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Bengaluru has emerged as the third fastest growing office market in terms of prime rental values for office space globally.

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Bengaluru 3rd fastest growing office market

Bengaluru has emerged as the third fastest growing office market in terms of prime rental values for office space globally. According to the latest report byKnight Frank — 'Global Outlook 2019', tThe estimated growth in office rental values in Bengaluru by end of 2019 is expected to be 6.6 per cent over 2018. New Delhi, which is expected to see a rise of 6.5 per cent in prime rental values in 2019, was recorded as the fourth fastest growing office market globally. 

The report evaluates 33 global cities and gives insight on office rental growth, office occupier forecast, industrial and retail outlook along with other alternate sectors such as logistics, healthcare and hotels.

Bengaluru, which saw a prime rental value of Rs 125 per square foot (psf)/ month in 2018, is expected to see a growth in rental value in the range of 6.6 per cent  y-o-y by the end of 2019, on account of low Grade A supply in prime markets. With demand remaining buoyant in the market from the IT/ ITeS and the start- up sectors, the lack of quality space in key markets is pushing the rentals northwards. Mirroring the same trend, New Delhi with prime rental values of Rs 326 psf /month, is also expected to see a rise of approximately 6.5 per cent  on the back of constricted fresh supply in 2019.

Gaurs Group clocks sale of Rs 3,900 cr in 2018

NCR-based Gaurs Group claims to have sold close to 10,000 property units for a gross sales revenue of more than half a billion dollars in FY-18. According to its spokesperson, the group clocked a sale of nearly $500 million (Rs 3,900 crore) in Jan-Dec 2018, on a cumulative sale of 9,954 property units, which is perhaps the largest sale in a calendar year by any real estate developer in the country. 

According to Manoj Gaur, MD, the group has an aggressive plan for 2019 and is acquiring large land parcels for the PMAY Housing Scheme, primarily in the NCR localities like Raj Nagar Extension, NH-24, Greater Noida West, and also in Tier 2 cities of north India. The group is gearing to invest Rs 4,000-5,000 crore in the affordable housing segment with 5-6 new launches this year. Soon, another mega commercial project will be launched within Gaur Yamuna City, the 250- acre township, which will house service apartments, along with facilities for shopping, entertainment, and a hotel – all at one place.

The group will soon launch another mall in Dehradun, where it has acquired a plot of 21,000 square metres, apart from Crossings Republik in Ghaziabad. A luxury housing project in a central location of the NCR is also on the cards.

No EMI & rental scheme for home buyers

Tricity-based developer Sushma Group recently announced the launch of its no EMI and rental plan together at Sushma Grande Nxt, a group housing project located on Chandigarh-Delhi National Highway, Zirakpur. Under this scheme, the home buyers can book their home by paying just 10 per cent at the time of booking and nothing till possession. Along with this, the group is offering an exclusive rental scheme of Rs 13,000 per month.

Spread across 3.5 acres, Sushma Grande Nxt offers around 236 3BHK units with sizes of 1475 sq ft and 1650 sq ft.  — TNS

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