Bandra Kurla Complex second most pricey office space
Feb 23, 2014
Source : The Times of India


MUMBAI: The commercial business district of the Bandra-Kurla Complex (BKC) has emerged as the second most expensive office location in India and eighth in the Asia Pacific region.

Delhi’s Connaught Place, which tops the national list, however, dropped four notches to number eight on the global charts from last year.

The annual survey of the most expensive office locations released by global property consultant Cushman & Wakefield on Tuesday has London’s West End reclaiming its numero uno position. The report ranks locations across Americas, Europe, Asia Pacific, and Middle East & Africa to compare the most expensive office destinations across the world.

BKC with rentals of Rs 285 a sqft a month has remained stable in terms of rental values over the last year due to a large upcoming supply. It is estimated to add approximately 33 lakhsqft in the next two years. “This is also expected to ensure that values remain at their current levels for a few more quarters,” said the report. “Demand for office space in BKC has been driven by front office operations of banks and financial services institutions, consulting, government and semi-government organizations. With an increased trend of consolidation, relocation and collocation being observed in the office sector, demand is expect to remain positive albeit at similar rental values.”

Connaught Place fell from the fourth to the eighth rank on the global list due to an appreciation in US dollar and euro against the Indian rupee last year. “This caused a shift in New Delhi’s position in terms of global occupancy costs when measured on a dollar or euro basis,” said the report. Connaught Place commands stable rentals of Rs 403 a sq ft a month.

“Limited activities in the location has led to the rentals remain stable and may continue at similar levels as the market may have reached its peaks rental, backed by the still prevalent and positive demand for office space in the area,” it said.

The location continues to remain high on priority for sectors such as BFSI, consulting, trade and media. The survey said that demand for quality space in Connaught Place continues since it is the oldest established office centre in India. It is also in proximity to other establishments like government organizations, trading centers and retail location.

London’s West End emerged as the world’s most expensive office market retaining its position ahead of Hong Kong in second place. Of the top 10 markets, only London (+5%) and New York (+17%) registered a rise in rental values, while most other top 10 markets recorded a slowdown in rental values. Moscow and New Delhi recorded no changes in rental values.

Latest Realty News

Topics related to real estate, parking top GB clearance list
Feb 24, 2014
THANE: The city planners have approved a sweeping set of parking-use and construction rules that could change the face of Thane. The civic general body on Thursday passed without an iota of discussion sweeping changes to underground parking rules, guidelines governing permissions for temporary construction, offering of transferable development rights (TDR) for green zone, removing cap on loading of TDR, and finally removing restriction on internal changes allowed in a flat.
Rs 403-crore property tax still due
Feb 24, 2014
PUNE: Civic body-appointed brass bands will need to play louder next fiscal. The Pune Municipal Corporation has not been able to recover Rs 403 crore pending property tax despite its many efforts. At the general body meeting, the administration in a written reply to the elected members stated that property tax worth Rs 403 crore has to be recovered from the defaulters in 2014-15.
Corporators slam department for poor tax collection
Feb 24, 2014
KOLHAPUR: Corporators of the Kolhapur Municipal Corporation (KMC) on Thursday came down heavily on the property tax department, which has managed to collect just 50% of its target, just 50 days before the start of the next financial year.
Aurangabad Municipal Corporation to focus on wards A, C for tax collection
Feb 24, 2014
AURANGABAD: In a bid to improve its tax collection figures, the Aurangabad Municipal Corporation (AMC) is focusing on wards A and C where the collection has been low as compared to other wards. The civic body is also planning to deploy additional staff in these two wards.
Uproar over property tax hike plan
Feb 24, 2014
AURANGABAD: The civic body's proposal to hike property tax by 21.5% might run into rough weather with many corporators gearing up to oppose the plan at Monday's standing committee meeting.
Property tax offices to remain open on Sat, Sun in March
Feb 24, 2014
THANE: Property tax offices under the North Delhi Municipal Corporation will remain open on all Saturdays and Sundays in March to facilitate tax payment transactions, the municipal body said today.
Thane Municipal Corporation budget proposes 2% surcharge on Property Tax
Feb 24, 2014
THANE: Thane Municipal Corporation in its Rs 2166 crore Budget (2014-15) today has proposed a 2 per cent surcharge on property tax to finance 'Shelter Fund' which is aimed at constructing tenements for residents of dilapidated buildings.
‘Govt should protect early flat buyers from unfair developers’
Feb 24, 2014
MUMBAI: Rogue developers around the city are making a killing while victimizing people who book their flats early. In Bandra (West), a developer recently refunded money to buyers who booked flats three years ago. The building, located in a bylane, had already reached up to the eighth floor. Market sources said the developer may sell the project to another builder, while purchasers are left in the lurch.
Navi Mumbai residential market: New nodes in the making
Feb 24, 2014
NAVI MUMBAI: DENNY SIMON as the older nodes of Navi Mumbai get saturated, residential development has moved towards extended locations such as New Panvel, Kamothe, Kalamboli, Ulwe, Uran and Khandeshwar. The growing demand for residential units has seen a steady price rise in most of these locations, the major reason being the planned infrastructure development in the city. Further, due to the successful execution of infrastructure projects, prospective buyers have more confidence in the executio
Private equity funds returning to realty space again
Feb 24, 2014
MUMBAI: Optimistic about the revival of economy after Lok Sabha elections, foreign and domestic private equity players are now returning to Indian real estate sector, but with caution and will focus on top six-seven cities, say industry experts.

Latest Realty News Of State

Realty Talk's