Connaught Place & BKC among the Most Expensive Office Locations

Connaught Place in New Delhi and Bandra-Kurla Complex(BKC)in Mumbai have been counted among the top and most expensive office locations in the Asia-Pacific region.
Connaught Place: the low class business people are forced to sell their goods in the open market as offices have become hotter here.

Connaught Place: As offices have become hotter here, the number of street-marketers may increase.

According to Cushman & Wakefield’s annual survey titled ‘Office Space Across The World 2013′,  Connaught Place  in New Delhi and Bandra-Kurla Complex (BKC) in Mumbai are included among the most expensive office locations in the Asia-Pacific region. Surprisingly the list dropped Nariman Point from the top 10 list.

As per the global real estate consultant’s report, Connaught Place; where the yearly cost of office space per sq. ft. was $162, stood second in the top 10 list of the region and fourth in the worldwide list. While with $82 per sq. ft. of yearly cost, BKC ranked eighth in the list.

Meanwhile Nariman Point which was considered as one of the most expensive office locations in India was not included in the top 10 list.

Connaught Place emerged as the fourth most expensive office locations in the world. This is mainly due to the shortage of office space in the area, said Mr. Sanjay Dutt, executive MD, C&W. Continue reading

Tough Real Estate Market Blocks AI’s Monetization Plan

Air India’s plan to monetize vacant building is hit by existing tough market conditions. Civil Aviation Minister Mr. Ajit Singh said that the AI’s Plan is severely affected by the tough market conditions existing in the real estate.

The plan of Air India to lease vacant floors in Nariman Point headquarters is fronting tough market conditions. However Civil Aviation Minister Mr. Ajit Singh said that he is confident of working out the plan to monetize the real estate properties of AI.

Air India’s plan to monetize the real estate properties was meant to raise Rs.5, 000-Crore. The government owned National Carrier had expected to raise the fund by leasing or selling of real estate properties in Delhi and Mumbai. Continue reading

Taxes on Nariman Point buildings hiked 10-fold

Nariman Point is in a state of turmoil. The Brihanmumbai Municipal Corporation has slapped notices on building societies here by increasing their taxes by as much as 5-10 times.

The BMC’s assessment and collection department recently hiked what is commonly known as the rateable value in buildings where offices have been given out on leave and license. The rateable value is fixed on the basis of the rent a particular office space is expected to fetch the owner.

There are close to two dozen buildings in Nariman Point. Some months ago, several societies received notices, informing them that the new rates would be applicable with retrospective effect from April last year.

The fifteen storey Mittal Court is a case in point; the civic administration has hiked its rateable value from Rs 2.86 crore a year to a phenomenal Rs 21.31 crore, 8-fold increase.

Dalamal Tower was slapped with a revised rate that was over 10 times the last one. It will now have to shell out Rs 17 crore instead of Rs 1.59 crore a year.