India’s only global Financial and IT hub, Gujarat International Finance Tec-City (GIFT City), is attracting interest from domestic and global IT & ITeS companies to set up operations there. More than 500 employees are working in some of the leading institutions that have already begun operations in GIFT domestic zone as well as in GIFT’s… Read More »
Realty firm Elan group has bought 7 acres of land in Gurgaon from Essel group’s Suncity Projects for about Rs 120 crore to develop a commercial project. The company will invest another about Rs 400 crore on construction of this mixed-use commercial project comprising a total developable area of 1.3 million sq ft. “We have purchased 7… Read More »
Real estate firm Raheja Universal Ltd is looking to sell land parcels, totaling over 600 acres located outside the Mumbai Metropolitan Region (MMR), to fund its forthcoming projects as it focuses its business in Mumbai and its suburbs. MMR refers to the region in Maharashtra consisting of Mumbai and its neighbouring towns, including Thane, Navi Mumbai… Read More »
Brookfield, the Canadian asset manager could invest over $2 billion in India over the next 2-3 years to buyout upscale offices and commercial towers, stranded roads, power and utilities infrastructure as it aims to double its existing asset base in the country. Fresh from raising $14 billion to invest in infrastructure, believed to be the largest… Read More »
Even in the backdrop of global slowdown concerns, nearly 10.4 million sq ft of office space was absorbed in the country during April-June, backed by demand from sectors like IT, BFSI and manufacturing, a report said. According to a report, nearly 10.4 million sq ft of office space was absorbed during second quarter of 2016, registering… Read More »
Office space absorption dropped in Bengaluru in the second quarter ended June, mostly due to lack of ready-to-move-in quality office space in some important micro-markets. However, the overall quarter stood out, helped by the entrance of Apple and Diageo. Gross absorption dipped to 2.3 million sft, from 2.75 mn sft in the corresponding quarter last… Read More »
The chief executive of WeWork said on Monday that the co-working office space provider would hit a revenue run-rate of $1 billion next year. WeWork, one of the biggest ‘unicorns’ – startups worth more than $1 billion – recently raised more than $400 million at a valuation that sources pegged at more than $15 billion.… Read More »
Some commercial property buyers are invoking “Brexit clauses” written into contracts agreed before Britain voted to leave the European Union, allowing them to walk away from the deals. In other cases buyers have yet to exercise such get-out clauses but are keeping the option open to try to renegotiate the price down, according to property lawyers… Read More »
China Vanke Co Ltd said it and partners are in talks to acquire some commercial property firms from Blackstone Group LP and other third parties for 12.9 billion yuan ($1.9 billion). The disclosure is a more detailed response by Vanke, currently mired in a high-profile corporate power struggle, to enquiries from the Shenzhen bourse after criticism… Read More »
Mumbai office property market witnessed a 21% on-quarter rise in leasing activity at 1.4 million sq ft in the quarter ended June, said a property consultancy in a report. Demand for office space was largely concentrated across peripheral micro-markets. Majority of office space demand in the city was led by corporate occupiers from the BFSI… Read More »
