Mumbai 6th most expensive city for office space

Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.

The 2011 list was topped by Hong Kong, while London and Tokyo came second and third in the rankings, which valued Mumbai's office occupancy cost at $114 per square foot a year. India's financial capital occupied the fifth position in 2010, Cushman & Wakefield (C&W) said.

"Apart from being overtaken by Rio de Janeiro, Mumbai CBD (Central Business District) lost one position on the global ranking also because of the fact that it has not seen any change in the rental values over the previous year," the consultant said.

As per C&W's estimates, the Brazilian city moved up to fifth position from 13th in 2010 as rental values rose very sharply. The average rental for opening an office in Rio de Janeiro has been estimated at $120 per square foot a year.

New York, which was a place below Mumbai in the 2010 list, moved up by a single notch to fifth place this year with an annual occupancy cost of $115 per square foot, C&W said.

Hong Kong topped the list of the world's 10-most expensive office locations this year with an average rental of $241 per sq foot every year. It jumped up two places in the list from third position last year.

London hung on to its distinction of being the second most expensive place to rent an office in the world, with an average rental of $233 per square foot per year.

Japan's capital, Tokyo, slipped to the third spot this year from first rank last year, with an average rental of $166 per square foot per year.

The other cities that found places in the list are Moscow, Paris, Zurich and Milan, the survey said.

"Asian markets have been recovering and growing at a much faster rate than their European or North American counterparts, an aspect that is reflected in the Indian markets as well," C&W India Executive Director Arvind Nandan said.

Most major micro markets saw growth in leasing activities in office market spaces, he added.

The survey said that after recording the largest rental decline in 2009, Asia witnessed a sharp rebound in 2010, with rents in Hong Kong rising by 51 per cent.

In India, Bangalore witnessed the highest rental growth of 12.68 per cent in 2010, followed by Pune (9.09 per cent), vis-a-vis the previous year.

Pakistan team not bothered by Shiv Sena's World Cup threats: Waqar Younis

Colombo, Feb 21 : Pakistan coach Waqar Younis has said that the World Cup team is not worried by the threats issued by right-wing Indian political party Shiv Sena.

Shiv Sena had last week said that if Pakistan reaches the World Cup final, scheduled to be played in Mumbai on April 2, the party’s chief Bal Thackery will ‘decide’ whether they will be allowed to play the match.

“The players are fit and ready to perform with great spirit and that is where our attention lies,” the Dawn quoted Waqar, as saying.

Pakistan will begin their World Cup campaign against Kenya on Wednesday.

Sachin Tendulkar undergoes MRI scan

India's key opening batsman Sachin Tendulkar has undergone an MRI scan on his left knee but he should be fit for their next World Cup game, the team's manager said on Monday.

Tendulkar, the biggest scorer in the history of the game, stayed behind in Mumbai for the scan on Sunday when the rest of the squad flew to Bangalore for their game with England next Sunday (February 27).

The 37-year old batsman underwent an MRI scan on Sunday night at Mumbai's Lilavati Hospital after he felt pain in his left knee.

"It's an old injury. It was just a niggle. It's nothing to worry about. The (MRI) report is all clear," Indian team manager Ranjib Biswal said.

The master batsman will join the rest of the Indian squad in Bangalore on Monday.

Three more one-day hundreds in the World Cup climaxing in his native Mumbai on April 2 would make him the only batsman to total 100 centuries in both Tests and ODIs.

India won their first match in Dhaka on Saturday, beating Bangladesh by 87 runs. Tendulkar was run out for 28.

Tendulkar became the most capped one-day player in cricket in Saturday's win with his 445th appearance but a mix-up with match-winner Virender Sehwag lost him the chance to join the run feast on a placid track against a weak attack.

India eventually made 370 for four. He is the leading scoring one-day and test batsman and ranked by most experts among the top players of any era.

Mumbai to have Rs.30 billion film studio

The production and distribution house, Shree Ashtavinayak Cine Vision Ltd, has joined hands with LFS Media & Entertainment(of LFS Group) to build India Studiocity which will be spread across 300 acres with an investment of about Rs.30 billion.

The studio will have air conditioned shooting floors, fixed sets of hospitals, roadways, airport interiors, havellis, streets and a lot more, said a statement.

It will provide a platform for the entire film-making process offering all sorts of services like post-production facilities, film processing labs and satellite platform for global digital screening.