Search results matching tag 'office space'

Ozone launches IT Park on Hosur Road (Bangalore)-Ozone Manay Tech Park

233134 — Fri, 31 Aug 2007 12:12:00 GMT

Ozone Group, the Bangalore based property developer, has announced the setting up of a state-of-the-art tech park on Hosur Road in Bangalore.The IT Park has gone live with one leading IT company taking a 50,000 sq ft space. Bookings are now open for IT and BPO companies looking for expansion in Bangalore.

The 5,50,000 sq ft-Ozone Manay Tech Park, can house over 4,000 IT and BPO professionals. The IT Park has provision for utility services like cafeteria, convenience stores, ATMs, health club and gymnasium. Another highlight of the Ozone tech park is its rooftop swimming pool. Also, the IT Park provides for 24 hour-housekeeping and security services. It is at a distance of about 10 kms from the airport. It has a car parking bay that can slot over 500 cars within the campus.

Sanjay Khosla, Sr VP- Marketing, Ozone Group, said, “We are on an aggressive growth path this year. We are targeting the midsized IT and BPO companies who are looking at aggressive infrastructure expansion in Bangalore. As part of our expansion in Bangalore, we are also currently in the process of acquiring another huge property in the city.”
Source: Deccan Herald, Friday, August 17, 2007

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(Although the News is old, I wanted to share this with you)

Heritage Foods to open 30 "Fresh@" retail stores in Bangalore

475368 — Fri, 30 Mar 2007 06:17:00 GMT

Hyderabad-based dairy products firm, Heritage Foods announed plans to set up at least 30 retail stories under the brand - `Fresh@` - by the end of 2007 in Bangalore, a part of it Rs 1.5 billion plan to invest in retail operations in South India, reports Business Standard.
On Thursday, the firm announced, opening of retail stores in Indiranagar, Jayanagar and Basaveshwaranagar localities of the city.

Nearly 40% of the space dedicated to fresh fruits and vegetables, rest will go towards daily home needs. It is also launching stores in Chennai.

The company, intends to have 100 stores equally distributed in Hyderabad, Bangalore and Chennai by the end of 2007, holding considerations expanding to tier two cities.

The firm launched free home delivery service through its Heritage milk agents. A dedicated call centre and an e-portal will be launched to bring the convenience of shopping to the customers` doorstep.

Heritage Retail, procures vegetables and fruits from farmers in Chittoor district (Andhra Pradesh), Karnataka and Tamil Nadu.

Source:Source: IRIS NEWS DIGEST (30 March 2007)

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Hamburg based Union Investment Real Estate AG in talks to buy India Builders Corp’s IBC-Knowledge Park

475368 — Fri, 23 Mar 2007 07:54:00 GMT

BANGALORE: Hamburg-based real estate investment management company, Union Investment Real Estate AG, which manages assets worth over e13.2 billion globally, is in talks to buy out the Bangalore-based India Builders Corp’s Knowledge Park which is located on Bannerghatta Road Near Diary Circle, partly or in whole, for an undisclosed amount, sources say.

According to IBC’s website, the 14 acre Knowledge Park is valued at Rs 380 crore. Union Investment has already sent a letter of intent to the promoters of IBC Knowledge Park. This could mark the German’s major real estate player foray into India.

When contacted, Smita Ramakrishna, an official of IBC, confirmed the development but refused to give more details. The park is located on Bannerghatta Road, 5 km from Bangalore. With over 1.4 million sq ft of commercial space, the project houses the offices of Accenture and Oracle.

Union Investment plans to enter India through its Singapore subsidiary Deutsche Immobilien Fonds AG (DIFA). DIFA was formed to aid Union Investment’s penetration into Asian growth markets.

“The real estate major is looking at commercial as well as mixed-use property development opportunities in India. Apart from investing in real estate projects in the country, the company could launch its real-estate brokerage service as well,” said a source. An email to Union Investment remained unanswered.

Investments in city-centre office space and business parks are the mainstay of DIFA’s investment strategy. In addition, DIFA is increasingly investing in shopping centres and business hotels. DIFA opened its regional office in Singapore in December 2006. The company, then had commented that it is looking at growth markets such as China and India.

The company currently manages five funds for private and institutional investors, comprising some 230 properties and projects in Europe, the Americas and Asia. Within the commercial real estate market, Union Investment Real Estate AG is active as an investor and project property developer, landlord and property seller.
Source: Economic Times
http://economictimes.indiatimes.com

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Service Tax On Lease Rentals Causes Worry To Realty Sector

233134 — Mon, 12 Mar 2007 08:41:00 GMT

The finance minister's Budget proposals for the real estate sector has evoked a mixed reaction. Inclusion of lease rental income from commercial business in service tax net may have a marginal negative impact for companies in commercial segment as lease rental agreements have provisions for tax increases. However, in the longer run companies may not be able to pass through these tax increases. Moreover, extending service tax on rentals received from immovable property could really be counter productive. Mr Pranay Vakil, chairman, Knight Frank said, “It is possible that the tenant/occupant may refuse to pay the service tax at 12.5pct of the rent and the owners may be required to absorb this increase. This will lower the owners' yield significantly and a typical investor may be driven to divert his investment to other asset classes than real estate. Also the domestic real estate venture capital funds that have already put money into income yielding assets will suddenly find the income going down by 12.5pct." Edelweiss Research in its analysis, observed that non-extension of benefits under section 80IB has been negative for the real estate sector. Company NAVs would get revised down. Profit & Loss impact would be felt only later, as most developers get approval for their projects from local authorities 2-3 years in advance.
The Financial Express New Delhi Edition March 3 2007

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Office And Mall Space Gets Dearer By 15-20pct

233134 — Mon, 12 Mar 2007 08:36:00 GMT

The office and mall space has just got dearer by 15-20pct and your home by a further 20pct. Terming the budgetary provisions, if any, for the real estate sector as bordering on the ‘ridiculous’, property pundits feel that the extension of service tax by the Union Budget 2007-08 to renting of immovable property for use in commerce or business is bound to be passed on to the tenant. The tax, however, excludes residential properties, vacant land used for agriculture and similar purposes, land for sports, entertainment and parking purposes and immovable property for educational or religious purposes. Adding to the burden will be a further 2pct service tax on construction. The tax has been levied on services involved in execution of a works contract with an optional composition scheme under which tax will be levied at 2pct of the total value of the works contract.
The Financial Express New Delhi Edition March 1 2007

Bangalore Office Spaces in the making

Commercial property rentals in Whitefield, Bangalore soften

233134 — Sun, 25 Feb 2007 11:48:00 GMT

Bangalore, India, February 23, 2007 - Office space in Bangalore's IT suburb of Whitefield can be rented cheaper now than a year ago thanks to an oversupply situation in the area.

Rentals for Grade A properties in Whitefield are now around Rs.20 per sq.ft today versus Rs.20 per sq.ft a year ago. Even in ITPL rental values are going down.

According to real estate sources, while supply in Whitefield is around 6 million sq.ft, demand is almost 4 million sq.ft lower, creating a huge oversupply situation. There is also pressure from new IT centers such as Sarjapur Road and Old Madras road that are better connected. Though the state government is considering a plan to extend the metro rail project to Whitefield and Madivala, this is at best years away.

The softening rental market in Whitefield offers lessons to scores of other areas across the country where huge supply of commercial space is being created without adequate demand.

By INRnews Correspondent Source www.inrnews.com

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Dawnay Day to invest $1.5 bn in Indian realty, Enters JV with Bangalore Based Firm

233134 — Sun, 25 Feb 2007 11:45:00 GMT

Mumbai, India, February 22, 2007 - UK-based investment firm Dawnay Day International plan to invest $1.5 billion in Indian realty over the next few years. Areas of interest include residential developments, townships, and warehousing.

Dawnay Day which has a property portfolio of over $5 billion globally is reported to have entered into a JV with a Bangalore-based firm to develop retail and office space on a 16-acre site at an investment of Rs.400 crore.

Soucre www.inrnews.com

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Bangalore (Bengalooru) Stands First In Commercial Space Absorption In India

233134 — Wed, 07 Feb 2007 12:57:00 GMT

According to Cushman and Wakefield, a real estate research firm, Bengalooru (Bangalore) occupied the first position i.e. 33.75pct, of the 40 mn sq ft of commercial space leased or committed in India last year. Second stood the NCR comprising Delhi, Gurgaon, Noida, Ghaziabad and Faridabad that recorded the highest growth of 100pct in 2006. Chennai, with a total uptake (commitments and absorption) of 6.5 mn sq ft stood third. Mumbai was Chennai's nearest competitor with 5 mn sq. ft. At number five, six and seven were Hyderabad, Pune and Kolkata, respectively, with 3 mn sq ft., 2.6 mn sq ft. and 1.5 mn sq ft. It's been noticed that for the last few years, the NCR market has been led by IT & ITES sector, especially in Noida & Gurgaon and Delhi that has attracted non-IT and ITeS segment because of the central business districts.
The Financial Express New Delhi Edition January 25 2007
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"Going Green" Buzz Word With The Corporates

233134 — Wed, 07 Feb 2007 12:55:00 GMT

With the explosion in retail and realty boom in India, 'going green' is going to become a buzz word with the corporates and end-users alike. The $6 bn Trane India, that provides heating, ventilating and air conditioning products (HVAC), is eyeing at least 30 pct growth in the next few years, informed Mr Sanjeev Seth, Mkg Mgr, North & East India of Trane. Each Trane system is designed to meet specific needs of customers who want heating, cooling dehumidifying and air cleaning systems for residential, commercial, institutional and industrial applications. "In India, green building requirement is expected to increase to $4,000 mn by 2010, and the shift these days is also towards energy efficiency to control global warming," added Mr Seth. According to industry demands, acceptable indoor air quality (IAQ) is much more than providing 15 cfm of outdoor air per person. It is the result of proper HVAC system selection and design, specification of equipment and furnishings, along wit! h proper building operation and maintenance.
Business Standard New Delhi Edition January 23 2007

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Office absorption in Bangalore surpasses previous record

233134 — Thu, 28 Dec 2006 11:04:00 GMT

New research issued by global real estate adviser DTZ has revealed that the Grade A&B leasehold office space absorption in Bangalore crossed 8.9 million sq ft in the first three quarters of 2006.

Its latest research report into the change in occupied space from one quarter to the next in Bangalore also predicts total absorption for the city to exceed 11 million sq ft by the end of 2006, surpassing its own previous year’s absorption record.

The report's key findings include:

The office market absorption continues to be driven by IT/ITES sector which accounts for over 70% of total office space absorbed in this quarter
A marginal increase recorded of CBD and Off-CBD’s share in total absorption of office space because of new stock addition of UB City in CBD
Warmshell leasehold Grade A office space rentals prevailing in CBD are INR 61 per sq ft
Rising demand from corporates and IT/ITES sector has lead to an increase in rental values across most micromarkets of Bangalore except in PBD (Whitefield, Outer Ring Road, Sarjapur Road, Hosur Road, Electronic City and Bellary Road)
Rentals in SBD (suburban areas) range from INR 36-40 per sq ft and have risen by 18% during the last quarter

Hugh Hamilton, global corporate services director of DTZ in India comments: "The absorption figures for Bangalore are the highest in India and compare well with other global cities. PBD contributed the most to office space absorption over the last two quarters and going forward, the CBD and the Off-CBD areas are not expected to contribute significantly due to the lack of Grade A office space supply there."

News Source-INR News www.inrnews.com