With slowdown signs looming large over the Indian economy, the effect on the job market and its subsequent effect on office space is getting visible now.
Mukesh Ambani has sold his plush 21-storey building in the commercial district of Nairobi to the World Bank for nearly $23 million (approx Rs.115 crore), making it the largest single property deal in East Africa.
Retail chains across the country are signing up for space in a big way, after a long pause that had followed the economic downturn.
The demand for office space in Chennai is expected to dip, with an expected slowdown in North American and European countries affecting the information technology sector.
DLF and The 3C Company are likely to sell their IT Park in Noida to Infrastructure Development Finance Company (IDFC) for about Rs.500 crore.
Regus, the provider of workplace solutions, has announced opening of a new business centre in Hyderabad.
Unitech will set up Great India Place (GIP) in Kochi, Kerala. The project consists of a hotel, shopping mall and office complex.
Real estate stock of office premises in Mumbai has been going through a slump for the last 14 financial quarters.
As India’s realty sector goes through a liquidity crunch with banks tightening lending norms and property sales dropping, real estate developers are turning to alternative channels of funds.
Godrej Properties Ltd (GPL), the real estate development arm of the Godrej Group, has concluded a Rs.500 crore deal with Jet Airways to develop the latter’s two-acre plot in the Bandra Kurla Complex.