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Reliance Realty To Develop 30 Million Sqft Fintech Hub In Navi Mumbai

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Reliance Realty, an independently managed real estate subsidiary of Anil Ambani’s RCom, will soon develop a 30 million sq.ft mega fintech hub at Dhirubhai Ambani Knowledge City (DAKC) in Nani Mumbai.

Just a few days back, the group has received final approvals from the Department of Information Technology, Maharashtra Govt. and Maharashtra Industrial Development Corporation (MIDC). The fintech hub will be built under the state govt. new Fintech Policy.

According to company sources, the commercial project will be built in phases, of which the 15 million sq.ft of the development has to be completed in next 10 years, as told by the Government to the officials. Once developed, the commercial space will provide employment to 2.5 lakh people and will be home to some of the leading fintech, banking, insurance, NBFC, IT and ITeS companies.

The projected capital value of the project is around Rs 14,000 crore and the location where it will be constructed has the potential to earn a rental income of around Rs 75 per sq. ft.

Situated in Kopar Khairane, Navi Mumbai, DAKC is a technology park which has been spread over 56 hectares of land. At present thousands of employees are working in this city. It also comprises of an artificial lake, bank, ATMs, temples, fountains, medical facilities, parking lot and a helipad.

Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.

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Prestige Estates Plans To Grow Retail Presence Over Next Three Years

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With the aim of strengthening its retail existence in the country, Prestige Estates Projects has suggested to expand its reach to 15 operational malls, totaling 10 million sq. ft., over the coming three years. Currently, the group has 8 operational malls in the southern part of the country, with a total space of 4 million sq ft.
According to sources, Prestige Group has already combined with various malls across the country, the number to which is nearly over, and now they are seeking to make money through rentals from retail ventures worth Rs 400 crore annually.
Reportedly,the group was only focusing to acquire stake across malls, but after the acquisition at Hyderabad Forum Mall, the consolidation got over. The net operating income from the Hyderabad mall is more than Rs95 crore.
Before few days, Prestige Retail Ventures, a wholly-owned subsidiary of the Bengaluru-stationed company has purchased 100% stake in Hyderabad’s Forum Sujana Mall. The deal was of valuation Rs 364-crore. Before this acquirement, the group possessed only 49% stake in the 7, 00,000-sq-ft mall, owned by the Sujana Group of Hyderabad.
Prestige group is on an acquisition spree as in 2018, they have purchased CapitaLand’s stake across mall projects for around Rs 342 crore. This possession took place in 5 operational retail malls in Mangalore, Bengaluru, Hyderabad, Mysuru, and Udaipur. Other than this, the group also overtook residential project in Kochi, serviced residences in Bangalore and a mall management company.

With the aim of strengthening its retail existence in the country, Prestige Estates Projects has suggested to expand its reach to 15 operational malls, totaling 10 million sq. ft., over the coming three years. Currently, the group has 8 operational malls in the southern part of the country, with a total space of 4 million sq ft.
According to sources, Prestige Group has already combined with various malls across the country, the number to which is nearly over, and now they are seeking to make money through rentals from retail ventures worth Rs 400 crore annually.
Reportedly,the group was only focusing to acquire stake across malls, but after the acquisition at Hyderabad Forum Mall, the consolidation got over. The net operating income from the Hyderabad mall is more than Rs95 crore.
Before few days, Prestige Retail Ventures, a wholly-owned subsidiary of the Bengaluru-stationed company has purchased 100% stake in Hyderabad’s Forum Sujana Mall. The deal was of valuation Rs 364-crore. Before this acquirement, the group possessed only 49% stake in the 7, 00,000-sq-ft mall, owned by the Sujana Group of Hyderabad.
Prestige group is on an acquisition spree as in 2018, they have purchased CapitaLand’s stake across mall projects for around Rs 342 crore. This possession took place in 5 operational retail malls in Mangalore, Bengaluru, Hyderabad, Mysuru, and Udaipur. Other than this, the group also overtook residential project in Kochi, serviced residences in Bangalore and a mall management company.

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Work To Start On The Phase-2 Route Of Chennai Metro By Mid-2020

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The Chennai Metro Rail Limited (CMRL) has declared to start work on the Chennai Metro’s Phase-2 route by mid-2020 with the aim to develop smoother connectivity between the major regions of the city. The total work is to be done on 118.9 kms for the phase-2 metro route. Out of this, construction on 66.8km of the stretch is most probably commence by 2020, while work on priority corridor of 52.01 km will begin by the end of this year itself. The Metro officials are already in touch with international funding agencies to fulfill financial needs.
As per a senior official of CMRL, we have already started with soil testing in all the areas which drops on the route. The localities include T Nagar, Poonamallee and Lighthouse.
The official added that the soil testing task will be done by the end of this year. In June this year, Construction tenders for 52.01 km priority stretch will be floated. For this corridor, the metro rail corporation has already signed an agreement with Japan International Cooperation Agency (JICA) to fulfill the funding requirements in December 2018. JICA has given a consent to give Rs 20,196 crore which is around half of the total sanctioned amount that is Rs 40,941 crore. The first lot of Rs. 4760 has already been paid out by the JICA. This route consists of 57 stations from CMBT to Madhavaram and Madhavaram to Sholinganallur.
The rest of 66.8 km stretch whose work will start by mid-2020 consists of 71 stations which will connect major localities like Siruseri Sipcot, Sholinganallur, OMR, Lighthouse, Poonamallee, etc. The estimated cost of construction of this stretch is Rs 28000 crore and the funding will be fulfilled by major international financial agencies, state and central government. The 118.9 km long Chennai Metro Phase-2 will have a total of 128 stations which is going to connect some of the poorest connected areas of the city.
The approximate cost of the project is Rs 69,000 crore.

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Tulip Lemon’, Affordable Housing Project In Gurgaon Ready For Possession

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Tulip Lemon’- an affordable residential project, developed by Tulip Infratech is all set for possession, stated company officials in their latest release. Located in sector- 69 of Gurgaon, the affordable project comprise of 7 towers with 754 units, all ready for handover.

Giving more information on the above development, Parveen Jain, CMD, Tulip Infratech said, “We are very excited to announce that our ambitious affordable housing project ‘Tulip Lemon’ is all set for possession. We are just waiting for the occupation certificate. With Gurgaon, known for luxury housing, our affordable project has received overwhelming response among the home buyers.”

The project Tulip Lemon had earlier also received the award of ‘Scroll of Honour for Exceptional Contribution in Residential – Affordable Housing Segment’.

Lying adjacent to Tulip Violet, ‘Tulip Lemon’ offer 2 and 1 BHK units of various size and configuration. The group has used the latest ‘Mivan’ construction shuttering technology to develop a quality home in budget-friendly rates. The project is home to all the modern facilities and amenities which a homebuyer looks for while buying their dream home.

Jain also said that they have used Aluminum formwork technology wherein the whole structure is of RCC (Reinforced Cement concrete) and not of brick walls. Due to this, the construction time taken is reduced to a great extent and also it results in a smooth finish to the complete project.

Further, all the major business hubs, corporate offices, Malls, Multiplexes, hospitals, and schools are located in close vicinity to the project. One can easily approach all these important places via NH-8 which is just a few minutes away from the project.  Also, the International Airport is just half an hour distance from ‘Tulip Lemon’.

The project is registered with Haryana RERA with registration ID 31 OF 2017.

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Properties In Kamothe Emerging As Preferred Residential Hub In Navi Mumbai

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Located on the Sion-Panvel Highway, Kamothe is an emerging residential hub developed and maintained by CIDCO. It is a node of Navi Mumbai which comes after Panvel and Kalamboli. The locality is surrounded by other fast emerging residential hotspots like Kharghar, Taloja, Kalamboli, and Panvel. The Central Business District of Belapur also falls in close proximity to Kamothe.

In recent years, many infrastructural developments have boosted the realty market of this area which has attracted many home buyers to invest here. Kamothe also enjoys the closeness to the proposed Navi Mumbai International Airport that is the main reason behind its thriving real estate market.

The locality also offers seamless connectivity to surrounding areas via rail and road network. It is surrounded by Mansarovar and Khandeshwar railway stations as well as also provides the facility of local buses and transports to the daily commuters. It is also home to many leading schools, colleges, hospital, malls, and other recreation centers.

Kamothe is divided into 48 sectors that offer a plethora of fresh and resale properties to home buyers. Because of the presence of CBD Belapur and other leading IT parks like BSEL Tech Park, International InfoTech Park, etc. in the vicinity, many working professionals buy flats here to save on the traveling time.

At present, the average property price of an apartment in Kamothe is Rs 7,314 per sqft. One can easily get a 2 or 3BHK apartment in different size and configuration at a price ranging from 65 lakh to 1 crore. However, in the last few years due to many developments, the locality has seen a YOY increase of approximately 6-8% in the property prices. Once the work on Navi Mumbai airport will start, the rates of the property here will increase more, suggests expert.

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Realtors ask banks to cut home loan rates

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Real estate industry feels that the Reserve Bank of India’s (RBI) decision to cut repo rate by 25 basis points (bps) to 6% will give a fillip in boosting residential sales, especially at a time when two festivals – Gudi Padwa and Akshay Tritiya are around the corner.

Of an entire lot of residential segments, affordable housing is likely to benefit the most with the sops already dished out by the government in the last few years.

Though RBI’s move gives a stimulus to the sector, it is the banks who have to do the needful of reducing interest rates without any deal, opine developers. “It is now up to the banks to pass on these cuts and ensure that the common man reaps the benefit of this move,” said Surendra Hiranandani, founder and director, House of Hiranandani.

Sharing the same view, managing director of Ruparel Realty, Amit Ruparel, said “We reciprocate banks do the same by reducing home loan interest rate which will benefit home buyers. Reducing the home loans interest creates a perfect setting for an optimistic start to the new financial year. With Gudi Padwa and Akshay Tritiya just a few days away, we anticipate that the announcement is surely going to result in increased residential sales, given the banks pass on the ease to the customers.”

During these festivals, apart from Diwali and Dushera, real estate companies tend to come up with marketing campaigns and offers. Once again, during the coming weeks, Gudi Padwa and Akshay Tritiya realty players will bank of these two festivals to get a more than usual bookings.

“The rate cut is expected to substantially enhance home-buyer sentiments and add further impetus to the industry’s revival, which needed a boost especially post the NBFC Crisis. The EMI burden on home buyers will also reduce and improve the purchasing power which is expected to provide a stimulus to Indian realty,” commented Satish Magar, managing director of Magarpatta City and president of Confederation of Real Estate Developers Association of India, on RBI’s announcement.

In the Interim Budget 2019, the government had come out with certain measures to improve sales in of homes, which combined with these two successive rate cut should only help in reviving industry’s revenues.

“RBI’s decision to cut interest rates, the second time in a row, is icing on the cake for the interest-rate sensitive sector. After government’s proactive steps to boost real estate markets by relaxing GST rates and offering tax sops in the interim budget, the rate cut will provide much-needed impetus to real estate sector, which is reeling under liquidity pressures,” said Ravindra Sudhalkar, executive director and CEO at Reliance Home Finance. “Setting up the committee for assessing housing finance securitisation market is a welcome move which will help further easing liquidity in the system. We also expect improvement in the flow of bank credit to NBFCs,” he further added.

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Blackstone To Take 60% Stake In Mumbai’s Biggest Single Building Deal

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The biggest deal for single building in Mumbai has taken place between the international real estate investor Blackstone and Radius Developers for a building in Bandra-Kurla Complex (BKC) and is said to be of worth Rs. 2,500 crore. A recent Bombay HC interim order has made way for the biggest deal in Mumbai for a single building.

The Blackstone firm will take over 60% stake in Wing ‘A’ of One BKC, the sources said. The 18-storey building has nearly 6.5 lakh sq.ft. space on lease. This wing has branded tenants like Bank of America, Facebook, Amazon, JLL, ICICI Prudential, Cushman & Wakefield, Brookfield, Cisco and Trafigura. In Mumbai, the last biggest commercial property transaction was held in 2015 where Abbot India paid Rs. 1,479 crore to Godrej Properties for 4.35 lakh sq.ft. space in Godrej BKC inside the BKC enclave.

The One BKC deal was stuck for a few months owing to a dispute between Radius and MMRDA [Mumbai Metropolitan Region Development Authority] over payment of additional construction rights. The land in BKC is controlled by MMRDA and HC in its order of 27thMarch the issue is resolved and the court directed MMRDA to issue an NOC and part occupation certificate to the establishment within seven days of the builder making the payment.

The Radius will repay Rs. 1,700-crore loan that is taken from Indiabulls Housing Finance in 2017, whereas Rs. 541 crore will be paid to MMRDA for the extra FSI it had bought to develop the tower.

According to the sources, the MoU has been signed but the deal is yet to be registered due to the legal case. This is the largest transaction in the BKC and the biggest, probably in the country for a portion of a commercial building.

The One BKC has three wings and about 1.5 million sq.ft. of space. Out of this, 6.5 lakh sq.ft. of Wing A is planned to be sold. At present, the Blackstone manages US $119 billion of equity for real estate investments.

Radius got the 2.5-acre One BKC property as a part of a division of assets with Wadhwa Group few years ago. The developer was to pay Rs. 984 crore to MMRDA for the additional FSI over five years.

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In Mumbai, Godrej Properties Go Into Joint Venture For 4.2 Acre Residential Project

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The Godrej Properties has signed into a joint venture with a realty firm to develop 4.25 acres sea-facing property in Bandra Mumbai.

This project is estimated to offer nearly1.1 million sq. ft. saleable area and will be developed as a premium luxury residential project, the company informed via press release.

Pirojsha Godrej, executive chairman, Godrej Properties said that we are happy to add this project to the development portfolio. This project fits well in our expansion building strategy as to make our presence felt in India’s real estate market.

Recently in March, the Rail Land Development Authority, the Godrej Properties purchased a 27-acre plot in New Delhi’s Ashok Vihar locality area for worth Rs. 1100 crore, the sources said.

According to the sources, this company will construct flats free of cost for railways and 50% of the flats will be sold at market value for the economically weaker section. The payment for these dwelling units can be paid off in eight years at an interest rate of 12 percent.

However, the Godrej properties denied to comment on the deal and said that we cannot make a comment on the market value as per the company policy.

The sources however informed that two other bidders were the Adani Group and Eldeco. As a part of its expansion plan, the Godrej Properties is acquiring land directly or via joint ventures.

Last year, the company went into a joint venture with Hero Cycles to develop a 4-acre plot on Golf Course Road in Gurgaon.

In 2018, the Godrej Properties raised Rs.1,000 crore via the issuance of shares to GIC-managed investment company Gamnat Pte for funding of its expansion plan.

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Oyo Took Space In Mumbai Plans To Develop Co-Working Centre

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The Oyo Hotel and Homes-backed by SoftBank acquired 40,000 sq.ft. at the VKG Corporate Centre in Andheri East Mumbai. The company plans to develop this space into a coworking area for the mid-scale startups and corporates.

This announcement was made after Oyo introduced its coworking brand, Power Station that seeks to offer customized services, private offices, and virtual working space. The operations in Mumbai facility will begin by the second quarter of this year.

Anuj Khetan, director at Vijay Khetan Group (VKG), confirmed the development and said that it’s a leave and licence agreement and was registered on March 16. He further said that the company expects that the deal will scale up to around a lakh sq.ft. in VKG Corporate Centre and 4-5 lakh sq.ft. in other properties of Vijay Khetan Group in future.

CBRE, a NYSE-listed real estate services firm played the role of an intermediary in the deal. The sources said that the agreement is for nine years with a lock-in period of five years.

Earlier in January 2019, the Oyo was in the final stages of talks for acquiring Innov8 a co-working space company. According to the sources, this deal is likely to be finalized in Rs. 200 crores and will be a complete cash transaction.

Oyo a budget hotel chain is looking for a co-working deal in the co-working sector and the sources close to the group estimate the deal to be of worth Rs. 200 crores. The company is all set to purchase Innov8 in an allcash deal as the sponsor of this company i.e. Softbank has given Oyo thumbs up.

The Oyo Company is searching for co-living and co-working opportunities and the Softbank is supporting it. This deal is said to be a perfect call for both as the Innov8 is also looking for a buyout opportunity.

Ritesh Aggarwal, the Oyo founder raised approximately $1.16 billion and also received $100 million from major Grab via transaction.

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Key Infrastructural Projects To Boost Connectivity In Mumbai And Surrounding Areas

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With persistent traffic issues and connectivity problem in Mumbai and its surrounding areas, the center, as well as state government, has announced many infrastructural developments in recent years that will not only strengthen the rail, road network but will also decrease residents traveling time from one area to another. These projects include Mumbai Trans Harbour Link, Multimodal Corridor from Virar to Alibaug, Coastal Road Project, Navi Mumbai International Airport, etc. All these projects are expected to be completed in another five to six years.

Mumbai Urban Transport Project 3A (MUTP 3A)

A prime project which recently got cabinet nod from the state government is MUTP 3A. Under this project, the government is going to develop series of suburban railways such as the extension of Goregaon and Borivali, development of Fifth and sixth line on Borivali-Virar corridor, Fourth line on Kalyan-Asangaon stretch, Third and fourth line between Kalyan-Badlapur corridor, and Communications-based Train Control system on Harbour, Central and Western lines. The estimated cost of the project is Rs 33690 crore.

Mumbai Trans Harbour Link

This project will link the main city to the satellite city of Navi Mumbai thereby leading to decongestion on road. This 21.8 km long link will cut down the travel time between Panvel and South Mumbai which in turn will also create a positive impact on the real estate market of the areas.

Navi Mumbai International Airport

One of the most ambitious infrastructure projects, this airport will be going to decrease the passenger traffic on the main Mumbai Airport. The airport will be developed on a PPP basis and the estimated cost is Rs 16,704 crore. The state government has also planned to develop residential and commercial townships in the vicinity to develop economic activities.

Coastal Road Project

It is also an under construction freeway that in future will link Marine lines in South to Kandivali in North. It will run parallel to Mumbai’s western Coastline and the estimated cost of the project is Rs 12000 crore. The freeway will have 8 lane road with six lanes dedicated to normal traffic and rest 2 will be for BRT bus corridor.

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Xander-Backed Virtuous Retail May Acquire A Couple Of Malls From Tata Realty

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The Virtuous Retail, firm backed by Xander is in the advanced level of talks with Tata Realty and Infrastructure (TRIL) in order to acquire two mall projects at a deal of approximately Rs. 700 crore.

The Tata Realty and Infrastructure [TRIL] will walk out from two mall properties that have a total area of 1.15 million square feet and are located in Amritsar and Nagpur. At present, the company owns 90% stake in these projects.

The sources said that the deal is expected to be finalized this month. The mall in Amritsar is functional and the mall in Nagpur will hopefully get operational in next two months.

A successful deal between the companies will pave way for the Tata Realty and Infrastructure to walk out of its maiden fund Tata Realty Initiatives Fund I, who invested in these projects. The fund had $750 million as corpus.

The sources also said that the Virtuous Retail is in the advance stages of finalizing the deal. The company is looking at expanding its retail portfolio via the organic and inorganic routes in India. This is a smart move as a part of strategy for business expansion in the retail development via right acquisitions.

In October 2018, the Xander Investment Management, the private equity real estate arm of the leading global investment firm Xander group announced investment of Rs. 2,550 crore in office projects in Hyderabad. The group signed the deal with Hyderabad-based Phoenix Group to develop 4.5 million sq. ft. office space in Hyderabad.

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