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Mumbai accounted for 65% of office space leased in India for October

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The total leasing of office space, which comprises demand for all grades of buildings, fell 21 per cent year-on-year in October across seven major cities to 6.7 million square feet on lower demand, according to property consultant JLL India.

The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top 7 cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.

Total office leasing activities stood at 8.5 million square feet in August 2021.

As per the data, Mumbai with a 65 per cent share of monthly leasing activity clearly leads the way, mainly due to strong demand for space coupled with select significant renewals during the month, followed by Delhi NCR and Pune.

These three cities accounted for nearly 93 per cent of all leasing activity in the October 2022 monthly leasing activity tracker.

The manufacturing sector takes the lead as the biggest driver of aggregate market activity in October 2022 with a 22 per cent share. Consultancy business has also seen improved leasing activity during October with an 18 per cent share and the BFSI segment has a similar share Technology firms are moving slowly on their space requirements and that is visible in the share being just 15 per cent in October, declining to a six-month low, JLL said.

”Prevailing sentiment is creating headwinds for office space decision-making and while activity remains largely intact, lower pre-commitment activity in the last two months is indicative of a momentary sluggishness, also evidenced by the tech sector which is driven mostly by US firms,” the consultant said.

Similar trends may prevail for some time before greater clarity on business and macroeconomic environment will enable occupiers to approach real estate plans with greater certainty moving forward, it added.

According to the JLL data, India’s office Grade A (premium) stock stood at 732 million square feet at the end of the March quarter. The office stocks of other grades were 370 million square feet, taking the total stock to around 1.1 billion square feet.

The consultant releases the leasing data of Grade A office space on a quarterly basis, while it has started to compile the total leasing transactions of all grades of buildings on a monthly basis.

Maharashtra

‘Dalaals Of Builders…’: Aaditya Thackeray Slams Maha Govt Over Handing Over Open Spaces Along Mumbai Coastal Road To Realtors

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Mumbai: Shiv Sena (UBT) MLA Aaditya Thackeray on Wednesday opposed the Maharashtra government’s decision to hand over the open spaces along South Bound Coastal Road to builders for development.

Taking to X, Aaditya said, “Hearing that some dalaals (brokers) of builders are asking for the open space of the South Bound Coastal Road we planned and initiated for Mumbai.”

Disapproving the government’s move, he said, the land belongs to Mumbaikars and it must remain with the BMC.

“The open space MUST remain with the BMC only and only for open spaces and urban forest plantations, as we Mumbaikars have planned. We will not allow the government to hand it over to builders or for hoardings as it wishes to!” he said.

Notably, last month, the BMC received only one bid for the development of approximately 70 hectares of open space along the Coastal Road Project.

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Maharashtra

Disha Salian case: Mahayuti legislators seek Aditya’s resignation, narco test

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Mumbai, March 26: Shiv Sena legislator Sanjay Gaikwad on Wednesday demanded the resignation of Shiv Sena-UBT MLA Aditya Thackeray in connection with the Disha Salian death case.

Gaikwad raised the issue after Disha Salian’s father, in his complaint to the Mumbai Police Commissioner, named Thackeray, Dino Morea and Suraj Pancholi.

Meanwhile, Shiv Sena leader Bhavana Gawli raised the issue in the Legislative Council and demanded Thackeray’s narco test in connection with the case.

Gaikwad demanded that Thackeray should resign while appealing to the state government to make its stand clear on this issue.

Even before Gaikwad was to conclude his speech, the Mahayuti legislators entered the Well of the House demanding that Thackeray should resign.

Amid din, Assembly Speaker Rahul Narvekar adjourned the House for 10 minutes. After the House reassembled, the members from the treasury benches continued to demand Thackeray’s resignation.

Shiv Sena Minister Sambhuraj Desai stood up and told the Assembly that Disha Salian’s father filed a complaint with the Police Commissioner in which he named Thackeray.

“In the case of the killing of Massajog sarpanch Santosh Deshmukh, the state government since day one has said that it would not spare anyone. Similarly, the government is quite clear that no one will be spared in the Disha Salian death case,” said Desai.

He added that a SIT probe is underway, and the petition has been pending in the High Court for hearing.

The government will submit the SIT report to the court, and based on it and the court order, necessary action will be taken in this case, the minister added.

After the minister’s statement, the ruling alliance members did not pursue the issue, and thereafter, the proceedings started smoothly.

On Tuesday, lawyer Nilesh Ojha, appearing for Disha Salian’s father, told reporters that a written complaint to the police commissioner’s office was accepted by the Joint Commissioner of Police (crime). The complaint was incorporated in the FIR.

He further stated, “Aditya Thackeray, Dino Morea, Suraj Pancholi and his bodyguard, Parambir Singh, Sachin Vaze and Rhea Chakraborty are all accused in the FIR.”

He claimed that Parambir Singh was the main mastermind for the “cover-up” in the case.

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Maharashtra

Maha govt withdraws 6 pc tax on EVs priced above Rs 30 lakh

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Mumbai, March 26: Maharashtra Chief Minister Devendra Fadnavis announced on Wednesday in the state council that the government has decided to withdraw the six per cent tax on electric vehicles (EVs) priced above Rs 30 lakh, as was initially proposed by Deputy CM and Finance Minister Ajit Pawar in the annual budget for 2025-26.

The chief minister made this announcement while responding to a question by Shiv Sena(UBT) legislator Anil Parab during a discussion on EVs and air pollution.

Deputy CM Ajit Pawar had said that the six per cent tax on EVs priced above Rs 30 lakh was part of its move to mop up additional revenue. However, the auto industry and other stakeholders had urged the state government to withdraw the 6 per cent tax, especially when the Centre and the state government are promoting the use of EVs to address the pollution issue.

Parab raised concerns over the proposed tax which would have been effective from April 1.

He said, “The Centre is actively encouraging EVs by providing a slew of incentives. The state government’s proposal to level a six per cent tax on EVs above Rs 30 lakh would be counter productive and it would be contradictory to the broader objective of promoting pollution free and clean mobility.”

The chief minister said that the government arrived at a conclusion that the tax would not mobilise substantial revenue and could send the wrong signal about our commitment to electric mobility. Therefore, the state government will not go ahead with the six per cent tax on EVs priced above Rs 30 lakh, he added.

During the budget presentation on March 10, the state government proposed a 6 per cent tax on EVs above Rs 30 lakh and a one per cent tax hike on individual-owned non-transport four-wheeler CNG and LPG vehicles. The move was aimed to generate an additional revenue of approximately Rs 150 crore in 2025-26. The Finance Minister had also announced a 7 per cent tax on light goods vehicles (LGVs) carrying goods up to 7,500 kg, which would bring Rs 625 crore to the exchequer.

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