Author Archives: Rachna Ranjan

Tallest building construction approved in London

The go-ahead was given on Monday for what will be the tallest building in City of London here, media reports said.

The 73-storey building, towering to a height of 305 metres, won approval despite a protest from the Royal Palaces because of the impact it will have on the iconic Tower of London, a UNESCO world heritage site. The decision was made by the planning committee of the City of London Corporation, with London mayor Sadiq Khan signalling he backed the multi-million-dollar project, Xinhua news agency reported.

HMRC ‘Selects India Buildings For Hub Office’

HM Revenue & Customs (HMRC) has reportedly selected India Buildings in Liverpool as the location of a new hub office of more than 300,000 sq ft. The government department will let the majority of the space at the 350,000 sq ft building, according to Property Week. The Water Street property was acquired by Shelborn Asset Management for £17m in January 2016 and at the time was largely vacant. The proposed HMRC letting forms part of an initiative by the Government Property Unit to consolidate its office space, creating 13 large hubs across the country. India Buildings’ quoting rent is £16.50 per sq ft.

Piramal Fund’s south India investments surpass Rs 10,000 cr

Piramal Group’s financial services arm Primal Fund Management (PFM) has surpassed Rs 10,000 crore in aggregate investments in South India, the company’s proprietary book stated.

This forms one third of the firm’s commitment to clearing Rs 32,000 crore debt and equity to real estate developers across India.

According to Piramal, the Rs 10,000 crore milestone was aided by a focused approach in treating Bangalore, Hyderabad and Chennai as a single region, where synergies were drawn with tier 1 developers from existing and new relationships, besides leveraging Piramal Fund’s ability to sanction large deals across the capital stack.

No takers, scheme for business plots in Noida extended

With no takers for land in its area, Noida Authority has delayed the auction of commercial land for large and small category 27 plots till December. The Authority has also extended its group housing scheme of six plots in sectors 146 and 147 launched earlier this month.Bidding of these plots for commercial use by consortiums, investors and entrepreneurs will kick-start at a whopping Rs 1025 crore for the 64,500 meters plot. According to officials, a total of 12 large commercial plots ranging in size from smallest at 6046 square meters to largest at 64,500 square meters were announced for bidding last month.

Awfis Vs WeWork: Real Estate’s Ola Vs Uber Battle In The Making?

India is home to the third largest number of technology driven startups in the world, according to a study conducted by ASSOCHAM in association with Thought Arbitrage Research Institute. But with such a boom comes an increased demand for work space. And if you’re just setting up shop, chances are you wouldn’t want to splurge your precious seed capital on a swanky office.

That’s perhaps one of the reasons that startups like Awfis have grown so rapidly in the past couple of years. Awfis is a technology-driven venture that provides ready to use, plug and play, co-working office spaces for startup and SME enterpreneurs.

Demonetisation to hit industrial sector temporarily: Credit Suisse

Amidst demonetisation driving significant demand contraction in consumer discretionary sectors, public sector contracting can be a ‘safe haven’. Subsequent push on infra spending, subject to ability to spend, can be a positive as well. For Larsen & Toubro, the impact is limited to temporary disruption in near term and slower execution of real estate contracts. We estimate L&T has about Rs 350 bn backlog from real estate (including residential, commercial, etc.). Revenue line contribution impact of this slower execution may be about 2-4% of EPC revenue.

Private sector investment may be marginally negative for industrial companies. Amongst asset owners, regulated utilities remain safest. The impact on ports is likely to be modest, but roads can have a significant impact from weaker domestic demand.

These are the top Indian cities that will offer best property bargains in 2017

The year 2017 seems to be a promising one for India. The New Year will bring in lot of lucrative investment deals in India, which will also be one of the best in the whole of Asia.
One of the best deals in 2017 in India will be real estate. As per a survey, Bengaluru and Mumbai will be India’s top picks for real estate investment, and these cities will lead a table of 22 Asian markets.

The survey, compiled by the Urban Land Institute with input from PricewaterhouseCoopers LLP, stated an uptick in business process outsourcing, or BPO, and IT firms that are driving demand for new office space.

Point72 Doubles Office Space in Singapore’s OUE Bayfront; Affirms Commitment to Hiring Region’s Top Talent

Point72 Asset Management moved into a new office space in Singapore’s OUE Bayfront in Marina Bay on Monday. The 8,880 square foot space can seat up to 60 employees, doubling the capacity of the Firm’s previous Singapore office.

Marc Desmidt, Chief Executive Officer of Point72’s international business, said, “We are making a push to find, attract, and retain the industry’s brightest talent around the world, and we see Singapore as an important source of that talent.” Point72 opened its current Singapore office in 2009 with six employees. Today, it has 27 employees in Singapore, including nine who joined in 2016. The Firm has been in Asia since establishing its Hong Kong office in 2006.

Chris Coward, Head of Risk for Point72’s international business and the Head of the Singapore office said, “We are excited to be able to move into a space that can accommodate our growth in the region. We are committed to grow our presence in Singapore starting with the high-caliber talent we know are here.”

Mumbai seafront redevelopment: Six bidders’ proposals accepted by MbPT

THE MUMBAI Port Trust (MbPT) on Tuesday accepted proposals from six bidders shortlisted for a massive redevelopment project along Mumbai’s eastern seafront. According to MbPT, the project, covering 500 hectares of land along the waterfront, would revamp the eastern facade of the city in the coming years. The plan is to implement an infrastructural overhaul of international standards in the region through new offices, residential areas, recreational activities, integrated multi-modal public transport system, convention centre, museum, tourism activities, water transport, promenades, plazas, water sports, cycling tracks and entertainment hubs, among other non-port activities for people of the city.

These Asian Cities Offer The Best Property Bargains Of 2017

Asian investors are looking to diversify their property exposure outside of the region. Not only is India the world’s fastest-growing major economy, it may also offer Asia’s best real-estate investments next year. A survey has ranked Bangalore and Mumbai as the region’s top picks, vaulting both cities to lead a table of 22 Asian markets.

Commercial property is key. The survey, compiled by the Urban Land Institute with input from PricewaterhouseCoopers LLP, cited a boom in business process outsourcing, or BPO, and IT firms that are driving demand for new office space. “There is little doubt that catering to the expansion requirements of the Indian BPO industry has delivered big profits to investors who arrived early on the scene,” according to a report summarizing the findings of the survey. “Today it remains a compelling story.”