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Time of India
08-07-2025
- Business
- Time of India
Pune witnesses significant boost in office leasing
1 2 3 Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024. This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations. The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter. Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone. Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US. However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report. Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad. Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024. This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations. The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter. Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone. Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025. "India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said. Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US. However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report. Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad.
Express Tribune
23-06-2025
- Business
- Express Tribune
Refineries warn of 'catastrophic effect'
The government may collect revenue of Rs75 billion on estimated consumption of around 0.9 million tons (950 million litres) of furnace oil during the outgoing fiscal year 2024-25. photo: file Oil Companies Advisory Council (OCAC) Chairman Adil Khattak has cautioned the government that the imposition of carbon and petroleum levies would have a catastrophic effect on refineries. These refineries use furnace oil in-house as fuel in furnaces, boilers, power generation and other operations. "Applicability of the proposed carbon and petroleum levies on furnace oil being used in their own processes will result in a phenomenal increase in operation cost, which will cause heavy losses and the closure of refineries," he told The Express Tribune. He warned that the two levies would raise furnace oil prices by more than 80%, sounding the death knell for a few industries including refineries, shipping and independent power producers (IPPs), which use it as a fuel or consume it in their own utilities' operations. "Is it disconnect between power and petroleum mandarins, ignorance of its negative fallout or mischievous intrigue of the import mafia," he asked and pinned his hopes on the petroleum minister. Under the International Monetary Fund's Resilience and Sustainability Facility, the government is expected to impose both carbon levy and petroleum levy on furnace oil from July 1, 2025 to curb excessive fossil fuel consumption and gather additional funds for green energy programmes. This is for the first time the government will impose Rs79.5 per litre in levies on furnace oil including Rs77 worth of petroleum levy and Rs2.5 in carbon levy. This will inflate the price of furnace oil by Rs85,000 per ton (57%) to around Rs235,000 and may impact its demand. If international crude oil prices stay above $75 per barrel during the remaining days of the ongoing month, the furnace oil price, after adding the proposed levies, may go up by 67% to Rs250,000 per ton. The government may collect revenue of Rs75 billion on estimated consumption of around 0.9 million tons (950 million litres) of furnace oil during the outgoing fiscal year 2024-25 compared to 1.2 million tons in the previous year. Over the last three years (FY23-25), Pakistan's furnace oil consumption has dipped sharply by an average of 40% per annum. Interestingly, 10 years ago, the furnace oil demand was around 9.2 million tons as the power sector was a major consumer since furnace oil-based electricity had a share of around 35% in total power generation. Of late, coal and liquefied natural gas (LNG) have substituted furnace oil, which now has a share of only 1.5% in electricity production. Local refineries produce around 2.5 million tons of furnace oil, of which 1.5 million tons are exported annually. "We believe that the industry will continue to use furnace oil as an emergency fuel while gradually shifting towards renewable sources of electricity generation. We do not expect a major impact on listed firms as most of the companies have already shifted to coal and solar-based power generation," Sherman Securities said in a report. The decline in furnace oil sales may not impact oil marketing companies (OMCs) as the fuel's share in total revenue is negligible. However, this is "negative" for refineries, where furnace oil comprises around 24% of production mix, it said. "It is anticipated that refineries will now focus on exporting surplus quantity of furnace oil as local consumption will further dry down; otherwise they will be compelled to reduce refinery throughput or temporarily shut down production units, which will negatively affect their earnings." Similarly, if surplus quantity is exported, their gross revenue margins (GRMs) may be affected as furnace oil usually sells at a discount in the export market. Assuming current industry GRMs of $10 per barrel, every $5 per barrel discount on exports will dent GRMs by 12%. However, the impact varies on a company-to-company basis (considering the production mix) and depends on availability of the buyer in export markets. For north-based refineries, including Attock Refinery, the cost of export will be higher, hurting their earnings.
Business Recorder
20-06-2025
- Business
- Business Recorder
PD tells NA body Rs2.50/litre carbon levy to apply from July 1
ISLAMABAD: Petroleum Division Thursday informed National Assembly's Standing Committee on Finance that the carbon levy of Rs2.50 per litre will be imposed on petroleum products from July 1, 2025. Senior officials from the Petroleum Division informed that at present, petroleum levy stands at Rs77/litre on high-speed diesel (HSD) and Rs78.02/litre on petrol. The government plans to cap it at Rs90/litre. Furnace oil, while phased out from public power plants, continues to be used by IPPs (Independent Power Producers). The government plans to borrow Rs1.275 trillion from commercial banks at a rate 0.9 per cent below the three-month KIBOR to retire existing power-related debts. Rs77 per litre PL on furnace oil likely 'This will eliminate IPPs and Power Holding Company liabilities in six years,' the secretary power division said, adding that Rs683 billion will go toward Power Holding Company dues alone, with Rs323 billion repaid annually. The surcharge of Rs3.23/unit will not apply to lifeline consumers, who continue to receive subsidised rates, he stated. The Committee considered the Amendments in the Petroleum Products (Petroleum Levy) Ordinance,1961. The Committee approved the proposed amendments in principle, with the observation that the Ministry shall brief the Committee on the issue of whether the proposed measure should be classified as a levy or a tax. Committee Chairman Naveed Qamar clarified the recommendation for solar taxation originated from the National Assembly panel, not the Senate, refuting member Mubeen Arif's claim. 'It was our recommendation, not the Senate's,' he asserted. Earlier, Qamar recalled, the committee had suggested avoiding any tax on solar to promote renewable energy. The committee also discussed plans to boost electric vehicle (EV) production as per global climate commitments. While Pakistan currently has 76,000 EVs, officials aim to raise production to 2.2 million in five years, mostly comprising electric motorcycles. However, concerns arose as officials revealed the government plans to finance EV subsidies by levying new taxes on vehicle buyers. According to the Industries Secretary, a 1pc levy will apply to cars up to 1300cc, 2pc for cars between 1301cc–1800cc, and 3pc for cars above 1800cc. Committee members were surprised to learn that these levies were not mentioned in the Finance Bill 2025-26. The Committee considered the amendments in the enactment of the New Energy Vehicle Adoption Levy Act, 2025. During detailed deliberations, the Committee observed that there is no comprehensive plan in place for the transition to Electric Vehicles (EVs), particularly due to the inadequate availability of recharging stations. Accordingly, the proposed shift to EVs and the corresponding imposition of tax were deemed unsatisfactory and lacking a proper implementation framework. It was further noted that hybrid vehicles have not been included in the proposed measures. Given these concerns, the Committee decided to defer consideration of the matter until the next meeting, with directions to the Ministry to present a comprehensive and actionable plan for the implementation of the objectives outlined in the proposed bill. The Committee considered the amendments in the Sales Tax Act, 1990. The Committee undertook a clause-by-clause examination of the proposed amendments to the Sales Tax Act, 1990. Following detailed deliberations, the Committee approved the majority of the clauses. However, it proposed amendments to certain provisions where deemed necessary. Provisions relating to fraud were deferred for further consideration, and the Bill was accordingly deferred for reconsideration in the next meeting. Furthermore, the Committee recommended a review of the Export Finance Scheme (EFS) concerning raw cotton, and suggested that tax imposition on local production be brought at parity with that on imported cotton. It was further recommended that these observations be forwarded to the Secretary of Commerce and Chairman, Federal Board of Revenue (FBR), for necessary action and compliance. The Committee considered the amendments in the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 (XL of 1997). After detailed deliberations, the Committee recommended that the revised amended draft, as submitted by the Ministry, be approved. The Committee considered the proposed amendments to the Stamp Act. During detailed deliberations, it was observed that the term non-filer is being used in the proposed amendment, even though this category has been removed from the applicable laws. In light of this inconsistency, the Committee decided to defer consideration of the amendment until the next meeting. Copyright Business Recorder, 2025
