Bank of India to buy Standard Chartered’s office space in - TopicsExpress

Bank of India to buy Standard Chartered’s office space in Delhi’s Connaught Place for Rs 125 crore NEW DELHI: Bank of India is buying 36,000 sq ft of office space in the upmarket Connaught Place of Delhi from Standard Chartered Bank for about Rs 125 crore, according to people close to the deal. Bank of India’s bid was the highest from among a clutch of public sector banks and high networth individuals. The property stands on the outer circle of Connaught Place, the most sought after business address in the capital. According to property consultancy CBRE, Connaught Place is ranked the fifth most expensive office market in the world, much ahead of Mumbai’s Bandra Kurla Complex (ranked 11th) and Nariman Point (26th). The bid process was managed by property consultancy Jones Lang LaSalle. Standard Chartered declined comment on the transaction. Bank of India did not respond to an email sent by ET. The property in the H-block of Connaught Place was originally taken by Standard Chartered Bank several years ago on a perpetual lease. While selling, however, the bank has applied for conversion into freehold, which would improve its value. The property also fetched a premium because of the fact that it is not part of a large office building where usually there is wastage of 25-30% space between super and covered areas, for which the buyer has to pay. economictimes.indiatimes/markets/real-estate/news/bank-of-india-to-buy-standard-chartereds-office-space-in-delhis-connaught-place-for-rs-125-crore/articleshow/21495496.cms 4th,5th,6than urban village goes vertical in election year Comments Off | August 12, 2013 New Delhi:Sarita Devi lives in a newlyconstructed flat on the fifth floor of a house in Mohammadpur village,behind Bhikaji Cama Place.She has invested her lifes savings to buy this flat without realizing that its illegal.However,she isnt worried though the building is also structurally unsafe.In this urbanized village,builders have taken the slogan,Delhi to go vertical,rather too seriously. As you drive towards the village on Africa Avenue,one sees construction work in full swing.The lanes are so narrow that two people cant even walk together.So,the residents park their cars outside the corporation school and in a side lane.Locals say real estate developers have sold off every square inch of the land and business is booming. Here,balconies touch each other and lamps light up the narrow lanes since sunlight doesnt reach the ground.Builders are selling 75-100 sq yard flats for around Rs 35 lakh though the rates vary depending on the floor.But having five floors is a regular thing here, says Deepak Singh,a grocery shop owner. With illegal constructions rampant in the area,this place is a ticking timebomb.One collapse and there could be a domino effect.But who is bothered with the assembly elections just a few months away! The new master plan amendments have set in place a process through which construction in urbanized villages can be done after taking due sanction as in other planned parts of the city.Therefore,there should be no reason for villages to construct unsafe buildings illegally, said Sudhir Vohra,architect and urban planner. Mohamadpur councillor Dharamvir Singh,however,claims that demolitions happen quite regularly here.The last demolition,however,took place in the first week of April.Its true that here there are houses that have six floors.But all urbanized villages,like Hauz Khas,Kotla etc,have houses that go up to seven floors.Regular demolition and sealing action takes place in this area while in other villages not a single complaint has been filed.These are old structures and this is my first term as a councillor. The government machinery,despite being aware of the entire affair,is doing nothing to stop it.Municipal corporation officials,it seems,have been instructed to turn a blind eye.Theres no support from the political parties and,in fact,the pressure from the leaders is immense.Unauthorized construction is more of a political issue than bureaucratic, said a senior South Corporation official,who didnt wish to be quoted. Source : epaper.timesofindia, 28-07-2013