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November 30, 2006

Ascendas real estate fund buys Cyber Pearl IT Park in Hyderabad | INRnews

Hyderabad, November 30, 2006 :  Ascendas India IT Parks Trust, a $350-million private real estate fund, has purchased L& T Infocity Ascendas Limited (LTIAL) owners of the Cyber Pearl IT Park in Hitec City in Hyderabad. The fund was set up by business space provider Ascendas.

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Rail land development authority constituted | INRnews

New Delhi, November 30, 2006 : The Rail Land Development Authority (RLDA) has been constituted through an amendment to the Railways Act, 1989 with effect from 1.11.2006. The Authority will cosist of Chairman, Vice-Chairman and four members, including one from outside (i.e. non-Railway member) who will be an expert in real estate.

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Office space absorption in National Capital Region increases | INRnews

New Delhi, November 30, 2006 : The National Capital Region (NCR) has witnessed overall office space absorption of 6.36 million sq. ft. in the first three quarters of 2006. The total absorption for NCR is estimated to be 8 million sq. ft. by year end, nearly 3.5 times of the absorption in the entire year of 2005 (2.36 million sq. ft.).

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November 29, 2006

New 130,000SF office building slated for Gurgaon, India | INRnews

Gurgaon, November 29, 2006 : The WIRE Group have unveiled plans to develop a 130,000SF International Class A Office building in Gurgaon India (about 20 miles southwest of New Delhi CBD). The build-to-suit facility will be built on 1 acre adjacent to the Jaipur-Delhi Highway, one of the region's main north-south arteries. LEED Certified professionals will be involved in the design and development of the building. The amount of the transaction was not disclosed.

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November 27, 2006

FDI’s share in Indian real estate to touch 26% By March 2007 | INRNews

New Delhi, November 27, 2006 : FDI’s share in domestic real estate market will touch about 26% by March 2007, 10% higher than levels of 16% for fiscal 2005-06. This is expected to be driven by the growing interest of global real estate players in the Indian real estate market and increasing demand for office space particularly in IT & BPO.

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Ahmedabad - Gandhinagar road sees real estate development interest | INRnews

Ahmedabad, November 27, 2006 : The road connecting Ahmedabad airport to Gandhinagar is seeing strong interest from developers, attracted by its proximity to two key cities and excellent connectivity. IT facilities and hotels as well as educational/research institutions are being planned for this stretch.

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November 23, 2006

US$8 billion to flow into Indian real estate funds | INRnews

Bangalore, November 23, 2006 : After the government’s relaxation of foreign direct investment (FDI) norms for the real estate sector in early 2005, the real estate sector has seen a foray of real estate fund launches. Sizable investments are expected to flow into these funds according to real estate services firm Jones Lang LaSalle (JLL).

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Aggressive growth ahead for Bangalore commercial and retail real estate | INRnews

Bangalore, November 23, 2006 : Aggressive growth is forecast for the Bangalore commercial and retail real estate by real estate services firm Jones Lang LaSalle (JLL). New supply will prevent the market from overheating.

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November 22, 2006

IT SEZ to come up on 550 acre site in Vadodara | INRnews

Vadodara, November 22, 2006 : Nipiam Infotech Private Limited is to develop a 550 acre IT SEZ at Nimeta in Vadodara in collaboration with a Singapore based company. The first phase of the project, to be completed within two years, will include an IT Park on 100 acres. The total project investment is in the range of Rs.2,600 crore.

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November 21, 2006

Indian real estate market growing by 30% a year | INRnews

Bangalore, November 21, 2006 : New research issued by global real estate adviser DTZ has revealed that India is becoming one of the world's key emerging real estate markets.

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November 19, 2006

Old Mutual in large retail leasing deals in India | INRnews

Mumbai, November 19, 2006 : Two large retail leasing deals have been signed in India by Pioneer Property Zone, a joint venture between Johannesburg and London-listed Old Mutual Property Group and ICS Infrastructure, of India. The deals are for Viva City in Thane with 650,000 square feet of retail space, and for a luxury mixed-use development in Bangalore. The leases cover a combined 50,000 square meters for both projects.

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November 18, 2006

Delhi commercial real estate prices soar | INRnews

New Delhi, November 18, 2006 : With no new office supply in the New Delhi CBD (Connaught Place) and surrounding locations, demand has clearly outstripped supply. The renewed eviction drive by the Municipal Corporation of Delhi, against unauthorized usage and development, has put further pressure on the already soaring values. The CBD vacancy rate is presently under 2%, which is further constrained by lack of Grade A office space and has resulted in an annual rental escalation of approximately 95% in the CBD and capital value appreciation of close to 140% according to real estate services firm Cushman & Wakefield.

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November 17, 2006

Mumbai commercial real estate see strong appreciation | INRnews

Mumbai, November 17, 2006 : Mumbai's commercial real estate market has appreciated considerably over the last one year. Rents in South Mumbai (CBD) for Prime and Grade A office space are up by 73% while capital values are up by 51% vs. 12 months ago. In the suburban Bandra Kurla complex, rentals are up by 132% and capital values are up by 115% over a year.

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Madhapur - the preferred commercial real estate destination in Hyderabad | INRnews

Hyderabad, November 17, 2006 : Hyderabad is a yet another example of an evolving real estate market, where suburban developments rather than CBD developments are in high demand. Madhapur continues to be the preferred destination for corporate tenants, as the buildings offer better quality of construction, professional maintenance, larger floor-plates, scalability options, air-conditioning, adequate parking and 100% power back-up. Further, most of these complexes have been completed on government allotted land and therefore they have clear titles, unlike in and around the CBD, which face various issues.

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Chennai commercial real estate supply increases | INRnews

Chennai, November 17, 2006 : Chennai is witnessing an increase in supply in the suburban and peripheral markets, primarily along the Old Mahabalipuram Road (also known as the IT corridor) and Guindy. In addition, there has also been a growth of new locations like Mount Poonamalle Road and Ambattur in the suburbs and G.S.T Road in the periphery. These emerging markets are attracting interest of the investors and lessees alike and may grow as potential business hubs.

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Kolkata commercial real estate demand shifts to Rajarhat | INRnews

Kolkata, November 17, 2006 : Kolkata is gradually undergoing a transformation which will have a long term impact on the city and its future growth. Earlier, Dalhousie Square (BBD Bag) gave way to Park Street, Chowringhee Road and Camac Street, as preferred commercial destinations and we may see a similar change in the medium to long term. The catalyst to this change is the emergence of the IT/ ITeS business sector and the resultant developments in Rajarhat.

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November 16, 2006

Bangalore commercial real estate market witnesses aggressive construction | INRnews

Bangalore, November 16, 2006 : The Bangalore commercial real estate market is seeing large-scale construction activity. Approximately 21 million sq.ft. of office space is either planned or under construction and of this, approximately 6 million sq.ft. is expected to be available by the year end, while the balance is scheduled for completion by 2007 and 2008.

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Pune commercial real estate market spreads out | INRnews

Pune, November 16, 2006 : Pune has changed significantly and evolved as a dynamic Tier II business destination in the last 2-3 years. With growing decentralization, the original CBD of Camp, Bund Garden Road, Dhole Patil Road, Station Road and RTO have given way to multiple emerging micro-markets like Kalyani Nagar, Senapati Bapat Road, Mundhwa, Aundh, Baner and Yerwada.

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November 15, 2006

India's retail revolution begins | INRnews

Hyderabad, November 15, 2006 - If India's much anticipated retail revolution has a start date, it could well be the first week of November 2006. On November 3, in a classic RIL move marked by scale and ambition, Reliance Retail launched 11 Reliance Fresh retail outlets simultaneously in the southern Indian city of Hyderabad, firing the first salvo in what will be a keenly contested battle to win a huge prize - nothing less than the wallets of Indian consumers!

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November 14, 2006

Xander, Old Lane, Morgan Stanley, Evolvence to invest in Indian Real Estate | INRnews

Mumbai, November 14, 2006 : Significant investments have been announced in Indian Real Estate by Xander Real Estate Partners, private equity firm Old Lane, Morgan Stanley Real Estate and Evolvence Capital.

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November 08, 2006

Gillette India to sell properties in Gurgaon and Okhla | INRnews

New Delhi, November 08, 2006 : Gillette India is to sell two properties - a 1,200 square yards industrial plot in Okhla and and a business park in Gurgaon. The floor price set is Rs.180 crore for the Okhla property and Rs.250 crore for the Gurgaon business park.

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November 07, 2006

Amtex Systems Opens Global Development Center in Delhi | INRnews

New Delhi, November 07, 2006 - US based Amtex Systems Inc, among the top 4 privately held IT Consulting & Services company in New York, today announced the opening of its state-of-the art Global Development Center in the capital city. The facility will be a key component in augmenting Amtex’s global business model of end-to-end IT consulting & services offering, currently handled from six countries in US, Europe & India.

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November 06, 2006

Indian IT major opens global development center for Nissan in Chennai | INRnews

Chennai, November 06, 2006 - Satyam Computer Services, Ltd. (NYSE: SAY), the leading global consulting and IT services company, today launched a new Global Development Center (GDC) for Nissan North America in Chennai, India. The 50,000 square-foot facility on Chennai’s “IT Highway” (Old Mahabalipuram Road) will house more than 400 associates, scalable to 750 within three years.

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November 02, 2006

HPCL to develop real estate projects on owned land | INRnews

New Delhi, November 02, 2006 : Indian oil major Hindustan Petroleum Corporation (HPCL) plans to unlock the value of its large land holdings by developing commercial and residential real estate projects in partnership with other developers. As a start, HPCL is to develop malls, hotels and premium residential apartments on land owned in Jaipur and Kochi.

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Cognizant to invest Over $200 Million in India real estate expansion | INRnews

Teaneck, NJ – November 2, 2006 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced plans to further expand its infrastructure in India through an expansion of its existing real estate development program. As part of this program, Cognizant plans to develop state-of-the-art techno-complexes and expand its infrastructure in five cities – Chennai, Coimbatore, Hyderabad, Kolkata and Pune.

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November 01, 2006

IBM Launches SOA Development Center in Pune | INRnews

Pune, November 01, 2006 : IBM (NYSE: IBM) announced the opening of two new development centers located in Beijing, China; and Pune, India. These SOA Solutions Centers will develop, manage and deliver industry-specific business services that solve some of the most pressing business issues facing IBM clients. As a result, these centers will serve as the foundation of a new, globally integrated model for delivering SOA-based services.

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October 27, 2006

Brigade Metropolis - integrated 36-acre enclave in Bangalore | INRnews Project Feature

Bangalore, October 27, 2006 : Leading Bangalore based real estate developer the Brigade Group has launched the Brigade Metropolis, billed as an integrated enclave with three distinct and separate areas—for business, commercial and residential purposes on 36-acres of land.  Brigade Metropolis is located on the Whitefield road, just 6-km from Indiranagar.

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October 24, 2006

BSEL awarded contract to build 6 malls in Nagpur | INRnews

Mumbai, October 24, 2006 : BSEL Infrastructure Realty along with its JV partner Unity Infraprojects have been awarded a contract by the Nagpur Municipal Corporation for the construction of six shopping malls in the city.

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October 17, 2006

Wipro signs up for 50-acres of land in Rajarhat

Kolkata, October, 17, 2006 : Wipro Chairman Azim Premji has agreed to the West Bengal government offer of 50-acres of land in Rajarhat at a price of Rs. 50 lakh per acre. The company was looking for land in Rajarhat for a new software development center but had balked at the prevailing prices earlier.

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October 06, 2006

Mahindra Gesco closes US$ 105 million QIP issuance

Mumbai, October 6, 2006 :  Mahindra Gesco Developers Limited (MGDL), one of the leading real estate and infrastructure developers in India has successfully closed its US $ 105 million Qualified Institutional Placement ("QIP").

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October 05, 2006

Office rentals in Bandra Kurla complex hit a high

Mumbai, October 5, 2006: So high is the demand for office space in the Bandra Kurla complex that new tenants are paying almost 100% more in rentals now than the prices prevailing a year ago. Space in Bandra Kurla rents for Rs.250 per sq.ft and this could touch as high as Rs.300 per sq.ft soon.

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October 02, 2006

Amarpali group launches mall at IMT Manesar

New Delhi, October 2, 2006: Amarpali Group, a well-known name in the real estate business, launched its Shopping Mall Cum Corporate Hub at IMT Manesar. Positioned on the Manesar entry road on NH8, the 6804 sqm ultra-modern mall is a strategically located commercial complex amongst all HSIDC approved projects. Two SEZs by DLF & Reliance are also proposed near the site location.

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Tata Consultancy to start BPO operations in Kolkata

Kolkata, October 02, 2006 : IT major Tata Consultancy Services (TCS) is looking to acquire land in Rajarhat, Kolkata for a new BPO operation. The company plans to house around 12,000 people in Kolkata by 2010 and is looking to build a campus on 40-50 acres of land in Rajarhat.

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September 23, 2006

Hiranandani to develop commercial real estate space below Andheri flyover

Mumbai, September 23, 2006: Real estate developer Niranjan Hiranandani is to develop the space below the 1.5-km Andheri flyover in Mumbai. On the cards is a 90,000 sq.ft. commercial development comprising retail showrooms and office spaces. The ground plus one structure beneath the flyover can accommodate a 500 unit car-park.

The commercial space is to be designed by renowned architect Hafeez Contractor.

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September 22, 2006

World Bank opens new 120,000 sq.ft. office in Chennai

Chennai, September 22, 2006: Tamil Nadu Chief Minister Mr. M.Karunanidhi opened a new World Bank office in Chennai on Friday. The new office building is supposedly one of the World Bank's largest offices outside Washington D.C. and will house a number of support services.

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Delhi Metro turns to leasing of property

New Delhi, September 22, 2006: Delhi Metro has found profitable use for its property and has significantly gained financially from leasing its property in the capital.  Accounts of the last financial year reveals that Delhi Metro earned over Rs.296 crores from leasing of property while its earnings from Metro rail traffic has been Rs.113 crores.

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September 15, 2006

Foriegn Direct Investing in Indian Real Estate | INRnews

Mumbai, September 15, 2006 : Foreign Investment in Indian real estate remains controlled, but the opportunities are immense according to B.Srinivas, National Manager, Capital Markets Group, Cushman & Wakefield India.

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September 09, 2006

K Raheja expands real estate projects in Hyderabad

Mumbai based real estate developer K.Raheja is to expand its projects in Hyderabad. On the anvil is an expansion of the Mindspace IT Park at a cost of Rs. 400 crore, development of the 7 million sq.ft. of office cum residential space Pocharam Park, and the development of a 350,000 sq.ft. mall in Hyderabad within 3 years.

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September 08, 2006

Bangalore commercial real estate - office space in short supply

According to property services firm DTZ Debenham Tie Leung, 7 million sq.ft. of office space was absorbed in Bangalore up to July 2006. Current rate of absorption of office space in Bangalore is 1 million sq.ft. per month, almost 60% of which is driven by the IT/ITES sector.

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Delhi & NCR commercial real estate booming

Delhi NCR experiences highest office space absorption in its history during the first seven months of 2006. Absorption crosses 5.1 million sq ft.

In a study conducted by leading global property adviser DTZ Debenham Tie Leung, Delhi NCR has in this year recorded the highest ever commercial Grade – A space absorption in a year of 5.1 million sq ft. Commercial space absorption increased by 42% in just the first seven months of the year as compared to the absorption of 3.5 million sq ft in entire 2005. “The office market has primarily been driven by the IT/ITES sector which accounts for about 75% of the total office absorption in NCR” says Ankur Srivastava, Managing Director, DTZ Debenham Tie Leung India.

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September 04, 2006

Office space in India? Outsource it from Regus

After people, the biggest cost to a company would be the cost of renting or buying of office space. One way to reduce investment costs here is to outsource space from Regus Group Plc. It is the biggest provider of outsourced workplaces on demand, in the world.

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Mumbai - Buy prime office space on the internet

It now looks like you can also buy space in central Mumbai - about one lakh sq.ft of it - on the internet. While it is not clear if it would be from e-bay, the word is out that HSBC India is considering selling their office property in Worli on the Internet. Just to keep the sale more transparent.

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Chennai commercial real estate sees strong demand

According to property services firm DTZ Debenham Tie Leung, rental values in Chennai's CBD area have increased during the last quarter driven by strong demand particularly from the banking and financial services sector, lack of fresh supply and vacancy rates as low as 4%.

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Israeli companies to invest in Indian real estate starting with Chennai

Two Israeli companies, The IDB Group's subsidiary company Property & Building and Electra Real Estate are to form a JV to invest $100 million in the Indian real estate and property market. The JV will focus on the construction of thousands of residential units as well as commercial and office space in Chennai and other areas. While the two companies will hold 45% stake each, a third Israeli company will hold the remaining 10%.

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August 31, 2006

Jasola - the next real estate hotspot in Delhi

Jasola, a once sleepy South Delhi village located near Apollo Hospital on Mathura Road is fast becoming one of the most attractive real estate destinations in the capital. Jasola is one of the few remaining places where land is available in Delhi. Jasola is also well connected to commercial areas such as Nehru Place, Okhla Industrial area, Noida and Faridabad and residential areas such as New Friends Colony and Sarita Vihar. This easy access is fast making Jasola a major residential and commercial/retail property magnet.

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August 29, 2006

Prime Property acquires real estate in Mumbai and Pune

Prime Property Development Corp has purchased real estate in Mumbai and Pune that it hopes to develop commercially.

The Mumbai property on SV Road, Goregaon, can be developed into 35,000 sq.ft. of retail space, while the Pune property in Pimpri-Chinchwad can be developed into a retail and hospitality destination covering more than 400,000 sq.ft. of space.

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August 19, 2006

Blame it on IT, ITES - they continue to fuel real estate growth across the country

Last week, C B Richard Ellis, a global real estate consultancy firm released details of a study of the Indian real estate market. According to the study, IT and ITES companies are the ones grabbing most of the available space and creating demand for more. The rapid growth in real estate development is largely due to these firms and due to investments attracted by this sector.

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August 13, 2006

Bangalore office property rentals increase in the second quarter

Bangalore office rental values have risen by 6.0% in the central business district locations. While 2Q06 rentals in the Bangalore CBD are up over the previous quarter, rentals are more-or-less stable in SBD locations and in Electronic City, and have seen a marginal decline of 4% in the Whitefields area.

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Mumbai office property leasing transactions fall

Mumbai office property leasing transaction volume in second quarter 2006 declined by half versus the first quarter according to global real estate services firm Jones Lang La Salle.

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Strong demand for office property in Delhi with low vacancies

Demand for office property in Delhi continued to be strong in the second quarter of 2006, significantly decreasing vacancy levels, according to global real estate services firm Jones Lang La Salle. Vacancy levels for Grade A and Grade B space in the CBD have declined to the current level of 3.0%. The decline has been more marked in the SBD where the vacancy levels declined from 12.0% to 4.0 % in 2Q06 compared with 1Q06 levels.

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August 06, 2006

Demand for commercial space in Chennai's suburbs

Anna Salai and Nungambakkam are no longer on the growth list for commercial space. Areas occupying top spots are R.K. Salai, Egmore, Ambattur, Guindy and Porur. Commercial space is also being lapped up in city outskirts according to property consultants Trammel Crow Meghraj.

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August 03, 2006

Hindustan Lever may sell South Mumbai HQ

Consumer goods giant Hindustan Lever Ltd may sell "Lever House" its Backbay reclamation headquarters in South Mumbai, as well as "Brookfields" the erstwhile Brooke Bond headquarters in Bangalore. News reports indicate that the company is consolidating its operations in a new campus in Andheri and is aggressively seeking to unlock the value in its real estate holdings through disposing off office and residential properties.

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Hiranandani plans to set up 100-acre IT SEZ in city

Mumbai-based Hiranandani Group proposes to set up a 100-acre special economic zone (SEZ) outside Mumbai, subject to approvals. Approvals are not necessarily a given at this stage since there is already a surfeit of IT SEZs with 66 having already been approved so far.

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Regus to open serviced offices in Chennai

The Regus Group, a leading serviced office provider globally, plans to open a serviced office in 35,000 sq. ft. leased at Citi Centre in Chennai. 80 offices would be built on the premises and can seat 350 people. The serviced office is expected to open in September. Regus already has five serviced offices in India on a total space of 170,000 sq. ft.

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August 02, 2006

Shobha Group proposes Rs 5,000 crore hi-tech city in Kochi

Bangalore based real estate developer the Shobha group has proposed the development of a high-tech city on 300 acres of land near Kochi International Airport. The project costing Rs. 5,000 crore would create suitable infrastructure for companies from different sectors such as IT, Bio-tech, Electronics etc., to establish there. The Hi-tech city would provide employment to over 50,000 people.

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August 01, 2006

Simon Property looks at Real Estate in India

The US-based Simon Property Group is close to finalising a joint venture in India according to David Simon, its CEO, who made his remarks in a conference call with analysts. Simon Property is the largest owner of malls and outlet centers in the USA.

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July 31, 2006

Biotech Park to be built in Kharagpur, West Bengal

The West Bengal government is planning to set up a biotech part on 1,200 acres of land in Kharagpur in partnership with IIT Kharagpur. Land for the project has already been identified and acquisition is to start.

IIT has submitted a project report to WBIDC, the West Bengal Industrial Development Corporation, and plans include a nano technology unity, a bio-informatics unit, an advanced level IT unit and a township.

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July 29, 2006

Reliance Industries to build new headquarters in Mumbai

Reliance Industries (RIL) is developing a 2 million square feet headquarters in suburban Mumbai with an investment of Rs. 150 crore to house its petroleum, retail and agriculture businesses. The office complex will be built on a theme titled ‘brilliance per square inch’ and will include a lake and a greenbelt amongst others.

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July 27, 2006

Kakatiya Urban Development Authority to begin work on four major projects

The Kakatiya Urban Development Authority (KUDA) proposes to construct a commercial centre, hotel, multiplex and office complex on 11.24 acres of land in Balasamudram. KUDA plans to buy 135 acres of land from from the National Textile Corporation (NTC) and sell it as plotted land. Proceeds from this venture are to be invested in a four lane outer ring road to be built at a cost of Rs. 100 crore.

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July 22, 2006

Hyderabad real estate prices soar as land auction fetches Rs. 700 crore

The Hyderabad Urban Development Authority (HUDA) has realised Rs. 703 crore from the sale of 69 acres of land in the town of Kokapet, 20km from the city. The 15 plots sold in the Golden Mile layout are in a good location next to the Outer Ring road and close to the Financial district and IT hub in Gacchibowli.

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June 04, 2006

Interview with Sanjay Singh of Jones Lang LaSalle - " In a rising market, postponing purchase adds to cost"

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Delhi to overtake Mumbai in real estate rental rates

In the first three months of the current calendar year, rents of commercial properties in NCR (mainly Delhi and Gurgaon) have grown much faster than rents in the country's commercial capital, Mumbai. In the NCR, the average commercial rentals were up by an average of 30%, with Mumbai and the adjoining areas registering a relatively smaller 17 to 18% average growth.

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May 21, 2006

The sheiks are coming: Indian real estate on a magic carpet

Chennai, May 19 - Middle East real estate giants are closely examining Indian shores. Hardly surprising,given the close business and people links between India and the desert kingdoms. For decades, Indian labour, both skilled and unskilled, worked the mid-east route. Now, Arab dollars are coming this way - in billions.

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May 13, 2006

Indian IT industry drives Real Estate and Hospitality sectors

The high-tech industry is significantly driving volumes and pushing up business across other sectors like real estate & construction according to Nasscom, the premier trade body and the chamber of commerce of the IT software and services industry in India.

In the current financial year, the IT/ITES sectors is likely to account for 8,900 hotel rooms per day compared to 7,000 rooms per day last year. This number could swell to 30,000 rooms per day by 2011/12. Similarly the IT/ITES sector is expected to account for an year-on-year`incremental' real estate and construction demand of 14.7 million square feet this fiscal, and this number could rise to 53.6 million square feet by 2011/12.

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May 11, 2006

Strong demand for commercial property in Delhi and NCR region

In Delhi & Gurgaon, both rental and capital values for commercial property have been on an upswing. The demand situation is strong with almost all grade A buildings occupied and those under construction already leased. While demand for commercial space in Delhi is high, supply is limited since the supply of commercial land depends on auctions by DDA which are held infrequently.

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May 01, 2006

Bangalore’s realty lure continues to keep its lustre

India’s IT capital Bangalore remains the most preferred destination for the real estate developers. Rapid industrial growth, high-profile job opportunities, salubrious weather round-the-year, Cauvery drinking water, and life style on par with international standards hold the city top in the Indian real estate map. Real estate in Bangalore is also attracting substantial foreign investment. Funds to the tune of $800 million to $900 million would be injected in the south Indian realty market within the next two years and Bangalore is expected to grab 60% of this investment.

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April 16, 2006

Bangalore CBD - an attractive real estate destination for new firms

An article in Business Standard points to Bangalore’s Central Business District as the most attractive and suitable real estate destination for new firms entering Bangalore, the congestion and heavy traffic notwithstanding. According to CB Richard Ellis, the CBD has recently seen companies like 3M, Citibank, UTI Ventures, Kawasaki, Regus, JLL, Cable and Wireless and Amba Research commit themselves to central locations.

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