Lack of high quality office space is pushing up rentals in key business districts across the city . Rentals are up between 10% and 12% over the past two quarters, in prime locations like the Ramanujam IT Park, Ascendas and other prominent business destinations. Chennai’s real estate market attracts 4.5 and 5 million square feet… Read More »
Telangana, on Monday unveiled Information Technology policy with various incentives pertaining to land and power, and reimbursement of stamp duty and registration fee among others and is eyeing $7.5 billion of production of electronics by 2020 from $1 billion now. Aimed at promoting the use of information technology across verticals, India’s newest state also unveiled… Read More »
Blackstone Group has appointed Christopher Heady, its head of Asia real estate business, as chairman of its Asia-Pacific businesses, according to a report by Bloomberg. Heady joined Blackstone in 2000 and has led about $3 billion of investments made by the firm in China, India, Japan and Australia. Read more: Economics Times
American PE fund Blackstone is in talks to acquire two commercial office towers in central Delhi from Parsvnath Developers and PE fund Red Fort Capital for Rs 550 crore, said two people with knowledge of the development. The two towers on Bhai Veer Singh Marg, which is near Connaught Place, have around 300,000 sq ft of… Read More »
The Confederation of Real Estate Developers’ Association of India (Credai) Chennai chapter has elected Isha Homes MD Suresh Krishn as its new president. He succeeds Ajit Kumar Chordia. The body has also elected W S Habib as president elect of Chennai chapter. He will succeed Krishn in 2018. S Sridharan and P V Sanmugam are the new… Read More »
Realty firm Logix has developed a mixed-use project comprising a 6 lakh sq ft shopping mall in Noida at an investment of Rs 600 crore and expects to earn an annual rental income of about Rs 80 crore. Noida-based Logix group is also in the process of giving final exit to Bahrain-based TAIB Bank from its… Read More »
More than 750 office space leases in Mumbai are set to expire in 2016. According to PROPSTACK, a commercial real estate information and analytics company, the amount involved in the lease renewal, comprising 36 months average duration, will be around Rs 50 crore a month. Although 77% of 750 office space lease renewal are below… Read More »
The government to increase ready reckoner rates by an average 7%, effective from 1st April, 2016 which means buying and developing properties in Mumbai and rest of Maharashtra is set to become costlier. The stamp duty on property transactions, calculated on the basis of RR rates, would go up as a result. Revenue minister Eknath Khadse made… Read More »
Infrastructure giant Larsen & Toubro (L&T) today said it has sold its entire 89 per cent stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs 191 crore. L&T Infocity Ltd is an special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC)… Read More »
At 127 million sq ft, Bengaluru remains India’s top corporate real estate market. The city’s overall commercial office stock stands at approximately 127 million sq. ft.; compared to other prominent commercial hubs such as Delhi National Capital Region (NCR) (95 million sq. ft.) and Mumbai (87 million sq. ft.), according to a report by CBRE.… Read More »