[Urbanstudy] CPR CSH Workshop on 26 November by Piyush Tiwari

[Shahana Sheikh]

Dear All,

As part of our Urban Workshop Series, the Centre for Policy Research (CPR)
and Centre de Sciences Humaines (CSH), Delhi, are delighted to invite you
to a Workshop on *Investor Irrationality in Property Markets: An analysis
of Bengaluru *by *Piyush Tiwari* of University of Melbourne, Australia.

Date:               Tuesday, 26 November 2013
Time:               3.45 p.m.

Venue:     Conference Hall, Centre for Policy Research, Dharma Marg,
Chanakyapuri, New Delhi 110 021

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Commercial property prices in Bengaluru witnessed secular growth from 2004
onwards. However, this growth has not been uniform at the sub-regional
level. Analysis of commercial property yields (capitalization rates) in
Bengaluru suggests distinct spatial patterns. Locations such as Whitefield
and Electronic city witnessed shortening of yields prior to 2005 compared
to the central and secondary business districts, due to preference of these
locations by the IT industry (a major driver of the economy in Bengaluru).
However, after 2005, the relocation of international airport and delays in
other infrastructure projects impacted property yields in these locations.
Results from cap rate modelling confirm that investors have generally been
‘backward looking’. With a rise in rents, relative to historical average,
yields shorten. Macroeconomic factors such as general risk spread in the
economy have also affected yields at the local level. A rise in risk spread
increases local commercial property cap rates. Contrary to the perception
that liquidity, as measured by change in M2/GDP, has been driving Cap
rates, its effect in Bengaluru has not been found to be statistically
significant.

*Piyush Tiwari* is currently Head of Property at University of Melbourne,
Australia. He is also Associate Dean and Director of School of Real Estate,
RICS School of Built Environment, NOIDA, India. His prior positions were at
the Infrastructure Development Finance Company (IDFC), India, University of
Aberdeen, UK, HDFC, India and University of Tsukuba, Japan.  His research
interests include infrastructure policy, housing economics and mortgages,
commercial real estate investment, and financing infrastructure in
developing countries. He is Member, International Property Measurement
Standards Committee of International Property Measurement Standards
Coalition. His other professional activities include Vice President, Asian
Real Estate Society, Associate Editor, International Real Estate Review,
Editorial Board, Property Management and Member RICS VIC/TAS Education
sub-committee. He can be reached on piyush.tiwari at unimelb.edu.au.  He
received his PhD from IGIDR, Mumbai.
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This is the forty sixth in a series of Urban Workshops planned by the
Centre de Sciences Humaines (CSH), New Delhi and Centre for Policy Research
(CPR). These workshops seek to provoke public discussion on issues relating
to the development of the city and try to address all its facets including
its administration, culture, economy, society and politics. For further
information, please contact: Jayani Bonnerjee at
jayani.bonnerjee at csh-delhi.com, Partha Mukhopadhyay at
partha at cprindia.orgor Marie-Hélène Zerah at
marie-helene.zerah at ird.fr

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We look forward to welcoming you to CPR for what promises to be an
interesting discussion. Please feel free to share this invitation with
friends and colleagues who may be interested.

Thanks and Regards,

-- 
Shahana Sheikh

Research Associate
Centre for Policy Research
New Delhi
Phone No.: +91 8826649608
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