#RealtyNewsRoundUp: Office Space Absorption Crossed 42 Million SqFt In 2017

Despite various disruptions, including the advent of technology and new office formats, overall demand for office space remained robust in 2017, with absorption crossing 42 million square foot (sqft), a recent survey said. According to a study by a global property consultant, the annual absorption of office space across eight metros crossed 42 million sqft in 2017, driven by the information technology sector with a 32 per cent share. Annual supply for prime office space was over 29 million sqft during the year, a decline of about 18 per cent as compared to 2016. 

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The Telangana government would soon introduce a system similar to the core-banking network used in banks in the administration of land records. The system aims at facilitating immediate changes in land records whenever any transactions take place. This would curb delays in the process. The changes would be updated in a proposed website, named Dharani, according to a state government release.

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The Maharashtra government has directed all the civic bodies in the state to use energy efficient LED bulbs for street lighting. According to a government resolution issued by the Urban Development Department recently, civic bodies have been banned from raising capital expenditure for installation of LED lights by devising novel schemes or any other schemes, other than their Budget allocations. There are a total of 28,691 civic bodies in the state, which includes 27 municipal corporations and 235 municipal councils.

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Citizens can now be fined on the spot for littering if the Delhi High Court's suggestion to collect such fines through hand-held electronic devices is accepted by the civic bodies. The high court made the observation after it was told about the notification of the new solid-waste management bye-laws, which introduce user fees for using municipal services and impose penalties for littering or violating waste-management rules. Under the new law, the user fees range from Rs 50 to Rs 5,000 based on the nature of the premises while the fines on each default would range from Rs 200 to Rs 10,000, depending on the nature of the violation and the type of building. 

Source: Media reports