Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

The Hyderabad-based company is betting on demand growth in self sustainable cities and people wanting to live away from cities after the Covid-19 pandemic. Eco-habitat developer Organo is looking to invest Rs 900 crore in acquiring 1,800 acres of land across Hyderabad and Bengaluru to develop townships, sources told ET. The Hyderabad-based company is betting on demand growth in self sustainable cities and people wanting to live away from cities after the Covid-19 pandemic. Organo’s founder Nagesh Battula said the company is looking to develop townships but did not confirm the investment figure. “We are currently looking at projects across product types with an order book of Rs 3,000 crore and turnover of Rs 900 crore, targeting 3% of the total TAM for alternate real estate in India.” Battula said. “In Rurban (a mix of rural and urban) communities, there is very little speculation on land price and the majority of the cost goes into constructing building infrastructure and installing te

The company already has four centers with the capacity of 1700 seats in Andheri, Goregaon, Belapur, and Thane. NEW DELHI: Flexi office space provider Inspire Co-Spaces has taken up 1.6 lakh sq ft space at Rupa Renaissance, a grade-A building in Navi Mumbai, a senior company executive said. The company already has four centers with the capacity of 1700 seats in Andheri, Goregaon, Belapur, and Thane. The 5th center located at Juinagar, Navi Mumbai will have over 3500 seats across three floors. The coworking operator intends to focus on pan India expansion mainly, Pune, Hyderabad and Chennai along with tier 2 cities like Ahmedabad, Indore, Kochi, Chandigarh and Ranchi. “Our focus is now on pan India growth in 2021, before exploring international markets in 2022,” said Amit Sathe, Co-founder & CEO of Inspire Co Spaces. The transaction was facilitated by global property consultancy firm Savills India. In the first phase, Inspire Co-Spaces will fit-out 50,000 sq. ft. and the remaining sp

The space is spread over 14 floors of a 24-storey building that counts International Financial Services Centres Authority and Sequel Logistics as other key tenants. MUMBAI: Bank of America has leased nearly 4 lakh sq ft of office space from the Savvy Group in Gujarat International Finance Tec-City (Gift-City), in one of the largest commercial real estate transactions during the pandemic period, said two people with direct knowledge of the development. The American multinational investment bank and financial services company had booked 1 lakh sq ft earlier, but then decided to extend it by an additional 3 lakh sq ft now. The space is spread over 14 floors of a 24-storey building that counts International Financial Services Centres Authority and Sequel Logistics as other key tenants. BA Continuum India, Bank of America’s India subsidiary, has leased the space for 15 years, with the agreement involving rental reset clause after every three years. “The transaction has been approved by the

Microsoft has leased 180,000 sq ft of flexible space with Tablespace Technologies in Bengaluru as it seeks to expand operations. The new facility, located on the Outer Ring Road, will come up at Tablespace Technologies’ coworking space and will seat 2,000 people. Bengaluru: Microsoft has leased 180,000 sq ft of flexible space with Tablespace Technologies in Bengaluru as it seeks to expand operations. The new facility, located on the Outer Ring Road, will come up at Tablespace Technologies’ coworking space and will seat 2,000 people. “The entire fit-out will be done by Tablespace and the tech giant will pay a rent of around Rs 16,000 per desk. The facility has a lock-in period of two years,” said a person aware of the deal. This is the second flexible office deal signed by Microsoft this year. Earlier, the firm had signed a deal for 150,000 sq ft of space with WeWork in Noida. “Microsoft had a leasing requirement of 1 million sft in Bengaluru for long-term consolidation but due to busin

The developer has purchased and taken possession of the under-construction hotel property on Dr. Annie Besant Road through its wholly-owned subsidiary Evenstar Hotels, the company said in a regulatory filing. MUMBAI: Realty developer Oberoi Realty has bought out its partner Sudhakar Shetty-led Sahana Group’s entire 50% stake in an upcoming five-star luxury hotel property in Mumbai’s plush Worli locality for Rs 1,040 crore. The developer has purchased and taken possession of the under-construction hotel property on Dr. Annie Besant Road through its wholly-owned subsidiary Evenstar Hotels, the company said in a regulatory filing. Prior to the acquisition by Evenstar, the hotel property was owned by Oasis Realty, in which Sudhakar Shetty’s Sahana Group held 50% stake. The property is a 221-key luxury hotel and will be operated and managed under the Ritz-Carlton brand. The hotel is part of the project Three Sixty West developed by Oasis Realty.

Source: ET Realty. The appetite for Indian realty among global institutional investors continues to be strong as indicated by major foreign funds like Blackstone, Brookfield, GIC, Xander, Ascendas, CPPIB, Warburg Pincus and Goldman Sachs expanding their investments into the sector. Canadian real estate investment firm BentallGreenOak has entered into an agreement with Piramal Realty to acquire part of its commercial development Agastya Corporate Park in central Mumbai’s Kurla locality for more than Rs 1,000 crore, said two persons with direct knowledge of the development. The deal marks the foray of BentallGreenOak, which is a part of Canadian financial services firm Sun Life Financial Inc, into India’s real estate investment sector. “The term sheet for the transaction has already been signed and the deal is expected to be concluded in the next one month,” said one of the persons, who did not wish to be identified. Piramal Agastya, spread over 16 acres on LBS Marg, is one of the countr

Source: ET Realty As part of the deal, Blackstone will be acquiring five completed office complexes with 7 million sq ft of leasable area and four office projects with 10 million sq. ft. under development space. The country’s anti-monopoly watchdog the Competition Commission of India has approved the US private equity major Blackstone Group’s acquisition of certain assets of realty developer Prestige Group. ET had reported last month that both the entities have finalised the terms of a $1.5 billion (Rs 11,000 crore) transaction in one of the largest real estate portfolio deals in India. The deal, expected to be concluded by the end of this year, will see Blackstone acquiring over 21 million sq. ft. of completed and under-construction office projects and retail malls. As part of the deal, Blackstone will be acquiring five completed office complexes with 7 million sq ft of leasable area and four office projects with 10 million sq. ft. under development space. It will also acquire nine co

Source: Economic Times.   “The India story happened when offices were available for a dollar, that has still not dramatically changed, you still have offices available at a dollar per square foot per month,” said Quaiser Parvez, chief executive officer at Nucleus Office Parks that manages Blackstone’s office portfolio. “India will continue to be strong pivot or puller of these organizations.” Some of the world’s biggest investors are snapping up office space in India with plans to turn them into real estate investment trusts, betting that demand will sustain and provide attractive yields in coming decades. Brookfield Asset Management Inc. in October agreed to pay $2 billion for 12.5 million square feet of rent-yielding offices and co-working spaces in Asia’s No. 3 economy. That’s the biggest real estate deal ever for India. Blackstone Group Inc. bought $1.2 billion of malls and other commercial properties from a local developer, set to further expand its 9.6 million square feet of full

Pune : Sadashiv Survase, joint director of the Maharashtra Directorate of Industries, said that of the eight companies that will invest in the Pune region, five are involved in logistics while the rest are involved in electronics and data centres. The Maharashtra government recently signed MoUs with eight mega companies that will invest more than Rs 10,000 crore and generate employment for over 18,000 people in the Pune region. *Earlier this month, the Maharashtra government had signed MoUs with 18 companies which will invest over Rs 34,500 crore in the state. Most of these companies are coming up in Chakan phase II while some have decided to set up their offices in the Talegaon industrial area. The administrative process to facilitate the transfer of land and setting up of units has begun, sources said. The total investment which will come up in the area is to the tune of Rs 10,505 crore while the total employment generated by the companies is expected to be 18,484, according to sourc

PUNE: Amid Covid-19 pandemic, Pune’s office market is gradually picking up with approximately 1 million sq. ft. of gross office space being absorbed during July to October 2020. This is in comparison to a 1 million sq. ft. absorption in the first half of 2020 (January to June). While absorption was sluggish in H1 2020 owing to the lockdown, the city witnessed large corporate occupiers renewing their existing office leases as a part of their long term corporate real estate strategies during July to October 2020. As a result, the first ten months of the year witnessed approximately 2 million sq. ft. of gross absorption. The leasing has been primarily led by BFSI & Fintech, GICs, Indian and Global Technology Services Firms, Product companies and Flex/coworking space Operators. Additionally, Pune is also getting recognised as a start-up and R&D hub. Average vacancy in the city during the last three quarters remained range bound and stands at 4.7% by end of Q3 2020. Approximately 7

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In an attempt to boost real estate market, the Maharashtra government on Wednesday announced its decision to reduce stamp duty on flats from 5 percent to 2 percent till December 31 and to 3 percent between January 1 and March 31  *Currently, Maharashtra charges stamp duty of 5 percent in cities like Mumbai, Pune, Nagpur and Nashik. In other cities, the rate is 6 percent. so new stamp duty rates will be as follows: 3% of Property purchase value (1st September 2020 till 31st December, 2020) 4% of Property purchase value (1st January 2021 till 31st March 2021) *LBT tax 1% or less as applicable. What is Stamp Duty? Stamp Duty are charges or government tax which to be paid at the time of buying or selling any property so as for example if property value is 1 Cr. Indian rupees (150000 US$) then stamp duty will be levied as per above percentage on the value and to be paid to state government in which the property is located, so this saving is lacs of rupees to the buyer which has been offered

Four months into corporate America’s working-from-home experiment, some cracks are emerging. Projects take longer. Collaboration is harder. And training new workers is a struggle. While employees say they’ve proved they can do their jobs effectively from home, many CEOs don’t want to stay remote long-term, once the pandemic passes.  The current discomfort felt by many is a result of 3 things:  1. Many organizations are being forced to work remotely and did not have the opportunity to fully integrate remote work into their culture. Successful remote-first companies have this down to a science. 2. This is part two of a normal cycle after the initial excitement phase. After working onsite for several years and being forced to accept a massive paradigm shift, is it reasonable to expect a full adjustment after 4 months? Who can fully adjust to any new work environment in such a short amount of time? 3. Everyone is under more pressure, but parents with young children are experiencing acute l

On the supply side of IT services, it is only Indian. You cannot count more than 10-15 companies with the capability to cater to this demand. In chemicals, the shift from China to India has begun to happen or has got accelerated and that can be extended to many more sectors, says the Founder, Carnelian Capital. How are you looking at the Indian IT sector? Would it be a positive view across the board or are you being very selective? A very big shift has happened. Post Covid crisis, across the world, organisations need to spend significantly on digital transformation, infrastructure update and that has created a significant spurt in IT demand. This demand is global, this is not a particular company, particular sector or a particular country. It is global across sectors and this is a very robust environment. From a supply side perspective, the great path for India is that there is no competition; only Indian IT companies can provide IT services both in digital transformation and infrastru

We should look at the manufacturing sector which will see some uptick. The long term consumer discretionary dynamic will start to take over from here, says CIO - Equity & Executive Vice President, Sundaram AMC. When we are talking about looking ahead, what are you pricing in? What are the opportunities that you are focussing on in the market currently? The market is building in a lot of optimism at this point in time in terms of the economic recovery and we are building in a lot of growth into FY22 and FY23 which is something that we need to be a little cautious on at this point in time. A lot rides on what the government and RBI will do because on the ground, there is still some amount of stress across different loan products. We need to see some resolution through a one time restructuring or scheme that we believe could provide a tailwind for the next leg of markets. The financial institutions are getting recapitalised very well, given the appetite and liquidity that is available

This is the first time Apple has manufactured a top-of-the-line model in India. In a major win for the govt’s Aatamnirbhar India initiative, Apple has started manufacturing of one of its flagship devices, the iPhone 11, at Chennai’s Foxconn plant. This is the first time Apple has manufactured a top-of-the-line model in India. Commerce Minister Piyush Goyal announced the news on Twitter on Friday. Goyal wrote, “Significant boost to Make in India! Apple has started manufacturing iPhone 11 in India, bringing a top-of-the-line model for the first time in the country." Prior to this, the Cupertino-based tech giant had started assembling the iPhone XR in India in 2019. In 2017, Apple had started the domestic manufacturing of the Apple iPhone SE 2016 in the Bangalore plant. Apple also has plans to make the iPhone SE 2020 in India in its Wistron plant near Bangalore. Earlier this month, Foxconn, which is a leading supplier for Apple has planned to invest up to $1 billion to expand its Ind

Bandra Pali Hill witnessed two flats being sold for a whooping Rs 1.30 lakh per sq ft. Registered on July 17, becomes second most expensive realty deal in Mumbai. Bandra is called the queen of suburbs, and this deal could be the kohinoor in the queen’s throne. Two flats sold on the same floor of Pali Hill building have fetched a combined value of Rs 1.30 lakh per sq ft. Bandra’s Pali Hill is the Beverly Hills of Mumbai suburbs, and is house for most of the film celebrities. The building we are talking about is Navroze built by Kryshnajay developers at Bandra. The total amount paid by the buyer is Rs 66.01 crore for an area of 5064 sq ft. The flats are located on the 16th floor of the building. There are two registrations carried out for both the flats. While flat number 16 A was registered in the name of Indo Borax and Chemicals Ltd. The other flat 16 B was registered by its directors Shushil Kumar Jain, Sreelekha Jain and Sajal Jain. 16 A measures 2934 sq ft and the consideration paid

The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and will be ready in 2023.  Morgan Stanley and Oberoi Realty, on July 13, announced that it had concluded negotiations and reached a deal for Morgan Stanley to lease up to 1.1 million square feet office space for 9.5 years from Oberoi Realty. The move is to consolidate Morgan Stanley’s Mumbai global in-house centre (GIC) operations to a single campus in the city. The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and will be ready in 2023. Commerz III is a 2.3 mn sq. ft LEED-certified mixed-use building with state-of-the-art infrastructure and a part of Oberoi Garden City (OGC), the flagship project of ORL. It is spread across 80 acres. Commenting on the announcement, Robert Rooney, Global Head of Technology, Operations and Fusion Resilience, Morgan Stanley, said, “The GICs are an integral part of our global business and they allow us to operate more efficiently and effect

Amazon stock gained as much as 4.8% on Monday and breached $3,000 per share for the first time ever. The e-commerce giant has largely benefited from the sudden shift to stay-at-home activity and surging interest in online shopping. Despite the stock notching record highs throughout recent weeks, "it's not very expensive" considering Amazon's rapid sales growth, Nancy Tengler, chief investment officer at Laffer Tengler Investments, told CNBC on Thursday. Amazon shares will likely see a slew of price-target upgrades in the near future and could leap as high as $3,500 over the next 12 months, Craig Johnson, senior technical research analyst at Piper Sandler, said. Amazon leaped as much as 4.8% on Tuesday, breaking through $3,000 per share to record highs. The e-commerce giant is one of the biggest winners of the stay-at-home economy as Americans turn to online shopping as a replacement for boarded-up retailers. Amazon shares are up roughly 64% year-to-date and have nearl

Intel becomes second strategic investor in Jio Platforms after Facebook. Reliance Industries digital unit has now raised a total Rs 117,588.45 crore from some of the world’s leading tech investors in exchange for a cumulative 25.09 percent stake. Intel Corp will invest Rs 1,894.5 crore in Jio Platforms in exchange for a 0.39 percent stake, the latest big-ticket investment in the digital unit of Reliance Industries (RIL). The American semiconductor giant is the second strategic investor after Facebook Inc in Jio, which runs movie, news and music apps as well as the telecom enterprise Jio Infocomm. The transaction is subject to regulatory and other customary approvals. The deal with Intel — the 12th such investment in 11 weeks —takes the total stake that Reliance sold in Jio Platforms to 25.09 percent.  Mumbai-based RIL has now raised a combined Rs 117,588.45 crore from some of the world’s leading tech investors led by Facebook, which bought a 9.99 percent stake for Rs 43,574 crore on Ap

This is KSH Infra's second deal for the Pune facility after Morgan Stanley Real Estate Investing, the real estate investment management arm of Morgan Stanley, picked up around 1 million sq ft of space for over USD 45 million last year. MUMBAI: Singapore-based real estate development firm Mapletree has entered into an agreement with KSH Infra Industrial Park to acquire over 7 lakh sq ft space in its logistics park in Pune for USD 40 million (around Rs 300 crore), according to sources. This is KSH Infra's second deal for the Pune facility after Morgan Stanley Real Estate Investing, the real estate investment management arm of Morgan Stanley, picked up around 1 million sq ft of space for over USD 45 million last year. "Mapletree has entered into a forward sale agreement with KSH Infra to pick up over 7 lakh sq ft space in logistics park in Chakan in Pune for USD 40 million," a source said. This forms part of the 12 lakh sq ft of space which KSH is currently developing. K

PUNE: The city recorded 673 properties between May 18 and May 26 after a pause of nearly two months due to the Kovid-19 epidemic and received a revenue of Rs 20 crore. Seventeen of the 27 property registration offices reopened in the city’s non-amalgamated area on 18 May. Officials said property registration was gradually lifted in the fourth phase of the lockdown and was expected to improve once Got more rest. “There was hardly any registration on the first day of restoration. But registrations started after May 20, ”said Pune City Joint District Registrar GS Kollekar. Out of 516 registration offices in the state, 475 are working full force through e-phase in the process. Only five registrations are allowed at a time in a registration office to maintain social distance. “Property registrations are slowly and steadily increasing and figures will improve in June. Currently, our sub-registrar offices are operating with 100% staff strength while maintaining all health protocols. People ar