Bengaluru’s online game startup, Gameskraft Technologies, bought a place in the city office for Rs 129.99 crore, Propstack’s documentation is shown.
The 1.21 lakh sq ft area agreement was registered on August 31, 2021. Gameskraft purchased the property and distributed it at 1.21 lakh sq ft from Embassy Property Developmentments. The land, called Embassy Techsquare, Delta, is located in Marathahalli, a region east of Bengaluru which is a commercial and residential area.
Gameskraft purchased the sixth, seventh and eighth floors of the building. Gameskraft and Embassy Group did not respond to queries.
According to a KPMG report, sports betting is estimated at only $ 1 billion and is expected to grow by 41 per cent per year and by 2024 will affect $ 3.75 billion in India, with subscriptions, in-app purchases, advertising and platform funding including revenue streams. incoming.
Following the closure of COVID-19, the world’s biggest sports deals were held last year. American sports sponsor Zynga buys two titles from the Istanbul-based Peak Games portfolio for $ 1.8 billion.
“This is good news for the general office and Bengaluru in particular. Online gambling is one of the areas that has been thriving during the epidemic. And as the gig economy and ideas such as working at home become more prevalent, the sports industry will create more employment and leisure opportunities, ”said Raja Seetharaman, founder of Propstack.
Anuj Puri, Chairman of ANAROCK Property Consultants, said: “As agreed with the latest ANAROCK report, major southern cities have outperformed their western and northern counterparts in the supply and installation of commercial properties. Residents and institutional investors will continue to focus on this market. ”
In another transaction, Vijaya Diagnostic Center Ltd purchased a commercial property from Omkar Carriers and Movers Pvt Ltd worth Rs 35 crore on August 11, 2021 in Hyderabad, the documents obtained by Propstack are shown.
The total built is 1,24,97 sq ft, documents show.
According to Anarock, three major cities in southern India – Bengaluru, Hyderabad and Kennai – dominate the Indian office market with a contribution of 66 percent of the total office space demand for the last 2020-21 financial year.
The major markets for Southern offices have surpassed other regions in terms of new provision, net absorption, and employment growth. Among the top seven cities, Bengaluru, Hyderabad and Chennai saw their overall office allocation increase the rental rate to 66% on FY21 from 47% on FY18.
Net installation at FY21 in high cities was 21.32 mn sq. Ft., And these three southern 14.06 mn sq. Ft. MMR and Pune pulled 4.56 mn sq ft (21 percent) and NCR 2.3 mn sq ft (only 11% share), the report said.
Mumbai Metropolitan Region and Pune occupied 4.56 million sq ft (21 per cent) and NCR 2.3 million sq ft (share of only 11 per cent). In the 2017-18 financial year, 31.15 million square meters were rented in the top seven cities. In 2017-18, 31.15 million square feet was occupied in the top seven cities.
In this net sucking, the southern cities account for 47 percent, the western region 33 percent and the northern region 17 percent.
“Significant growth in the office market in the three southern cities compared to its western and northern counterparts is directly due to strong demand for the IT / ITeS sector, low-cost hiring, and significant growth in startups over the past few years.” Anarock chairman Anuj Puri said.
The manufacturing and industrial sectors also drive demand in the three cities, he added.
According to the new office offer, the southern urban allocation has increased from 40 percent on FY18 to about 63 percent on FY21.
At the completion of the new office space of 40.25 mn sq ft at FY21 in the top seven cities, 63 percent, or approximately 25.55 million sq ft, came from the south. The share of major western markets has dropped to only 19 percent in FY21 from 40 percent in FY18, the coordinator said.
“Significantly, between FY18 and FY21, office rental in all southern cities has also shown a two-digit growth rate,” Anarock said. During the period under review, NCR’s office hires remained stagnant, while MMR and Pune saw only 2 percent and 8 percent growth respectively.
In Bengaluru, the monthly office rental rate has increased by 15 per cent to Rs 77 from Rs 67 per sq ft per FY18. Employment in Chenn has grown by 11 percent to Rs 60 from Rs 54 per sqft in FY18.
“In Hyderabad, the office rental rate was constantly rising from Rs 51 per square on FY18 to about Rs 57 per sqft on FY21 (up 12 percent),” Anarock said.