Tag Archives: real estate in bangalore

Bangalore Sees Lower Office Space Absorption as IT Demand Falls

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Compared to 2011, the office space absorption has fallen in Bangalore. Experts opine that the situation was the result of weaker demand from the IT and ITeS sectors.
Office space absorption in Bangalore fell due to the lower demand from IT and ITeS sectors.

Office space absorption in Bangalore fell due to the lower demand from IT and ITeS sectors.

Real estate experts said that the office space absorption in Bangalore has been dropped as the IT (Information Technology) and ITeS (IT enabled Services) did not raise much demand. The reports show that the office space absorption has dropped by 24% last year.

Cushman & Wakefield, a global real estate consultancy, reported that in 2012 nearly 7.3 million sq. ft. of office space was absorbed. This rate of absorption is very lower to the 9.59 million sq. ft. of 2011. If the IT and ITeS sectors had shared nearly three fourth of the total supply in 2011, in 2012 their absorption is just above two fourth of total supply. Continue reading →

Realty co plans separate account for lavish project

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To bring in more transparency to its accounting procedure, Bangalore-based real estate developer Lalith Gangadhar Constructions will maintain an exclusive construction escrow account with Kotak Bank for the LGCL-Ashlar project it is developing in Garden City.

The Rs 150-crore project comprises 63 villas on 7.75 acres, each carrying a minimum price tag of Rs 2 crore.

The developer plans to launch two more luxury format projects.  The company will keep the budgeted construction cost for the project in a separate construction escrow account from payments received from the home-buyers. The funds here will be used solely for project construction.