Tag: real estate agents

LinkedIn books office space in Bangalore technology park

BANGALORE: California-based social networking site LinkedIn recently booked 74,341 sq ft of office space in Prestige Technology Park in Bangalore at 43 per sq ft, people familiar with the transaction said, establishing the fact that leading technology firms are investing in additional space in Bangalore.

“The new office space in Bangalore will house employees across functions, including customer service, engineering, sales and marketing,” said LinkedIn India Country Manager Nishant Rao.

The company has taken up space for consolidating its existing offices while the rest will be used for growth. “The new facility can seat 750 people and will be mostly used for expansion. It has also taken into account growth for three years,” said a person having direct knowledge of the transaction. LinkedIn has 150 employees in India as on December 2012.

The transaction was handled by property consultant DTZ.

LinkedIn India is headquartered in Mumbai with two offices in Gurgaon and a technology centre in Bangalore, the first outside the US. Situated at the Bagmane Technology Park, the LinkedIn Technology’s R&D centre is its fourth office in the Indian market. The world’s largest professional networking site, with over 20 million users in India, has added five million more users in the past 12 months ended March 2013.

India, with 100 million Internet users, provides the second largest user base for LinkedIn, after the US, where it has 74 million users.

LinkedIn has launched a series of new products to make things easier for users and its premium offerings in India. ING Vysya, HCL TechnologiesBSE 2.79 % and WABAG are among the companies that are extensively using LinkedIn Talent Solutions to establish an employment brand, develop their career pages and boost their recruiters’ ability to identify and connect with the best talent.

“Having grown by almost 500% since LinkedIn India started operations in November 2009, the 20 million members account for about 9% of LinkedIn’s global members (225+ million),” said Rao.

The 22-acre Prestige Tech Park has three independent towers having two wings each of an average floor plot size of 40, 000 sq ft. It houses some big companies such as JP Morgan, Quintiles, and Adobe. Private Equity fund Red Fort Capital had invested $35 million ( Rs 157.54 crore) in the tech park in January 2007.

Typically, leasing of commercial real estate is a good indicator of a country’s business outlook. According to Cushman & Wakefield, office markets in India registered a downward spiral in absorption in the first three month of the year.

Source: The Economic Times

Buyers protest delay in possession

As many as 50 irked home buyers on Saturday staged a sit-in outside the office of Unitech Limited Group to protest delay in possession of their flats.

The buyers were supposed to get possession of their flats in Uniworld Gardens II by 2011. But four years after the project was launched in Sector 47, the construction work is still far from over.

The housing society is supposed to have 500 flats spread over four towers.

The buyers, living across the country, connected through Facebook and planned to raise voice against the developer.

“We are fighting for our right to get our dream home on time, as was assured by the developer. We do not see getting the possession for at least the next two years as the construction is still not over,” said Pankaj Kalra, a buyer.

The buyers protested outside the realtor’s office in South City 1 after their representatives were not allowed inside the office for a meeting with Unitech executives.

“The Unitech executives had originally agreed to hold a meeting on May 11, but they postponed it to May 25. They have adopted the tactic of delaying or postponing meetings, unmindful of our plight. We are paying rent, EMIs and interest to banks,” said Anil Kumar, another buyer.

Kumar also alleged that the developer had stationed bouncers outside the office.

“Some Unitech bouncers were present there. They didn’t allow us to go inside and meet the senior executives,” he said.

The two-hour protest ended up blocking roads and creating traffic chaos in the area. The aggrieved buyers finally called off the protest after police intervened.

Source: Hindustan Times

All land-related info of Bengal will now be a click away

Banglar Bhumi, a portal on land records of West Bengal, is ready to provide all land related information to people, particularly entrepreneurs, sources in the Land and Land Reforms department said.

The land have been divided into various zones like agricultural zone, industrial zone and tourism zone for easy spotting of target lands.

“The basic idea behind marking the zones is that industrial and other big projects of the state government and the Centre will be located in the appropriate zones without disturbing food security in the state,” sources said.

The block-wise land use maps show single, double and multi crops land, dry and barren land, forest land, metal roads, national highway, state highway, railway network, industrial area, area under infrastructural development and water bodies etc.

“This will help the entrepreneurs intending to set up industries know the actual infrastructure available at the proposed sites,” sources said.

However, the concept of zoning in block-wise maps of the districts was introduced in May 2011 to identify agricultural zone, industrial zone and tourism zone, townships and wetlands.

The block-wise land use maps of five districts — West Midnapore, Bankura, Purulia, Burdwan and Birbhum — have been prepared and formally published in March 2010.

Source: The Indian Express

Connectivity hikes residential prices on VIP Road, Kolkata

Owing to the strategic location and smooth connectivity, residential properties on VIP Road have registered a capital appreciation of more than 45 per cent over the last four months. The rates that were in the bracket of Rs 3,200-3,500 per sq ft in September’12 has reached to Rs 4,000-6,000 per sq ft in January’13.

VIP Road starts after Ultadanga and stretches up to the International Airport. It includes many towns on its periphery. These are Lake Town, Bangur, Dum Dum Park, Keshtopur, Baguiati, Jora Mandir and Teghoria. International Airport and Ultadanga Railway Station located one and 5 Km away from the area, respectively ensures smooth connectivity to other parts of Kolkata. VIP Road has easy connectivity to important places like Rajarhat, Salt Lake sector-5, New Town and New Kolkata among many others.

In addition, there are good schools, markets, hospitals and restaurants in the vicinity that make this area inhabitable. Proximity to the New Town and Salt Lake also brings a lot of buyers to VIP Road. Being an end-user driven market, we see a lot of IT professionals working in the commercial hubs such as New Town and Salt Lake sector-5. Also, we see a considerable number of businessmen as end-users on VIP Road.

As per the availability of units in the area, there is a lot of resale property available. There are 70 units, on an average, available in various localities on the VIP Road. There is an ongoing project too by PS Group called Magnum, which offers 2-4 BHK units. The project is selling units at Rs 5,500-6,000 per sq ft. Units in all these new projects are selling at Rs 5,000 to 7,000 per sq ft, the average rate being Rs 6,000 per sq ft.

Source: Aawas.in