Office space deals down 30 per cent in Kolkata: Research
Oct 27, 2015
Source : ET


KOLKATA: Office space transactions in Kolkata fell by 30% from the last quarter. According to the Research and Forecast Report by Colliers International, the recorded office space transaction volume stood at 0.2 million sq ft in the third quarter of 2015. 

"We have not seen any major office developments being completed barring a mixed use project at Acropolis Mall, which has an office component of about 0.35 million sq ft," said Surabhi Arora, associate director, research, Colliers India. "Low demand kept the developers cautious in starting new projects, thus no new commercial, Grade A project / parts of the project was launched during the quarter," she added. 

Less congestion and availability of Grade A space in Salt lake sector V and New Town were the first choice for occupiers that included corporates from the pharma, IT/ITeS and BFSI sector. 

Notable deals signed during this time included leasing of about 70,000 sq ft office space in Martin BurnBSE 5.00 % Business Park by Cerner Corporation, followed Capgemini leasing out 30,000 sq ft office in Infospace and Serco Global leasing another 20,000 sq ft in Godrej Water Side. Leasing apart, Veheretech IT Solution bought 10,000 sq ft in PS Srijan Corporate Park. 

Rentals saw 4% quarter on quarter increase in Sector V, Salt Lake and New Town only. There is no expected change in the rental market too as MNCs and major IT/ITeS firms continue to keep a distance from the Kolkata market. 

Also, according to experts the volume of new office development will remain low in the coming quarters, as builders are focusing to complete their small scale projects under construction. 

Latest Realty News

Oct 27, 2015
Mumbai: Housing Development and Infrastructure Ltd (HDIL), a leading Mumbai-based real estate developer is all set to launch two mega projects in Virar (East) and Ghatkopar (East). The company will launch the first phase of its affordable housing project 'Planet HDIL' – mega smart city in Virar (East), this Diwali and another two luxurious projects in Ghatkopar (East), by end of 2015.
Oct 27, 2015
New Delhi: In cases of sale of flats, transfer of title after the issuance of occupancy certificate will not attract service tax, the Finance Ministry said on Monday.
Oct 27, 2015
PUNE: On a humid weekday afternoon last month, Sunil Thube wiped his brow, sipped his tea, and glanced every few seconds at his iPhone ringing impatiently. He answered a couple of calls and gave updates on land deals he was working on.
Oct 26, 2015
NASHIK: The Confederation of Real Estate Developers' Association of India (CREDAI) has decided to conduct business to business (B2B) meetings with real estate brokers in Nashik and Mumbai in a bid to boost real estate sector in Nashik, which has been passing through a phase of recession.
Oct 26, 2015
Bhubaneswar: Real estate developers in the state are pinning hopes on the state’s new housing policy combined with the recent Reserve Bank of India(RBI) decision to increase loan to value(LTV) ratio to revive the sluggish housing market in the festival season.
Oct 26, 2015
The iconic Lincoln House in Mumbai was recently bought by industrialist Cyrus Poonawalla for Rs 750 crore. The 50,000 sq. ft property had been leased to the US government by Pratabsinhji Jhala, the Maharaja of Wankaner, for a sum of Rs 18 lakh in 1957. In the past 58 years, its value has grown 4,000-times at an annual growth rate of 15.45%. Most people infer that the property has given astronomical returns. Has it?
Oct 26, 2015
New Delhi: The Centre would hold discussions with the state governments about measures being taken to promote affordable housing projects for the Economically Weaker Sections (EWS) and Low Income Groups (LIG).
Oct 24, 2015
BENGALURU | MUMBAI: Private equity and venture funds' appetite for India's real estate portals and related startups has not waned despite sales in the sector winding down, industry data shows. The segment has attracted nearly $250 million, or over Rs 1,600 crore, in investments in the last 18 months mainly from Helion Ventures, Nexus Venture Partners, SoftBank Group, Accel India, Horizen Ventures, Qualcomm Ventures and Nirvana Ventures.
Oct 24, 2015
CHANDIGARH: The Haryana government has reduced the minimum land requirement to build townships from 100 acres to 25 in its new integrated licencing policy (NILP), which it unveiled on Friday.
Oct 24, 2015
Mumbai: Indians invested nearly $2 billion in the Dubai's real estate during the first half of this year.

Latest Realty News Of State

Realty Talk's