HT Image
HT Image

MNCs opt for newer, cheaper, peripheral areas

Secondary markets and new commercial areas across India are waking up to the real estate boom, with multinational cos favouring them over established markets, reports Varun Soni.
By Varun Soni | Hindustan Times, New Delhi
UPDATED ON FEB 11, 2008 11:38 PM IST

Secondary markets and new commercial areas in cities across India are now waking up to the real estate boom, with multinational companies favouring them over established markets. Propert experts attribute this growing trend largely due to greater supply, improved infrastructure, lower costs and availability of manpower.

For instance, IT majors IBM and Sapient that have already established their offices in Gurgaon recently leased space to open offices that are as big as 1,80,000 sq ft and 1,25,000 sq ft respectively in Noida.

Anshuman Magazine, CMD, CB Richard Ellis South Asia that brought out a report on office rentals in the fourth quarter of 2007, said: “The reason is simple – supply creates demand. Though demand for Gurgaon will always be there, Noida is gaining popularity among corporate houses owing to the increasing supply there. Though some companies like HCL and Computer Science Corporation had established their presence in Noida nearly a decade ago, there was a lull in the market after that for a few years owing to low supply. Now that has changed and companies are making a beeline for Noida.”

For corporates it is a win-win situation. Sandeep Dhar, MD of Sapient India, said: “We considered Noida as a viable option because of its connectivity, availability of talent and because it is an upcoming town. We also wanted to increase our footprint in NCR.”

The trend is similar in Mumbai, where Lower Parel, Worli and the upcoming Bandra-Kurla complex are gaining popularity vis-à-vis Nariman Point. Reliance Capital has taken up a huge space — of 1,60,000 sq ft — in Lower Parel and Worli, while GE Capital has leased 11,000 sq ft in the Bandra-Kurla complex. That's not all. Many multinationals are even opting for peripheral areas like Navi Mumbai and Thane to set up their offices.

The CB Richard Ellis report said:. “The limited supply coming into the market is being absorbed rapidly. In addition to established locations like Goregaon, Malad and Powai, a large amount of supply is expected in areas like Kanjurmarg, Vikhroli, Navi Mumbai and Thane. These locations will see tremendous activity towards 2009-10 once this supply hits markets.”

Experts say cheaper rent is the key reason for corporates setting up offices in new areas. For instance. the going rate in Gurgaon is Rs 100-150 per sq ft, while Noida is nearly 50 per cent cheaper. “This is not a shift to Noida from Gurgaon, but Noida becoming a preferred destination for companies in expansion,” said Pankaj Jain, executive director, Realistic Realtors, a leading broker in the Capital.

SHARE THIS ARTICLE ON
Close
The Supreme Court. (HT archive)
The Supreme Court. (HT archive)

Bar on transgender persons, others from donating blood: SC seeks govt’s response

By Abraham Thomas
UPDATED ON MAR 05, 2021 02:56 PM IST
Petitioner Santa Khurai, a Manipur-based Nupi Maanbi (traditional identity with the trans umbrella), challenged the constitutionality of clauses 12 and 51 of the guidelines that bar persons of gender and sexual minority groups as well as female sex workers from donating blood
Close
Apart from these, a special permit will also be required to visit any place that falls in the protected or restricted or prohibited areas.(HTPHOTO)
Apart from these, a special permit will also be required to visit any place that falls in the protected or restricted or prohibited areas.(HTPHOTO)

OCI card-holders need permit for 'Tabligh or journalistic activities': Centre

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON MAR 05, 2021 02:47 PM IST
Additionally, they will need permission if they want to undertake research, internship or employment in any foreign diplomatic missions, foreign government organisations in India.
Close
External affairs minister S Jaishankar. (File photo)
External affairs minister S Jaishankar. (File photo)

EAM Jaishankar receives Nigerian NSA Babagana Monguno

ANI
PUBLISHED ON MAR 05, 2021 02:36 PM IST
The information about the Babagana Monguno's arrival to India was shared by Jaishankar through his Twitter handle.
Close
In picture - Leader of Opposition Mukesh Agnihotri along with other Congress MLAs stages a protest outside the HP assembly. (PTI)
In picture - Leader of Opposition Mukesh Agnihotri along with other Congress MLAs stages a protest outside the HP assembly. (PTI)

Suspension of 5 Congress MLAs from Himachal Pradesh Assembly revoked

PTI, Shimla
PUBLISHED ON MAR 05, 2021 02:34 PM IST
A resolution moved by Parliamentary Affairs Minister Suresh Bhardwaj for the revocation of their suspension was passed unanimously in the House.
Close
The entire incident happened when the flight was on the runway and about to take off to Pune.(REUTERS)
The entire incident happened when the flight was on the runway and about to take off to Pune.(REUTERS)

Chaos on Pune-bound IndiGo flight after passenger claims of being Covid positive

ANI, New Delhi
PUBLISHED ON MAR 05, 2021 02:22 PM IST
The passenger, who claimed that he was Covid-19 positive, was handed over to the airport medical authority and his result came out positive.
Close
Lieutenant General Madhuri Kanitkar is the third woman in the Indian Armed Forces to be promoted to a three star rank. (Photo: Gokul VS/ HT)
Lieutenant General Madhuri Kanitkar is the third woman in the Indian Armed Forces to be promoted to a three star rank. (Photo: Gokul VS/ HT)

Didn’t expect a bed of roses, but the armed forces groomed me: Lieutenant General Madhuri Kanitkar

By Aprajita Sharad, New Delhi
PUBLISHED ON MAR 05, 2021 02:21 PM IST
Lieutenant General Madhuri Kanitkar, the senior most woman officer in the Indian Army, talks about how the armed forces are now gradually seeing an increase in the presence of female youngsters.
Close
In a letter to the Prime Minister, the Congress stalwart batted for free vaccination.(PTI file)
In a letter to the Prime Minister, the Congress stalwart batted for free vaccination.(PTI file)

Reconsider Covid vaccine charge in private hospitals: Siddaramaiah

PTI, Bengaluru
PUBLISHED ON MAR 05, 2021 02:06 PM IST
The former Chief Minister said the vaccination drive is slow as only 0.5 per cent people have been vaccinated in India so far whereas other countries have been making huge strides.
Close
Senior citizens wait to register themselves for the first dose of the Covid-19 vaccine at a private hospital in Bengaluru.(PTI)
Senior citizens wait to register themselves for the first dose of the Covid-19 vaccine at a private hospital in Bengaluru.(PTI)

Covid-19 virus mutating faster in Bengaluru, reveals IISC study

By hindustantimes.com | Edited by Poulomi Ghosh
UPDATED ON MAR 05, 2021 02:21 PM IST
Viral isolates found in Bengaluru samples are most closely related to the one from Bangladesh, the study revealed.
Close
Kerala chief minister Pinarayi Vijayan.
Kerala chief minister Pinarayi Vijayan.

Pinarayi Vijayan, 3 ministers knew of Kerala gold smuggling case, court told

By Ramesh Babu, Hindustan Times, Thiruvananthapuram
UPDATED ON MAR 05, 2021 02:36 PM IST
The sensational gold smuggling case came to light last July after customs seized 30 kg gold from a consignment that came in the name of an official of the UAE consulate in Thiruvananthapuram.
Close
Representational Image. (HT archive)
Representational Image. (HT archive)

Hindu priest forces railways to erase MP station’s name written in Urdu

PUBLISHED ON MAR 05, 2021 01:48 PM IST
Mahamandaleshwar Acharya Shekhar of Avahan Akhada said it is just a start and railways should remove names written in Urdu from the signboards of railways stations named after Hindu gods and goddesses
Close
Aparna Purohit is Amazon's head of original content for its Prime streaming service.(REUTERS)
Aparna Purohit is Amazon's head of original content for its Prime streaming service.(REUTERS)

Tandav: SC stays Aparna Purohit's arrest, directs her to cooperate

By hindustantimes.com | Written by Shivani, New Delhi
UPDATED ON MAR 05, 2021 03:01 PM IST
  • The top court also asked Purohit to co-operate in the ongoing investigation.
Close
Referring to price rise as a curse, Gandhi said that the government is pushing people into the swamp of price rise just to earn tax.(PTI)
Referring to price rise as a curse, Gandhi said that the government is pushing people into the swamp of price rise just to earn tax.(PTI)

'To earn tax...': Rahul Gandhi joins Congress campaign against price rise

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 01:35 PM IST
The social media campaign of the opposition party against the rising fuel prices began on Friday 10am.
Close
Sushant Singh Rajput. (HT Archive)
Sushant Singh Rajput. (HT Archive)

SSR drug case: NCB files charge sheet, names Rhea Chakraborty, others as accused

PUBLISHED ON MAR 05, 2021 01:08 PM IST
The NCB began probing the angle last year on the basis of some WhatsApp chats involving the alleged supply of drugs
Close
India's Covid-19 tally increased by 16,838 fresh cases on Friday.(REUTERS)
India's Covid-19 tally increased by 16,838 fresh cases on Friday.(REUTERS)

Six states including account for 84.44% daily new Covid-19 cases: Govt

By hindustantimes.com | Written by Shivani, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 01:02 PM IST
  • Out of the six states, Maharashtra is the worst-hit by the resurgence of Covid-19. On Thursday, it reported its highest 8,998 fresh cases which pushed the state's tally to 21,88,183.
Close
From April, Delhi University’s Miranda House is planning to start a three-month certificate programme for training young women interested in joining politics at the state and national levels.
From April, Delhi University’s Miranda House is planning to start a three-month certificate programme for training young women interested in joining politics at the state and national levels.

News updates from HT: Miranda House to start training aspiring women politicians

By hindustantimes.com, Hindustan Times, New Delhi
PUBLISHED ON MAR 05, 2021 12:48 PM IST
  • Here are today’s top news, analysis, and opinion. Know all about the latest news and other news updates from Hindustan Times.
Close
SHARE
Story Saved
OPEN APP