Apr 17 Realty firm Godrej Properties has tied up with the taj group to develop a luxury hotel project in Mumbai. Godrej Properties said it has “partnered with Taj Hotels Palaces Resorts Safaris to develop a world-class Taj brand hotel at its flagship project, The Trees, at Vikhroli”. The Taj hotel will manage this property… Read More »
Private equity giant Blackstone India’s REIT (Real Estate Investment Trust) listing is likely to happen in mid-2017, ahead of which the company may undertake a corporate restructuring, demarcating its office spaces from the retail assets, geography-wise. Blackstone is planning to list two separate REITs for its office assets: one with Pune-based Panchshil Realty, and the… Read More »
The gross office space take-up in India amounted to 9.3 million sq ft in the first quarter ended in March, up 8% from a year ago. The market also recorded about 2.5 million sq ft of pre-commitments signifying healthy demand, showed a Colliers Research report. Five months on from demonetisation, occupiers’ markets across India’s major… Read More »
Falling footfalls in Bhandup’s Magnet Mall, one of Mumbai’s biggest, has forced its developer to shut down and revamp the 10 lakh sq ft premises into an office-cum-retail complex. Over the past few years, several malls across the country, including Mumbai, have been converted into commercial or residential complexes because of poor business. But market… Read More »
Mumbai accounted for 18 per cent of office space absorption — the second highest in the country— in the first quarter of 2017, said a report from real estate consultancy CBRE. While this was on a par with Bengaluru, the National Capital Region (NCR) ranked first, accounting for 19 per cent of all transactions. According… Read More »
The Competition Commission of India (CCI) has approved global private equity firm Blackstone’s plan to acquire stakes in real estate firm K. Raheja Corp’s (KRC) commercial office portfolio. Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp’s commercial real estate business for $250-300 million. The Mumbai-based developer’s office portfolio is… Read More »
10000+ sf deals constituted 1/3rd of the total lease deals in Mumbai in 2016. Smallest deal size of up to 2,500 sf contributed to 26% of the deals last year. Largest deals of above 50,000 sf had the lowest average rental value of INR 102/sf/month, while 5,000 sf to 10,000 sf deals had highest average rental value… Read More »
Information Technology (IT) sector continued to dominate the leasing activity in India in 2016. Together, IT and BFSI contributed to nearly 69% of the leasing volume last year. Bangalore dominated the city-wise contribution to IT sector leasing with 36.7% share, followed by Pune. *2016 Grade A lease data only
According to the report, coworking operators leased only 1.2 million sq ft in 2016, which accounted for 3% of the overall leasing volume. “We also foresee that the concentration of coworking space will intensify further in Bengaluru, Mumbai, and Gurugram (Gurgaon) due to the availability of adequate infrastructure and opportunities for start-ups in those cities,”… Read More »
Real estate firm Godrej Properties has entered into an agreement with Shivam Realty to develop a housing project in Mumbai. The five-acre project will have a saleable area of one million square feet. “Godrej Properties Ltd has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the… Read More »
