Office space allotted to its functionaries at the Congress headquarters on 24 Akbar Road has, over the years, emerged as a reliable yardstick to measure a leader's standing in the party hierarchy, says Anita Katyal.
The top court had on March 4 directed the party to vacate its office by June 15 after noting that the plot was allotted to the Delhi high court for expanding judicial infrastructure.
The overall physical presence of life insurance companies in Tier-II and Tier-III cities increased in FY23 compared to a year ago period on account of the higher impetus given to financial inclusion by the government and insurance regulator, as well as recovery from the Covid-19 pandemic, according to the latest data released by the Insurance Regulatory and Development Authority of India (Irdai). It is the first time that there has been growth in the number of offices since the financial year 2019-20.
The aggregate value of private equity (PE) deals in Indian real estate has declined nearly 30 per cent to $3.6 billion in 2023-24 (FY24) as compared to $5.1 billion in FY20, according to a report released on Monday.
The Maharashtra government has become the owner of iconic Air India building with the Union government approving transfer of the asset on Thursday. The Maharashtra government bought the Air India building at Nariman Point in Mumbai for Rs 1,601 crore. "GoI has approved transfer of Air India building, Mumbai of AI Assets Holding Company Ltd (AIAHL) to Government of Maharashtra (GoM) at consideration of Rs.1601 cr. GoM has agreed to waive dues of Rs. 298.42 cr, which would have been otherwise payable by AIAHL to GoM for this transaction," DIPAM secretary Tuhin Kanta Pandey said in a post on X.
'By integrating data, research, and new insights, we are designing work environments that foster innovation, collaboration, and wellbeing.'
India's real estate market is poised for growth across categories - residential, commercial, and rental. Currently valued at Rs 24 trillion, or about $300 billion, it is projected to surge to $1.3 trillion by 2034, and then grow further to $5.17 trillion by 2047, indicates a report by the Confederation of Real Estate Developers Associations of India (Credai).
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
Tata Realty and Infrastructure, a subsidiary of Tata Sons, is looking to expand its business with over 50 projects across major cities in India, Sri Lanka, and the Maldives. The combined projects boast a development potential exceeding 51 million sq ft, according to a top executive. The Mumbai-based real estate major has completed the first phase of project developments in Male (the Maldives), and is gearing up for the second phase. It has also expanded its footprint in Sri Lanka and plans to add about 2 million sq ft. in Colombo.
'There has been a huge shift. Consumer needs and requirements have changed, and differ from city to city.'
'We want to prove to the world that they will get the best code written from a small place like Wayanad.'
The demand for flexible office space is emerging as India's top short-term portfolio strategy, as 47 per cent of companies want to increase its use over the next 12 months, according to a survey by property consultant CBRE. Flexible office space is a workspace designed to provide employees with a variety of different places and ways to work. These spaces can be easily modified to fit the needs of any new project or role.
Maharashtra government on Wednesday decided to acquire the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore. The decision was taken at a meeting of the state cabinet in Mumbai. The meeting, chaired by Chief Minister Eknath Shinde, also decided to waive off around Rs 250 crore unrealised income and interest on the property, an official said.
From installing water-saving aerators on taps to using cans for washing hands and dishes, Bengaluru is adopting diverse strategies to tide over the water crisis. While several citizens have taken to social media to urge Karnataka Chief Minister Siddaramaiah to make work from home mandatory for IT companies, it appears that hybrid mode will continue to be the norm for most - although with new water conservation measures in place. Co-working space provider Urban Vault has, for instance, installed smart water meters to detect leakage.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
Corporates want close-knit, all-encompassing and swanky offices.
The sale of mid-segment homes in India has overtaken affordable ones in the first half of calendar year (CY) 2023, a report released on Tuesday showed. It is despite the increase in residential prices in all the major cities in India. The share of premium homes has also gone up during the period.
Global market for office rentals grew three per cent in 2011, up from just one per cent the year before, according to property consulting firm Cushman & Wakefield.
'There are multiple ups and downs.' 'You should be able to withstand all that.' 'You need to have the temperament to run a marathon.'
After agonizing over this for weeks, he made a decision. When they met after work one evening, he startled her by blurting out, 'I think we should break up.' A moving excerpt from Chitra Banerjee Divakaruni's An Uncommon Love: The Early Life of Sudha and Narayana Murthy.
Bengaluru recorded the highest green building stock at 140 million square feet, followed by Delhi-National Capital Region at 74 msf, and Hyderabad at 72 msf for Grade A office buildings as of September 2023.
The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high, he said.
A newly opened building in the diamond hub of Surat in Gujarat has surpassed the Pentagon as the world's largest office building, according to a report in CNN. Surat Diamond Bourse, billed as a "one-stop destination" for over 65,000 diamond professionals, including cutters, polishers and traders, will welcome its first occupants in November, the report said. It features a succession of nine rectangular structures spilling out from - and interconnected via - a central "spine", and the sprawling 15-storey complex has been built across more than 35 acres.
The Indian office real estate market, which had recovered significantly in early 2022, began to slow down in the latter half due to macroeconomic problems in the developed world. Rental yields are likely to be stable at best in FY24.
Coupang, a prominent online retail giant headquartered in the United States (US), is gearing up to establish a cutting-edge technology centre in India, aiming to hire several dozen skilled professionals by the end of the year, Business Standard has learnt. The intended expansion involves the recruitment of software engineers across various domains, underscoring Coupang's commitment to extend its global reach. The Indian team will support the company's global technology team, sources said.
As global and domestic economies continue to flounder, vacancies at many existing and new commercial properties across India's commercial capital have risen to 30-50 per cent levels from 14-15 per cent in 2009.
Residential house prices have only risen since the pandemic.
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
Private equity (PE) investment in real estate declined 5 per cent year-on-year in April-June to $1.9 billion because of high interest rates, according to Anarock. PE inflows stood at $2 billion in the year-ago period. Real estate consultant Anarock has come out with a report titled 'FLUX Q1 FY24 Market Monitor for Capital Flows in Indian Real Estate'.
The BSE Realty index on Monday soared 4.3 per cent-most among the 19-sectoral sub-indices-buoyed by the proposal to formalise fractional ownership of real estate in the country. The Securities and Exchange Board of India (Sebi) on Friday issued a discussion paper proposing to regulate online platforms offering fractional ownership in real estate, a model already popular in countries such as the United States and UAE.
The Securities and Exchange Board of India (Sebi) has for the first time proposed to regulate online platforms offering fractional ownership in real estate, a model already popular in countries like the United States and UAE. In a consultation paper floated recently, the capital markets regulator stated that such fractional ownership of real estate assets was proposed to be brought as MSM (micro, small, medium) REITs under Sebi (Real Estate Investment Trusts) Regulations. This model allows investors to own a fraction or a small share in a real estate asset like buildings and office spaces, which could include warehouses, shopping centres, conference centres.
Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
The Supreme Court-appointed Justice Gita Mittal committee, set up to oversee relief and rehabilitation of the victims of ethnic violence in Manipur, on Monday submitted three reports highlighting the need for reconstruction of identity documents, upgradation of compensation and appointment of domain experts to facilitate its functioning.
Net office leasing rose by 8 per cent to 5.85 million square feet in the July-September period of this calendar year across seven cities on better demand from corporates and coworking operators, according to JLL India. Property consultant JLL India attributed the rise in net absorption to various factors such as better awareness about coronavirus, preparedness along with mass vaccination drive and unlocking of economy has aided in the revival of the office market. Net absorption or leasing includes fresh leasing in completed buildings and pre-commitments in buildings that become operational during the time being reviewed, and excludes exits/terminations, churns, renewals, and pre-commitments in future supply.
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