This book provides insights into commercial and residential real estate markets in one of the world’s fastest growing regions: South Asia. Despite being the growth leader of the future, South Asia is among the "least integrated" regions with a large need for real-estate-specific information and knowledge. Scholars and industry practitioners from a variety of backgrounds come together to provide pan-regional and country-specific insights into—amongst others—institutional, economic and real estate market characteristics, real-estate-specific legislation, real estate financing, development and urban planning practices in Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. A particular focus of the book is on topics such as the provision of affordable housing, sustainability, innovative office concepts such as co-working and the development of real estate investment trust (REIT) markets in South Asia.
This book integrates knowledge on real estate markets in and across South Asian countries by means of country profiles and case studies to provide industry professionals, policy makers and scholars with a fundamental understanding of characteristics, opportunities and challenges in the region. The book is intended for readers with interests in real estate development, finance and investment, urban planning and housing in South Asia. It is also suitable as a reference textbook for undergraduate and graduate students in programs focusing on real estate, economic development, urban planning and public policy in South Asia and other emerging countries.
Table of Contents
A1. Foreword 1
Graeme Newell PhD
A2. Foreword 2
Jeffrey Fisher PhD
A3. Editors’ Notes
Prashant Das PhD, Julia Freybote PhD & Ramya Aroul PhD
A4. A Synopsis of the Chapters
Julia Freybote PhD, Prashant Das PhD & Ramya Aroul PhD
A5. Profile of Chapter Contributors
A6. Panel of Reviewers
Section B: Pan-South Asia
B1. The Economics of Real Estate Knowledge in South Asia: An Analysis of Supply and Demand in Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
Prashant Das PhD, Peter Varga PhD and Emna M’Seddi
B2. A Macroeconomic Overview of South Asia: A Real Estate Perspective
Yong Chen PhD, Prashant Das PhD
B3. Do South Asian Lenders Assume More Risk by Offering Real Estate Loans?
Gianluca Mattarocci PhD and Xenia Scimone
B4. Buildings, Distributed Energy and the Grid: South Asian Scenario
Section C: Chapters by Country
C11. A Brief History of Real Estate Finance Development in Bangladesh
Mohammad Riaz Uddin PhD
C21. Real Estate Markets of Bhutan
C31. Trader to Investor: Evolution of Real Estate Development in India
Ashish Gupta and Sunil Agarwal PhD
C32. Alternative Finance Solutions’ to Promote Affordable Housing
Syed Zahid Ahmad
C33. REITs in India: A Story Still Unfolding
Charles R. Thomas Jr PhD and Prashant Das PhD
C34. Co-Working In India - A Perspective
C35. Creating Higher Density Property Development Opportunities in Fringe Areas of Surat – A Case of Surat Outer Ring-Road using Land Readjustment and Density Bonuses
Jay Mittal, Lindsey Forson and Sweta Byahut
C36. The HIAL Project in India – A Case Study
C41. Country Profile: The Maldives
Giorgio Antonelli and Vanessa Yeung
C51. Real Estate Markets in Nepal
Humnath Panta PhD
C61. Pakistan – A Country Profile
Muhammad Khan Niazi PhD
C62. Real Estate Markets in Pakistan
Julia Freybote PhD
C63. The REIT Market in Pakistan
Kola Akinsomi PhD and Julia Freybote PhD
C7. Sri Lanka
C71. Facilitating Urban Underserved Dwellers and Paradigm Shift in Real Estate Development: The Case of Colombo
Prashant Das, Ph.D., is Associate Professor of Real Estate Finance and the acting director of the Real Estate and Finance Institute at École hôtelière de Lausanne, Switzerland. Prashant has delivered Master's, executive and undergraduate-level courses in Switzerland, the USA, China, India and Romania. Earlier, he served in managerial and engineering roles with several firms/organizations, including HCL Infosystems and Tata Consultancy Services. Prashant has earned seven internationally competitive best research paper awards and a teaching excellence award.
Ramya Aroul is an assistant professor of finance at Texas A&M University–Commerce, USA. She holds a Ph.D. specializing in Finance and Real Estate and an MS in Real Estate from the University of Texas at Arlington. Her work has been published in the Journal of Real Estate Finance and Economics and the Journal of Real Estate Research and has been presented at national and international conferences like those of the Financial Management Association, American Real Estate and Urban Economics Association and Eastern Finance Association.
Julia Freybote is an assistant professor of finance at Portland State University, USA, and an extraordinary associate professor in the Department of Business Management at Stellenbosch University, South Africa. She holds a Ph.D. in Real Estate and a Master of Science in Real Estate (MSRE) from Georgia State University, USA, as well as a Diplom-Kauffrau degree from EBS Universität in Germany. Her research interests include real estate finance and investment, behavioural real estate and sustainability and sustainable urban development in the context of real estate asset pricing. She has taught graduate and undergraduate real estate courses in the USA and South Africa.
"This book makes an important and timely contribution to an under-researched global region that is experiencing significant economic change. It provides an insight into countries having opaque to semi-transparent real estate markets. Charting the developments in real estate markets, the book highlights the challenges and structural changes faced by real estate markets in these countries as they increasingly integrate with the world economy and provide opportunities for domestic and international occupiers and investors."
Dr. Michael White (Professor & Director of the Real Estate Economics and Investment Research Group, Nottingham Trent University, UK)
"This book will help the investors interested in commercial and residential real estate markets of South Asia, a region offering double digit growth potential. The book consolidates a broad overview of this diverse and rather complex- market with original perspectives, relevant data and useful interpretations. Supported by facts, figures and case studies, academics and practitioners come together as authors to help decision makers and future researchers."
Remy Rein (Former Deputy Director: BNP Paribas Real Estate, France)
"South East Asia's economies are expected to play an increasingly important role as the 21st century unfolds. In response, the editors have pulled together into a single volume a wide range of subject matter, drawn from across its real estate markets, and written using diverse approaches and with varying levels of perspectives. The result is a compendium to extend the knowledge and insights of the increasing number of professionals and investors who wish to explore the potential in this burgeoning region."
Dr. Paul Gallimore (University of Reading, UK)
"If you are looking for a combination of academic and business insight into the booming South Asian market, this book is a must read. It is a valuable and rare source of information for practitioners, students, and academics looking to expand their knowledge about the specific dynamics of this real estate market."
Dr. Ines Blal (Executive Dean, EHL Lausanne, Switzerland)
"...a delightful guide full of important information for those of us who want to learn real estate practice in the South Asian market. This book paves a way to future research on these countries and supports courses on international real estate."
Dr. Peng Liu (Singapore Tourism Board Distinguished Professor in Asian Hospitality Management, Cornell University, USA)