The Salarpuria Sattva Group has bought 10 acres of premium land in Hitec City in Hyderabad from BPTP, a Gurgaon-based builder for an undisclosed amount, a person with direct knowledge of the deal told ET. “The deal was closed last week and Salarpuria plans to build 4 million sq ft office space,” the source said.… Read More »
SoftBank-backed ecommerce firm Snapdeal is planning to give up about half of the space in its main corporate office in Gurugram as part of a cost-cutting drive. After layoffs, the online marketplace is planning to leave ASF Tower, where it occupies about 1.5 lakh sq ft, and some part of ASF Center, which covers about… Read More »
In a report that could bring cheer to techies in Kerala, real estate consultant CBRE has termed Kochi an emerging IT destination in the country. According to the report, the growing demand for office space, especially in the IT sector, is a clear sign the city is all set to become the next technology hub.… Read More »
Coworking firms leased 0.12 million square feet of office space in Gurugram in 2016, comprising 10% of the overall coworking leasing across key cities, and the demand is set to grow further, according to property consultancy Colliers International. Location such as Sohna Road, Golf Course Road, Sector 44, Sector 29 and Udyog Vihar emerged as… Read More »
The Competition Commission of India (CCI) has approved global private equity firm Blackstone’s plan to acquire stakes in real estate firm K. Raheja Corp’s (KRC) commercial office portfolio. Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp’s commercial real estate business for $250-300 million. The Mumbai-based developer’s office portfolio is… Read More »
10000+ sf deals constituted 1/3rd of the total lease deals in Mumbai in 2016. Smallest deal size of up to 2,500 sf contributed to 26% of the deals last year. Largest deals of above 50,000 sf had the lowest average rental value of INR 102/sf/month, while 5,000 sf to 10,000 sf deals had highest average rental value… Read More »
Delhi’s Connaught Place is the world’s 9th most expensive office location with annual prime rent of USD 105.71 per sq ft, says property consultant CBRE. Mumbai’s Bandra Kurla Complex (BKC) is at 19th position while the central business district (CBD) of Nariman Point is at 30th place in the CBRE’s Global Prime Office Rents report.… Read More »
Information Technology (IT) sector continued to dominate the leasing activity in India in 2016. Together, IT and BFSI contributed to nearly 69% of the leasing volume last year. Bangalore dominated the city-wise contribution to IT sector leasing with 36.7% share, followed by Pune. *2016 Grade A lease data only
In 2017, nearly 11.1 million sq. ft. of office supply will be completed in Bangalore, 50% of which will be concentrated in the ORR belt with the remainder of the supply to be spread across Whitefield, North Bengaluru and Electronic City, said a recent report by Colliers international. Although the future supply pipeline looks substantial… Read More »
According to the report, coworking operators leased only 1.2 million sq ft in 2016, which accounted for 3% of the overall leasing volume. “We also foresee that the concentration of coworking space will intensify further in Bengaluru, Mumbai, and Gurugram (Gurgaon) due to the availability of adequate infrastructure and opportunities for start-ups in those cities,”… Read More »