17 Oct 2023

Mercedes-Benz Research and Development India Private Limited, a leading luxury car manufacturer, has extended its lease for seven floors in Bengaluru's Embassy Crest building. The five-year lease, commencing on May 1, 2023, covers 5.42 lakh square feet and involves a substantial monthly rent of Rs 2.5 crore and a security deposit of Rs 48 crore. These office premises are dedicated to research and development (R&D) and IT purposes, and the agreement includes a 5 percent annual escalation clause. This renewal highlights Mercedes-Benz's commitment to innovation and R&D, reflecting the vital role of technological advancements in the automotive industry's future. Choosing Bengaluru underscores the city's tech and innovation prominence, positioning it as a key hub for research and development in the automotive sector.Read more

14 Oct 2023

Viacom18 Media, a division of Reliance Industries, secures a significant five-year lease for 4.1 lakh square feet of prime office space in Mumbai, with an initial monthly rent of Rs 7 crore. The company will occupy nine floors in Prabhadevi's 'One International Centre.' A noteworthy detail is a 12-month rent-free period. The monthly rent increases by 4.5% annually from the second year, reaching nearly Rs 8 crore in the final year. The lease's terms bind both landlord and tenant. A security deposit of Rs 41.8 crore further solidifies this strategic alliance.Read more

14 Oct 2023

Mahindra Lifespace Developers has acquired 5.38 acres in Pune's Wagholi, enabling a potential 1.5 million square feet of upscale residential development. The strategic acquisition aligns with Mahindra Lifespace Developers' commitment to Pune, situated in the well-planned Kharadi-Wagholi micro-market. The area enjoys proximity to major commercial centres, IT hubs, and robust infrastructure. In addition, the company plans a Rs 85 crore investment in Chennai's Lakefront Estates project. The surging real estate demand in Pune prompts developers to explore adjacent regions, driven by scarce prime land and government infrastructure initiatives.Read more

14 Oct 2023

Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.Read more

14 Oct 2023

The Haryana State Industrial Infrastructure Development Corporation (HSIIDC) has initiated the bidding process for four mixed-use plots in Gurugram's expansive Global City project, spanning 172.76 acres. With a focus on cutting-edge technology, sustainability, and comprehensive planning, this ambitious 1,000-acre project is set to transform Gurugram's landscape. The bidding process, beginning in November 2023, offers plots for various purposes, including commercial, residential, and institutional use. The Global City project promises economic growth and serves as a model for sustainable urban living in Gurugram.Read more

14 Oct 2023

The Ahmedabad Municipal Corporation has introduced a revised policy affecting parking spaces in commercial complexes and malls. Under this new policy, these establishments charging parking fees will now be required to pay property taxes on their dedicated parking areas. However, the policy offers exemptions for residential properties, including bungalows and tenements with unauthorized parking sheds or sunshades, along with basements' access ramps and runway spaces, which collectively make up about 35% of the total parking area. This move comes after inconsistent application of property taxes for parking spaces in the city, as some properties were exempted based on unclear guidelines. The policy aims to bring uniformity and transparency to parking taxation in commercial settings.Read more

14 Oct 2023

At a recent event, Deputy Chief Minister DK Shivakumar introduced the 'Nanna Swathu' program aimed at digitally transforming property documents. This initiative involves manual property measurement to ensure accurate tax payments and minimize underreporting. 'Nanna Swathu' complements the existing Urban Property Ownership Records program but adds a comprehensive property survey and digitalization, with guidelines for tax payment. Expected to triple revenue collection for Bruhat Bengaluru Mahanagara Palike, the government also plans to overhaul the building plan approval process, establish non-political committees for park and playground oversight, and launch the "Sahayahastha" website to address public concerns at the ward level. These initiatives promote transparency, tax efficiency, and improved urban development in Bengaluru.Read more

13 Oct 2023

iSprout, a prominent player in India's co-working space industry, has raised Rs 40 crore through its first secured bond offering. Vivriti Asset Management, a major credit asset manager with over Rs 3,000 crore invested in mid-market enterprises, facilitated the bond subscription. iSprout, founded in 2016, is expanding its operations and presence in Hyderabad and Bengaluru with the funds. They also plan to develop proprietary technologies for streamlining crucial processes. With an impressive growth rate of 200% in the last six quarters, iSprout aims to further expand its premium managed office space offerings in India.Read more

13 Oct 2023

Institutional investments in Indian real estate surged by an impressive 27% year-on-year to USD 4.6 billion from January to September 2023, showcasing the sector's robust growth amid global uncertainties. Foreign investments held a dominant 77% share, while domestic investments doubled year-on-year, reaching USD 1.1 billion. Notably, domestic investors took the lead in Q3, contributing to 63% of total investments for the quarter. The Indian real estate sector remains a resilient and promising investment destination, with the office sector witnessing significant growth. Industrial assets also saw a remarkable 3.5-fold increase in investment, driven by India's booming manufacturing sector.Read more

13 Oct 2023

India is set to urbanize at a rapid pace, reaching around 36% this year and an anticipated 50% by 2050. According to a report by Cushman and Wakefield released at the 21st NATCON in Egypt, tier-2 towns like Bhubaneswar, Indore, Jaipur, and others will become promising real estate destinations due to their development potential. The report identifies key indicators such as population, infrastructure, talent pool, income, ease of living, and housing affordability to select these cities. This urbanization trend is reshaping real estate dynamics, with tier-2 cities expected to play a significant role in India's growth story.Read more