City Lights: Office leases soar to 7 million sq ft in Apr-Jun quarter: Report
Office leases soar to 7 million sq ft in Apr-Jun quarter: Report
Nearly seven million sq ft of office space were leased out during the April-June period, notwithstanding a sluggish real estate market for large space requirements, says a survey. According to the quarterly report by global property firm CB Richard Ellis, major cities such as Delhi NCR, Mumbai and Bangalore accounted for over 75 per cent of the entire space absorbed during the three month period. During the January-March period, 5 million sq ft office space was leased out. Nearly 9 million sq ft of office space were added during the April-June quarter, which was largely concentrated in Delhi NCR, Mumbai and Bangalore, comprising almost 96 per cent of the entire quantum added. Most of the supply added comprised developments that were delayed for the past several quarters, especially in Mumbai, the report said.
'Real estate firms delay mall projects in 8 cities'
Realty firms have delayed the construction of shopping malls in eight major cities due to large vacant spaces in the existing complexes, according to property consultant Cushman & Wakefield. The consultant, however, said the deferment was necessary considering the high vacancy rates in the shopping malls and cautious approach adopted by retailers on expansion. The eight major cities Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune witnessed a fresh mall supply of 2.27 million sq ft during first half of 2012. NCR saw the highest mall supply deferment of over 80 per cent ensuring the city maintained 28 per cent vacancy levels.
GDA launches grievances helpline
The Ghaziabad Development Authority (GDA) has launched its call centre to help people register their grievances and gather information about various projects of the urban housing body. The helpline will be functional on working days from 10 am to 6 pm.
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