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

The expansion comes at a time when companies see merit in setting up satellite offices across multiple locations to help people work nearer home and to enable a distributed workspace model, it said. BENGALURU: Coworking space provider 315Work Avenue has taken a total of around one lakh sq ft of office space on lease here to set up two new centres as it sees strong traction from large enterprises post the lockdown. These 2 Grade-A office space centres located at Koramangalaand Old Madras road will have around 2000 seats, it said in a statement. The expansion comes at a time when companies see merit in setting up satellite offices across multiple locations to help people work nearer home and to enable a distributed workspace model, it said. The company currently manages 15 workspaces with around 12,000 seats across multiple prime locations here. 315Work Avenue plans to beef up its total portfolio to 25,000 seats this year with a focus on south and west India, while further strengthening

Ingka Centres, which has 45 IKEA store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly 55 billion rupees ($759 million) in the Noida project. STOCKHOLM: IKEA plans to open its first shopping centre in India after the furniture giant's shopping centres business - one of the world's largest - said it had bought a 48,000-square-metre plot in the city of Noida on the outskirts of Delhi. IKEA, which opened its first store in India in 2018 in Hyderabad followed by one in Mumbai in 2020, said it would develop the new site into a mall anchored by an IKEA store. Ingka Centres, which has 45 IKEA store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly 55 billion rupees ($759 million) in the Noida project. It will announce more detailed plans for the project in the near future, it said in an emailed statement. Ingka Centres plans to enter

One look at India’s investment universe and a number of names pop up from mutual funds to fixed deposits and gold coins to the share market, there are a plethora of avenues to park your money. However, one name that has recently caught the fancy of many is REIT. In this article, we take a detailed look at this relatively new investment phenomenon and why it stands out and is, by all means, a much safer investment platform for Indian investors. What is REIT? Most of us dream of buying properties across prime locales in India like BKC in Mumbai to earn great rental yields. However in reality, neither do we have crores of rupees to invest in them nor do we have the time, patience, and means to take on the hassle of maintaining it and ensuring regular rents from the tenants. Enter REIT or Real Estate Investment Trust, which is basically an entity created with the sole purpose of channeling investible funds into operating, owning, or financing income-producing real estate.  REITs are modele

Tribeca is planning to launch this new project in Pune in March 2021 and is already seeing a strong interest from customers and brokers. Trump Organizations’ India partner Tribeca has picked up a majority stake in a stressed residential development project in Pune’s NIBM locality through an agreement with its lenders and the developer. This is the second such project acquired by the company in the last one year after inking a similar transaction in Bengaluru. Tribeca has acquired 51% stake in the 1.3-million sq ft luxury project with total 400 apartments spread across five towers after making partial payments to lenders ICICI Bank and Tata Capital, and infusing equity to the developer Acropolis’ project. As part of the agreement, lenders will be infusing more capital to support completion of the project. The project, Voyage to the Stars, was launched by Acropolis Developers in 2015, and ran into financial difficulties in 2019. The Rs 1,100-crore project had a debt of around Rs 180 cro

Chennai, Pune and Delhi NCR have been in the pole positions in 2020, with nearly 3/4th of the total leased manufacturing absorption, according to the report. NEW DELHI: While historically, large & medium scale manufacturers usually opted to buy land and build their factories, the concept of 'leased manufacturing spaces' has been gaining strength in the country over the years. Demand for leased manufacturing spaces has gained strength in 2020 with gross absorption of 6.6 million sq ft in top eight cities, according to a recent report by JLL India. Leased manufacturing spaces mean leases of built spaces (on monthly rentals) used for assembling and light manufacturing activities. "Built manufacturing spaces for leasing offers several advantages to faster entry in high-end/globally comparable specifications, captal expenditure to operating expense conversion, easy approvals for many sectors, etc. Additionally, incentives are available under several buckets for manufacturin

The reduction is likely to result in around 7% reduction in all-in prices in Mumbai. The all-in prices in the rest of the state are likely to decline by about 2.8% and the overall impact on demand is likely to be correspondingly lower. After Maharashtra cabinet recently approved 50% reduction in premium for real estate projects under the new Development Control and Promotion Regulations (DCPR) rule 2034 across the board for on-going and new projects upto December 31, 2021, the biggest question all buyers are asking is how much exactly are they going to save? According to India Ratings and Research (Ind-Ra), the reduction is likely to result in around 7% reduction in all-in prices in Mumbai. The all-in prices in the rest of the state are likely to decline by about 2.8% and the overall impact on demand is likely to be correspondingly lower. Example || Let us say a flat had a cost of construction (including land) of Rs 100. The buyer would have paid Rs 125 for the flat after accounting f

MUMBAI: Radhakishan Damani, billionaire investor and founding father of DMart, is set to acquire an 8-acre land parcel in Thane from Mondelez India, previously Cadbury India, for almost Rs 250 crore, mentioned three individuals with direct data of the event. The plot is positioned at Pokharan Road 1, a key locality of Thane, and will likely be bought by his household workplace, they mentioned. The plot is estimated to have a complete growth potential of almost 1 million sq ft given present growth laws. “The deal is at a fairly advanced stage and is expected to be concluded anytime soon,” mentioned one of many individuals. “The plot is likely to see development of a mixed-use project with some high-street retail given its proximity to an upcoming metro station, while the balance is residential.” Damani’s household workplace is alleged to be at the moment enterprise due diligence. It couldn’t be ascertained if he’s planning to develop the plot on his personal or with a developer. Accordi

Property Tax Property tax is the amount that is paid by the land owner to the municipal corporation or the local government for his/her area. The tax must be paid every year. Property, office buildings, and residential homes that are rented out to third parties are considered as real estate assets. Property tax is charged by the government on all tangible real estate that an individual owns. These real estate assets could include residential homes, office buildings and premises rented out to third parties. What is Property Tax? Taxes are the primary source of income for a government, with the taxes earned dictating the resources available to citizens. Every property is an asset which is taxable, and the property tax is an annual amount paid by a property/land owner to the government. This tax could be paid either to the local state government or Municipal Corporation, depending on government policies. The word “property” in this context refers to all tangible real estate under the owne

Property registrations in Mumbai, India’s biggest real estate market, registered a surge in December as a rush ensued among homebuyers amid all-time low home loan rates, attractive price discounts and reduction Mumbai: Property registrations in Mumbai, India’s biggest real estate market, registered a surge in December as a rush ensued among homebuyers amid all-time low home loan rates, attractive price discounts and reduction in stamp duty charges. Mumbai and Pune markets led the revival in residential property sales as well as new launches in the second half of the year, says Knight Frank India. While all India residential sales saw a quarter-on-quarter (QoQ) rise of 84%, Mumbai (193%) and Pune (143%) recorded higher than average QoQ growth, it said. Registration of residential sales in the country’s financial capital rose 192% from a year ago in December so far to 18,794 deals. Reputed developers witnessed heightened sales in 3QFY21 with housing sales in the country's biggest pro

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