Track2Realty: At more than US$150 per sq. ft. per annum, Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world, according to CBRE Global Research and Consulting’s semi-annual Global Prime Office Occupancy Costs survey.
Track2Realty: Investment-grade office space demand slowed down in the first quarter of 2014, with around 6.3 million sq. ft. of Grade A office space getting absorbed across the leading cities of the country. Transaction activity was dominated by the National Capital Region (NCR), Bangalore and Chennai.
Track2Realty: Transactions in India’s real estate space might have slowed down over the last two quarters, but the sector has not been overwhelmed by the state of the wider economy. Despite the subdued pre-election economic scenario, in fact, the period observed an increase in private equity activity.
Track2Realty: The total fresh mall supply by the end of 2014 is projected to be approximately 14 million square feet (msf) approx. in the top eight cities of India, of which 13.6 msf is still under construction, says a report by Cushman & Wakefield. This is nearly 200% more than the supply received in 2013 which was recorded at almost 4.6 msf. Of the total expected mall supply for the year of 2014 approximately 60% or 8.2 msf of fresh mall supply is expected to be received by National Capital Region (NCR) followed by Bengaluru at 2.86 msf.
Track2Realty: Mumbai witnessed sluggish commercial leasing activity during the third quarter of 2013. The micro markets of Lower Parel, Thane and Navi Mumbai witnessed maximum traction and were the preferred region for office space leasing. Rental values in Mumbai remained largely stable with marginal dip in the CBD and ABD locations, according to the findings of CBRE’s latest report,India Office Market View Q3 2013.
Track2Realty: The prime office space segment across key cities in India witnessed a supply infusion of more than 20 million sqft in the first six months of 2013.
Track2Realty: Godrej Properties has through its wholly owned subsidiary, Godrej Redevelopers Mumbai Pvt. Ltd. (GRMPL), entered into a development agreement with the Sahakar Nagar Vibhag- II Federation, to undertake a residential redevelopment project, of 200 tenements, in Sahakar Nagar – II, Chembur, Mumbai.
Track2Realty: Godrej Properties has launched its commercial development, Godrej BKC. Godrej BKC occupies a corner plot in the middle of India’s most prestigious and desirable commercial address, the Bandra-Kurla Complex.
Track2Realty Exclusive: West Zone Analysis–The cumulative take-up levels recorded between Q1-Q3 2012 in Mumbai and Pune were the lowest when measured up against transaction activity recorded during similar time frame since 2009. In Mumbai, the first three quarters of 2012 witnessed a total take-up of 2.4 million sq ft which was approximately 44% lower when compared to 2011. Similarly, transaction activity registered in Pune were in 2012 were down by 36% during the same time frame.
Track2Realty: MCHI-CREDAI has embarked on an ambitious four-day property exhibition from November 01, 2012 showcasing flats, bungalows and commercial offering from across Mumbai city and the Mumbai Metropolitan Region.