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DLF Wants To Revive Bengal Infotech SEZ

Kolkata, India, May 25, 2010 : DLF has approached the government to retrieve its infotech SEZ in Calcutta, which it had surrendered last year. "Now, the developer (DLF) has requested for rescinding the notification de-notifying the SEZ stating that the demand for IT/ITES leasing space is showing signs of improvement," according to a source. The sector-specific unit for IT and ITeS services at Rajarhat, Calcutta, was spread over an area of 10.48 hectares and notified on June 23, 2008. Last year, DLF surrendered the SEZ and applied for denotification, which was taken up by the Board of Approval on June 2, 2009.
Source: The Telegraph

Mr Biyani To Give Away Control Of Property Business

Kolkata, India, May 4, 2010 : Mr Kishore Biyani, the founder and chief executive officer of the Future Group, will merge his real estate business with that of Mr Sumit Dabriwala, Kolkata-based developer, who will take control of the new entity. Mr Biyani and Mr Dabriwala, who head the United Credit Belani Group (UCBG), have reached an 'in-principle agreement' to merge their property assets and create a 'foreign direct investment-compliant' real estate firm in about six months. The Future Group will remain invested in the company with a considerable stake.

Kolkata Office Space Rentals Remain High

Kolkata, India, February 24, 2010: For those who believe Kolkata as a business destination has been out of favour after the unceremonious exit of Tata Motors’ Nano project in October 2008, a realty check offers an interesting insight into the reality. Office space rentals in Kolkata remains higher than the more fancied Bangalore, Chennai and Hyderabad, a clear indication that business demand is still robust. Only Mumbai and Delhi have more expensive office space.

A study by global realty consultant Cushman & Wakefield revealed that the Burrabazar-BBD-Esplanade area-Park Street belt that comprises Kolkata’s central business district (CBD) commands a rent of Rs 98/sqft, way over Gurgaon prime commercial (Rs 77), Bangalore CBD (Rs 73), Pune CBD (Rs 55), Chennai CBD (Rs 55) and Hyderabad CBD (Rs 50). What’s even more surprising is that rents in Kolkata have been least affected by the downturn that sparked a major price correction in the real estate sector across the country. While rent in the city’s CBD is down 7% against last year, the rentals erosion elsewhere is 10% to 28%.

Cushman & Wakefield India executive director (occupier services) Arvind Nandan said: “While the early part of 2009 was a reflection of the economic slowdown mirroring the rest of the world, by the latter part of the year, there were signs of stability and also revival. This is evident from the fact that more established markets like London (-25%) and Hong Kong (-35%) have seen equal or higher rental correction in the same period. Most micro-markets across India started to record stable rentals indicating a gradual revival in demand. This trend is likely to remain constant in 2010, where we expect rental values to remain stable with a strengthening bias across established markets. Locations with a surfeit of IT/ITeS development may, however, experience further softening of rentals in early 2010, albeit at a much lower rate than before.”

Rentals at IT/ITeS hub Salt Lake Sector V have already declined by 13% and are now hovering around the Rs 42/sqft mark with possibility of further decline till the sector regains momentum in the second half of the year. Maintaining last year’s position within the Asia Pacific region, India captured three of the top 10 spots with Mumbai CBD, Mumbai Worli and New Delhi CBD at third, fourth and fifth positions respectively.
Source: IndianRealtyNews

Big Bazaar Family Store Opens at Sealdah, Kolkata

Kolkata, India, February 23, 2010 - Pantaloon Retail (India) Limited, a part of the Future Group, further enhanced its reach to the masses in Kolkatta with the launch it’s one more flagship hypermarket retail store - Big Bazaar at Sealdah, Kolkata.

Future Group has entered into a 50:50 joint venture with Keventer Fresh Group to roll out a new line of perishables stores. Kicking off in Calcutta within a month, the chain has plans for an aggressive pan-India footprint.

Kishore Biyani, the CEO of the Future Group, and Jalan unveiled a Rs 100-crore shopping centre next to Sealdah station during the day in the presence of municipal affairs minister Asok Bhattacharya and mayor Bikash Ranjan Bhattacharyya. The Big Bazaar Family Centre is a public-private partnership between the Calcutta Municipal Development Authority and the Keventer-Future Group combine.

Minister Bhattacharya lauded the private partners for taking “this courageous step in these trying times”, but reminded them of the need to protect the interests of small retailers. The G+9 Sealdah retail and office tower can park 59 cars, with the top four floors being taken up by Bajaj Allianz.

DLF announces second IT Park in Rajarhat, Kolkata

DLF Ltd has announced its second IT Park in Kolkata. The Company is developing this state of the art, world-class facility on 25 acres of land offering 2.5 million sq.ft. of IT/ITES workspace.

Pantaloon launches first exclusive ‘Depot’ store launched in Kolkata

DePOT, the ‘books, music, gifts and stationery’ retail format of Pantaloon Retail (India) Limited (a part of Future Group), launched it’s first exclusive stand alone store at E Mall, 2nd Floor, Chitranjan Avenue, Kolkata.

Kolkata based real estate developer Merlin Group to invest Rs 2,000 crore in the state

Kolkata-based real estate developer Merlin Group is to invest around Rs 2,000 crore by 2011 to create industrial infrastructure, commercial and residential real estate projects in West Bengal.

Kolkata office and retail real estate on growth path

Kolkata has all the ingredients for high growth in its real estate market, according to real estate services firm Jones Lang LaSalle Meghraj (JLLM). One of the oldest urban agglomerations in the country, Kolkata lost its position as the erstwhile commercial capital of India to Mumbai due to the socialist manifesto adopted by the West Bengal government post-independence. Now JLLM believes the state is witnessing a resurgence driven by government policy and support for the service industry and infrastructure development that is once again attracting industry and capital to the city.

Three new Westin hotel properties for Hyderabad, Pune and Kolkata

Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) continues its aggressive expansion in Asia Pacific, announcing agreements to manage three new Westin hotels in three of the fastest growing markets in India. In Hyderabad, the biotechnology hub of India, Westin will open The Westin Hyderabad, Mindspace. The second new addition - The Westin Pune, Koregaon Park - will be in Pune, an emerging destination for banking and financial services. The third hotel - The Westin Kolkata, Rajarhat - will be in Kolkata, the commercial and trading hub of India. The Westin hotels in Hyderabad and Pune are scheduled to open in 2009, while The Westin Kolkata, Rajarhat will open in 2010.

Get Ready To Pay More For Your Dream House

Bad News, Now home buyers will have to bear a 10% service tax on properties under construction. They will have to pay this even before the title transfers from the realtor to the consumer. From now onwards, a 10.3% service tax will be applicable on all under-construction properties. Before this, till title in a property was passed to the buyer from the developer and the occupation certificate was handed out, it was understood that there is no 'service' being provided to customers.