At least a quarter of India’s top-rated office space of 464 million sq ft is expected to get listed by 2019 with an estimated valuation of around $18 billion (Rs 1.2 lakh crore), according to a study. Large institutional investors in India’s commercial real estate are gearing up to list their real estate investment trusts… Read More »
Shortage of quality office space in big Indian cities has pushed up pre-commitments or reservations of property even before it is ready, among retail and technology giants, by as much as 50% in the past six months, according to real estate consultants. IT companies like Apple, GEP Solutions, GCI and Here Solutions have made pre-commitments for… Read More »
The Mamata Banerjee government has permitted Shapoorji Pallonji Group to sell 15 acres of its 50 acre land at Action Area III of New Town-Rajarjat to information technology giant Cognizant Technology Solutions (CTS). Significantly, this 50-acre land parcel owned by Bengal Shapoorji Developers, a subsidiary of Shapoorji Pallonji group, enjoys special economic zone (SEZ) status. The group… Read More »
Riding on revenue growth, Tata Consultancy Services (TCS) has inked two large office space deals in the last quarter. TCS, India’s largest software firm, signed a 400,000 sq ft office space deal in Okaya Tower in Noida’s Sector 62. It is expected to pay a rent of Rs 19 crore a year, or Rs 40… Read More »
Amazon, the Seattle-headquartered e-commerce giant, has signed two high-profile office space deals in India during the April to June quarter (Q1), in sync with its rush to invest in the country. Amazon founder and Chief Executive Officer Jeff Bezos recently announced an investment of $3 billion. In 2014, the company made a commitment for $2-billion… Read More »
Piramal Realty, the real estate development arm of Piramal Group, has forayed in the commercial real estate segment. The developer has launched a corporate park located on the arterial LBS Road in Kurla suburb of Mumbai. “Complementing the success of our residential properties, we are now creating a commercial landmark that will lay solid foundation… Read More »
The recovery in demand for commercial real estate being witnessed across the country since 2015 more sustainable and long-term in comparison with the one witnessed in 2011 as the office space absorption has now been growing on the back of combination of lower rents and a positive economic outlook, said a report. This is unlike the… Read More »
Private equity group Blackstone; a consortium of sovereign funds of Abu Dhabi, Qatar together with Kotak Realty Fund; and GIC of Singapore are the final three shortlisted candidates in race to pick up the entire 40% stake held by DLF promoters in the office rental arm -DLF Cyber City Developers Limited (DCCDL). The three have submitted… Read More »
The number of Ultra High Networth Households (UHNH) in India increased 7% to around 146,600 in FY16, according to the latest report Top of the Pyramid by Kotak Wealth Management. These households represent an accumulated net worth of Rs 135 lakh crore, a growth of 5% over last year and 18% compounded growth over the… Read More »
Office rentals have been on an upswing with the average rents going up by 8 per cent year-on-year (YoY) in first half of 2016. NCR, Pune and Bengaluru are cities that led the rally with rents moving up in the range of 10-14 per cent year-on-year during the same period, according to a property consultancy.… Read More »
