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Real estate services firm Cushman & Wakefield has said that property values in South Mumbai, where BJP MP Vinod Khanna recently bought a flat for Rs 30 crore at Rs 1.2 lakh per square feet, would further appreciate, though marginally, in the second half of the year due to demand-supply mismatch.

“Demand for prime property has been on a constant rise as South Mumbai has been the traditional business capital and economic hub of the city. South Mumbai is expected to witness growth and increase in values as the potential increase in supply is restricted,” Cushman & Wakefeld’s Joint Managing Director Sanjay Dutt said.

Price is usually a function of demand and supply mismatch and that is what has been pushing up the values in South Mumbai.

“Mumbai is definitely one of the most expensive cities in South /South East Asia with 3-4 bedroom prime properties transacting anywhere between Rs 10 crore and 20 crore.

However when one compares it with prime residential homes in Mayfair, Knightsbridge, Hyde Park, Kensington, etc. one would shell out anywhere between Rs 18 crore and 50 crore,” he said.

The growth in Mumbai is linked to the growth of job opportunities especially in high paying services sectors which has resulted in attracting talent leading to rise in demand.

Simultaneously the supply was severely constrained due to delay and slow development cycle, like mill lands took ten years to reach the stage of development. - PTI

Japan’s leading estate firms including Mitsui Fudosan Co have begun proposing big rent rise in central Tokyo, where office vacancy rates have been hovering near 20-year lows.

These rock-bottom vacancy rates have helped Mitsui Fudosan and rival Mitsubishi Estate Co weather tougher times for much of Japan’s property market, which has been hit by tighter credit and stricter apartment building codes. Mitsui Fudosan, Japan’s largest real estate developer, said on Monday that it was in talks with tenants to raise office rents in central Tokyo by an average 10-15 per cent.

The country’s second-largest, Mitsubishi Estate, also said it was holding talks with tenants to raise office rents in the Marunouchi area of central Tokyo by 15-20 per cent.

Another major developer, unlisted Mori Trust Co, said it was preparing to raise office rents in central Tokyo’s Minato district by an average of 20 per cent.

The office vacancy rate in Tokyo’s 23 wards stood at 2.1 percent in April -- the lowest since the burst of Japan’s asset-inflated bubble economy in 1990, according to Ikoma Data Service System, a research firm specialising in the market for office buildings. The Average rent in Tokyo’s five central wards in April was 15,120 yen ($146) per approximately 3.3 square metres.

That marks a 12 percent increase from 13,530 yen in June of last year, according to the most recently available data from Ikoma.

“Tokyo’s office market is extremely tight,” said Ikoma Data Service System researcher Mitsuhiro Asada. “With signs of an economic recovery, many companies started hiring more people, and that’s making them want to move to bigger offices,” said Mr. Asada. – Reuters

Honeywell Electrical Devices & Systems, which provides MK brand of switches and cable management systems, has launched a new series of flat modular switches and sockets for customers in India.

Lenze, a new generation series from MK, blends with most interior decor.

Artfully embellished with a silky satin matt finish it comes in eight colours.

Blenze is a flat modular switch range, wherein the switches are flush on the same plane as that of the front plate in off position. With the switch housed in slim 6.5mm front plate, the entire unit appears flushed on the wall. To add to its benefits, this range is easy to install and absolutely safe to use.

Blenze is a fully RoHS compliant range. This range also includes sensors and timers that help conserve energy at homes and offices in addition to adding comfort and luxury with electronic controls. The remote control option allows the lights to be controlled without reaching out for the switch. “We conducted extensive customer interviews before initiating this project and continuously engaged them throughout the product development cycle. MK is known to create new standards and benchmarks in segments we operate. We are proud of This new range redefines switch aesthetics and product engineering,” said Mr. Sadanand Teje, MD, Honeywell Electrical Devices and Systems India Limited.

Mr. Mike Southgate, Global head of Honeywell Electrical Devices & Systems, said, “. We are further extending our presence in India with the launch of this new range and others to follow.” Range is positioned at the top end, with the 10A Switch priced at Rs.108/- MRP. For additional information, please visit www.honeywell.com.

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