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Singapore, July 26, 2007 - Ascendas India Trust (A-iTrust) is launching an IPO to raise SG$500 million. Ascendas India Trust (a-iTrust) is the first Singapore-listed Indian property trust and provides investors an opportunity to invest in India’s fast-growing economy. The trust has a tax-exempt dividend of 4.75% in its forecast year Apr 1 - Mar 31 2008. A-iTrust is offering 423 million shares at $1.18 Singapore each.
Lucknow, India, July 04, 2007 - Ansal Properties & Infrastructure Ltd has announced that the Company has signed an Agreement with Fortis Healthcare Holding Ltd, (Fortis) for setting up a world class Medicity at its Project, Sushant Golf City, located in Lucknow (U.P).
Mumbai, India, June 13, 2007 - Ansal Housing & Construction Ltd has announced that the Director, Town & Country Planning, Haryana, Chandigarh has issued licence for development of 98 acre of Residential Project of the Company at Sector - 36, Karnal (Haryana).
Mumbai, India, June 12, 2007 - Rajesh Exports Ltd has announced that the Board of the Company on June 12, 2007, decided to initiate the development of 5 selected properties from the Company's existing land bank of 32 properties. This is the first phase of development that the Company will be undertaking from the 32 strategically located properties owned by the Company.
Mumbai, India, June 04, 2007 - Mahanagar Telephone Nigam Ltd (MTNL) has announced that the Board of Directors of the Company at its meeting held on June 04, 2007, has approved the development of Core Knowledge Park (CKP) at the land available with the Company in Noida. This will be developed by a consortium selected by the Company against an open Expression of Interest (EOI) floated by the Company.
Bangalore, India, May 11, 2007 - Sobha Developers Ltd has announced that the Company will be launching its first integrated township "Sobha City" in Thrissur, Kerala on May 13, 2007. This will be developed in 71 acres of land with a developable area of over 3.50 million SFT. This integrated town ship will have Super Luxury Apartments, Villas, Shopping Mall, Office Complexes, Hotel, Multiplex, and Convention Centre with Multi Speciality Hospital, located on the Thrissur - Guruvayoor highway. This project is expected to be completed over a period of five years.
Mumbai, India, May 09, 2007 - Ansal Properties & Infrastructure Ltd has announced that a Memorandum of Understanding (MOU) / Term Sheet has been entered between the Company and Deyaar Development PSC, a real estate Company in UAE, with head quarters in Dubai, (in short Deyaar), for developing a mega mixed use township comprising of residential, commercial, institutional and industrial properties in India.
Mumbai, India, March 28, 2007 - The Haryana Urban Development Authority (HUDA) has earned an amount of Rs. 71.20 crore through the auction of its ten sites on 27th march 2007.
Ludhiana, India, March 18, 2007 - Ludhiana, known for its hosiery and sports goods industries, is the most populated city of Punjab. Excellent connectivity with major cities and a favourable business environment has made the city a preferred investment destination of the state. Though Ludhiana has witnessed considerable real estate growth in the past few years, most of the developments have been unplanned and have resulted in extending the city boundaries according to leading global property consultancy firm Knight Frank.
Chandigarh, India, March 18, 2007 - Chandigarh is the first planned city of India and is the capital of the two states of Punjab and Haryana. According to leading global property consultancy firm Knight Frank, the Chandigarh real estate market has witnessed unprecedented growth over the last few quarters.
New Delhi, India, March 16, 2007 - OM Metals Infraprojects Ltd has aannund that the Company has recently acquired one plot of land measuring 16,000 Sq. Mtr. in an open tender.
New Delhi, India, March 15, 2007 - A majority of Indian CEOs and CMDs do not foresee a collapse in the prices of real estate and disregarded the rising trend as a "bubble" according to a survey by industry chamber FICCI. The survey was conducted amongst leading real estate consultancy firms, developers, construction companies, builders and financial institutions.
New Delhi, India, March 02, 2007 - Advisor to Finance Minister, Dr. Parthasarthi Shome justified imposition of service tax on property rental income, meant for commercial use and maintained that dividend distribution tax (DDT) has been kept at a marginal rate of 15% to give leverage for administrative expenses.
New Delhi, India, February 23, 2007 - Parsvnath Developers Ltd has announced that on February 23, 2007 has conducted the earth breaking ceremony (bhoomi poojan) of its five star hotel and commercial mall project in Vejalpur in Ahmedabad. The Rs 250 crore project will be a land mark complex in the city. The complex is expected to be completed and operational in two and half years.
New Delhi, January 17, 2007 - The Delhi Development Authority has auctioned eight commercial plots in Vikaspuri, Dwarka and Rohini for Rs.986 crore. At a price of around Rs.20,000 per sq.ft, this would rank amongst the most expensive commercial land deals in the country. The buyer - Reliance Industries and subsidiary companies - is likely to use this for its Reliance Retail venture.
Mumbai, January 11, 2007 - Leading real estate developer Sobha Developers Ltd has announced that on January 11, 2007 the Company has received a Letter of Indent (LOI) dated January 05, 2007 from BF Utilities Ltd (Kalyani Group Company) to construct its Employee Care Centre in Mundwa, Pune.
Mumbai, December 26, 2006 - Leading real estate developer Sobha Developers Ltd has announced that the Company has received a Letter of Indent (LOI) from DELL India Pvt Ltd to construct its Manufacturing Plant in Sriperumbudur, Chennai.
Mumbai, December 12, 2006 - BSEL Infrastructure Realty FZE, UAE, a wholly owned subsidiary of BSEL Infrastructure Realty Limited has brought investment from Gulf Based NRIs to the tune of USD 25 Million for BSEL Infrastructure Realty Limited.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.