The Reserve Bank is looking for new premises for its office and residential complex in Shimla near the famous Ridge on Mall Road. Currently, the central bank functions from SDA Complex Basement 1, Kasumpti, in Shimla in Himachal Pradesh. RBI has invited expression of interest (EoI) for acquiring land or premises (with or without constructed structure of… Read More »
Software services exporter Tata Consultancy Services (TCS) is close to leasing 780,000 sq ft of office space in IG3 Infra’s Chennai One IT SEZ for 10 years, said two people in the know of the development. TCS will pay a rental of Rs 50 per sq ft per month, taking the total annual payout to… Read More »
IT and ITeS sectors seem to be losing their dominance in office space takeup, with banking, financial services and insurance (BFSI) emerging as a new star. Share of IT/ITeS sector in total office space absorption across major cities reduced to just 24% in the first half of 2016, from 36% in the same period of… Read More »
According to a real estate consultant, first half (H1) of 2016 witnessed the highest annual private equity (PE) investments in retail with over Rs. 3,350 crore being invested, compared to only Rs. 250 million invested in the first half of 2015. This is the highest annual PE investment made since 2008. Owing to factors such… Read More »
The State Bank of India has decided to shift its 60-year-old local head office from Lal Darwaza in Ahmedabad to Gujarat International Finance Tec-City (GIFT) in Gandhinagar. On Monday, the foundation stone of SBI’s new office building was laid by CM Vaijay Rupani in presence of SBI chairperson Arundhati Bhattacharya. As part of its move,… Read More »
Tata Communications has picked up 60,000 sq ft of office space on lease at Parinee Crescenzo in Mumbai’s Bandra-Kurla Complex, said two persons familiar with the development, making it the largest office space transaction in the alternative business district so far this financial year. “The company has picked up the entire 15th floor in this 20-storey… Read More »
India’s second largest listed real estate developer Prestige Estates Projects plans to raise at least $300 million, around Rs 2,000 crore, by selling up to 40% stake in its rent-yielding commercial assets and has drawn interest from Canadian Pension Plan and GIC of Singapore. The southern developer has hired JP Morgan to advise on the… Read More »
A consortium of US-based investors that developed First International Finance Center (FIFC), a landmark commercial building in Mumbai’s financial district, Bandra Kurla Complex (BKC), plans to sell its stake in the property for around Rs. 1,500 crore, said two people aware of the development. Around 300,000 sq. ft of the total 657,000 sq. ft office complex… Read More »
With a view to spread footprints in global market, realty player Godrej Properties (GPL) has opened an international representative office in Singapore. This is the second overseas office of the city-based developer with the first one set up in Dubai two years ago, the company said in a statement issued on Wednesday. GPL has been working with… Read More »
The combination of retail and office complexes may not be entirely new to metro cities, but the trend of setting up such combined projects is fast catching on. Developers are now looking at experimenting more with a mixed-use format rather than standalone retail formats, allowing for quality retail on the lower floors and commercial spaces… Read More »