Total volume of Lease expiries in Bangalore is expected to cross 9 msf in 2017.
Witnessing quarterly increase since beginning of year, total area of lease expiries in Q4 2017 is expected to be above 3 msf.
The 200+ leases expiring in 2017 have average monthly rent of INR 57/sf/month and add upto nearly 56 crores of monthly rent.
IT/ ITeS industry cotributes to nearly 2/3rd of the lease expiries above 1 lakh sf this year.
*Grade A data only and may include renewals
Total no. of transactions decreased Y-o-Y in 2016.
However, no. of 10,000+ sf transactions increased.
This led to in 24% increase in total absorption Y-o-Y; majorly contributed by 10,000 + sf deals in 2016.
*Grade A data only
ONE Co.Work, the end-to-end co-working space provider entered in Gurgaon market with the launch of co-working office. The foray into the Millennium City is a part of company’s countrywide expansion plans and is aimed at increasing its brand visibility and service penetration in the region.
ONE Co.Work spokesperson Himanshu Bindal said, “The launch of our latest co-working space in Gurgaon is crucial for us on many fronts. Firstly, it will make the services of ONE Co.Work available and accessible to entrepreneurs and working professionals hailing from this high-demand region. More importantly, it will serve as a precursor to the company’s nationwide business expansion. The overwhelming response to the Gurgaon launch is indicative of the traction its unique brand proposition has gained in the market. We are confident that the launch’s success will serve as a strong foundation for our countrywide expansion.”
Read more: The Economic Times
Three months back, if someone would have recommended real estate stocks, you would have thought he must be joking. After the demonetisation drive in November, the real estate sector was left in the ruins as the worst casualty of the cash ban.
But you will be in for surprise if I tell you that the S&P BSE Realty index, the barometer of the real estate sector, has actually delivered 14 per cent return so far in 2017 and is up nearly 2 per cent since demonetisation.
What does it tell you? The concerns about the real estate sector are largely done with and after the mega booster dose from the Union Budget, things are looking not just rosy but attractive to make this sector a top investment bet for the year.
The Budget announcements clearly indicated that the government’s focus on improving affordability of homes will benefit end-users, which would result in significant increase in housing supply in the secondary market.
Read more: ETRealty
Highrises in Noida, Greater Noida and Yamuna expressway are likely to adopt better fire safety measures as a draft proposal to suggest amendments in the building bylaws of the three development authorites has been given to a high-power committee. On Monday, CEO of Noida & Greater Noida authorities, Deepak Agarwal, held a meeting with the joint director, fire services, P K Rao to discuss fire safety in highrise buildings. The move came after a meeting held by Rama Raman, principal secretary, industries, who also holds the post of chairperson, Noida Authority, in Lucknow last month.
“This high-power committee has independent fire experts from Delhi, Lucknow and Noida besides town planners of the three areas of GB Nagar,” said Deepak Agarwal. “The proposal will be ready within a month after which it will be examined in detail and sent to the three boards. Once approved by the boards, they will be forwarded to the state government for final nod before being implemented,” the CEO said.
Read more: ETRealty
GIC of Singapore is set to enter into exclusive bilateral negotiations with KP Singh and his family, the promoters of India’s largest real estate firm DLF Limited, to acquire their 40% stake in DLF Cyber City Developers Limited (DCCDL), the company that owns a portfolio of leased commercial assets, including the entire Cyber City complex in Gurgaon.
The deal will help the promoters raise about Rs 12,000 crore, valuing the rental arm at nearly Rs 40,000 crore, inclusive of its Rs 10,000-11,000 crore debt, said two persons familiar with the negotiations.
The promoters plan to use most of these funds in subscribing to a Rs 10,000-crore preferential issue of DLF Limited, which in turn will use this money to retire a portion of its debt.
“The agreement is likely to be signed soon,” said one of the persons quoted above. The balance 60% in DCCDL is owned by DLF Limited.
Read more: ETRealty
Indiabulls Asset Management Co. Ltd is launching its first commercial asset fund and plans to raise up to Rs1,500 crore from mainly domestic investors, said a fund executive.
Dual Advantage Commercial Assets Fund is an alternative investment fund (AIF) and will invest in buying out office properties that generate regular stable rental income with capital appreciation on exits.
Of the Rs1,500 crore, Rs1,000 crore will be raised through a blind pool of multiple limited partners (LPs) or investors and the remaining Rs500 crore from select family offices and investors through the co-investment route.
Fund-raising through the blindpool route involves raising money from a pool of multiple LPs who invest in a fund corpus.
Read more: Live Mint
The long-delayed project had attracted only one bidder, MIAL, on two earlier occasions and Cidco was forced to make changes in project conditions.
Mumbai office sale registrations contracted on a quarterly basis since the beginning of 2016 to the lowest in the last quarter.
The registrations dipped to nearly 1/3rd of the Q1 levels in Q4 – the quarter of demonetization.
Both no. of registrations and transaction volume dipped by 55-60% in Year-on-Year (Y-o-Y) comparisons for Q4 ’16.
Even though transaction volume remained nearly stable in Q4 ’16 compared to Q3 ’16, no. of registrations dropped significantly.
Yearly transaction volume also dipped by 25% in 2016 compared to a year ago.
*Grade A data only
Realty firm Godrej Properties Ltd expects to monetise commercial properties worth about Rs 1,500 crore at Mumbai, Kolkata and Chandigarh over the next six months and reduce net debt, which now stands at Rs 3,278 crore. In September 2015, Godrej Properties had sold 4.35 lakh sq ft of office space at Bandra-Kurla Complex (BKC) in Mumbai for Rs 1,479 crore. It has about 3 lakh sq ft of office space left in BKC project and about 1 million sq ft in Kolkata and Chandigarh, totalling worth about Rs 1,500 crore.
Godrej Properties is developing residential, commercial and township projects spread across 129.56 million sq ft in 12 cities.
Read more: India.com
