Page 2 - Commercial Property

S&P Global downgrades outlooks on 5 US banks to 'negative' on CRE exposures

The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National

NBCC sells 480,000 sq ft commercial space in South Delhi for Rs 1,905 crore

State-owned construction firm NBCC (India) on Wednesday said it has sold 4.8 lakh square feet of commercial space in South Delhi for Rs 1,905 crore on behalf of the government. In the 25th e-auction for commercial space at World Trade Centre (WTC) in Nauroji Nagar here, NBCC achieved the highest sale realization till date with the sale of 4.8 lakh square feet of commercial space for Rs 1,905 crore. "Power Finance Corporation Ltd, Security Printing and Minting Corporation of India Ltd and Solar Energy Corporation of India Ltd are the major organisations who bought space during this e-auction," it added. Out of the total area sold, around 4.38 lakh square feet having a sale value of about Rs 1,740 crore has been sold to public sector units (PSUs). The total number of successful bidders was five, out of which three were PSU bidders and two private entities. As on date, NBCC has sold a total commercial space of over 30 lakh square feet through 25 e-auctions having a sale value of over

Freeing urban commercial spaces

Leasehold property deeds are hindering the commercial development and growth of urban areas

32 more shops, commercial establishments in Delhi can now remain open 24/7

Delhi Chief Minister Arvind Kejriwal on Tuesday granted permission for 32 more shops and commercial establishments to operate 24 hours, an official statement said. This initiative will create new employment opportunities for the youth, along with enhancing economic activities within Delhi, it said. The labour department of Delhi proposed this plan to the CM regarding the operation of these establishments for 24 hours. These commercial establishments belong to the categories of commercial, retail trade or business, provision stores, according to the statement. "All these establishments must strictly adhere to the provisions and rules of the Delhi Shops and Establishments Act of 1954. The government will keep strict watch over them to ensure that no violation of the rules takes place. The proposal has now been sent to the Lieutenant Governor (LG) for final approval," the statement read. Under the Delhi Shops and Establishments Act of 1954, the Delhi labour department received 52 ...

MICL Gr to invest Rs 50 cr for residential property redevelopment in Mumbai

The site is located at Mumbai's Pali Hill, the epitome of upscale living with scenic views, affluent residences, and a vibrant cultural scene, surrounded by lush greenery

Infopark to build workspaces in Kochi Metro station, inks pact with KMRL

The Infopark here and Kochi Metro Rail Limited (KMRL) have entered into an agreement to build IT workspaces in Kochi Metro station. The MoU was signed between KMRL MD, Loknath Behera, and Susanth Kurunthil, the CEO of Infopark to set up flexi workspaces in 39,880 square feet of built-up space across six floors of the Ernakulam South Metro station. The MoU was signed at a function held at KMRL Corporate Office here on Friday, Infopark said in a release. It said the proposed facility at Ernakulam South metro station will pave the way to generate 500 job opportunities. "The flexi workspaces by Infopark at the metro station will be an elaboration of co-working, which has an increasing demand after the Covid pandemic. The workspaces for IT/ITES companies and employees will include premium workspace and co-working space models that combine mobility and modern office amenities," the release said. It added that the infrastructure will be more convenient to gig workers and women employees.

LA's third-tallest tower Aon Center sells for 45% below 2014 price

The sale is the largest office deal this year in downtown Los Angeles, which has been among the hardest-hit US office markets since the pandemic as remote work becomes more popular

LIVE: Jitu Patwari replaces Kamal Nath as MP Congress Committee chief

Catch all the latest news updates from across the the world

Office space demand may fall 18-22% this CY: Credai-CRE Matrix

Demand for office space across six major cities is likely to decline 18-22 per cent this year on higher base effect and delays in decision making by corporates related to their expansion plans, according to CREDAI and CRE-Matrix. In their joint report, real estate developers' apex body CREDAI and data analytic firm CRE Matrix have estimated that the fresh leasing of Grade A premium office space stood at 55-57 million square feet in the 2023 calendar year. The data excludes renewals. The absorption of office space was 70 million square feet during 2022. During January-September period of this year, the leasing activities have already touched 41.8 million square feet across six major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai and Hyderabad. IT/ITeS, BFSI and co-working sectors drove two-third of office demand at a pan-India level. The report highlighted that the Grade A office space stock is 770 million square feet at the end of the third quarter

Bengaluru office market dips in Q3, Hyderabad sees sharp jump: Report

7 Indian cities clock 21% growth in office leasing; 26% increase in new supply

Delhi-NCR 6th most expensive office rental mkt among APAC's top 23 cities

Delhi-NCR is the sixth most expensive market among Asia Pacific's prime office markets with an annual occupancy cost of USD 78.4 per square foot during the July-September period, according to Knight Frank. Occupancy cost includes rent, local taxes and other charges. Real estate consultant Knight Frank has released its Asia-Pacific Prime Office Rental Index for Q3 (July-September) 2023. Hong Kong SAR continued to be APAC's most expensive office market during the quarter with an occupancy cost of USD 164.7 per square foot per year. Mumbai was the ninth most expensive commercial market in the APAC region with an annual occupancy cost of USD 70.5 per square foot. Occupancy cost of prime office space in Bengaluru was USD 36.1 per square foot per year and the city was ranked 19th out of 23 cities tracked across the APAC region. Singapore was the second most expensive followed by Sydney, Tokyo and Seoul. Beijing ranked seventh, Ho Chi Minh City eighth and Shanghai 10th. "Demand for off

NBCC sells nearly 400,000 sq ft commercial space in Delhi for Rs 1,558 cr

State-owned construction firm NBCC (India) Ltd on Friday said it has sold nearly 4 lakh square feet of commercial space at the World Trade Centre in Nauroji Nagar, South Delhi for Rs 1,557.51 crore through an auction. NBCC conducted 21st auction for the sale of commercial space in the World Trade Centre, Nauroji Nagar. "The company has sold a total unsold commercial inventory of 3.91 lakh sq. ft. (approx) having sale value of Rs 1,557.51 crore," NBCC said in a statement. Out of the total area sold, 2.97 lakh square feet having sale value of Rs 1,183.7 crore has been sold to private entities. "This is the highest sale realisation in a single auction since the launch of WTC, New Delhi in 2017," the company said. So far, NBCC has sold a total unsold commercial inventory of 21.7 lakh square feet through open e-auction having sale value of Rs 8,751.61 crore. Housing and Urban Affairs ministry has appointed NBCC as implementing agency for re-development of Nauroji Nagar. NBCC is author

CRC Group eyes Rs 1,200 cr revenues from new commercial project in Noida

Realty firm CRC Group is expecting revenues of Rs 1,200 crore over the next four years from a premium commercial project in Noida, comprising 24 lakh square feet of built-up area. The company has acquired 11 acres land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project. CRC Group Founder and CEO Kunal Bhalla on Wednesday said the company will develop 12 lakh square feet of office spaces, 4 lakh square feet of retail space and 102 service apartments in this project. "We will be selling office space while the retail space will be provided on lease," he told reporters. Bhalla said the company is expecting a revenue of Rs 1,200 crore from this project. According to him, the project cost would be around Rs 750-800 crore. CRC Group Director (Marketing and Business Management) Salil Kumar said the company is in talks with operators to manage its service apartments in this commercial project. There is a great demand for Grade-A office spac

US commercial property distress hits $80 bn in Q3, highest level in decade

The value of buildings in bankruptcy, repossessed by lenders or in the process of liquidation increased by a net $5.6 billion in the quarter, MSCI Real Assets reported

Shops burnt after fire broke out in commercial buildings in Nagaland

Hundreds of shops with properties worth crores of rupees have been razed to ashes after a fire broke out in a few commercial buildings at High School junction here in the early hours of Saturday, police said. The Fire & Emergency Service Department received the information around 2:30 am and the blaze was brought under control by 5 am, they said. Officials of the High School Traders Union said some people suffered minor injuries while trying to protect the properties inside more than 100 shops. There was no report of any fatality. The blaze is suspected to have erupted due to a short-circuit in one of the shops, police said. Further investigation is underway.

Supply of commercial real estate halved in March quarter: PropEquity

Despite a lower supply, the vacant stock has remained relatively stable, pushing the rents of commercial real estate higher

Concorde to invest Rs 225 cr to build 2 mn sq ft commercial real estate

Realty firm Concorde will invest Rs 225 crore to develop commercial projects. The company announced expansion of its commercial segment with a strategic investment of Rs 225 crore. Concorde will launch over 2 million square feet of commercial space over the next two years. Out of the Rs 225 crore, the company has allocated Rs 100 crore for this fiscal. Concorde's expansion of its commercial sector includes the development of Grade A commercial spaces, the first of which Concorde Econex was launched in February 2023, and another three projects in the pipeline, the statement said. "We will focus on establishing Grade A office space in the micro markets of the city. Currently, we have three projects in the pipeline for this year. The demand for sustainable workspaces has grown significantly post-pandemic, and we aim to provide top-notch commercial properties that redefine the way people work," said Grishma Reddy, Director, Concorde. Over the last two-and-a-half decade, Concorde has

155 commercial establishments in Delhi get CM's nod to operate 24X7

Chief Minister Arvind Kejriwal has granted approval for round-the-clock operation of 155 shops and commercial establishments across Delhi, a move aimed at boosting the city's night-time economy. The file has now been sent to Lieutenant Governor V K Saxena for a decision on whether he would like to express a difference of opinion with the elected government on the approval, the Chief Minister's Office (CMO) said in a statement. The chief minister has granted approval for round-the-clock operation of 155 shops and commercial establishments across Delhi, the statement said. By approving 24X7 operations for a new batch of commercial applicants, the Delhi government aims to generate more job opportunities, safeguard the interests of workers, and contribute to the overall development of the local economy, it said. The extended operational hours will also ensure round-the-clock access to essential goods and services for Delhi residents, it added. The government has granted the applicants

Fractional ownership platforms make commercial real estate accessible

Until they come under Sebi's MSM REIT framework, retail investors must rely on their own due diligence when investing through them

Vaishnavi Group leases 400,00 sq ft office space to Navi Tech in Bengaluru

The Insurance major has leased the office for nine years and 11 months and will be paying a rent of over Rs 200 crore over the next five years for the office asset