Equinox Realty , the real estate arm of the diversified Essar Group, plans to repay its entire Rs 1,400 crore debt over the next one year, using proceeds from the sale of two projects, one each in Bengaluru and Mumbai. But the group isn’t exiting real estate business, a top Essar executive told ET, dousing rumours… Read More »
The state cabinet on Monday gave its approval to the City Industrial Development Corporation to issue a Request for Proposal (RFP) for the proposed Navi Mumbai International airport. A RFP is a solicitation, often made through a bidding process by an agency or company seeking to procure a commodity, service, to potential suppliers to submit business… Read More »
Mumbai-based private property developer Lodha Group acquired the Canadian embassy building in London’s Mayfair district for $530 million (Rs 3,300 crore then) in its biggest overseas move in November 2013. Abhishek Lodha, managing director, announced plans to become one of the biggest investors in London’s residential property market by spending as much as $5 billion:… Read More »
More than 750 office space leases in Mumbai are set to expire in 2016. According to PROPSTACK, a commercial real estate information and analytics company, the amount involved in the lease renewal, comprising 36 months average duration, will be around Rs 50 crore a month. Although 77% of 750 office space lease renewal are below… Read More »
The government to increase ready reckoner rates by an average 7%, effective from 1st April, 2016 which means buying and developing properties in Mumbai and rest of Maharashtra is set to become costlier. The stamp duty on property transactions, calculated on the basis of RR rates, would go up as a result. Revenue minister Eknath Khadse made… Read More »
In 2015, IT/ ITes contribution to office absorption was reported to be 57% for Bangalore, 64% for Gurgaon and 74% for Pune. In India, Bangalore, Pune and Gurgaon are the preferred locations among tech occupiers, primarily because of the ability to attract talent and the ability to access grade A buildings at affordable rents. Generally,… Read More »
IDBI Federal Life has purchased office space for Rs 111 crore in Marathon Realty’s commercial project at Lower Parel in Mumbai. It has acquired around 61,720 sq ft office space spread over two floors in the project ‘Marathon Futurex’. “IDBI Federal Life Insurance Company Ltd has bought commercial space worth over Rs 111 crore at Marathon… Read More »
The proposed Oshiwara District Centre (ODC) is likely to become commercial hub in the suburbs with its real estate prices expected to rise by 25-30 per cent over the next 3-4 years, on the back of infrastructure and commercial development in the region, as mentioned in a HDFC Realty report. “ODC will be developed by Mumbai Metropolitan… Read More »
Piramal Fund Management Pvt. Ltd, the investment arm of Piramal Group, will start funding commercial office projects. It is one of the largest lenders and investors in residential real estate and already has a loan book and equity investments worth Rs.22,000 crore in the residential space alone, plans to deploy another Rs.5,000 crore in commercial office… Read More »
Kingfisher House is to be auctioned on March 17, 2015 to retrieve part of Rs 6,963 Cr loans due from the non-operational airline. Creditors have set a reserve price of Rs 150 Cr. The 2,401-square-metre property was taken under possession by SBICAP Trustee Company in February 2015. The e-auction will be held under the SARFAESI… Read More »
