CORPORATE OCCUPANCIES
Office leasing surges to new record in first half of 2024
The Indian office property market has shown strong performance in the first half of the year, driven by economic resurgence and increased corporate occupancies, with technology and banking sectors leading the way. Gross leasing hit a record high of 33.5 million sq ft, up 29% from last year, setting the stage for a potential new peak in 2024. GCCs played a key role in this growth, with India's leadership in the GCC ecosystem remaining strong.
India office property market surges with record gross leasing in 2024 first half
The Indian office property market has surged, driven by increased economic activity and corporate occupancies, reaching a record 33.5 million sq ft in gross leasing in the first half of the year. Global Capability Centres (GCCs) significantly contributed, with strong leasing momentum across major cities, indicating potential for a record-breaking 2024.
Monsoon season: HPTDC offers 20-40 pc discount on room rent in 41 hotels in Himachal
Himachal Pradesh Tourism Development Corporation offers discounts on room rent in various hotel units during the monsoon season, excluding specific hotels in different regions.
Expect improvement in occupancy vis-a-vis the previous year from Q2: Patanjali G Keswani, Lemon Tree Hotels
While you can say that in spite of heat it was decent performance, I am looking at trend lines and I expect the catch up will happen really from Q2 when there will be improvements vis-a-vis the previous year in occupancy.
Krisumi Corporation to invest Rs 2,000 crore in Gurugram residential project
Krisumi Corporation plans a Rs 2350 crore investment in Phases 3 and 4 of Krisumi City, Gurugram, with 1051 luxury units and a 2-acre club. Marketed as a shift to larger, luxury apartments, they expect Rs 4000 crore revenue. The joint venture aims for completion by December 2029, backed by Krishna Group and Sumitomo Corporation
Delhi-Leh bus service turns into money spinner for HRTC
Himachal Roadways Transport Corporation (HRTC) is earning Rs 1.23 lakh daily from the Delhi-Leh bus service, skipping night halts at Keylong. The 33-hour journey is economical and time-saving, boosting tourism in Kullu and Lahaul-Spiti districts.
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Corporate travel sees a drop amid extreme weather, election heat
The industry expects corporate travel to pick up soon, with the arrival of monsoon rains, schools opening, and work life getting back to normal after the elections.
Delhi hotels to get busy with post-poll activity
Bookings in key hotels in Delhi are rising due to political activities involving key ministers, new MPs, and the swearing-in ceremony of the new government.
Key Delhi hotels see an uptick in bookings post election results
Hoteliers said they expect bookings to pick up further in the coming weeks with corporates also looking to plan trips after ministerial allocations. Tarun Thakral, chief operating officer of the Le Meridien hotel, noted a surge in bookings since Wednesday due to the hotel's central location near the Parliament and government ministries. He mentioned that they are currently at 70-80% occupancy and could reach up to 90% soon.
China enhances military support to Pakistan along LoC in Kashmir
This move is seen as part of efforts to strengthen China's ties with Pakistan and safeguard Chinese investments in Pakistan-occupied Kashmir, particularly related to the China-Pakistan Economic Corridor (CPEC).
Monsoon prep: Thane civic body identifies more than 4,000 dangerous, dilapidated buildings
Thane Municipal Corporation identified 4,297 dangerous buildings in Thane city. Some structures need to be vacated and demolished for safety measures.
Hotel industry clocks 11 pc annual growth in revenue per available room during Jan-Mar: Report
India's hotel industry saw an 11% rise in revenue per available room in Q1 2024, with Chennai leading at 21.7%. The growth was driven by an 8.5% rise in Average Daily Rate, fueled by corporate travel, weddings, and MICE demand.
Indian hospitality sector witnesses 11.4% YoY RevPAR Growth in Q1 2024: JLL
In the first quarter of 2024, the Indian hospitality sector experienced positive growth, with a significant increase in Average Daily Rate (ADR) driving Revenue Per Available Room (RevPAR) up by 11.4% compared to the same period in 2023. This growth was fueled by a rise in corporate travel, weddings, and MICE demand. The sector also saw a 5.5% increase in RevPAR from the fourth quarter of 2023, supported by strong occupancy levels and ADR growth. The outlook for the sector remains optimistic, with continued growth expected in the second quarter driven by business travel and leisure demand.
Alice Munro, Nobel literature winner revered as short story master, dead at 92
A spokesperson for publisher Penguin Random House Canada said Munro, winner of the Nobel literary prize in 2013, died Monday at home in Port Hope, Ontario. Munro had been in frail health for years and often spoke of retirement, a decision that proved final after the author's 2012 collection, "Dear Life."
Railway minister contradicts Kerala Cong's claim, says Vande Bharat's occupancy is 98 per cent
Ashwini Vaishnaw challenges Kerala Congress's 50% Vande Bharat occupancy claim, proving it's 98%. IRCTC data analysis shows economic disparities in access. Vande Bharat's popularity is evident with over two crore travelers by March 31 this year.
5 PSU stocks give 5-15 times returns in Modi's 10-year rule; 17 turn multibaggers
ETMarkets analysis shows significant returns by PSU stocks during the last decade of the Modi government, with Bharat Electronics Limited (BEL) leading with remarkable growth.
Hinduja Group’s GOCL Corp to monetise 264.50 acres in Hyderabad for Rs 3,402 crore
GOCL Corporation Ltd, part of the Hinduja Group, has partnered with Squarespace Builders to monetize 264.5 acres in Hyderabad, bringing in over Rs 3,402 crore. They are also developing land with Hinduja Healthcare, and funds will be used for future growth, including a Bengaluru IT project.
Centre not owner of enemy properties, can't seek exemption from paying civic taxes: SC
The verdict was delivered by a bench comprising Justices BV Nagarathna and Ujjal Bhuyan on Thursday on an appeal of the Lucknow Municipal Corporation against an Allahabad High Court judgment holding that the civic body cannot seek property taxes from the assessees who are in occupation of an enemy property.
Industry occupancy to be at decadal highs in FY25, ARRs to inch towards FY28 peak this fiscal
The hospitality industry is poised for robust growth in fiscal year 2025, with occupancy rates expected to reach highs not seen in a decade. Average room rates are also projected to approach peak levels from fiscal year 2008. Factors driving this growth include strong demand for leisure travel, brand preferences, corporate MICE demand, and religious tourism. The outlook remains positive in the medium term, supported by infrastructure development, India's economic progress, and evolving consumer preferences favoring experiential travel.
Suits & Sayings: Weekly roundup of the quirkiest office gossip from corporate corridors and beyond
Here is a weekly feature offering a humorous yet insightful roundup of the most intriguing whispers and murmurs circulating within corporate corridors and policy parlours. Each edition provides readers with a peek into the latest gossip, speculation, and noteworthy developments, providing a blend of entertainment and industry insights.
Old is gold, but new-age cos prefer younger CEOs
Deloitte India's recent decision to send 35 senior partners above the age of 55 has sparked debates about ageism in India. However, data indicates that below-40 executives often run the show at new-age companies and startups, with large and complex firms relying on battle-hardened corporate veterans who have negotiated multiple business cycles. In NSE-500 companies, a typical Indian CEO today is 57 years old, similar to data on C-suite occupancy for Fortune-500 firms.
NCRTC brings policy to rent out RRTS stations, trains for film shoots, events
The National Capital Region Transport Corporation (NCRTC) has introduced a policy allowing the rental of Regional Rapid Transit System (RRTS) trains and premises for film shootings, documentaries, and commercials. The move follows the inauguration of the RRTS, India's first, by Prime Minister Narendra Modi in October
Hotel occupancy surge in Shimla, Manali; record 28,210 vehicle cross Atal Tunnel in one day
The opening of the Atal Tunnel has driven hotel occupancy in Shimla and Manali to 90%, with a record 28,210 vehicles crossing the tunnel in a single day. The surge in tourists followed snowfall at the tunnel, and hoteliers are optimistic about continued high occupancy. The local Meteorological Office predicts rain and snow in the region at the end of the month, and the Manali Carnival from January 1 to 6 is expected to further boost tourist arrivals.
Green Shoots: Sustainability now part of corporate agenda for Indian tech companies
For tech companies in India, sustainability is now part of corporate agenda. So accordingly, apart from their products, the likes of Intel and SAP Labs have also invested in green campuses
Trade unions demand govt expedite rescue operations at Silkyara Tunnel
The joint platform of 10 central trade unions have reiterated their demand to the government to withdraw the Code on Occupational Safety, Health and Working Conditions, 2020, saying it will weaken safety measures existing at present on the premise of ease of doing business
Indian hotel industry at a sweet spot; to witness decadal-high occupancy of 70-72% in FY2024: ICRA
ICRA predicts that pan-India premium hotel occupancy will reach 70-72% in FY2024, with average room rates ranging from Rs. 6,000-6,200. The domestic leisure travel's sustainability, increased MICE, business travel, improved consumer sentiments & consistency, strong corporate performance, and increasing domestic air passenger traffic boost travel and hotel demands, said ICRA. According to the company, the industry will experience a 13-15% revenue growth rate in FY2024.
524 buildings declared dangerous in Navi Mumbai, occupants asked to vacate
The Navi Mumbai Municipal Corporation has declared 524 buildings under its jurisdiction as dangerous after a detailed survey in the city limits, the civic body said on Thursday. Out of these buildings, 61 fall in C-1 category (most dangerous, unfit for occupation and require immediate demolition), 114 are in C-2A category (need to be vacated and structural repairs required), 300 in C-2B (need repairs without vacating) and 49 in C-3 (need minor repairs), Navi Mumbai Municipal Commissioner Rajesh Narvekar said in a release.
Premium hotels to set decadal high occupancy rates, ARRs this fiscal
The premium hotels sector is expected to see strong growth in the current and next fiscal year due to the continued recovery of the economy and the easing impact of the Covid-19 pandemic. According to CRISIL Market Intelligence & Analytics, factors such as revenge travel, leisure, corporate events, and MICE activities are contributing to the recovery.
Implementing labour reforms, expanding social security coverage for informal workers to be focus areas in 2023
With India set to host G-20 leaders' summit for the first time next year, the Union labour ministry will also pursue key employment-related agenda touching upon global skill gaps, gig and platform economy, sustainable financing of social security schemes and other issues.
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