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Tag: Gurgaon

Colliers India facilitates marquee office deal for Incuspaze spanning 220,000 sq.ft., at M3M Urbana, Gurgaon

Gurgaon, 04 July 2024: Leading real estate diversified professional services firm, Colliers India, has successfully transacted a 220,000 sq.ft. commercial real estate space at M3M Urbana, Gurgaon for well-known managed office provider, Incuspaze.

The flex office segment has been witnessing rapid growth over the past few years, given the many benefits it brings to employees and employers. From easy lock-in periods and inexpensive rentals that work in the business’ favor to well-being amenities and aesthetic office design that create a positive environment for employees, flex workspaces are increasingly attractive.

“The heightened activity in the flex space over the past few years substantiates that there is growing demand. Businesses are willing to pivot from the traditional office space to the co-working space because of the many advantages including locational convenience, state-of-the-art infrastructure, and global amenities – all at cost-effective rentals. The flex office stock in India will likely cross 80 million sq.ft. by 2026.

Incuspaze has a growing presence in the country and has proven to be a preferred managed office space partner for numerous reputed corporates. We were happy to lead this transaction and ensure a smooth deal. The team did a thorough market analysis and identifying an apt space; M3M Urbana is a remarkable Grade A development that is well-connected and accessible. I am proud of the Colliers experts whose strategic and technical prowess resulted in the successful and prompt execution of this significant deal.”, says Arpit Mehrotra, Managing Director, Office Services, Colliers India.

Infrastructure Boost Propels Ghaziabad Property Market Surge: SquareYards.com

Gurgaon, 1st July: Ghaziabad, a vital part of the Delhi NCR, is making significant strides in the residential real estate market. Known for its relatively affordable properties compared to areas like Gurgaon and Noida, the city is experiencing increased activity driven by major infrastructural developments.

According to SquareYards.com, Ghaziabad witnessed nearly 11,000 property transactions in the first quarter of 2024. The majority of these transactions occurred in the less than INR 50 lakh price range, comprising more than three-quarters of the total transaction volume. Key localities along NH-9 (old NH-24), such as Indirapuram, Shahpur Bamheta, Pratap Vihar, Vaishali, and Raj Nagar Extension along Meerut Road, saw the bulk of these transactions. In terms of gross transaction value, Indirapuram led with properties totaling INR 701 crore sold during this period.

“Ghaziabad, a crucial part of the Delhi NCR, benefits from its close proximity and excellent connectivity to Delhi and Noida’s commercial hubs. It is well-equipped with physical and social infrastructure such as healthcare and educational institutions, adding to the livability of the city. This, combined with its relatively affordable property options, gives the city a unique edge. Moreover, the ongoing development of the Delhi-Meerut-Ghaziabad RRTS corridor and the extension of the RRTS- cum-metro corridor to Jewar airport are poised to be game changers for Ghaziabad’s property market.” said Vikas Tomar, Executive President, SquareYards.com

Tomar added, “For homebuyers on the lookout for affordable properties, Ghaziabad has become the go-to destination. It’s also proving to be a lucrative choice for mid-segment buyers, offering a wide range of appealing options.”

As Ghaziabad continues to develop and benefit from significant infrastructural projects and growing homebuyer demand, its residential real estate landscape is set to transform, offering promising opportunities for both local and national developers, and establishing the city as a key player in the Delhi NCR property market.

Top Locations by No.of Transaction – Ghaziabad (Jan-Mar’24)
Location No. of Transactions Sale Value in Cr.
1 Indirapuram 1,150 701
2 Raj Nagar Extension 601 255
3 Shahpur Bamheta 537 164
4 Pratap Vihar 475 175
5 Vaishali 410 212
6 Morta 362 93
7 Sadullahabad 360 60
8 Shalimar Garden 354 93
9 Nai Basti Dundahera 349 143
10 Wave City 318 130
Top Locations by Sale Value – Ghaziabad (Jan-Mar’24)
Location Sale Value in Cr. No. of Transactions
1 Indirapuram 701 1,150
2 Raj Nagar Extension 255 601
3 Vaishali 212 410
4 Pratap Vihar 175 475
5 Shahpur Bamheta 164 537
6 Pandav Nagar 153 280
7 Nai Basti Dundahera 143 349
8 Vasundhara 130 252
9 Wave City 130 318
10 Rajendra Nagar 108 251

Unsold Housing Inventory: NCR Cities Down 57%, Gurgaon Down 37%

GURGAON: Going by a region’s prevailing unsold housing inventory as an indicator of its realty market’s health, North India’s Delhi-NCR – once notorious for speculation-driven oversupply and all-round market disarray – is in significantly better shape than the other regions.

Director GLS, Surinder Singh

Latest data by real estate consultants indicates that Delhi-NCR’s unsold inventory declined by a massive 57% in the last five years.

NCR is followed by Southern markets – Bengaluru, Hyderabad, and Chennai – which saw their collective unsold stock shrink by 11% in this period. MMR and Pune in the West saw their cumulative unsold stock reduce by 8%. In the East, Kolkata saw its unsold inventory decline by an impressive 41% in the period. NCR’s unsold stock declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end.

NCR based developers are upbeat with the development and said the residential market has regained confidence and will continue in the coming years. Mr. Surinder Singh, Director GLS Group, said “The improved sentiments in the real estate sector, coupled with increased demand for homes, have significantly reduced our unsold inventory. This positive shift reflects our commitment to meeting market needs and delivering quality living spaces.”

Of the total unsold inventory in NCR, Gurgaon currently has the maximum stock of approx. 33,326 units – a 37% decrease in the last five years.

Noida had approx. 7,451 unsold units by Q1 2024-end, against 25,669 units in the same quarter of 2018 – thus declining by 71%, topping the list. “Greater Noida is next with approx. 18,668 units lying unsold as of Q1 2024-end. However, Greater Noida reduced its stock by a whopping 70% since Q1 2018. Ghaziabad saw its unsold stock decline to approx. 11,011 units in Q1 2024, from approx. 37,005 units in Q1 2018 – a massive 70% 5-year decline” said the report.

Delhi, Faridabad & Bhiwadi together had approx. 15,964 unsold units as on Q1 2024-end, from approx. 23,038 units at Q1 2018-end – a 31% decrease.

“What really worked for the NCR market was developers’ determination to keep new supply additions under control. ANAROCK data indicates that NCR witnessed total new supply of approx. 1.81 lakh units between Q1 2018 to Q1 2024. NCR’s upbeat performance also reflects renewed buyer confidence in the region” said Singh.

Women Role Models in STEM Shine at myAvtar Career Conference, 2024

STEM Shine at myAvtar Career Conference, 2024

Bengaluru, May, 2024: Avtar Group, India’s leading Diversity, Equity and Inclusion (DEI) Solutions firm, hosted the myAvtar Career Conference (MACC) at Karnataka Trade Promotion Organization (KTPO), Bengaluru today.

myAvtar Career Conference (MACC), the career extravaganza brought together inclusive companies and a vast pool of women talent from the field of Science, Technology, Engineering, Mathematics (STEM) under one roof. Participating Companies included, Aditya Birla Group, Publicis Sapient, Broadridge Financial Solutions India Limited, Moody’s, Renault Nisan Tech, IBM India, Google Cloud, HDFC ERGO, ACT, AstraZeneca, Johnson & Johnson, Gallagher, Happiest Minds Technologies Limited, Stryker, Verisk, AKJ Somaiya Institute Of Management, among many others.

Tailored for Women in Science, Technology, Engineering & Mathematics (STEM), MACC offered a unique platform to connect, collaborate, and converse with like-minded professionals, industry-leading companies, and renowned experts in the industry. The conclave was an ecosystem designed to foster learning, sharing, and networking for women in the STEM field; an opportunity to explore new horizons in the STEM field, to grow personally and professionally, and to unlock a world of possibilities. The conference witnessed a large gathering of students, educators, professionals, and industry leaders who shared their knowledge, experiences, and insights.

Avtar Group also announced the winners of their inaugural “Women in STEM” Awards. This Awards recognize and celebrate the outstanding achievements of women who are making significant strides in the STEM fields. In STEM Icons 15 plus years of work experience category, Vaijayanthi Srinivasa Raghavan Senior Director, UPS India Technology Centre, Priya Kanduri, CTO, SVP – Cyber Security Services, HappiestMinds Technologies Limited, Deepti Singh, Deputy General Manager- Head of Department System Installation, Renault Nissan Tech have received top 3 awards. In STEM Divas 8-15 years of work experience category, Subbulakshmi Ramkumar, Deputy Manager, RNTBCI, Yogita Bhanwaria, Senior Manager, Biocon Biologics Limited, MuthuSusithra Devarajan, Team Manager, Broadridge Financial Solutions have received top 3 awards. In STEM Stars 2-8 years of work experience category, Nishtha Mahendru, Consultant, Applied Innovation Exchange, Capgemini, Nidhi Raut, Sr. Engineer, Renault Nissan Technology Business Centre India (RNTBCI), Indujaa Thangavel, Broadridge Financial Solutions have received top 3 awards.

“One of the key sectors that has the potential to boost women’s workforce participation, is the STEM industry. While 43%of STEM graduates are women, they make up only 28% of the STEM workforce. Moreover, women drop out of the workplace due to childbirth, childcare and elder care. Consequently, only 3 percent of women hold CEO posts in the STEM Industry. While research has established that improving women’s workforce participation can boost India’s GDP by 27%, more women in STEM would set the stage for inclusive innovation and solution designs that are equitable for all. Women have historically been underrepresented in STEM, yet they bring invaluable perspectives and ideas to these fields. MACC awards recognizes the exceptional talent, the brilliance, and diverse perspectives of women in STEM,” said Dr Saundarya Rajesh, Founder – President, Avtar Group announcing the awards at the myAvtar Career Conference today in Bengaluru.

“Through MACC, we are acknowledging the remarkable work being done by women in STEM and also addressing the systemic barriers they face. Our goal is to create an environment where every individual, regardless of gender, has the opportunity to thrive and drive progress,” added Dr Saundarya.

At the conference, three organizations with the “Best Programs for enabling women in STEM”Biocon Biologics Pvt Ltd, Kyndryl and Molecular Connections Pvt Ltd were also recognized.

In addition to the awards, the myAvtar Career Conferences hosted a series of panel discussions, skilling tracks conducted by IBM, Google Cloud, Johnson & Johnson and Publicis Sapient exclusively for women. The event also provided a platform for knowledge exchange, mentorship, collaboration, further strengthening the presence and influence of women in the STEM field.

The conference hosted in the hybrid mode –saw an attendance of over 3000 women at the on-ground event, while there were over 2000 attendees virtually. Companies opened up jobs from entry-level to senior-level positions across India – Bengaluru, Chennai, Gurgaon, Hyderabad, Pune, Bhubaneshwar, Madurai and Coimbatore.

Motorola Solutions signs up with Arya Omnitalk to promote professional and commercial radios

Bengaluru, 16th April 2024: Pune-headquartered Arya Omnitalk, a joint venture between two of India’s most reputed business houses, Arvind Ltd. and the JM Baxi Group, has secured an exclusive partnership with Motorola Solutions to distribute Professional and Commercial Radios in India.

Arya Omnitalk operates three business divisions, namely Shared Mobile Radio Services (SMR), GPS-based Fleet Tracking and Management Solutions, and Toll and Highway Traffic Management Systems (HTMS). Under this collaboration, Arya Omnitalk will exclusively distribute Motorola Solutions’ MOTOTRBO Portfolio of products, along with continuing to distribute Wave PTX and associated services.

A leading provider of PMRTS (Public Mobile Radio Trunking Services), CMRTS (Captive Mobile Radio Trunking Services), and Broadband Push-to-talk devices, Arya Omnitalk holds licenses to operate in 18 cities including Ahmedabad, Bengaluru, Chennai, Delhi, Indore, Kolkata, Bharuch, Navi Mumbai, Gurgaon, Noida, Mumbai, Pune, Surat, Vadodara, Visakhapatnam, Hyderabad, Kochi, and Jaipur.

These radios are specially designed for organizations operating in today’s fast-moving business environment. They allow real-time, instant communication among teams, improving coordination in fast-paced environments. It allows cross-platform compatibility and works across various devices and platforms, ensuring seamless communication between different teams and devices within the company. These radios connect teams spread across different locations and facilities. It can integrate with existing communication systems and tools, streamlining processes and enhancing overall connectivity within the company.

These radios provide secure communication channels, crucial for the industries where confidentiality and data protection are paramount. It enables swift response during emergencies or critical situations, ensuring immediate communication for rapid decision-making and crisis management.

These services cater to important sectors such as Municipal Corporations, Manufacturing, Security, Oil & Gas, Transport and Logistics, Warehousing, Educational Institutes, IT/ITeS, Hospitality, Hospitals, Embassies, Mines, and Construction.

Speaking of the occasion, Mr. Paresh Shetty, CEO, Arya Omnitalk said, “We are thrilled to announce our continued partnership with Motorola Solutions, further solidifying the trust we’ve built with the brand and customers over the years. This exclusive partnership grants us the opportunity to sell best in class products in India. Our commitment remains unwavering in delivering unmatched customer experiences, ensuring every interaction mirrors our dedication to excellence and satisfaction.”

Q4 propels record-high office leasing activity; at 58.2msf 2023 witnesses 16% YoY growth in demand

• Q4 2023records20.2mn sqft of gross absorption, highest ever quarterly leasing activity
• Bengaluru drives 2023 demand with more than one-fourth share ingross leasing, followed by Delhi NCR & Chennai at around one-fifth share
• Flex space leasing continues to grow, highest leasing in any year at 8.7mn sq ft,
• Large deals (>100,000 sq ft) accounted for 50% of 2023 demand; Space take-upby GCCsbounce back in Q4
• 50.1mn sq ft of Grade A supply infusion in 2023 reflects strong developer confidence
• Vacancyremained rangebound while rentals firmed slightly

 Gurgaon, India, 26 December 2023: Contrary to initial beliefs, 2023 India office market has culminated on a spectacular note with 58.2mn sq ft of gross absorption across the top 6 cities. The last quarter of the year witnessed the highest-ever demand for office spaces in India,withall the three southern cities of Bengaluru, Chennai and Hyderabadregistering best performance since the Covid-19 pandemic. While Bengaluru and Delhi NCRdroveleasing activity during 2023, accounting for about half of the total demand of office space in India, Chennai made it to the top three list for the first time. Furthermore, with more than 2x leasing activity in 2023 as compared to 2022, Chennai breached all earlier highs and recorded 10.5mn sq ft of gross absorption.

 Trends in Grade A gross absorption (in million sq feet)

 City 2023 2022 YoY change Share of Q4

in 2023 gross absorption

Bengaluru 15.6 16.2 -4.2% 35%
Delhi-NCR 11.6 10.8 7.0% 27%
Chennai 10.5 4.6 131.0% 40%
Hyderabad 8 6.5 22.7% 34%
Mumbai 7 7.1 -1.2% 38%
Pune 5.5 5.1 8.9% 36%
 Pan India 58.2 50.3 15.7% 35%

 

Demand (msf)

 
  Q4 2023 Q4 2022 YoY Change
Bengaluru 5.5 3.5 58%
Chennai 4.3 1 338%
Delhi NCR 3.1 1.9 61%
Hyderabad 2.7 1.7 57%
Mumbai 2.6 1.4 87%
Pune 2 1 100%
Pan India 20.2 10.5 92%

Top 5 deals- Q4 2023

Transaction

Quarter

Year City Occupier/Tenant Industry Area leased (sq.ft.) Building Name Micro market Location
Q4 2023 Chennai Bank of America BFSI 1,100,000 DLF Downtown OMR Zone 1 Taramani
Q4 2023 Bengaluru Philips Engineering & Manufacturing 655,681 Embassy Business Hub North Bellary Road
Q4 2023 Bengaluru Wells Fargo BFSI 650,000 Embassy Tech Village – 3B ORR ORR 1
Q4 2023 Bengaluru Qualcomm Engineering & Manufacturing 567,404 Bagmane Capital – Angkor East ORR ORR 1
Q4 2023 Chennai Citi Bank BFSI 503,525 DLF Cybercity MPR Manapakkam

Top 5 deals of 2023

Transaction

Quarter

Year City Occupier/Tenant Industry Area leased (sq.ft.) Micro market Location
Q4 2023 Chennai Bank of America BFSI 11,00,000 OMR Zone 1 Taramani
Q2 2023 Chennai Shell Engineering & Manufacturing 6,67,752 MPR Porur
Q4 2023 Bengaluru Philips Engineering & Manufacturing 6,55,681 North Bellary Road
Q4 2023 Bengaluru Wells Fargo BFSI 6,50,000

 Tech demand rationalizing amidst increasingly heterogeneous office space take-up

 The contribution of tech sector in office leasing has been steadily decreasing from around 50% in 2020 to 25% in 2023. While demand emancipating from techoccupiers rationalized, the overallleasing activity continued to diversify.The sectoral contributions from BFSI and Engineering and manufacturing sectors especially have almost doubled, increasing from 10-12% in 2020to around 16-20%in 2023. Interestingly, in 2023, leasing by Engineering and Manufacturing players (26% share) surpassed the demand emancipating from Technology firms (22% share) in the tech hub of Bengaluru.

 Demand from Flexoperators remained unabated; at 8.7mn sq ft flex spaces uptake in 2023 was 24% higher as compared to 2022.Flex penetration in the Indian office market is expected to rise further in 2024, as developers are likely to adopt core plus flex strategy for decision making.

 Demand Drivers 2023

Sector Area leased

(mnsq ft)

YoY change
 Technology 14.3 -15%
 BFSI 11.2 64%
 Engineering & Manufacturing 9.4 87%
 Flex Space 8.7 24%
 Consulting 4.5 -4%
 Healthcare & Pharma 2.4 47%
 Consumables 1.2 -56%
 E-commerce 1.0 196%
Logistics 0.5
 Others                                5.0 -3%
 Grand Total 58.2 16%

  “The Indian office market not only navigated initial uncertainties but exceeded expectations and emerged successfully, recording an impressive 58 mn sq ft of gross absorption during 2023.Thedemand momentum, particularly as seen during the last quarter, will pave way for an optimistic start to 2024. Notwithstanding unforeseen events, a stable economic outlook augurs well for Indian commercial real estate and office markets will continue to witness steady interest from domestic as well as foreign-origin occupiers.Increasedpreference ofa combination of core and flex real estate space,heightened activity in tier II markets and next-gen offices with more sustainable elements will be the key themes for office markets in 2024.”says Arpit Mehrotra, Managing Director, Head of Office services, Colliers India.

 Resurgence in large deals, as GCCs continue to expand their India footprint

After a brief pause, occupier confidence in business environment has translated into large office space requirements. At around 30mn sq ft., large deals (>100,000 sq ft)have shown an impressive 24% annual growth in2023. Global Capability Centres (GCCs) typically have large space requirements, and they too resumed their expansionary activities with greater fervor towards the second half of 2023, especially in the fourth quarter. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors.

 “Large sized of 100,000 sq ft or more have contributed to almost 50% of the overall office space demand in India. Interestingly, more than half of the large GCC deals achieved closure in last quarter of 2023, indicating renewed momentum in GCC activity of the country. Large pool of talent, cost-effective rentals, adequateGrade A developments and favorable office market system will continue to uphold India’s vantage positioning from acapability centre perspective. Moreover, healthy demand from domestic firms across technology, BFSI, manufacturing, healthcare and flex spaces will result in equally strong demand of office spaces in 2024.”says Vimal Nadar, Senior Director and Head of Research, Colliers India.

 Healthy supply infusion keep vacancy levels rangebound while rentals firm upslightly
With 50.1 mn sq ft. of new completions, fresh supply across the top six cities rose about 17% YoY, indicating higher developer confidence for near-term space uptake.While Bengaluru accounted for 35% of the new completions in 2023, Hyderabad followed in closely with almost 30% share at an India level.Given strong performance on both demand and supply side, vacancy levels remained rangebound.Average rentals meanwhile increased by up to 5%across most Indian cities.

 Trends in Grade A new supply (in million sq feet)

City 2023 2022 YoY change Share of Q4

In 2024 Grade A supply

Vacancy (%) as on 2023 end
Bengaluru 17.5 10.8 62.90% 39% 17.50%
Hyderabad 14.5 11.4 28.00% 17% 22.70%
Chennai 6.9 4.6 49.60% 51% 16.30%
Delhi-NCR 5.8 7.9 -27.20% 42% 19.90%
Pune 4.3 6.5 -34.50% 46% 14.80%
Mumbai 1.1 1.8 -37.60% 23% 12.30%
Pan India 50.1 43 16.60% 35% 17.40%

Supply (msf)

Supply (msf)
Q4 2023 Q4 2022 YoY Change
6.9 2.7 156%
3.5 0.4 765%
2.4 1.5 64%
2.4 3.4 -30%
0.3 N.A.
2 2 0%
17.4 9.9 75%

Cairn Oil & Gas bags sustainable Corporate of the Year award

Gurgaon, December 26, 2023: Cairn Oil & Gas, part of Vedanta Group, India’s largest private oil and gas exploration and production company, has been awarded the prestigious Sustainable Corporate of the Year award in the manufacturing sector at the 14th edition of the Frost & Sullivan Sustainability 4.0 Awards. This recognition is testimony to Cairn’s unwavering commitment to transforming the planet, communities, and workplace by practicing the highest standards of ESG (Environmental, Social and Governance).

vedanta

In addition, Cairn was also awarded the “Consistency Silver Award” in the Sustainability Leaders category, acknowledging its consistent performance over the last three years. The award was received by Mr. Mandeep Narang, Director Operations, Cairn Oil & Gas, at a ceremony held in Bengaluru recently.

As part of its sustainability efforts, Cairn has implemented various initiatives aligned with its Net Zero target. The company continuously explores innovative solutions and technologies to optimise resource utilisation, enhance energy efficiency, and minimise greenhouse gas emissions to reduce its carbon footprint across operations. By exceeding industry standards in areas such as Risk Management, Biodiversity, Society, and Stakeholder Management, Cairn sets an example for responsible and sustainable business practices.

In addition to its environmental commitments, Cairn actively contributes to the communities it operates in. Through social initiatives, the company strives to uplift local communities, promote education, and empower individuals.

The company continues to innovate and collaborate with stakeholders to drive sustainable change and contribute to a better world.

McDonald’s opens in Iris Broadway in New Gurgaon

McDonald’s India North & East (owned and operated by Connaught Plaza Restaurants Pvt. Ltd.) has launched a new restaurant at Iris Broadway mall in Sector 85 & 86, Gurugram. Spread across 4693 sq. ft. area, this is the first McDonald’s restaurant in New Gurgaon which is poised to intrigues and attract people in and around the vicinity.

Offering dine-in, takeaway and delivery option to the customers, the outlet is likely to cater to approx. 300,000 people residing in close vicinity of Iris Broadway mall. Owing to its scrumptious menu and value for money, McDonald’s holds a special place amongst food lovers across all age groups. The coming of McDonald’s in Iris Broadway mall brings convenience and accessibility to the people of New Gurgaon.

As a commitment to quality and safety in the current times, McDonald’s has launched ‘Safety+’ program which includes nearly 50-plus process changes with enhanced hygiene and safety practices to ensure that every part of the McDonald’s experience is safe for its customers and employees.

Mr. Abhishek Trehan, Executive Director, Trehan Iris said “We are delighted to have American Food Giant McDonald’s at our Iris Broadway mall. This is IInd property of Trehan Iris, where McDonald’s have opened their outlet. They are already with us at Iris Tech Park, Sector 48, Sohna Road where they have taken approx. 8000 Sq Ft area. Iris Broadway has best of the brand mix. It offers the shoppers a truly shopping, eating and entertainment experience. 90% of the mall space is leased and for the remaining, we are in advanced stages of discussion with some of the best brands. We believe that with McDonald’s now operational, it will surely excite people and have another reason to visit Iris Broadway.”

With the constantly increasing traction of retailers and visitors, Iris Broadway is focused on facilitating the best-in-class experience for its partners and customers. The mall is a one-stop experiential place for shopping and entertainment.