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

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 ...

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 ...

Greetings to you.... *KNOW YOUR PROPERTY OWNERSHIP LATEST STATUS IN GOVERNMENT RECORD IN INDIA (Maharashtra State)* Wish to share that in India many states have started updating property ownership records to their Data systems So here we are delighted to assist in opting your *latest/ up-to date property (flat, shop, office, bungalow or land plot) ownership record* which are uploaded by government authorities and such current record will be even *more authentic then your original ownership property documents* because you may have purchased your property many years before however *latest name in government record on the property will be considered the final ownership record* so it will help to Verify /cross check if your property has Ownership details as per your property purchase documents. we can arrange this very authentic information for you on minimal cost & hassle free online document will be provided to you as a proof of current ownership state of your property. ...

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 off...

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 experiencin...

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...