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Demand Of Co –Working Spaces Doubles In Last Nine Months: Report

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According to a latest report by a real estate firm, flexible workspaces or co-working has contributed close to 13% in the total year-to-date Q3 office leasing, reporting a two times growth from last nine months of 2018. The report has been released by Colliers International recently.

The report states that the need for such workspaces and a collaborative work environment has increased demand for flexible office space for the second consecutive quarter.

Giving more information on the report, Karan Virwani, CEO, WeWork India said, “At the beginning of 2018, we set out with the aim to double our locations by the end of the year. We are well on our way to achieving this, and we plan to expand to booming cities such as Pune, Chennai, and Hyderabad by next year to reinforce this commitment.”

From last few years, with the rise in the prices of commercial property, the concept of flexible office spaces has gained a lot of momentum in the Indian real estate market. A survey which was released a few months back stated that co-working firms leased 19 lakh sqft in January-June 2018 as compared with mere 6.4 lakh sqft in the first half of 2017. In 2017, co-working took 5% of the leased space in the country.

The survey said that these days many startups and small companies prefer co-working spaces to conventional office spaces due to lower rentals. Hence, savings on operational costs and a more flexible work environment. A company can save as much as 30% on the operational cost alone.

Also, Co-working helps companies to save on other operational costs such as IT infrastructure, fitments, housekeeping, broadband connectivity etc. Some of the leading players who offer co-working spaces are, Wework, CoWrks, International Workplace Group that operates Regus and Spaces and Awfis.

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Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.



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Commercial

DLF Sells Nine Acre Land To American Express For Rs 300 Crore

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The DLF group recently sold a 9-acre land located in New Gurugram to American Express for approximately Rs. 300 crore. According to the sources, this is believed to be one of the costliest land deals in this locality. The selling cost is calculated to be nearly Rs. 32 crore per acre.

American Express plans to build a huge campus on this land parcel that is exactly situated in Sector 74A, known as New Gurugram, the sources said.

DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed about finalizing this deal.

A top official said that this transaction has set the standard of value of the land in the area close to Southern Peripheral Road (SPR) and NH-8 where the Haryana State Government has made a lot of effort to develop infrastructure.

Khattar said the company would extend all help to the government for the development of New Gurugram as it did for Gurugram.

DLF is already developing several projects in this part of the IT city.

Earlier in June, the DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.

This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF Group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.

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Commercial

WeWork To Lease 1 Million Sq Ft in Hyderabad

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WeWork India is initiating the process to acquire approximately 1 million sqft of office space in Hyderabad. This workspace will cover four locations in Hyderabad that include the IT hub of Gachibowli.

The sources informed that the company has pre-leased the properties in the first half of 2019 and will venture into the Hyderabad market. WeWork India has expansion plans and the firm is working in the direction to double its workspace up to 6 million square feet by December.

Adam Neumann, CEO, and founder, WeWork said that the company is raising funds via an initial public offering. The company operates its business via franchise in India only. The sources also informed that WeWork aims to share sales of about $3.5 billion. The listing of WeWork is estimated to be the second-highest for this year while Uber Technologies Inc stands at $8.1 billion IPO in May.

WeWork is a company owned and controlled by a well-known developer named Embassy Group.

The Embassy group invested $119 million since it has launched WeWork in India. Other than this, Microsoft and Amazon are some of their clients.

Presently, WeWork India has 23 co-working centers out of which nine are based in Bengaluru and Mumbai while the remaining five are operational in Gurugram with a total capacity of 39,000 seats.

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Commercial

Delhi-Meerut Expressway: Dasna-Hapur Section Becomes Functional For Public

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NHAI (The National Highways Authority of India) has opened the phase 3 section of the Delhi-Meerut Expressway project, which provides a 22 kilometer long stretch between Dasna and Hapur. The first stretch between Sarai Kale Khan and UP Gate was inaugurated by PM Narendra Modi on May 27, 2018.

With the opening up of this section, the traveling time between the two cities will now reduce to just 20 minutes from earlier 1 hour. RP Singh, Project Director, NHAI said, “The stretch between Dasna and Hapur has two elevated sections at Masuri (2.5 km) and Chijarsi (5 km) in Pilkhuwa. This has provided a much-needed respite to the daily commuters who face snarling traffic jams on these two stretches.”

The stretch also constitutes 10 underpasses, three foot-over-bridges and one bridge over the Ganga canal. The construction cost of this stretch is Rs1057 crore. Currently, around 3,500 vehicles are passing via the stretch on a daily basis.

Apart from this, the other two stretches between UP Gate to Dasna and Dasna to Meerut are currently under-construction. However, the 19 km long stretch between UP Gate and Dasna will become operational in two phases. The first phase of 10.5 km between UP Gate to Pratap Vihar is expected to be completed by October 2019; while the second phase is expected to become fully operational mid-2020. The second phase includes the development of Hindon Canal Bridge, rail over-bridge at Lal Kuan and the Hindon canal bridge. The work on Hindon Canal Bridge is almost completed and will start operation by September 2019.  On the other hand, the rail over-bridge and Canal Bridge will get completed by December 2019 and May 2020.

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Commercial

Embassy Group Ventures Into Co-Living Segment

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The Embassy group ventures into the co-living sector under the banner of EPDPL Co-Living Private Limited. While starting the operations, the company will offer 20,000 beds that will be developed on the current land parcels.

The company aims to own and operate more than 100,000 beds in next five years. Its target segments are the working professional and students from other cities. The Embassy group is expecting the official brand launch by the year-end with its key projects in Bengaluru and Pune.

According to a leading real expert firm, the current market in the top seven cities is projected to reach 7 million by 2023 as the growth potential stands at USD 93 billion per year.

Aditya Virwani, Chief  Operating Officer, Embassy group said that the company aims to enhance the living standards by offering world-class hospitality services as the demand for such accommodation is rising with the increase in migrating professionals and students.

Kahraman Yigit, co-founder, Embassy Co-Living, said that the workforce and the students today look for accommodations that offer smart living and easy connectivity. Thus, the co-living spaces will be designed while keeping in mind the requirements of the clients. These spaces will match the international safety standards and are planned to have ultra-modern amenities along with green spaces to protect the environment. (more…)

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Commercial

DDA: Authority Plans To Introduce Digitized Layout Plans

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DDA, the Delhi Development Authority is likely to offer digital layout plans soon in the national capital and this will be a relief to the residents as they no longer require standing in queues to get their building plan sanctioned.

The authority has a proposal in the pipeline that includes digitization of building layouts along with those lying with all civic bodies in Delhi.

Prior to this, scanned copies of the records were provided to the citizens on request but this didn’t ease the burden of the civic bodies entirely. But, now the idea is to make the layout sanction plan online and this will be connected with GIS [Geographic Information System] platform. GIS will work similarly to Google Maps while allowing the users to view the details along with the facility to add information.

A senior DDA official said that the authority’s portal will display the land use plan of every particular area that is integrated with land and property information system. The official also informed that all plots will have a unique ID and the digitization process is expected to be completed in 18 months.

A week ago, DDA also gave a nod to build an ecological park and a sports facility.

DDA: Authority plans to introduce Digitized Layout plans at its centers in Badarpur and Shastri Park areas. The go-ahead on these proposals was given in a meeting headed by Lt Governor Anil Baijal and DDA chairman recently.

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Commercial

DMRC And PWD Plans To Decongest Mehrauli-Badarpur Corridor

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To provide relief to thousands of daily commuters between the Delhi and Gurgaon stretch, the Delhi Metro Rail Corporation (DMRC) and Public Works Department (PWD) has planned to develop a Triple-deck flyover to decongest the busiest route. The triple-deck train-vehicular flyover-underpass will decongest the Mehrauli-Badarpur corridor of the NCR.

According to the proposed plan, both Delhi metro and PWD will jointly develop this stretch and will soon sign a memorandum on the same.

Informing on the above development, a senior authority official has informed, “It will be an 11.2 km long road with four underpasses and two flyovers. The first two-lane underpass would be 400 meters long and would start at Anuvrat Marg and end at MB Road. The second six-lane underpass would be 500 meters in length and will decongest the busy route between Avenue 31 intersection and the Mandir Marg T-Point.”

About the third underpass, he informed that it would be developed below the flyover at Khanpur traffic signal. Lastly, the fourth underpass would be constructed between DDA Park and Tigri extension. Both of these underpasses will be 400 meters in length.

Apart from this, the authority has also planned to develop a 2.5 km long stretch that will have a double-decker viaduct wherein the Delhi metro rail will run above the flyover. The ramp will be developed between Saket G Block and Ambedkar Nagar and would end nearby Batra Hospital.

Last month only, the design of the three-deck vehicular flyover was planned, designed and submitted to the Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre (UTTIPEC). However, the authorities are waiting for the center’s approval on the same.

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Commercial

Detained Project Report On Chennai-Bangalore Industrial Corridor Completed

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Piyush Goyal, Union Minister for Commerce and Industry informed about the completion of the DPR [Detailed Project Report] for the Chennai-Bangalore Industrial Corridor also known as CBIC.

The proposed plan is designed to have three nodes that include Krishnapatnam in Andhra Pradesh, Ponneri in Tamil Nadu, and Tumakuru in Karnataka. All these places will be developed for the corridor to connect Chennai and Bengaluru, the two major cities of Southern India.

The officials informed that JICA i.e. the Japan International Cooperation Agency drafted the proposed plan for the industrial corridor and also framed the initial master plan to figure out the locations. According to the reports, this project is in the development phase and the completion date of the corridor is yet to be finalized.

SPV i.e. the Special Purpose Vehicles for Krishnapatnam and Tumakuru nodes are well in place. Apart from this, the comprehensive master plan and preliminary engineering activities are also underway for these two nodes. Till now Rs. 9.85 crore is estimated to be incurred on the development of this corridor, however, final costing of the project is yet to be computed.

The Union Government has also directed the State governments to acquire land for the project and the same work is being carried out for the corridor development as the Governments have started the land acquisition process with Krishnapatnam in Andhra Pradesh – 14,000 acres, Ponneri, Tamil Nadu – 21,966 acres, Tumakuru, Karnataka – 9,630 acres.

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Commercial

MMR To Have 13.6 Mn Sqft Of New Mall Space By 2022

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MMR i.e. the Mumbai Metropolitan Region is one of the major retail hubs in India and thus the brands are always keen to acquire space there. According to a report, builders are planning to develop malls in that region as the demand for retail space is increasing by leaps and bounds.

The report by a leading real estate company states that approximately 13.6 mn sqft. of the new mall, space is likely to be developed in the entire MMR by 2022.

Out of this, the Mumbai city will have 82% and Navi Mumbai will have 17% space sharing respectively. The next retail hubs in MMR are Andheri, Bandra, Worli and Borivali as the malls here are likely to be developed between 1 lakh sqft. to 6 lakh sqft.

The average monthly rent in the Mumbai Metropolitan region is nearly Rs. 140 per sqft and the Mall vacancy demand has escalated from 12.60% in 2017 to 16% in 2018. The Mumbai’s high-street shopping experience is likely to get a makeover as the high street market areas like Andheri-Kurla Road, Pali Hills, Bandra West, Kala Ghoda, and Powai are now attracting to mall culture and is clearly seen with the launch of various fine-dining restaurants.

However, the MMR is lagging behind the NCR market where the Mall vacancy stood at 18.2% in 2018 with an average monthly rent of approximately Rs.137/sqft.

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Commercial

Sarovar Hotels Plans To Expand Its Reach Across India By The End Of 2019

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In order to expand its reach across the country, leading hospitality firm Sarovar Hotels has planned to add around 16 properties by the end of this year. With this expansion, the group will be adding 970 more rooms to its portfolio.

At present, the group is managing around 73 hotels in the country and three in the international arena with a total of 6000 rooms.

Speaking on the above expansion, Ajay Bakaya, Managing Director, Sarovar Hotels said, “We took this decision to strengthen our reach across India and that’s why we are opening around 16 new properties by the end of 2019,”

He further added that the upcoming properties will be developed under the brand name- Sarovar Premiere, Sarovar Portico, and Hometel Suites Brand. These properties will be located across various cities like Dehradun, Bengaluru, Dindi, Ahmedabad, Goa, Junagadh, Udaipur, Dahisar, Bodh Gaya, Jammu, Dibrugarh, and Morbi among others.

While most of the hotels will be under the Portico series, the one at Bodhgaya and another at Dahisar will be under Premiere series and Hometel Suites brand respectively.

“The hospitality sector has witnessed a huge jump and a sturdier growth in the last few years. The reason behind this is the increased use of advanced technology as well as huge domestic travel. India remains severely undersupplied in hotel rooms. We will see hospitality grow both by conventional and disrupter means” Bakaya added.

Sarovar Hotels and Resorts is one of the leading hotel management companies in India. The group has its leg in each and every segment of hotels ranging from tech-enabled spaces to modern designs, from affordable to boutique suites across the country. The group also deals in setting up of new hotels and resorts which are managed under long term management contracts.

Apart from India, the group has its properties in Zambia and Nairobi in Africa.

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Commercial

Central Government Plans To Construct Light House Projects Across Six Cities

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To promote the use of Green construction technology, the central government has planned to construct over 6000 lighthouse projects under the Global housing Technology Challenge (GHTC), India. The Government has recently floated Requests for Proposals (RFP) for the same. The GHTC was launched by the government in February this year.

Under the challenge, the government has given a challenge to six different cities to construct over 6000 Lighthouse projects using six different technologies appropriate to the geo-climatic condition. The six selected cities are Chennai, Ranchi, Indore, Rajkot, Lucknow, and Agartala.

These houses will be developed under Pradhan Mantri Awas Yojana-Urban (PMAY-U).

As per the government officials, these projects will be completed within 12 months from the date of beginning at an estimated cost 20,000 dollars. These projects will encourage builders and developers to adopt innovative technologies useful in the construction of housing units. At the same time, some more research in these technologies will help in the development of the construction sector of India.

Elaborating more on the LHP and GHTC, India challenge, Amrit Abhijat, JS&MD (HFA) said, “These lighthouse projects would encourage the potential beneficiaries to visit the selected sites to see the ongoing work for adaptation. It would also serve as open laboratories for a live demonstration and would further garner the attention of academia, practitioners and media connoisseurs.”

To create awareness among developer and builders as well as participating states, the government has also planned a series of events on various web portals. You may log on to www.eprocure.gov.in to download the RFP, and for further details relating to RFP, you can access GHTC-India website at https://ghtc-india.gov.in/.

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