COMMERCIAL COMPLEX
ICICI Prudential AMC buys office tower from Kalpataru in Mumbai for Rs 315 cr
ICICI Prudential Asset Management Company has acquired a commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru's subsidiary Ixora Properties. The tower, built on one-third of an acre, is expected to house the company's new head office. The deal is significant in the ongoing trend of leasing office space rather than buying it outright.
Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay Agarwal
Realty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
Commercial opening of Noida airport delayed
The construction of the second airport in Delhi-NCR by Noida International Airport Limited (NIAL) owned by Zurich Airport faces delays impacting Indian airlines with capacity constraints. The project aims to bring relief to airlines amidst record aircraft orders and includes a concession agreement with Yamuna Expressway Industrial Development Authority (YEIDA). The project involves key figures like chief minister Rajnath Singh, Durga Shanker Mishra, and approvals from the Directorate General of Civil Aviation (DGCA).
Flying windows, fatal turbulence: Is flying in planes safe right now? Here is how to understand disruptions
Air travel disruptions, from minor mechanical issues to severe incidents, often cause anxiety but are rarely dangerous. Aviation experts stress that these problems are usually manageable due to rigorous safety protocols and backup systems, ensuring that flying remains one of the safest modes of transportation despite occasional alarming events.
Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of Mitsui O.S.K. Lines, has invested Rs 1,000 crore in an upcoming office complex in Gurgaon developed by DLF and Hines. This investment facilitated the exit of Abu Dhabi Investment Authority (ADIA), with Hines holding a 33% stake in the joint venture. The project, named Atrium Place, spans 2.88 million square feet across 11.76 acres and is slated for completion in 2025.
IMC India leases office in Mumbai’s BKC at Rs 700 per sq ft/month for short tenure
The company has leased nearly 43,000 sq ft office space on the 34th floor of sea-view premium commercial tower Altimus in central Mumbai for a long-term tenure of 10 years at monthly rental of Rs 350 per sq ft.
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A big decision for Boeing's next CEO: Is it time for a new plane?
Boeing raced to update the 737 Max to compete with Airbus but faced fatal crashes. The jet's troubles left Boeing behind Airbus in the single-aisle market, impacting its global dominance.
Moving beyond Airbus & Boeing: What will it take for India to make its own commercial airliner?
India is already a growing sourcing hub for the global defence and aerospace industry. With government help, this ecosystem can, in time, be developed to support the development of a commercial plane. That is how we made our space programme, experts point out.
Investors rejoice: Surakshit Nivesh Yojna (PDPMY Phase-2) launches at Delhi Mall Complex
Raheja Developers launches Surakshit Nivesh Yojna (PDPMY Phase-2) at Delhi Mall Complex, offering investment opportunities with shop sizes from 40-150 Sq. Ft. and special benefits for senior citizens and women.
Sunteck Realty records highest-ever pre-sales of Rs 1,915 crore in FY2
Realty developer Sunteck Realty has reported its highest-ever annual performance in terms of pre-sales at Rs 1,915 crore for the financial year 2023-24 as against Rs 1,602 crore a year ago. The company’s net profit for the year rose to Rs 71 crore from Rs 1 crore a year ago, while core operating profit grew 63% to Rs 266 crore. Total revenue increased to Rs 565 crore, up 56% from Rs 362 crore a year ago.
Hyderabad housing market seeing significant trend towards luxury homes: NAREDCO President
The Hyderabad property market is witnessing a surge in demand for luxurious homes with spacious layouts and modern amenities. G Hari Babu, National President of National Real Estate Development Council, discussed rising property prices and evolving market dynamics. Factors include government policies, unlimited FAR, and infrastructure development, driving significant growth in both residential and commercial sectors.
Space startup Agnikul Cosmos calls off maiden rocket launch for a fourth time
India's Agnikul Cosmos delayed the Agnibaan rocket launch to test igniter performance. The rocket can carry 300 kg to orbits 700 km high. Skyroot launched India's first privately developed rocket in 2022 from ISRO's site.
Mumbai Metro Aqua Line 3: BKC to Aarey Phase 1 operations set to start from July. Check route map and stations
Mumbai Metro Line 3 Phase I operations on the Aarey to Bandra-Kurla Complex route are set to begin in July. The Mumbai Metro Rail Corporation Limited (MMRCL) expects to start phase I operations of Mumbai Metro Line 3 on this route by then. Necessary dry runs have been completed, with some assessments and approvals pending. The Metro agency is ready to operate over 260 services with its fleet of 19 trains.
Godrej & Boyce sells 58,500 sq ft office space in Mumbai’s Vikhroli to Godrej Industries
The office space on the 9th floor has already been leased to managed flexible workspace provider Simpliwork Offices for a period of 60 months until March 31, 2026. This lease will also be transferred to Godrej industries as the new landlord, showed the documents accessed through Propstack.
The business ties that bind the U.S. and China are strong but fraying
Many big U.S. companies depend on China for a substantial part of their income and rely on Chinese suppliers and factories for their products.
Blackstone in talks to acquire Adani Realty’s BKC office tower for Rs 2,000 cr
Blackstone Group is finalizing the acquisition of Adani Realty's Inspire BKC in Mumbai's Bandra-Kurla Complex. The deal is set at Rs 1,800-2,000 crore for the 800,000 sq ft tower, with various prominent companies as occupants.
Embassy REIT to invest Rs 3,800 cr in 4 years to complete construction of 61 lakh sq ft office space
To expand its portfolio, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players.
Commercial jet maker Airbus is staying humble even as Boeing flounders. There's a reason for that
In the ongoing competition between Airbus and Boeing for dominance in the commercial aircraft market, Airbus has been consistently outperforming Boeing in both orders and deliveries for the past five years. This trend has been fueled by Airbus's development of fuel-efficient aircraft and its ability to meet demand faster than Boeing.
Brookfield plans $10 bn investment in Indian realty, double portfolio in 3-5 years
Brookfield--one of the largest office owners and operators in India—currently has a portfolio spanning more than 51 million sq ft across seven key Indian cities. The firm currently has total AUM of more than $25 billion across infrastructure, renewable power and transition, real estate, and private equity sectors in India.
Edelweiss Alternatives acquires IT park in Bengaluru for over Rs 1,500 cr
Edelweiss Alternatives acquired a 1.1-million-sq-ft IT park in Bengaluru from MFAR Developers, marking the largest buyout of office towers this year within Embassy Manyata. Subahoo Chordia manages the Rental Yield Plus Fund.
Daimler India to foray into battery electric segment with new gen eCanter
Daimler India Commercial Vehicles announced plans to introduce the all-electric eCanter light duty truck in India within 6-12 months as part of a strategy to decarbonize its product portfolio. Despite coexisting with traditional diesel ICE technologies, the company aims to lead in sustainable transportation by focusing on excellence, customer acceptance, and a supportive policy framework.
Historic Hindu temple demolished in Pakistan for a commercial complex
Historical Hindu temple in Landi Kotal Bazaar, Khyber district, Pakistan, has been demolished for commercial complex construction. Conflicting statements from officials raise concerns about preservation efforts for non-Muslim sites of worship, emphasizing the need for proactive measures to protect such sites.
World goods trade growth in value terms may dip 1.2 pc in 2024: GTRI
Global Trade Research Initiative (GTRI) predicts a 1.2% decline in the value of global merchandise trade due to geopolitical uncertainties. The US dollar value of world merchandise trade fell 5% in 2023 to USD 24.01 trillion, but this was mostly offset by a strong increase in commercial services trade, which rose 9% to USD 7.54 trillion. This allowed world goods and commercial services exports on a balance of payments basis to slip 2% in 2023 to USD 30.8 trillion.
Bengaluru water crisis: Large apartment complexes face supply cut. Check who will be affected
The Bangalore Water Supply and Sewerage Board (BWSSB) has embarked on a strategy to conserve water by implementing supply cuts to big customers. This initiative aims to mitigate a portion of the daily water deficit faced by the city during the summer, which the state government estimates at around 500 MLD against a demand of 2,600 MLD.
Israel may be using starvation as 'weapon of war': UN
The UN said Tuesday that Israel's severe restrictions on aid into war-ravaged Gaza coupled with its military offensive could amount to using starvation as a "weapon of war", which would be a "war crime". She noted that malnutrition had been basically "non-existant" in Gaza before the war.
DRA Homes wins a bid for 1.06 acres in Chennai from the Rail Land Development Authority (RLDA)
DRA Homes signed a 99-year lease for a 1.06-acre plot in Egmore, Chennai, planning a Rs. 150 crores Grade-A office complex. Chennai's 2023 office market surged, with prominent companies acquiring IT office spaces.
Bhive Workspace leases office space in Adani’s tower in Mumbai’s Bandra-Kurla Complex
The company is planning to use the space leased through two separate agreements to set up managed coworking offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers.
'Pehle Dukan Phir Makan Yojana' by the Delhi Mall Complex is offering a rewarding scheme to investors
The Delhi Mall Complex offers a lucrative investment opportunity with different payment options. It has shop sizes ranging from 50-150 Sq. Ft. and offers special benefits to senior citizens and women. The project is located in a prime area with good rental income potential.
Greater Noida Authority rolls out new scheme for commercial complexes. Know more
The Greater Noida Authority has launched a new scheme for high-rise commercial complexes. 18 plots are available for shopping malls, showrooms, retail outlets, and restaurants. CEO Ravi Kumar NG stated it's in response to investor demand. Deadline is March 23. Payment options and completion certificate requirements apply. Successful applicants will gain land possession.
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