INDIA OFFICE RENTALS
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Apple set to lease office tower from Embassy Group in Bengaluru
Apple Inc leased an office tower in Bangalore with record rent. The site was previously a hotel near Bangalore Golf Club. Manufacturing operations expanded with Foxconn Technology Group and Tata Electronics, including a local supplier network and large facilities.
What is AIS, how to download it and how it helps taxpayers in ITR filing?
What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.
Commercial realty owned by single entity in demand
Investors in India's commercial real estate market favor single-owned properties for higher returns and operational efficiency. Abhishek Kiran Gupta, CEO and cofounder of CRE Matrix, emphasizes the quality difference between single-owned and strata-owned buildings, attributing it to centralised management and maintenance.
Single-owned commercial assets outperform strata properties across key India cities
These assets in pockets of key regions such as Mumbai, Bengaluru, Pune, Gurgaon, and Chennai have demonstrated rental yield advantages of up to 32%. For example, in Pune’s South West region, single-owned properties showed an 18% higher rental yield compared with strata properties, while in Chennai’s Southern Suburbs II, the difference was 32%, showed data from CRE Matrix.
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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Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
Gopalan Enterprises targets Rs 500 crore rental income over 4-5 years
Real estate developer, Gopalan Enterprises, part of Gopalan Group, aims to increase its office rental income to Rs 500 crore annually and could list its assets as a real estate investment trust (REIT) in the next four-five years, a senior company executive said.
Holiday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. Luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down.
Bosch leases 691k sq ft office space in Bengaluru for expansion
Bosch Global Software Technologies has leased 691,320 square feet of space in Bengaluru, India, to expand its operations. The property, located at Life Science Park in Electronic City, will seat around 8,000 employees and house the KPO operation under Robert Bosch. The lease is set to go live by the end of 2024. Bosch is a key partner in the global automotive industry and has the largest development centre outside Germany for end-to-end engineering and technology solutions.
Infra push, talent access helps satellite cities reshape India's commercial realty
India's commercial real estate landscape in satellite and tier II cities is undergoing significant transformation due to robust infrastructure development, strategic urban planning, talent availability, and lower cost of living. Cities like Navi Mumbai, Pune, Gurugram, Noida, and Hyderabad have seen extensive investment in road networks, metro connectivity, and digital infrastructure, making them attractive hubs for businesses.
Global capability centres lease 17% more space in FY24
Global capability centres (GCCs) increased their space usage by 17% in FY 2023-24, reaching 22.5 million sq ft, driven by engineering, BFSI, and technology sectors, according to CBRE. GCCs are a key driver in India's office sector, projected to lease 40-45 million sq ft by 2025, with India hosting over 1,900 GCCs.
Google leases 6,49,000 sq ft office space in Bengaluru
The company has lined up significant investments in the Indian market. This includes plans to manufacture smartphones at a Foxconn facility in Tamil Nadu and starting independent drone manufacturing in the state. Google aims to start production of Pixel smartphones in India, starting with the Pixel 8 model. Reports also suggest that the company is relocating some roles to India, a rapidly growing market.
GST relief for foreign airlines in the offing
India may exempt GST on services between foreign airline operators' head offices and local entities. The fitment committee is reviewing for a final tax exemption decision, considering maintenance services, rental costs, and hotel accommodation.
StayVista launches new luxury venture called Vieda
The company said the menu at Vieda properties will be crafted by the country’s best chefs, and will offer 'unlimited' meal options. Vieda by StayVista will launch with one single celebrity-approved home in Alibaug called Magnolia Villa.
Sanjiv Bhasin is bullish on these 7 stocks, recommends avoiding Zee
Sanjiv Bhasin suggests holding RattanIndia for further gains. His top picks include Embassy Office and Wipro, with potential gains to Rs 450 and Rs 700, respectively. Zydus and Lupin stand out in pharma, while Zee remains an avoid due to management issues.
Will prime residential assets remain the mainstream investment avenue for HNIs in India?
Real estate, long favored by India's affluent, served as an inflation hedge in a socialist economy. However, liberalization altered dynamics, shifting focus to financial assets as domestic real estate faced cyclicality amidst changing economic landscapes.
India’s office leasing demand likely to cross 70 million sq ft in 2024
Demand for Grade A office space leasing in India is expected to exceed 70 million sq ft in 2024, driven by increased rentals and larger deals in key cities like Bengaluru, Pune, and Hyderabad, with contributions from the IT/ITeS and BFSI sectors, Noida, and co-working spaces.
M3M to lease 1.5 million sq ft of commercial space in 2024-25
Company’s one-million square feet, International Financial Centre (IFC) at Golfcourse Extension Road is already 100% occupied while 700,000 square feet office space project, Urbana Business Park (UBP), is also has 75% occupancy.
Rentals across India’s key office markets up 4-8% in March quarter, Colliers
India's prime office markets witness 4-8% yearly rental rise driven by demand and quality supply, surpassing pre-pandemic levels in 2024. Occupiers across Asia Pacific are willing to pay more for superior offices. High-growth markets like MG Road Delhi and SBD1 Bengaluru show up to 20% rental growth. Flex spaces expand rapidly, constituting 15-20% of top 6 cities' office leasing.
Noida, Gurgaon, Bengaluru register around 30 percent rent hike, highest in India
Rental prices in 13 major Indian cities surged 16% year-on-year in the March quarter, with Greater Noida, Gurugram, and Bengaluru seeing the highest increases. Demand for rental units in the Rs 10,000 to Rs 30,000 range dominated, accounting for 42% of total demand. However, supply only increased marginally, leading to a mismatch between demand and availability. Abhishek Bhadra, Head of Research at Magicbricks, attributes the surge in rents to the resumption of office operations since 2022, offering higher yields to landlords.
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.
Rental soars across cities as employees returned to work; Bengaluru tops the list
Post-pandemic rental demand surge drives up rental values across Indian cities, with Bengaluru leading at 4.45% rental yield in Q1 2024, a 24% growth since pre-Covid 2019. Mumbai and Gurugram follow, reflecting 19% and 15% growth respectively. Average rental rates in key areas of top cities see a significant 4-9% rise.
India consumption story driving mall operators, warehousing players’ growth, ICRA
Though the net absorption was healthy in the first three quarters of this financial year, the vacancy levels rose by 100 bps to 20% as of December 2023 due to higher new supply, which has become operational recently and is yet to ramp up fully. ICRA expects the occupancy levels to sustain at 81-82% as of March 2024 and improve to 82-83% by March 2025.
DLF Cyber City applies for denotification of office space in SEZs
DLF Cyber City Developers (DCCDL), the rental arm of DLF, has applied for denotification of 1.1 million sq ft of office space in Special Economic Zones (SEZs) and plans to start leasing it by March end. The SEZ portfolio of DLF has a vacancy of about 16%, while the non-SEZ portfolio has a vacancy of only 3%. The government's amendment in SEZ rules in December 2023 allows partial and floor-wise denotification, benefiting IT and ITES companies. DLF has already applied for denotification and is working out the duty drawback payment with a chartered surveyor.
Kolkata's real estate market shows robust growth in 2023: Report
In the residential sector, Kolkata's real estate market witnessed a robust demand throughout 2023, driven by the continuation of the stamp duty rebate. A total of 14,999 residential units were sold, showcasing a significant 16 per cent growth in sales volume over 2022. This represents a notable recovery from a 10 per cent decline observed in 2022 compared to 2021.
Amitabh Bachchan leases 4 offices in Mumbai’s Andheri to Warner Music India
The tenant will be paying total rentals of over Rs 11 crore through the entire lease tenure. The lease will be operative starting from March 2024. ET had reported in September that Bachchan bought these four offices totalling over 12,000 sq ft built up and 10,800 sq ft carpet area for nearly Rs 29 crore. The tenant will be paying monthly rentals of Rs 170 per sq ft for the first three years and the lease agreement includes a clause to escalate rentals by 15% thereafter for the next two years taking it to Rs 195.50 per sq ft per month, showed documents accessed through Propstack.
Canada’s TD Bank's India HQ lease in Mumbai’s BKC sets new record
The Canadian multinational bank’s deal comes in the back of recent other leases in India's costliest office address. Few months ago, LinkedIn renewed its lease in the same complex at Rs 565 per sq ft per month, while Bank of China also leased office space at Rs 500 per sq ft a month. While the TD Bank lease is for over 1,600-sq-ft office, the rentals reinforce BKC and Maker Maxity’s status as the country’s most expensive office address, which was earlier held by CeeJay House on Dr. Annie Besant Road in Mumbai’s plush Worli locality.
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