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