Tag Archives: Ambuja Ecospace

DTZ-Track2Realty study on commercial real estate-IX

Posted on by Track2Realty

Track2Realty Exclusive: East Zone (Kolkata)

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Kolkata real estate news, Kolkata realty, West Bengal realty news, Ambuja Ecospace, New Town KolkataThe overall retail market in the city continued to display sluggish trend with only a few major retailers expanding their operations in large format standalone stores in established high street locations.

The organized retail space witnessed low availability as only one mall of 150,000 sq ft became operational. Though the development pipeline looks healthy for 2012 and 2013, the extension in the delivery timelines coupled with negligible churn of retailers has been severely impacting the availability of mall space.

Rental values in High Streets such as Park Street and Camac Street continued to witness decent appreciation due to lack of availability and robust demand, especially from food and beverage retailers. The mall rentals remained largely stable due to limited availability coupled with restrained demand.

Best performing micro markets:

-          Organised retail space in central and suburban locations continue to be amongst the best performing retail markets in the city. High Streets such as Park Street and Camac Street continued to be the most sought after locations due to their established popularity.

Low performing markets:

-          None

Major Transactions:

Company Location Mall/High Street Area (sq ft)
Baazar Kolkata Gariahat - 12,000
Sasya Boutique Shakespeare Sarani - 10,000

Source: Market Intelligence, DTZ Research

Emerging Markets: New Town, Rajarhat

Developments expected: Circa 2 million sq ft of mall space is expected to come on stream in 2013.

Outlook

The reforms in FDI policy will not only facilitate the entry of international multi brand retailers but also fuel demand from Indian brands in the short term. With most of the new mall supply expected to be completed only six to nine months later, rents in existing malls and established high streets will witness a further appreciation across most markets.

Ends….

Ambuja Realty buys RMZ’s block in Ecospace Park

Posted on by Track2Realty

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Kolkata real estate news, Kolkata realty, West Bengal realty news, Ambuja Ecospace, New Town KolkataKolkata-headquartered real estate major Ambuja Realty on Thursday, September 20, acquired the RMZ block at Ecospace Business Park in Rajarhat satellite township on the Eastern fringe of the city. According to sources, the deal size is in excess of Rs.300 crore.

According to market sources, Ambuja Realty’s acquisition of nearly 9 lakh sq. ft at around Rs.3,333.34 a sq.ft is reportedly the largest commercial property purchase in the city so far.

The previous largest real estate deal in the city was the Rs.200-crore sale of 7-lakh sq.ft (Rs.2,857.15 a sq.ft) by Emaar MGF along the Eastern Metropolitan Bypass.

“RMZ wanted to exit the Ecospace project and they made us an offer to acquire the block. Since both the Ambuja Realty Campus and RMZ blocks are located next to each other we decided to go ahead with the acquisition,” Harsh Neotia, Chairman, Ambuja Realty, said.

The deal between Ambuja Realty and RMZ was facilitated by real estate consultant major, Jones Lang LaSalle India.

Ecospace, a commercial complex, spread across 20 acres in Rajarhat was initially divided into two equal independent campuses of 10 acres each. One was to be developed by RMZ along with AIG; while the other half by Ambuja Realty.

However, RMZ citing “market conditions” wanted to exit the project. Nearly, 80 per cent of construction in the block is already complete.

“We will connect the two blocks soon,” Neotia said.