15 Dec 2023

In a significant overhaul, Cognizant Technologies is set to sell its office properties in Hyderabad and Chennai as part of a cost-cutting strategy to save $400 million in two years. The divestment includes a 10-acre campus in Hyderabad and a 14-acre facility in Chennai. This move aligns with the company's plan to become asset-light, focusing on hybrid and flexible workspaces in the post-pandemic era. The initiative mirrors a broader industry trend, where tech giants are revaluating their physical office needs amidst evolving work dynamics.Read more

15 Dec 2023

CBRE South Asia Pvt. Ltd. analyses Hyderabad's real estate landscape, projecting a significant surge in the next 2-3 years. The city anticipates adding 35-38 million sq. ft. of premium business parks, driven by global corporations establishing operational hubs, back offices, R&D facilities, and regional headquarters. The office space demand, especially along the IT Corridor, increased by 63% since 2019, with Life Sciences, BFSI, and Technology sectors leading leasing. The residential market is stimulated by technology sector expansion, with over 130,000 units expected in the next years, concentrated in the western part near IT Corridor. Developers face challenges like rising costs and potential oversupply, emphasizing the need for strategic planning and partnerships. Overall, Hyderabad is positioned for vertical growth, attracting investors and homebuyers with generous FSI norms.Read more

15 Dec 2023

Prayagraj Municipal Corporation (PMC) is taking stringent measures against major house tax defaulters, issuing 'red notices' to 7,303 individuals with outstanding amounts exceeding Rs 50,000. Among them, 2,433 owe over Rs 1 lakh. Failure to pay within the stipulated time will result in actions such as attaching and sealing their properties. Despite collecting Rs 53.76 crore in house tax from 1,11,827 building owners in the current fiscal year, more than 1.25 lakh individuals haven't fulfilled their obligations. The PMC clarified that no compound interest is charged on house tax; instead, a simple interest rate of 1% per month is applied, seeking to dispel misconceptions about interest accumulation.Read more

15 Dec 2023

Panchkula Mayor Kulbhushan Goyal has ordered the demolition of illegal farmhouses in Billa village and the sealing of five institutions failing to pay property taxes. The decisions were made during a meeting of the Panchkula Municipal Corporation's revenue realization committee, where concerns were raised about insufficient revenue from building approval plans and development charges. The mayor emphasized the urgency of addressing these issues, including the hiring of a consultant to boost municipal revenue and the imposition of additional taxes on Vita booths and stricter measures against unregistered dogs.Read more

14 Dec 2023

Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.Read more

14 Dec 2023

Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.Read more

14 Dec 2023

The Securities and Exchange Board of India (SEBI) is contemplating the introduction of a framework for the issuance of subordinate units by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to sponsors and their associates. Additionally, SEBI has proposed a framework for unit-based employee benefits (UBEB) within the context of REITs and InvITs. The regulatory body is seeking public comments on these proposals until December 29. These frameworks aim to provide clear guidelines and mechanisms for the issuance of subordinate units and unit-based employee benefits within the REIT and InvIT structures, enhancing regulatory oversight in these areas.Read more

14 Dec 2023

The Varanasi Municipal Corporation (VMC) initiated attachment proceedings against major house tax defaulters, prompting a hotel in Lahurabir to promptly settle its dues of Rs 6.25 lakh. Another defaulter paid Rs 4 lakh following the initiation of attachment proceedings, in response to notices served by the municipal commissioner, Akshat Verma. In addition to targeting defaulters, the municipal commissioner conducted inspections of sanitation and cleanliness in various localities, imposing a Rs 10,000 fine on an operator for neglecting toilet maintenance during the assessment.Read more

13 Dec 2023

Commercial office space activity in India's top 7 cities showed a subdued first half of fiscal year 2024, with minimal growth in net absorption and new completions compared to the previous year. Rental values, however, saw a 7% rise due to increased construction costs. Chennai led with a 10% increase in average monthly office rental values, and Hyderabad followed with an 8% growth. Despite global layoffs, office activity remained steady, with a modest 5% yearly increase in new completions. The year is expected to end with 55–57 million square feet of office demand, lower than last year but higher than anticipated.Read more

13 Dec 2023

Indore and Ujjain divisions have witnessed an 11% YoY growth in property sales, with 3.5 lakh registrations in the current fiscal year until November. Despite a dip in November due to assembly elections, the income from property registrations reached Rs 2604 crore, compared to Rs 2334 crore in the previous year. Indore accounted for the highest revenue at Rs 1450 crore, reflecting an 11.6% increase. Developers attribute this surge to infrastructure development, specialty hospitals, and academic growth in the region, leading to a 30% reduction in unsold inventory. Indore's real estate market is thriving with rising demand and increased property prices in specific areas.Read more