Commercial Property

CPPIB, RMZ to invest $750 million in commercial project in Mumbai

The project may become one of Asia's largest office spaces

Ambrosia Galaxy Nears Possession: A New Benchmark for Commercial Spaces in Baner

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NBCC sells commercial properties worth Rs 14,800 cr in Delhi on govt behalf

State-owned NBCC (India) Ltd on Thursday said it has completed the sale of commercial properties worth around Rs 14,800 crore in the national capital on behalf of the government. In a regulatory filing, the company said it has completely sold office space inventory at World Trade Center (WTC) project in Nauroji Nagar. It has also sold 100 per cent retail and commercial space at Downtown Sarojini Nagar. On behalf of the government, NBCC is re-developing Nauroji Nagar, Sarojini Nagar, and Netaji Nagar, while CPWD is executing the other four colonies -- Kasturba Nagar, Thyagraj Nagar, Srinivaspuri, and Mohammadpur. The funds for the redevelopment of these seven colonies is being generated by NBCC through the sale of commercial space at Nauroji Nagar and Sarojini Nagar. Elaborating more, NBCC said in the WTC project at Nauroji Nagar, it has sold a total unsold inventory 1.81 lakh sq ft of commercial space for Rs 908.48 crore during the 27th e-auction. Of the total area sold, about 1.2

M3M India reports 37% increase in real estate sales in June quarter

Realty firm M3M India on Friday reported a 37 per cent increase in sales of residential and commercial properties in the June quarter to Rs 3,911 crore on strong demand. Its sales bookings stood at Rs 2,854 crore in the year-ago period. Out of total sales bookings in the April-June period of the current fiscal, Rs 2,972 crore pertained to the housing segment and Rs 940 crore to commercial properties, the company said in a statement. During the first quarter of this fiscal, M3M India said the total sales bookings in Gurugram stood at Rs 2,415 crore, while Noida projects contributed Rs 402 crore. Sales of residential plots at Panipat in Haryana were Rs 1,094 crore. Sudeep Bhatt, President, M3M India, said the company has reported "robust growth in our Q1 results for 2024-25, demonstrating our commitment to delivering high-quality real estate solutions". "With a strong pipeline of ultra-luxury projects lined up for launch in FY25, we are confident of sustaining this momentum and ...

Bhive expands footprint in Brigade Metropolis, signs 2nd lease of 42k sq ft

Bhive noted the launch of a new facility on the 7th floor of Summit B, complementing its existing office in Summit A

Commercial properties become stranded across Europe poor energy performance

The development is playing out as the commercial market struggles to right itself after years of turbulence due to higher interest rates and volatile post-pandemic occupancy rates

Commercial real estate has bounced back after Covid-19 pandemic blues

Office leasing has surpassed pre-pandemic levels, driven by the growth of global capability centres (GCCs) and flexible office spaces

TeamLease Q4 results: Net profit rises 14% on general staffing strength

The company said consolidated net profit came in at 274.8 million rupees ($3.30 million) for the three months ended March 31

Awfis Space Solutions garners Rs 268 cr from anchor investors ahead of IPO

Co-working space operator Awfis Space Solutions Ltd on Tuesday said it has mobilised a little over Rs 268 crore from anchor investors a day before its initial share-sale opening for public subscription. The company has allotted 70.13 lakh equity shares to 32 funds at Rs 383 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website. At this price, the firm has collected Rs 268.61 crore, it added. Those who participated in the anchor round include -- Goldman Sachs, EastBridge Capital Master Fund, HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, UTI MF, Aditya Birla Sun Life Insurance Company and SBI General Insurance Company. The issue, with a price band of Rs 364-383 per share, will open on May 22 and conclude on May 27. The proposed initial public offering (IPO) is a combination of fresh shares of Rs 128 crore and an offer for sale (OFS) of 1.23 crore shares worth Rs 471 crore at the upper end of the price band. This takes the tot

Commercial real estate rents surge 20% in Bengaluru, Pune, NCR, and Mumbai

Global Capability Centers (GCCs) drive India's office space demand, holding a 37% share in overall leasing activity for Q1 2024

Coworking firms take on lease 3.1 mn sq ft office space in Jan-Mar: CBRE

Leasing of office space by co-working centre operators grew 7 per cent to 31 lakh square feet during the January-March period across nine major cities amid rising demand for flexible workspaces from corporates, according to CBRE. Co-working firms had taken on lease 29 lakh square feet of office spaces from property owners in the year-ago period. In its latest report on the Indian office market, real estate consultant CBRE noted that flexible operators became second largest contributor to the total gross demand for office spaces during the quarter ended March 2024. Flex space operators took on lease 22 per cent of the total gross office leasing of 144 lakh square feet during the January-March period this year. Flexible space operators take on lease office spaces from real estate developers and then sub-lease the areas mainly to domestic and global corporates. Delhi-NCR, Chennai, and Bengaluru were the most preferred cities for the flex operators. Technology companies directly taki

25 global retail brands likely to enter India in 2024: Real estate analysts

Trend will strengthen demand for commercial property in the country's major cities, they say

S&P Global downgrades outlooks on 5 US banks to 'negative' on CRE exposures

The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National

NBCC sells 480,000 sq ft commercial space in South Delhi for Rs 1,905 crore

State-owned construction firm NBCC (India) on Wednesday said it has sold 4.8 lakh square feet of commercial space in South Delhi for Rs 1,905 crore on behalf of the government. In the 25th e-auction for commercial space at World Trade Centre (WTC) in Nauroji Nagar here, NBCC achieved the highest sale realization till date with the sale of 4.8 lakh square feet of commercial space for Rs 1,905 crore. "Power Finance Corporation Ltd, Security Printing and Minting Corporation of India Ltd and Solar Energy Corporation of India Ltd are the major organisations who bought space during this e-auction," it added. Out of the total area sold, around 4.38 lakh square feet having a sale value of about Rs 1,740 crore has been sold to public sector units (PSUs). The total number of successful bidders was five, out of which three were PSU bidders and two private entities. As on date, NBCC has sold a total commercial space of over 30 lakh square feet through 25 e-auctions having a sale value of over

Freeing urban commercial spaces

Leasehold property deeds are hindering the commercial development and growth of urban areas

32 more shops, commercial establishments in Delhi can now remain open 24/7

Delhi Chief Minister Arvind Kejriwal on Tuesday granted permission for 32 more shops and commercial establishments to operate 24 hours, an official statement said. This initiative will create new employment opportunities for the youth, along with enhancing economic activities within Delhi, it said. The labour department of Delhi proposed this plan to the CM regarding the operation of these establishments for 24 hours. These commercial establishments belong to the categories of commercial, retail trade or business, provision stores, according to the statement. "All these establishments must strictly adhere to the provisions and rules of the Delhi Shops and Establishments Act of 1954. The government will keep strict watch over them to ensure that no violation of the rules takes place. The proposal has now been sent to the Lieutenant Governor (LG) for final approval," the statement read. Under the Delhi Shops and Establishments Act of 1954, the Delhi labour department received 52 ...

MICL Gr to invest Rs 50 cr for residential property redevelopment in Mumbai

The site is located at Mumbai's Pali Hill, the epitome of upscale living with scenic views, affluent residences, and a vibrant cultural scene, surrounded by lush greenery

Infopark to build workspaces in Kochi Metro station, inks pact with KMRL

The Infopark here and Kochi Metro Rail Limited (KMRL) have entered into an agreement to build IT workspaces in Kochi Metro station. The MoU was signed between KMRL MD, Loknath Behera, and Susanth Kurunthil, the CEO of Infopark to set up flexi workspaces in 39,880 square feet of built-up space across six floors of the Ernakulam South Metro station. The MoU was signed at a function held at KMRL Corporate Office here on Friday, Infopark said in a release. It said the proposed facility at Ernakulam South metro station will pave the way to generate 500 job opportunities. "The flexi workspaces by Infopark at the metro station will be an elaboration of co-working, which has an increasing demand after the Covid pandemic. The workspaces for IT/ITES companies and employees will include premium workspace and co-working space models that combine mobility and modern office amenities," the release said. It added that the infrastructure will be more convenient to gig workers and women employees.

LA's third-tallest tower Aon Center sells for 45% below 2014 price

The sale is the largest office deal this year in downtown Los Angeles, which has been among the hardest-hit US office markets since the pandemic as remote work becomes more popular

LIVE: Jitu Patwari replaces Kamal Nath as MP Congress Committee chief

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