GVK-led Mumbai International Airport (MIAL) has won the bid for the Navi Mumbai international airport, edging out rival GMR Group. GVK, which runs the Mumbai and Bengaluru airports, offered 12.6% in revenue share to the project implementing authority, the City and Industrial Development Corporation (Cidco) of Maharashtra. The contract would be awarded to the company… Read More »
Coworking space provider Innov8 has raised an undisclosed amount in an angel round enabled by LetsVenture and Venture Catalysts. The round saw investments by prominent angel investors such as Vijay Shekhar Sharma of Paytm, Rajan Anandan of Google, Kunal Shah of FreeCharge, Girish Mathrubootham of Freshdesk and Anand Chandrasekeran of Facebook. The Delhi-based company plans… Read More »
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… Read More »
After building a sizeable residential portfolio, India’s largest realty firm in terms of sales, Lodha Developers Pvt. Ltd, is looking at commercial real estate for its next level of growth. The firm is planning to build around 9 million sq. ft of office space, 1 million sq. ft of retail space and a warehousing and… Read More »
Strengthening business confidences resulted in net absorption of office space across the top eight cities to 34 million square feet (msf) during 2016, according to an international property consultant Cushman & Wakefield. Of the total uptake of office space, nearly 40% of the total net absorption took place in the last quarter of 2016. Bengaluru… Read More »
This year’s Investment Prospects survey from Urban Land Institute (ULI) and PwC shows a strong shift away from last year’s favorites, which featured core markets in Japan and Australia, in favor of emerging-market destinations. The survey also found steep declines in the popularity of gateway cities with the exception of Shanghai which has seen a… Read More »
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… Read More »
Private equity major Carlyle Group-backed mortgage lender PNB Housing Finance has entered into an agreement to invest over Rs 300 crore in realty developer Parinee Group’s commercial project, said two persons familiar with the development. The total funding, to meet project expenses, will be provided in stages and the tenure of the facility is four… Read More »
US private equity major Blackstone Group is in advanced talks to acquire over 3.60 lakh sq ft spread over six floors in First International Financial Centre (FIFC) Tower in Mumbai’s business district Bandra-Kurla Complex for over Rs 850 crore, said three persons familiar with the development. FIFC has been developed by a consortium of US-based… Read More »
In one of the largest real estate transactions of this year, RMZ will acquire the remaining 50 per cent stake in Essar Group’s commercial project Equinox Business Park in Bandra-Kurka Complex, Mumbai, by the end of this year. The company will pay Rs 2,400 crore for the complete buyout, which will be funded by Qatar… Read More »