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Off shoring helps shore up yields in B'luru real estate
Posted on Jul 28, 2016

The office-space crunch in the country's tech capital has prompted a top developer to acquire an upcoming luxury hotel project to expand its business park.

RMZ Corp is acquiring what would have been Bengaluru's second Shangri-La hotel for a little over $100 million (Rs 700 crore) to build additional 2.5 million sq ft office space in the city's IT suburbs.

RMZ has struck a deal to buy the 15-acre hotel project, adjoining its Ecoworld business park on Outer Ring Road, from rival Adarsh Developers. The Qatar Investment Authority, an investor in RMZ, is funding the transaction signalling the robust appetite for rent-yielding office properties, which count the tech units of marquee global corporations as tenants. RMZ is expected to pull down the structure substantially for office space development.

Hong Kong-based luxury hotels group Shangri-La said in 2015 that the new hotel was scheduled to open in December 2016 with 300 guest rooms and suites. The Asian hospitality chain operates a 19-storey, 397-key hotel near the city centre. The second one was to be named Shangri-La Palm Retreat.

Another large commercial developer, Embassy Group, and Singapore's Ascendas have also clinched land deals in recent months to expand office portfolio in north Bengaluru. The latest deal-making could see RMZ Ecoworld taking its leasing potential to 10 million sq ft, rivalling Manyata Tech Park of Embassy as the city's largest work destination.RMZ vice-chairman Manoj Menda and Adarsh Developers CMD B M Jayeshankar were not immediately unavailable for comment.

In the April-June quarter, Bengaluru's office rentals spiralled as vacancy rate dropped to 3.4%, much below the desired 10% in a stable market. This is a continuation of the trend seen last year, when the city recorded its highest leasing activity of about 14 million sqft. Bengaluru has a total stock of 96 million sq ft Grade-A office space today, according to independent property consultancy JLL.

The strong office-leasing market in Bengaluru is a contrast to the otherwise-sedate real-estate story in the country. While residential property market is in disarray, even commercial space activity is yet to mirror the GDP numbers. The office leasing market in the software exports, or broadly off shoring, has made cities like Bengaluru an attractive investment bet for sovereign wealth managers and global pension funds searching for long-term stable yields in commercial real estate.

The growth in off shoring activity by the world's top financial services giants, the rise of the billion-dollar start-ups and the continuing story of global corporations moving R&D and engineering work have sustained and fuelled Bengaluru's office leasing activity.

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Bank of Baroda to expedite loan sanction process
Posted on Jul 28, 2016
Chennai, Jul 22 (PTI) Public sector lender Bank of Baroda has lined up plans to reduce the time taken for sanctioning home and auto loans, a company official said.The bank is transforming through digitalisation and has sanctioned home loans in record six days, the banks General Manager P Narasimha Rao said at a function here."We are contemplating t ...
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City registers six per cent increase in rental values
Posted on Jul 28, 2016
HYDERABAD: As Hyderabad realty sector is seeing a recovery, rental values are rising in the city. While the tenants might see this as a stress on their family budget, realtors and investors are seeing this as a welcome trend.According to recently released April-June, 2016 Insight report by popular property portal 99acres.com, rental values in Hyder ...
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Nays to rate hike start coming in from Noida
Posted on Jul 28, 2016
The Gautam Budh Nagar stamp and registration department has started getting objections against the proposal to hike circle rates up to 25%. Three parties have already filed their objections so far.The department had proposed the hike on July 20 and asked the general public to file objections till July 25. It will discuss these objections in order t ...
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Noida may hike stamp duty on sale, transfer of property in 'premium' areas
Posted on Jul 26, 2016
NEW DELHI: The Uttar Pradesh government's proposal to increase circle rates in Noida is in complete contrast to what has been recently witnessed in Gurgaon, Haryana and is also being currently evaluated by Delhi, says rating agency ICRA.The proposal, which was open for public opinion until July 25, 2016, involves increasing the circle rates ranging ...
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Properties in Rs 2,500-5,000/sq ft range good investment: JLL
Posted on Jul 26, 2016
NEW DELHI: People looking to buy homes should invest in properties in the range of Rs 2,500-5,000 per sq ft as this price tag provides protection against any capital value erosion and guarantees appreciation, according to realty consultant JLL India.In its report 'Creating Wealth With Residential Real Estate Investment', JLL has listed out various ...
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Private equity funds signal optimism for the real estate sector
Posted on Jul 26, 2016
Does the spate of private equity (PE) investments in the real estate sector over the past few quarters signal better times after the prolonged downturn?Data collated by Venture Intelligence shows that 15 out of the 16 PE deals worth nearly $569 million struck with realty firms were focused on residential projects in the metros. Although the value i ...
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No takers for Noida's commercial plots
Posted on Jul 26, 2016
Delhi/NCRNoida Authority's auction of commercial land for large category plots in Noida on July 22, did not draw a single tender for the twelve plots on auction. This is the third time that commercial plots in Noida have not drawn a single bidder. In August and November last year, Noida's commercial plots had been put up for bidding but failed to f ...
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Residential real estate in B'luru: A good investment bet
Posted on Jul 20, 2016
The real estate market in Bengaluru is gaining ground, thanks to sustained growth in market prices and investors interests. Being the IT hub of India, Bengaluru has a multi-cultural population with good social infrastructure, excellent educational institutes and constantly upgrading physical infrastructure.A redeeming feature of this market is tha ...
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Real estate booms in West Chennai
Posted on Jul 20, 2016
A combination of factors ó primarily, easy access to different modes of transport and proximity to job-generating industrial clusters ó has resulted in areas in West Chennai city limits as well as pockets in the western suburbs attracting the attention of developers, including national players.Apart from areas along Mount Ė Poonamallee Road Ė the c ...
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Hyderabad realty market has huge potential: MD of Puravankara Projects
Posted on Jul 20, 2016
HYDERABAD: Puravankara Projects, one of the leading realtors and builders in India, launched Provident Kenworth in Hyderabad. The integrated lifestyle project located in Rajendranagar, saw encouraging bookings within three months of its launch. Citing the positive mood in Hyderabad as the reason for such speedy bookings, Ashish Puravankara, MD of P ...
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Rising home inventory may not lead to lower prices
Posted on Jul 20, 2016
BangaloreHome prices are unlikely to drop from the current levels despite tepid sales and rising inventory in the city. The city's residential real estate capital value remains unchanged at Rs 5,334 per sq ft in the first half of 2016 compared to the second half of 2015, according to Idirees Chenakkal, head of Research & Consulting at LJ Hooker ...
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89% of investment in first 20 smart cities related to real estate: RICS
Posted on Jul 20, 2016
NEW DELHI: Real estate is set to become the real beneficiary of the government's flagship '100 Smart City' programme, with the highest chunk, about 89%, of the total proposed capital investment of Rs 48,220 crore in the first 20 smart cities planned to be spent on built environment, transportation, water and wastewater management and energy, accord ...
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Tech continues to lead growth in Hyderabad
Posted on Jul 20, 2016
Hyderabad Commercial real estate sector benefits most, says report. Buoyed by the recent MNC investments, Hyderabad is likely to see more traction in the commercial real estate area. Hyderabad is expected to see addition of nearly 16 million square feet of new office supply over the next three years, mostly in the suburban and peripheral locations ...
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Real estate booms in periphery
Posted on Jul 15, 2016
ChandigarhPeripheral areas around Chandigarh are increasingly becoming a sanctuary for mid-end and affordable projects with factors such as the soaring property prices and land shortage in the city playing an important role in driving the demand.With the passage of time, the City Beautiful has developed into the Chandigarh Capital Region (CCR), wit ...
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PE players' investments in realty fall in value terms
Posted on Jul 15, 2016
With private equity funds getting more selective in their investment approach, coupled with the absence of large platform deals, there is a decline in their investment in the real estate sector in value terms. PE real estate firms made 16 investments amounting to $579 million (Rs 3,890 crore) during the quarter-ended June 2016.The volume of investm ...
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Lack of office space supply in Bíluru leads to fall in absorption
Posted on Jul 15, 2016
BangaloreOffice space absorption dropped in Bengaluru in the second quarter ended June, mostly due to lack of ready-to-move-in quality office space in some important micro-markets. However, the overall quarter stood out, helped by the entrance of Apple and Diageo.Gross absorption dipped to 2.3 million sqft, from 2.75 mn sqft in the corresponding qu ...
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Unishire new project in Bengaluru
Posted on Jul 13, 2016
Realty firm Unishire recently launched its new project ĎLa Vida in Bengaluru. The project financed by Altico Capital is proposed for Gold certification by Indian Green Building Council (IGBC). La Vida comprises 48 units having 2.5/3/4 BHK apartments, ranging from 1207 sqft. to 2177 sqft.ďHoramavu as a location offers most connected living due to i ...
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Relatively affordable property prices driving demand
Posted on Jul 13, 2016
Ghaziabad emerged as the dark horse of NCR in 2015, with significant real estate activity seen across three prominent markets - Krishna Vihar, NH-24 and Raj Nagar Extension. These micro-markets saw new launches of residential apartment projects and plotted developments, and this trend is seen to continue in 2016.Raj Nagar Extension is one of Ghazia ...
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Hyderabad Office Space Leasing Up 55% In January-June: Realty Consultant
Posted on Jul 13, 2016
New Delhi: Hyderabad saw a maximum increase of 55 per cent in net office space absorption in the January-June period among eight top cities on improving business climate in the city, according to realty consultant Cushman & Wakefield.Net office space leasing in Hyderabad rose to about 2.9 million square feet in the first half of calendar year 2 ...
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