Real Estate

Piramal Realty Announces The Launch Of New Tower ‘Vairat’ At Piramal Vaikunth



Renowned realty group Piramal Realty has recently announced the launch of new tower ‘Vairat’ at their residential project Piramal Vaikunth in Balkum, Thane. The tower will be constructed adjacent to the clubhouse and other activity centers of the project. The whole project nestled amidst 32-acres of sprawling greenery.

‘Vairat’ will offer opulent 2 and 3 BHK Residences starting 700 sqft. carpet area. The price of the apartments will start from 1.07 crores. All the units come with marble flooring in the living room and bedrooms and split AC units. Apart from this, the rooms are equipped with dual windows so as to provide natural light, ventilation and scenic views to its residents.

‘Vairat’ is surrounded by facilities like Club-house and mini-cricket ground so that the residents can enjoy their evening playing and spending quality time with family and friends.

About Piramal Vaikunth

Piramal Vaikunth is an upcoming premium residential development, designed by HOK International; Ltd., a global full-service design organization along with BRICKEX.

Piramal Vaikunth also boasts some of best modern facilities and amenities such as Swimming pool & Kid’s pool, Up to 3,000 Sqft Gymnasium, Up to 2,000 Sq ft of activity area; comprising of Indoor games and multipurpose area, Library, Daycare/ Crèche, Hobby area etc. The USP of the project is its 2.75 acre ISKCON Temple Complex.

Piramal Vaikunth is located in central Thane with excellent connections to Greater Mumbai, ensuring work-life balance. With a range of shopping and dining options, schools and hospitals in close vicinity, Piramal Vaikunth is surrounded by all the daily need conveniences.

Premium features of Piramal Vaikunth:

  • Nestled amidst 32-acres of sprawling greenery in Balkum, Thane
  • Higher floors offers a significantly pollution-free ambiance
  • Apartments with split unit air-conditioners
  • 75 acre ISKCON Temple Complex
  • Swimming pool & Kid’s pool
  • Mini-Cricket Ground
  • Up to 3,000 Sq ft Gymnasium, Up to 2,000 Sq ft of activity area; comprising of Indoor games and multipurpose area
  • Library, Day care/ Crèche and Hobby area

Speaking at the launch of the tower, Gaurav Sawhney, President Sales & Marketing, Piramal Realty, said, “Piramal Vaikunth offers breathtaking views and pioneering designs, enabling its residents to experience the invigorating power of nature at the same time as enjoying the luxuries of modern living. At Piramal Realty, we are committed to providing our customers with the highest standards of quality and world-class living experiences found nowhere else.”

Nisha Shiwani has worked in many companies in various capacities and in her free time loves to express herself through her articles. She is based out of the pink city Jaipur.

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Real Estate

Sun Group Plans To Invest Across The Indian Real Estate Sector Soon




Sun group, a Real Estate fund has planned to invest in all sectors of the Indian real estate market including industrial and commercial space along with the residential sector.

Uday Khemka, vice chairman, SUN Group said that India is still the most exciting market for the investors and till now we have made project level investments but now we are looking and to crack platform for a long-term investment in India.

The group is a premier principal investor and private equity fund manager in India and several other emerging and transforming markets. The SUN group recently entered into Indian real estate business by launching their debut residential project in India to develop luxury homes.

The Vice chairman of the group said that we have brought nearly $6.5 billion into India so far and owns real estate valued at more than $1bn in India and own 100 million sq.ft. real estate across asset classes.

The company in partnership with a real estate developer Vista Spaces formed a residential platform for housing and commercial real estate properties in India. This venture marked the debut of SUN group in the Indian real estate market.

Both, the SUN group and Vista Spaces own equal stake in the SUN Vista platform with an option to have another investor on board. This firm plans to invest nearly Rs. 700 crores via multiple tranches across the residential and commercial assets in southern India over the next five years.

According to the real estate experts, inflow from institutional investors in the Indian real estate sector is at a peak with Rs. 11,212 crores in the third quarter of the current financial year as the highest third-quarter performance in 11 years.

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Real Estate

Mapletree Renames SP Infocity As Global Infocity Park Chennai




While expanding its presence in the Indian real estate sector and being the biggest bidder for SP Infocity Chennai, the Mapletree Investments acquired the securities of Faery Estates from SPREP that owns a 2.7-million-sq-ft IT office development space in the same city.

Hiew Yoon Khong, Mapletree’s Group chief executive officer said that company’s recent acquisition in India will empower our presence in the Indian realty market as the country is also one of the fastest growing economies of the world. This acquisition also branches out our investment property portfolio across the Asian continent.

In October, Mapletree emerged as the highest bidder for the SP Infocity Chennai and soon acquired it for worth Rs 2,400 crores.

Soon after the acquiring the IT park, the company renamed it to Global Infocity Park Chennai. Apart from being the biggest bidder, this transaction by Mapletree is the largest acquisition made by them in India till date.

Quek Kwang Meng, Mapletree’s regional chief executive officer, India said that the renaming of this acquired space will help to empower our tenant base that also includes financial institutions and consulting and technology firms. The company is excited about this stable asset that has a Weighted Average Lease Expiry (“WALE”) of approximately 5.7 years.

In October 2011, the company acquired the first property asset in India, which is Global Technology Park in Bengaluru that covers 5.3 hectare area. This park incorporates five office towers and is developed across two phases. The work of this project was completed in 2017.

At present, Mapletree manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, that holds various portfolio of assets in the Asia Pacific, the United Kingdom (UK) and the United States (US).

At 31st March 2018, the company owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.

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In Mumbai, Google Leases Office Space Of One Lakh Sq. Ft. Area



The Internet giant Google Inc picked more than 1 lakh sq. ft. office space in the First International Financial Centre (FIFC) Tower, located in the Bandra Kurla Complex, Mumbai. This tower is partially owned by the US private equity major Blackstone Group via a long-term lease, the sources said.

This office space is spread across two floors in FIFC and this will attract monthly lease rental of Rs. 275 per sq ft. There will be an elevation in rental every three years and this includes the total time period of the lease is nine years incorporating the contract clause of 15 percent.

According to the sources, the lease transaction was finalized almost a month ago and Google is planning to makeshift the office in new and capacious office space at the earliest. The company has a total of four offices in India and it’s headquarter in the country is located in Hyderabad.

The present office of Google Inc in Mumbai is spread over 20,000 sq. ft. area and is located at BKC’s North Avenue Maker Maxity. The new office space in the First International Financial Centre (FIFC) Tower is five times bigger than the current office.

The First International Financial Centre (FIFC) Tower in the Bandra Kurla Complex is a 12-storey FIFC Tower having offices of various reputed global companies that include Oracle and McKinsey & Company, and the Citigroup acquires a total of six floors in the tower. The company’s headquarter is also located here only.

Back in 2013, the software giant Oracle India signed a nine-year lease deal contract for 50,000 sq. ft. of office space in the same building. Apart from this, the US technology company Apple also leased around 12,000 sq. ft. office space in the same tower.

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Real Estate

Connaught Place Sixth Costliest Office Space In Asia Pacific, Says Report



In the data of recent survey by JLL consultant, New Delhi’s Connaught Place got the sixth spot in the list of most expensive lease rentals for office spaces out of 20 major markets in Asia Pacific region.

In Connaught Place, average occupancy costs including rent, taxes and service charges cost $142, which is higher than the cost for the same in Pudong in Shanghai, Shinjuku in Tokyo and Singapore respectively.

Mumbai – the financial capital of India ranked at 14th position in the survey with an occupancy cost of $96. In the survey of the most expensive cities in the year 2017, the national capital Delhi and financial capital Mumbai were ranked 3rd and 11th positions respectively.

These rankings are based on the JLL’s Premium Office Rent Tracker (PORT) for 2018 that calculates data on the achievable rent in the highest quality building in the premier office districts of 61 cities.

Ramesh Nair, CEO and Country Head of JLL India, said that the commercial office sector in the Indian real estate is a strong growth factor in Delhi-NCR. Connaught Place has always been the most preferred and sought after office locality in Delhi 90s and in the post-liberalization era. The locality also has several important offices of leading Indian and global companies.

He also said that the centralized location of CP as Connaught Place is commonly known and limited supply of office space with modern infrastructure and good connectivity across the city and surrounding cities make this a perfect office space destination.

The Indian commercial market witnessed an 18% growth during January and September 2018 with office absorption of 23.4 million sq. ft.

In the fourth consecutive year, Hong Kong’s Central has been the world’s most expensive rent for premium office spaces at $338. The occupancy costs are 60 percent higher than New York’s Midtown and approximately 75 percent more expensive than London’s West End, the survey showed.

Breaking the tradition, Hong Kong East is now being seen as the prime office locations instead of being ranks as the most suitable locale for back office space in the world.

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Real Estate

Motilal Oswal To Invest In 300 Crores In Three Projects



The real estate private equity firm of Motilal Oswal group, i.e. the Motilal Oswal Real Estate [MORE] has decided to invest over Rs. 300 crores in Mumbai, Pune and Chennai. These investments are being made with realty developers and two of them via their company funds.

The Oswal group inked their first investment with both SD Corp and Mont Vert Developers. The company invested in affordable and mid-income residential projects of S D Corp, a joint venture between Shapoorji Pallonji and Dilip Thacker Group in Mumbai, with Casagrand Group in Chennai, and with Mont Vert Developers in Pune.

Sharad Mittal, CEO Motilal Oswal Real Estate [MORE] said that we are being cautious and précised while choosing investments locations. The company is making a handsome profit from the past one and a half year by investing funds wisely. In November last month, the company second fund India Realty Excellence Fund II (IREF II) exited an investment with Shriram Properties at an internal rate of return (IRR) of around 20% and a multiple of 1.87 times.

The CEO further said that we believe that as the NBFCs and HFCs improve their asset-liability mismatches, the liquidity scenario will give a major boost to the realty sector and the industry will receive the much-needed funding.

CEO Mittal also said that the Motilal Oswal Real Estate will continue to stay focused on its strategy to invest in joint ventures with established developers in top six cities to invest in affordable and mid-income housing projects via different structures that include equity and mezzanine by providing capital at appropriate time and by conducting timely monitoring of the project.

The IREF III, MORE’s third fund has achieved its final close in August 2017 at Rs. 1,031 crores and till date, they made 17 investments that also include reinvestments. The fund also secured three complete exits at an average IRR of 22.1% till date.

The IREF IV, MORE’s fourth fund launched has the target of Rs. 1,500 crores that achieved its first close at Rs. 575 crores. The fund has made one investment till now. The company is currently managing four real estate funds, IREF, IREF II, IREF III and IREF IV, apart from the proprietary investments with cumulative assets under management worth more than Rs. 2,800 crore.

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Real Estate

Embassy Group To Invest Rs.2000 Crore In Its Multiple Ongoing Projects



Embassy group the real estate company plans to invest about Rs 2,000 crores for the completion of its ongoing residential projects. The firm is also planning to buy land single-handedly or in joint ventures form in order to expand its business in Bengaluru and other major cities, an official said.

Reeza Sebastian, the President [Residential business] of Bengaluru-based Embassy group said that we are also planning to venture into the senior living housing segment and adopting the pre-fab construction technology.

Embassy Group, a premium commercial real estate firm in India has accomplished the construction of 12 million sq. ft. housing projects and is currently developing nearly 10,000 units across six projects out of which five are based in Bengaluru and one of them is located in Chennai.

Sebastian also said that the five projects are expected to get completed by 2019-20 whereas the ‘Embassy Springs’ township covering approximately 300-acres of land in Bengaluru will take five years more for development.

She also shared information about the ongoing projects and said that the current projects cost over Rs. 5,000 crores and nearly 60 percent of which has already been deployed. She also stated that the company will emphasize to develop ultra-luxury housing while keeping a track of other opportunities coming their way in the residential market of the Indian real estate sector.

Sebastian said that we have expansion plans for various micro markets and cities in order to make the Embassy brand accessible to more clients across the country. The company plans to build residential projects for the mid-income group by either buying land from the landowners else in partnership with them in locales like Whitefield in Bengaluru.

She further said that the Embassy group is in talks with the companies having expertise in pre-fab technology as it will reduce the construction cost. The company will be in the opposition to offer residential units costing upto Rs 80 lakhs if they stuck this kind of a deal.

The Embassy group has a strong presence in hospitality, industrial parks and co-working space and is planning to launch India’s first Real Estate Investment Trust [REIT] in a joint venture with Blackstone.

Till now the company has developed more than 45 million sq. ft. of prime residential and commercial projects. The Embassy group has also developed business parks in a joint venture with global investment firm Blackstone. The business park is spread across 34 million sq. ft. of office space.

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Real Estate

Chennai Real Estate: Eveready Industries Signs Whopping Land Deal With Alwarpet Properties



India’s noted manufacturer of dry cell batteries, Eveready Industries has signed a mega land deal with Alwarpet Properties Private Limited, wherein the group has sold off a land parcel to the property firm for a whopping Rs. 100 crore as per the reports. The deal is considered to add more momentum the Chennai’s real estate market.

Alwarpet Properties Private Limited which is part of the reputed Olympia Group is very happy with the deal. According to them, the land will be used for the development of an entertainment cum retail project. The complete land is spread over 10 acres of area and is located on the Tiruvottiyur Road. Eveready Industries has earlier too sold some of their land holdings to the group.

Speaking about the land deal, official from the Alwarpet Properties said, “The Olympia Group had commenced its real estate business partnering with Eveready Industries Limited by developing the company’s land situated at Guindy in Chennai which was the site of the Olympia Tech Park. The plot will be made into a major entertainment and retail hub of the city, something that will give a major boost to real estate development in the vicinity.”

Known as one of the leading developers of Southern India, Olympia Group was founded in 2004. Till date, the group has developed over 2000 homes and over 5 million square feet of space. The group operates in Chennai, Kolkata, and Bangalore and is known for highest quality, detailing, exceptional design and craftsmanship.

In order to give a boost to the realty market of the city, even the Chennai Metropolitan Development Authority (CMDA) is working to generate investments more than Rs 25, 000 crore. Apart from it, some of the renowned global relators are also planning to do investments in the Chennai’s real estate sector

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Real Estate

MHADA Gets More Than 120 Entries For Its Costliest 5 Crore South Mumbai Flats



In Mumbai, location plays a pivotal role in deciding cost price of residential units and thus MHADA i.e. [Maharashtra Housing Area and Development Authority] is expecting this factor to work for selling its most expensive apartments till date.

The three 2BHK flats in Dhavalgiri building close to August Kranti Maidan and Grant Road station, are priced at Rs 5.8 crore, Rs 5.1 crore and Rs 4.9 crores respectively. The Maharashtra Housing Area and Development Authority will carry out drawn on December 16 for the same.

For these dwelling units, the applications are invited on or before December 10 and the authority has received 44 entries only for the most expensive flat that cost Rs 5.8 crore. This housing unit is located on the fifth floor, flat number 501 and cover 91.63 square metres or 986 square feet.

MHADA also received 42 and 44 applications respectively for other two residential units on the third floor.

These are flat number 301 and 302covering 80-82 sq. m. or 860-882 sq ft. These flats are in close proximity with south Mumbai’s business district and are aesthetically designed to have cross-ventilated while offering a breathtaking view of the surroundings.

These homes are different from the regular residential units offered by MHADA. The flat owners might have to wait for moving in here as some work related to amenities and fishing touches are yet to be completed.

Uday Samant, the MHADA president said that the authority will finalize these housing units before occupants move-in here. According to the sources, Dhavalgiri is not a new construction and was built by a renowned building in the year 2003 whose another project is exactly adjacent to these units.

Other housing units of the similar size to this cost Rs 7 crore the sources said.

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Real Estate

Bashyam Constructions Buys Chennai’s Jaypore Palace For Rs.100 Crore



Bashyam Construction the premium residential developer bought Chennai’s iconic Jeypore Palace in Gopalapuram for worth Rs.100 crores.

The Jeypore Palace was owned by Jeypore Sugar and had the Amethyst café prior to shifting to Whites Road. The sources said that it covers 21-ground land parcel and Bashyam paid nearly Rs 100 crore to own the same.

Apart from this, the developer is adding new dimensions to the city geography by owning a 30-acre land parcel in Koyambedu which is exactly opposite to Chennai Metro headquarters. He also bought a land parcel of 10 acres in Karapakkam on Old Mahabalipuram Road recently.

The 10-acre land was owned by a restaurant chain Hotel Saravana Bhavan and it was a clear cut deal. The land in Koyambedu offers smooth connectivity and is at a walking distance from the proposed metro station.

The Bashyam Constructions is planning to develop a commercial-cum-residential project at Koyambedu, where approximately 2,000 apartments and 6-7 screen multiplex will be designed.

The developer also bought a 10-acre land parcel on Mahabalipuram road. This was earlier owned by Ambattur Clothing group and according to the sources, this deal costed Rs.200 crores to company. Also, the Bashyam Constructions is planning to develop a mixed-use residential complex here.

Earlier this year, the Mapletree Investments owned by Temasek real estate asset manager purchased Chennai’s IT Park for worth Rs.2400 crores. This is the largest ever single realty asset transaction in India and the IT Park bought by the company is known as the SP Infocity in Chennai.

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Real Estate

Smartworks Leases 3lakh Sq.Ft. Space In Bengaluru, Will Be Operational From Dec



Smartworks, the trading solution company added more space to itself with opening a center in Bengaluru that has a seating capacity of 6000. This new lease of space totaled the company’s footprint in India upto 2 million sq. ft. across 20 centers.

This center is planned to get operational in December 2018. The company sealed the lease deal where more than 60 percent of the space has been pre-booked by various leading

enterprises that include Deluxe with 1200 seats, Altron with 220 seats and Playgames 24X7 with 450 seats.

Tata Communications, Microsoft, Arcelor Mittal, Amazon, Lenovo, and Olx are also some of the reputed clients of Smartworks.

Neetish Sarda, the founder of Smartworks said that many reputed and large companies are looking forward to open office in Bengaluru and we are also one of them.

The company recently had an expansion in Chennai, where it opened its second center while the first one was opened in Hyderabad – the capital city of Andhra Pradesh. Since, the beginning of the year 2018, the Smartworks Company is working on its expansion in southern and western parts of India.

The company is planning to expand its portfolio up to 10 million sq. ft. within the next 3-4 years. Sarda also said that we offer 30-40% cost advantage to the clients via technology intervention that keeps operating costs low.

The company also launched ‘Smart Mitri’, the world’s first female AI robot. This robot will handle the overall office management of the center that includes work from visitor system to being a counselor.

This is the first time that a robot has been introduced in the coworking management firm.

Earlier this year, CBRE reported that the Asia Pacific region will witness a rapid growth in coming five years and India will emerge as the world’s largest co-working markets by 2020.

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