Signing in metros is seeing signs of revival in the
first quarter of the financial year 2009-10. Taking advantage of the
soft-scenario on real estate deals and incoming supply, corporates are finding
it on an advantage to do deals in this area.
According to Sanjay Dutt, Chief Executive Officer –
Business, Jones Lang LaSalle Meghraj (JLLM), “During Q1FY10, 4 mn sq. ft. of
commercial space being leased out in metros in the first quarter of the
financial year 2009-10, of the overall 55 mn sq.ft. of space available for
commercial leasing across the country. By fourth quarter ending December
2009-10, we expect 27 n sq.ft. of commercial area space to be leased out.”
Commercial property transaction volumes in H12008 had
fallen by 15% to 20% in both purchase and lease agreements in metros and 30% in
tier-II cities in August 2008. This is mainly due to inflationary trends,
liquidity crunch from the banks apart from hike in interest rates on home
loans. As a result, builders majors have deferred they commercial projectlaunches.
According to Anshuman Magazine, managing director, CB Richard Ellis,
“The leasing commercial property market had witnessed dip in demand by about 10
to 15% in the fourth quarter of 2008. This is because, various multinationals
were looking at postponing their expansion plans for office leasing.”
Abhinandan Lodha, managing director, Loodha Group told
“We have recently signed new commercial deals on lease rentals with many big
corporates including Aditya Birla Group, KPMG, Ernst & Young, aong host of
other corporates for Lodha Excelus.” When contracted, Aditya Birla Group
spokesperson saidas the Group’s talks with builders has reached advanced
stages. KPMG is in the process of occupying clese to 1 lakh sq.ft. office at
Rs.110 on lease per month at Lodha Excelus said the company spokes person.
Recently, Wipro is understood to have bought 1 lakh
sq.ft. office on lease in Hiranandani Gardens at Powai in Mumbai.
Sources from
Wipro have confirmed the new commercial deal on condition of anonymity.
Niranjan Hiranandani, Managing director, Hiranandani Constructions said, “We are
talking to many corporates who are scouting for additional office space in
locations nearer to expansive business strategies. By June end, we hope to
finalise many corporates for Hiranandani Gardens.” Mean while, Unilever, too,
has also sold properties in Kolkata spanning 15 to 17 acres at a valuation of
Rs.20 crore, a source added.
As per the recent commercial rental market update by
Jones Lang LaSalle Meghraj, commercial leasing has picked up by 5% in volume
terms in Q1 2009-10 nationally. Driving this growth are corporates who are now
seeking to set up additional offices in metros that offer them better space at
lower costs. However, this is much lower than 10% to 15% growth that market saw
during Q1 of 2008-09.
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