Commercial real estate faces challenges due to a decline in office space absorption by IT firms across India's top eight cities. This slowdown impacts both demand and supply.
Godrej Properties and Jet Airways are partnering on a 1.3 million sq ft commercial project in Mumbai's Bandra Kurla Complex. The project, Godrej BKC, is expected to generate Rs. 3,500-4,000 crore.
The demand for office space in India is set to rise as foreign retailers like Starbucks and H&M expand their operations in major cities.
Tier-2 cities in India drive growth through stabilized domestic demand for residential and commercial properties.
Corporates are relocating their headquarters to larger offices as rental prices decline in major cities like Bangalore and Mumbai, seeking better amenities.
Morgan Stanley is considering investing in a 1.6 million sq ft office space development in Mumbai's Bandra Kurla Complex, marking their first commercial sector investment in India.
Office space absorption in Bangalore fell by 24% in 2012 compared to 2011 due to weaker demand from the IT and ITeS sectors, impacted by the global economic slowdown.
Sahara India's bid for a 30-year lease of Air India's Mumbai headquarters was rejected. Air India aims for shorter leases to retain control and avoid the fate of Sears Tower.
Bangalore's Outer Ring Road (ORR) is booming as a commercial real estate hub, driven by strong IT sector demand and limited office space, according to a Jones Lang LaSalle India report.
Exilion, a real estate firm, intends to purchase Nokia's headquarters in Espoo, Finland for approximately ₹1218 Crore, with Nokia leasing it back as part of cost-cutting.
Air India's plan to lease vacant floors in its Nariman Point headquarters faces challenges due to tough market conditions, but the Civil Aviation Minister remains confident. The plan aims to raise funds by leasing or selling properties in Delhi and Mumbai.
Pune's office space demand remains largely stable, driven by IT and ITES sectors. Experts anticipate absorption to reach 4 million sq. ft. by year-end, with CBD areas seeing rental increases.
Commercial real estate demand rebounded in India during Q3 2012. Bangalore led office space absorption, followed by Hyderabad and Mumbai. Rental markets remained stable.
India's booming service sector fuels demand for commercial real estate, particularly in major cities. Despite economic slowdowns, IT, BFSI, and other service industries show strong growth, driving office space absorption to new heights.
Bandra Kurla Complex (BKC) is experiencing growth in office space with an expected 2.5 million sq ft addition. Leasing and buying activity has increased and the rent correction appears stabilized.
Cognizant boosts India real estate investment to $700 million, expanding campuses by 10.5 million sq ft by 2015.
South Indian cities are becoming important real estate hubs due to improving transparency and a focus on quality development. Residential markets remain resilient with an affordability mantra.
UB Holdings in talks with Blackstone, KKR to sell commercial real estate for $123 million
High net worth investors and corporates are increasingly eyeing Mumbai's office space for investment, despite global economic uncertainty and market challenges.
Hyderabad, Chennai, and Pune rank among the world's most affordable office locations, according to DTZ's 2011 report. Hong Kong, London, and Geneva top the list of most expensive markets.
Despite a slowdown in GDP, office space absorption in India remained consistent in 2011-12. However, the outlook for 2012-13 appears challenging for developers.
In 2011, demand for office and retail space in Bangalore showed robust growth, with a significant contribution from the IT and ITES sectors. Experts predict an even higher demand for office space in 2012.
Two Indian real estate deals, Leela Kempinski Kovalam and Noida's Wave Mega City Centre, ranked among Asia's top ten in August 2011, according to Real Capital.
Indian companies significantly reduced their commercial real estate occupancy in Mumbai, while MNCs increased their market share in the same period, according to a new report.
Gurgaon's residential market sees a rise in property values amid slow project execution and supply shortages, yet investment sentiment remains strong due to improved job prospects.