29 Dec 2023

In 2023, India's major cities experienced an unprecedented surge in office leasing, reaching a record 62.3 million square feet, a 12% increase from the previous year, according to a report by Savills India. Bengaluru, Delhi-NCR, and Mumbai led, contributing to nearly 60% of gross leasing. Mumbai saw a remarkable 51% increase, totalling 10.1 million square feet, fuelled by tech and consulting occupiers. Bengaluru, despite a 10% YoY decline, dominated with 15.6 million square feet. Delhi-NCR maintained 11.3 million square feet, while Hyderabad and Chennai recorded 34% and 32% increases, respectively. Pune reported 7.1 million square feet, an 11% rise. New supply reached 53.3 million square feet, with Bengaluru and Hyderabad contributing 61%. The resilient and adaptable office market signals a promising future for India's commercial real estate.Read more

29 Dec 2023

Sachin Tendulkar's sports management company, SRT Sports Management, led by the cricket legend and his wife Anjali, has leased two apartments on Mount Mary Road in Mumbai's Bandra suburb. The lease, registered on December 7, involves monthly rentals of Rs 10.83 lakh for both 3,358 sq ft apartments located on the fifth floor of Raheja Bay. The exact lease tenure remains undisclosed. The company secured the deal directly from the developer Ferani Developers. SRT Sports Management is involved in managing the iconic cricketer's social and commercial engagements.Read more

28 Dec 2023

ICICI Securities, the financial services arm of ICICI Bank, secures over 188,000 square feet of office space in Mindspace Juinagar, Navi Mumbai, through a 12-year lease. The deal with Newfound Properties & Leasing entails monthly rentals of Rs 92.15 lakh, escalating 4% annually. Commencing on January 1, 2024, the lease includes exclusive access to 190 parking slots. The BFSI sector's rising office space demand, outpacing IT, is evident in this notable transaction, showcasing sustained growth in India's 2023 office sector. Despite global challenges, the year stands to surpass the 2017–2019 average in office leasing activity in India.Read more

28 Dec 2023

In the current fiscal year, global investors have exercised caution in the Indian real estate sector, with PE inflow registering a significant decline of 44% at USD 3 billion, compared to the previous year's USD 5.36 billion, according to Knight Frank's report. This trend, persisting since 2021, reflects near-record low deal volumes with only 23 transactions in 2023. Geopolitical uncertainties and a high-interest rate environment have restrained investments, notably from the US and Canada. However, Singapore has emerged as a key contributor, representing over 50% of total inflow. Office assets lead PE investments at 58%, followed by warehousing at 23%, and residential properties at 19%. Mumbai attracts the highest investments, signalling potential positive shifts with rising interest from Asian private equity players as global challenges ease.Read more

28 Dec 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is undertaking a comprehensive initiative to revamp property tax collection in Bengaluru. Of the city's estimated 4 million properties, only 2.02 million pay taxes, with over 1.5 million lacking 'A' or 'B' khata documentation. BBMP is launching a program to integrate these unregistered properties into the system, enhancing revenue collection. The goal is to collect Rs 4,790 crore in property tax for FY 2023-24, surpassing the previous year's Rs 3,155 crore.Read more

27 Dec 2023

Toro Investment Managers aims to raise Rs 1,600 crore real estate alternative investment fund (AIF) in Gujarat International Finance Technology City (GIFT City). As the first real estate AIF in GIFT City, its exclusivity in investing within the offshore hub underscores its strategic significance. With a seven-year dollar-denominated fund tenure, inclusive of two occasions of two-year extensions, the fundraising targets diverse investors. The fund is set for success with IFSCA approval and favourable regulations, notably due to a July clarification exempting non-resident investors from taxes on offshore AIF investments in IFSCs.Read more

27 Dec 2023

Sidvin Core-Tech India has secured a 10-year lease for 54,300 sq. ft. at Brigade Deccan Heights, Yeshwanthpur, Bengaluru. The environmentally conscious and technologically advanced commercial space, spanning 2.2 acres with 4.3 lakh sq. ft. of development area, reflects Brigade Enterprises' forward-thinking approach to ecological design. The move allows Sidvin Core-Tech India to boost engineering capabilities and fortify its Bengaluru presence. VP of Operations KN. Karumbaiah anticipates the exciting growth and innovation this spacious, strategically located office affords the company.Read more

27 Dec 2023

The Pune Municipal Corporation (PMC) is unlikely to increase property taxes in the upcoming fiscal year, citing it as a policy decision. With property tax being the PMC's primary revenue source at Rs 2,000 crore annually, this decision provides relief to owners of 11.3 lakh properties. The move is welcomed by activists, who emphasize the need to focus on recovering dues from significant defaulters. The decision's rationale is speculated to be influenced by upcoming elections and the absence of an elected body to ratify decisions. Despite facing a recovery target of Rs8,000 crore, the PMC aims to boost revenue by taxing Metro properties, expecting Rs20 crore annually.Read more

26 Dec 2023

hBits, a fractional ownership platform for commercial real estate, anticipates substantial investments of Rs 1500-2000 Crore from High Net Worth Individuals (HNIs) and investors in Gujarat over the next 3 to 4 years. With Gujarat contributing almost 20 percent of hBits' investor base, the platform aims to leverage the state's versatile investors. hBits provides innovative opportunities for fractional ownership in Grade-A commercial assets across India, diversifying portfolios for Gujarat's HNIs. Founder and CEO Shiv Parekh actively targets Gujarat's HNI population to enhance and scale up their investment value amid positive sector sentiments. hBits strategically broadens its portfolio in cities like Ahmedabad, Surat, and Rajkot, reinforcing its commitment to expanding in lucrative markets and capitalizing on the positive sentiments in commercial real estate.Read more

26 Dec 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) is conducting an e-auction for institutional plots near Jewar Airport in Greater Noida. The plots in Sectors 18, 20, and 22E are ideal for nursing homes, hospitals, corporate offices, and senior secondary schools. Interested parties can apply for plot acquisition until January 1, 2024, and the e-auction, involving 11 plots ranging from 1000 to 10900 square meters, will conclude by February 29, 2024. Plots will be allotted on a 90-year leasehold basis, with reserve prices ranging from Rs 4.75 crore to Rs 25.95 crore. The initiative aims to boost development and connectivity in the region, emphasizing YEIDA's commitment to Greater Noida's growth.Read more