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PROPERTY LEASING

Bhutani Infra gives Rs 500 cr contract to BL Kashyap Ltd to construct commercial project in Noida

Realty firm Bhutani Infra on Saturday said it has given a Rs 500 crore contract to BL Kashyap and Sons Ltd for development of a commercial project in Noida, Uttar Pradesh.

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  • Ikea is exploring possibilities of building shopping malls and entertainment facilities next to some of its upcoming standalone stores, or developing multi-storey shopping centres with Ikea as an anchor store, depending on land availability, they said. The company will lease out mall space to other brands and retailers.

    The demand is expected to remain strong in 2020 with occupiers' preference for pre-leasing commercial real estate to future-proof their portfolios and hedge against rental escalations.

    Indian real estate attracted over $6.06 billion investments in 2019 led by office segment fetching more than 40% of the total funds deployment. Among the key markets, Mumbai dominated the investments into office sector during the year followed by the National Capital Region (NCR) and Hyderabad.

    According to MD & CEO of Anarock Retail, Anuj Kejriwal, top seven cities in India will see 69 new malls spread over 35.5 mn sq.ft. area while the remaining 31 malls over 13.5 mn sq.ft. will come up in tier 2 & 3 cities. East India will see a much more modest supply of seven new malls spread over approximately 3.5 mn sq. ft.

    The Supreme Court also allowed the ED to take into custody the defunct group's CMD, Anil Kumar Sharma, and two other directors, Shiv Priya and Ajay Kumar, who are behind bars on the top court's order, for interrogation as regards alleged money-laundering offences.

    The effective date specified in the notification is January 24, 2020.

    Delhi-NCR had recorded a net office space leasing of 5.31 million sq ft during 2018. New supply of office space also surged more than two times this year in the Delhi-NCR to 13.39 million sq ft against 5.43 million sq ft in 2018. Delhi-NCR's share in total net office space leasing and new supply across seven major cities stood at 23 per cent and 26%, respectively.

    The strong expansion of IT/ITeS (42 per cent of overall leasing) and co-working operators (14 per cent of overall leasing) in cities with strong fundamentals and planned infrastructure improvements has led the strong growth in demand so far.

    In the largest of these three transactions, realty developer M3M has repaid Rs 225 crore to the lender after raising funds from the State Bank of India for its residential development project M3M Golf Estate in Gurgaon. The project is spread over 56 acres and includes an executive golf course. Mumbai-based realty developer Mohan Group has also repaid Rs 110 crore to the housing finance company.

    In 2018, the incentive structure was based on different targets for drivers with no standardisation. SoftBank-backed Ola has been trying to cut its losses per ride over the last 18 months, and gear up for a public market debut in the coming year.

    The bank has extended the loans against rental inflows from Logix Cyber Park and Logix Techno Park, located in Noida in the National Capital Region, said two persons with direct knowledge of the development.

    Air India had put the sale plan on hold following the move, but has ended up losing rent of about Rs 45 lakh per month on about 13,000 square feet, or one floor, in the 23-storey building. The rest of the space is occupied by various government and private enterprises.

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