting up a biotech facility.Sanjay Dutt and Anurag Mathur, Joint Managing Directors, Cushman & Wakefield India, add, “The biotech story is still in its infancy in India, but it appears poised to witness a successful replication of the IT/ITeS precedent. The location preference is also following a similar trend with most of the biotechnology activities currently concentrated in Southern India; however, a strong momentum towards West & North India with increasing interest of the companies is anticipated.”Bangalore scored high on talent pool, Government policy, investment environment and infrastructural facilities. Apart from being the pulse of…More
