In the Real World – The Week that was

From: Berinder Sahni

Key News

· Cash-strapped hospitality chain Hotel Leela venture is understood to have put its marquee property in Chanakyapuri, New Delhi, on the block. May announce a management contract in Dubai

· Oracle has signed a commercial lease agreement with First International Financial Centre (FIFC) for 50,000 sq. ft. space in BKC @ Rs 340 a sq ft

· Cognizant has picked up 230,000 sq ft of office space at K Raheja Corp’s IT SEZ in Navi Mumbai’s Airoli, monthly rent for the lease being fixed at Rs 42 per sq ft with total tenure being 12 years

· Sanofi Aventis has acquired 150,000 sq ft of office space from L&T Realty at Powai, Mumbai, for 220 crore

· Tata Communications has sold a piece of land situated at Nungambakkam, Chennai for over Rs 192 crore in line with its objective of monetising non-core assets

· Jones Lang LaSalle plans to raise a second fund which will focus on commercial real estate and have a corpus of R1,200 Cr. The fund is expected to be launched by the end of this year

· Ashiana Housing gets land clearance for Rs 100 cr project – The company has received land conversion approval for its project in Halol near Vadodara.

· DLF announced sale of its wind turbine projects in Tamil Nadu and Rajasthan for Rs 240.9 crore to two separate entities as part of its strategy to exit non-core businesses and reduce debt.

· DLF to outsource property management to third parties

· Eveready Industries will sell 50 acres land in Kolkata, Hyderabad, Lucknow and Noida

· Carlson Rezidor Hotel Group is considering to bring its high-end lifestyle brand ‘Hotel Missoni’ in India

· Singapore-based Banyan Tree Holdings, which manages and develops premium resorts, hotels and spas, is eyeing around 20 properties in India in the next six years

· Parsvnath Developers’ hotel arm has divested its stake in joint venture company with Royal Orchid Hotels

· More than 200 Indian property developers have associated with the RICS to address the shortage of skilled manpower in real estate to open India’s first institute that will provide education in real estate, construction and infrastructure discipline

Source: Compilation of news articles from various publications

Warm Regards

Berinder Sahni CFA MRICS

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