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Office rentals rise on higher space demand across top markets
Posted on May 24, 2016
A rise in demand for office spaces in the last one year coupled with shortage of new supply in key micro-markets has pushed up office rentals across top markets.

Rentals in Gurgaon's Cyber City area rose 13% in the last one year while those in Bengaluru's Whitefield and Electronic City rose 12%. Rentals in Bengaluru's non-IT locations such as Koramangala and Indira Nagar grew 16%. Micro-markets on Chennai's Old Mahabalipuram Road, from Taramani to Perungudi Toll, saw rentals rise 5%, according to data from property consultancy CBRE Asia. Rentals in Hyderabad's IT corridor, in areas such as HITEC City, Madhapur, Kondapur, Raidurg, Gachibowli, Nanakramguda, Manikonda and Kukatpally, rose to 14-20% in the last one year. Rentals in most parts of Mumbai and Chennai, however, remained stagnant.

Anshuman Magazine, managing director of CBRE South Asia, said rentals have risen because of a shortage in supply. "Supply is coming in, but not in preferred locations," he said. Supply has become constrained because in the last few years when office demand had tempered, most developers chose to focus on the residential segment due to liquidity issues. "They chose to not venture into the commercial segment because it required upfront investment," Magazine said.

In some of the key markets, this demand-supply gap, which existed over the last few years, isn't there anymore because of faster take up of office space. Nanda Kumar OP, vice-president at Prestige Constructions, said micro-markets in Bengaluru like Whitefield, Outer Ring Road and Central Business District have already reached their peak in terms of rental appreciation. "For the next one-and-a-half years, we will continue to see rentals going up by at least 5-7% annually," he said.

Prestige has around 18 million sq ft of upcoming and under construction office space that is expected to come into the market in three years, helping the city overcome the shortage in supply of office space. In other cities too, like Gurgaon, builders are now taking corrective action to bring in more supply that will cater to new demand for offices. "Rentals will rise further in most key markets over the next 12 months," said Anckur Srivasttava, chairman of GenReal Property Advisers. "This will be more pronounced in the top IT corridors of the major metros, which will see rentals rise in double-digits according to our consensus estimates," he said. While some markets have already seen rentals go up, others such as Mumbai and Chennai, where rentals have been stagnant so far, are also expected to see an uptick, both in demand and in rentals.

"In Mumbai, although rentals are steady, the momentum with which the commercial spaces are being picked up over the last 15 months is significantly positive and indicates optimism on economic growth expectation. Based on the kind of deal pipeline that we are seeing, rents are bound to firm up for grade A buildings in certain pockets," said Ashish Shah, chief operating officer of Radius Developers. Shah pointed out that the company's commercial project ONE BKC in Mumbai's business district Bandra-Kurla Complex had received just two pre-commitments until March 2015. Since then, in less than a year, the balance 3.5 lakh sq ft has been leased. Srivasttava said Chennai might have seen stagnant rentals so far, but today there is a clear demand supply mismatch because of which rentals will rise in the future.

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Pune residential prices rose by about 8% in 2015: JLL
Posted on May 24, 2016
The current year is likely to see prices rise by 4-6%, and stable sales velocity. Given the positive investment scenario in India and unabated demand for office space in the city, residential demand in Pune has remained healthy over the last few years.In 2015, Pune beat the average capital value appreciation across key Indian cities in the resident ...
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India's net FDI flows to hit $38 billion in FY17
Posted on May 24, 2016
India's net FDI flows are expected to rise further this fiscal to $38 billion on emergence of some "positive signs" such as regulatory easing in select sectors and reform measures initiated by the government, says a report."Net FDI flows in 2015-2016 stood at around $36 billion as against $31 billion for 2014-2015," Kotak Institutional Equities sai ...
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Piramal Fund invests $63 mn in Lodha project
Posted on May 24, 2016
Piramal Fund Management, the real estate investment arm of Piramal Group, has invested Rs 425 crore (about $63 million) in an ongoing residential project of Lodha Group, the Mumbai-based developer said in a statement.The money will be used for construction of premium residences in a project located in central Mumbai. The project has more than 5 lak ...
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Office rentals rise on higher space demand
Posted on May 21, 2016
NEW DELHI | MUMBAI | BENGALURU: A rise in demand for office spaces in the last one year cou pled with shortage of new supply in key mi cro-markets has pushed up office rentals across top markets.Rentals in Gurgaon's rose 13% in the last one ye Cyber City area rose 13% in the last one year while those in Bengaluru's Whitefield and Electronic City ro ...
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Mahindra Lifespace Developers launches Phase 3 of Antheia in Pune
Posted on May 21, 2016
Mahindra Lifespace Developers has launched Phase 3 of its Residential Project 'Anthenia' in Pimpri, Pune on May 19, 2016.Mahindra Lifespace Developers is a real estate development company. It offers residential and integrated large format construction in Mumbai, Pune, Delhi and NCR, Nagpur, Hyderabad, Chennai and Bengaluru. Its projects include mas ...
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Chennai Residential Prices Rose By More Than 2.2% In 2015
Posted on May 21, 2016
Known to be a market driven more by end-user demand than speculative investors, Chennai has never seen runaway price escalations unlike some of the more speculative markets in India. As the southern city matures, the size of its residential market has been expanding over the past few years. The residential market witnessed a price appreciation of 2 ...
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Commercial realty witnesses rising interest from private equity funds
Posted on May 21, 2016
BENGALURU/MUMBAI:The commercial real estate sector is witnessing increased interest from private equity funds , with several large institutions focusing on completed and leased commercial assets for investment.In 2015, private equity real estate firms deployed more than $5 billion in Indian real estate companies and projects — the highest since the ...
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Govt to transfer entire ULC land bank to MHADA for affordable housing
Posted on May 21, 2016
By Accommodation Times News ServiceAfter drawing flak from all the corners for allocating land to an institute of filmstar Hema Malini, who is also Member of Parliament of Bharatiya Janata Party (BJP) at throwaway price at Mumbai, the BJP- Shiv Sena led State Government has changed the policy of allocating land in 9 cities including Nagpur. Now, th ...
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Good news! Residential projects getting cheaper in big cities
Posted on May 18, 2016
New Delhi: The new residential projects in big cities like Delhi NCR, Kolkata, Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad were launched at prices lower than the prices of projects unveiled one or two year ago.It meant that the number of units sold in the first quarter of 2016 sold were aldo more compared to the slump year of 2015.As per ...
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Housing prices down 1% during March quarter in Delhi-NCR: 99acres
Posted on May 18, 2016
NEW DELHI: Housing prices fell by 1 per cent in Delhi-NCR during January-March this year compared with the previous quarter on sluggish demand, according to a report by realty portal 99acres.Rentals also fell by 1 per cent during the last one year.The report captures capital and rental price trends of the residential realty market on quarterly basi ...
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Office space deals up 8% in Q1 2016: Propstack report
Posted on May 18, 2016
MUMBAI: The absorption of commercial real estate including outright purchases and leasing of office space in India's top seven markets increased to 5.8 million square feet during the first quarter of 2016, up 8% from that a year ago, according to commercial data information and analytics firm Propstack.This signals continuation of the strong reviva ...
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Delhi-NCR witnesses 62% rise in new home launches in Jan-March: C&W
Posted on May 18, 2016
According to property consultant, Cushman and Wakefield (C&W), launching of new homes increased to 62 per cent to 4600 units in Delhi-NCR during January –March period despite sluggish demands and unsold stocks.Of the total launches, over 40 per cent were seen in the affordable housing segment.Average ticket price in the affordable housing segme ...
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Private equity investments hit all-time high in 2015
Posted on May 18, 2016
Mumbai: Private equity investors made the highest number of exits in five years in 2015 and fresh investments into India hit an all-time high during the year, according to Bain and Co.s India Private Equity Report 2016.This year, too, exits could remain strong but the pace of investments is likely to reduce as transactions, particularly in the con ...
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Airport boost for Thane-Navi Mumbai-Raigad belt
Posted on May 18, 2016
With the Mumbai airport reaching its saturation point, all eyes are set on the Navi Mumbai International Airport (NMIA). The second airport in the city has the potential to boost development in the surrounding areas, giving an impetus to creation of new smart cities, commercial and industrial zones in the Navi Mumbai-Thane-Raigad region.The state g ...
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Home buyers and investors protest delay in completion of Dwarka Expressway
Posted on May 18, 2016
NEW DELHI: Home buyers and investors in residential and commercial projects across the under construction Dwarka Expressway in Gurugram today protested at the Jantar Mantar in NEW DELHI against delay in completion of the expressway.Over 350 families from 17 projects on the expressway, under DXP Welfare Association, came for the protest and demanded ...
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HDFC net profit up 40% to Rs 2,607 crore in Q4, demand in non-metros add sizzle
Posted on May 13, 2016
MUMBAI: The real estate sector in India may be in deep funk, but the home loan business is booming.HDFC, India's biggest mortgage lender, said on Monday that its profits rose 40% in the fourth quarter ended March to Rs 2,607 crore ahead of analyst estimates.A one-time gain from sale of insurance subsidiary shares boosted performance but home loans ...
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Raheja to invest Rs2,000 crore on commercial space in Navi Mumbai
Posted on May 13, 2016
Mumbai: Bullish on the rising demand for commercial real estate, Mumbai-based developer K Raheja Corp. is planning to invest around Rs.2,000 crore in acquiring land and building 6 million sq. ft of commercial space in the next two-and-a-half years in Navi Mumbai.The company currently operates three information technology (IT) parks in Navi Mumbai u ...
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PNB Housing Finance net profit rises 66% in FY16
Posted on May 13, 2016
PNB Housing Finance, a subsidiary of state-run Punjab National Bank, reported a rise in net profit, income and loans sanctioned for the financial year 2015-16. While net profit rose 66 percent to Rs. 326 crore, total income grew 52 percent to Rs. 2,697 crore, the company said in a statement on Thursday.The 28-year-old company disbursed loans worth ...
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Vianaar announces the launch of ‘El Tesoro’
Posted on May 13, 2016
Goas real estate developer Vianaar has launched its 12th project – El Tesoro. These luxury apartments are located in Siolim, North Goa, and are about 3 ˝ kilometers from the Siolim Church. They are surrounded by lush greenery which further enhances the beauty of the property. The hill right behind El Tesoro only adds to this picturesque view. Thes ...
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