Residential sales in top seven cities up 68% year-on-year in 2022: Report
Bengaluru and Mumbai jointly led the annual sales in 2022 as they clocked more than 46,000 units (22% share each) followed by Delhi NCR at 38,000 units (18% share).
Bengaluru and Mumbai jointly led the annual sales in 2022 as they clocked more than 46,000 units (22% share each) followed by Delhi NCR at 38,000 units (18% share).
Bengaluru with a 23.7% share retained its leadership position accounting for the highest net absorption for the calendar year 2022, with Hyderabad close behind in the second spot.
The financial major will be paying a lease of over Rs 340 crores throughout the lease term for a total 86,200 sq ft office space on 39th and 40th floor of the upcoming tower Altimus being developed by K Raheja Corp.
The firm is expected to pay total rentals worth over Rs 285 crore over the tenure of the lease based on monthly rentals of Rs 220 per sq ft, including common area maintenance charges.
As per the data, the institutional investments in the office segment of real estate rose to USD 652 million in April-June 2022 from USD 231 million in the corresponding period of the previous year.
Net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied.
The new facility, currently under construction, is designed to accommodate over 6,000 employees.
The office tower, which is part of Mindspace business park’s first phase, is currently under development and is expected to be completed in the next 3-4 months when the bank will start its fit-out work.
The real estate sector has attracted investments worth $943 million during the quarter led by the office segment and a comeback of retail real estate, showed a JLL India report.
The local developer has bought the office space on 6th, 10th, 11st, 12th and 14th floor of one of the towers of the commercial development at Rs 11,627 per sq. ft. on carpet area basis, which is in line with the ongoing property rates in the vicinity.
According to an Expression of Interest (EoI) floated by the RBI, the acquisition of office premises is proposed on a long-term lease basis for a minimum 40,000 square feet carpet area located in and around BKC within a radius of 5 km from its BKC office.