Category: Commercial

Stay updated with the latest developments in commercial real estate. Our coverage includes market trends, leasing activity, office space demand, retail property updates, and major commercial deals. Whether you’re an investor, developer, or tenant, get expert insights and news on the evolving commercial property landscape.

CommercialLatest Stories

Noida Authority: Adani Cannot Sub-Lease Data Centre Yet

Representative Image NOIDA: The Noida Authority has decided against allowing Noida Data Centre Ltd — an Adani Enterprises subsidiary — to sub-lease its Sector 80 industrial plot until the project becomes operational. This marks a change from the Authority’s previous position, as officials emphasized they would adhere strictly to the original terms of the allotment. Officials noted that the plot, allocated to Adani in 2021, remains undeveloped, and the company has not submitted an application for map approval. They referenced Clause 14-B of the lease deed, stating that sub-leasing is permitted only after the unit has received an occupancy certificate…

CommercialLatest Stories

Wipro Leases 3.87 Lakh Sq Ft Office in Airoli for 10 Years

IT giant Wipro Ltd has acquired office space across eight floors totaling 387,000 square feet at K Raheja Corp’s IT special economic zone (SEZ) Mindspace Business Park in Navi Mumbai’s Airoli area through a long-term lease exceeding 10 years. The deal, finalized through two agreements, is set at a monthly rent of Rs 2.48 crore, with a provision for a 5% annual increase. Over the lease period, Wipro is projected to pay approximately Rs 328 crore, inclusive of escalations. This IT SEZ is owned and managed by K Raheja Corp’s listed Mindspace Business Parks Real Estate Investment Trust (REIT). The…

CommercialLatest Stories

Innov8 Sells 3% Stake for ₹1,000 Crore to Boost Co-Working Expansion

NEW DELHI: Innov8, a co-working firm owned by OYO, has sold a 3% stake to investors at a valuation of ₹1,000 crore to fuel its expansion in response to the growing demand for flexible workspaces, according to sources. Raymond Family Office has emerged as the primary investor, acquiring nearly 2% of the shares. OYO Group, the parent company, has chosen not to comment on the matter. Earlier this year, Innov8 raised ₹110 crore from various investors, diluting 10% of its equity to esteemed investors, including the family offices of Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia. Founded in…

CommercialLatest Stories

Cognizant to Invest $183M in New Vishakhapatnam Campus

BENGALURU: Cognizant Technology Solutions will invest ₹15.82 billion (approximately $182.76 million) to establish a new campus in Visakhapatnam, Andhra Pradesh, creating around 8,000 jobs, as announced by the state government on Friday. Operations are set to begin in March 2029, according to a press release from the Andhra Pradesh government. Cognizant has yet to respond to requests for comments. This announcement follows Tata Consultancy Services’ recent plans to develop a ₹13.70 billion campus in the same city, which is expected to generate 12,000 jobs. Such moves are part of Cognizant’s strategy to optimize real estate costs. In May 2023, CEO…

CommercialLatest Stories

Goa Govt Loses ₹107 Crore as TCP Grants Free FAR to 321 Units

PANAJI: According to a report by the Comptroller and Auditor General (CAG), Goa has incurred a loss of ₹107 crore due to the town and country planning (TCP) department granting concessions to commercial entities by not imposing fees for additional floor area ratio (FAR). If calculated based on the finance department’s recommended rates, this loss could exceed ₹2,000 crore. The TCP department allowed 10.7 lakh square meters of additional FAR to 321 commercial establishments upon request without charging any fees. In contrast, the finance department had instructed the TCP to impose a fee of ₹1,000 per square meter for the…

CommercialLatest Stories

West Bengal to Develop Four New IT Parks

KOLKATA: The Bengal government plans to establish four new IT parks, with three located in north Bengal and another in Chinsurah, Hooghly. The Gorkhaland Territorial Administration (GTA) has commenced work on the IT park in Kurseong, while construction in Kalimpong is expected to begin shortly. State IT and Electronics Minister Babul Supriyo stated: “We are significantly focusing on developing IT infrastructure in north Bengal. With all three existing IT parks in Siliguri fully operational and at 100% occupancy, we are motivated to create three additional parks in the region. The GTA is responsible for constructing the IT park in Kurseong,…

CommercialLatest Stories

Incuspaze Acquires Pune’s Trios to Boost Co-Working Space

Incuspaze, a provider of managed office spaces, has acquired the Pune-based co-working firm Trios in a cash-and-stock transaction to enhance its business footprint. The specifics of the deal have not been disclosed. Founded in 2016, Incuspaze currently operates in over 50 locations across 18 cities, with a total portfolio covering 4 million square feet. Trios, established in 2017, runs 12 co-working centers in Pune and Gurugram. In a statement released on Monday, Incuspaze indicated that the acquisition of Trios is a strategic move to meet the increasing demand for flexible workspaces in Pune. “This complete acquisition, executed through a cash-and-stock…

CommercialLatest Stories

Shortage of Grade-A Office Space Hampers Hi-Tech City, Hyderabad

HYDERABAD: Heineken’s decision to establish a global capability center (GCC) in Hyderabad with an investment of nearly Rs 3,000 crore has proven challenging, as securing space in the bustling IT hub of HITEC City has become increasingly difficult. Sources indicate that this trendy area, often compared to San Francisco’s Bay Area, is almost fully leased out in terms of Grade A office space. Notable developments in HITEC City include Sattva Group’s Knowledge Park and Knowledge City, RMZ’s Nexity, Raheja Mindspace, and CapitaLand Park, along with individual projects by Auro Realty and My Home Group. Recently, McDonald’s acquired approximately 200,000 sq…

CommercialLatest Stories

Gachibowli plot sells for ₹33 crore at ₹2.2 lakh/sq yard

HYDERABAD: The real estate market in Hyderabad shows signs of resurgence as the Telangana Housing Board successfully sold a commercial plot for Rs 33 crore and another for Rs 11 crore in Gachibowli. The board held an auction on Monday, offering plots in Gachibowli, Chintal, Nizampet, among others, generating a total revenue of Rs 65 crore. According to Telangana Housing Board (THB) commissioner VP Gautam, one commercial plot spanning 1,487 square yards in Gachibowli was sold at Rs 2.20 lakh per square yard, bringing in Rs 33 crore. The government had initially set an upset price of Rs 1.20 lakh…

CommercialLatest Stories

JP Morgan Signs ₹1,000 Crore Office Lease in Mumbai BKC

In a landmark pre-lease agreement, U.S. financial giant JP Morgan has secured over 116,210 sq ft of office space in Sumitomo’s commercial tower within Mumbai’s Bandra-Kurla Complex (BKC). The deal involves a long-term lease of 10 years. The lease includes an initial 10-year term, with options to renew for up to three additional five-year extensions, potentially extending the total to 25 years. The estimated rental outflow for the first 10 years is close to Rs 1,000 crore, with total payments over the 25-year term anticipated to exceed Rs 2,500 crore, making it one of the most significant long-term commercial leases…