Real Estate

Smartworks Leases Commercial Office Space In Mumbai

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Smartworks- A Delhi-based flexible office space provider has recently leased 82,000 sq ft commercial space in Mumbai. The property is located at Fleet House on Andheri-Kurla road and has a seating capacity of over 2000. Smartworks has picked up this property for a period of 15 years.

With this addition, the company now acquires a total of 1.5 million sq ft. commercial office space in the country.

The new office space will start it functioning by January 2019. Marsh Insurance, NEC are some of the few clients which will start their operations from this office.

Giving more information on the same, Neetish Sarda, founder of Smartworks said, “     This lease in Mumbai is in line with our expansion plan across India. We are looking to expand our footprint to at least 10 million sq ft over the next three to five years, with a focus on west and south India,”

He further said that the location of the property is a strategic fit for Smartworks as it is in close proximity to business district Bandra- Kurla Complex (BKC), airport and the Western Express Highway.

Spread across multiple cities across India like Gurugram, Bengaluru, Hyderabad, Chennai, and more, Smartworks offer fully-serviced modern office spaces that include private offices for individuals and teams, shared offices and virtual offices.

The group has recently expanded its arm in Chennai by opening its second facility in the city following its first centre launch in Hyderabad. Talking about Mumbai, Smartworks has leased properties in Fleet House and Lower Parel and they further aim to add 10 more centers by the end of next year in the city.

Some of the top clients the group has tied up are Tata Communications, Microsoft, Arcelor Mittal, Amazon, Daikin, Lenovo, Bacardi, and OLX.

The trend of CoWorking office space has recently gained much momentum in India, tapping a total of 40 million sq.ft in the first half of 2018 in 16 major Asia Pacific cities including Delhi NCR, Mumbai, and Bangalore.

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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Godrej Properties Bought Plot In Delhi For Worth Rs. 1100 Crore

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In a deal with 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.

The Rail Land Development Authority planned six such vacant plots across the metro cities as the authority is responsible to generate revenue from vacant land. They are likely to earn approximately Rs. 10,000 crores via land monetization. The plots comprises of 16 hectares in posh Mumbai areas such as Bandra, Mahalaxmi and near Lokmanya Tilak Terminal. The authority also owns land in South Indian cities like Chennai and Hyderabad.

The RLDA [Rail Land Development Authority] figured approximately 45 sites for which bidding will be practiced in a phased manner. These sites have the potential to generate a revenue of over Rs. 42,000 crore

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Bharti Realty-Led Consortium To Construct Commercial Project At Delhi Airport

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In a recent development, DIAL i.e. Delhi International Airport Limited, the operator for Delhi airport informed that the rights for commercial development are granted to a consortium led by Bharti Realty that will make an annual payment of Rs 363.5 crore towards lease rentals till 2036.

Apart from this, Bharti Realty will make one-time payments of approximately Rs. 1,837 crore, the Delhi International Airport Ltd (DIAL) informed in the press release.

In a joint venture with the GMAR group, DIAL [Delhi International Airport Limited] manages operations at Delhi’s Indira Gandhi International Airport.

The press release states that Bharti Realty has been awarded the right to design, develop, finance, construct, operate, manage and maintain a commercial development project at Gateway and Downtown Districts of Aerocity.

In the first phase, the Bharti Realty-led consortium will pay to DIAL an annual lease rent of Rs 363.5 crore per annum till 2036 (to be escalated by 50 percent for the extended term of 30 years till 2066) and other one-time payments to the tune of (around) Rs 1,837 crore.

The Delhi International Airport limited also initiated the second phase of its airport land development that is popular as Aerocity, at the airport.

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Godrej Habitat: Premium Homes Located In The Heart Of Gurgaon

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Godrej Habitat is a newly launched property by leading developer Godrej Properties, located in sector-3 of Gurgaon. The residential project consists of aesthetically designed homes that provide homebuyers to live a secure and care free life. The property is surrounded is set in serene and tranquil settings, giving its residents a healthy and happier living.

Godrej Habitat offers luxurious and spacious 2, 3 and 4 BHK residences that are brilliantly crafted with perfection. The homes are available in various size and configuration ranging from 1444 sqft to 2650 sqft. All the residences are equipped with state of the art amenities and facilities that make the home safer for kids and senior citizens.

Godrej Habitat boasts a 5-tier security system such as boom barrier and photo beam security system, 24*7 CCTV Surveillance, night guard security, facial recognition systems, visitor management system, video door phone, 4 in 1 hi-end locking system etc.

Premium Features of the Project:

Luxurious 2, 3 and 4 BHK Apartments.
5-Tier Security System.
Periphery level: Boom barrier, under car scanner, photo beam security fence
Project Level: 24*7 CCTV Surveillance, access controlled verified security personnel, night guard Surveillance.
Tower level: Facial recognition, smart access system, visitor management system, CCTV at every floor.
Club Level: Life guard at swimming pool, facial recognition.
Unit Level: Video based access, 4 in1 high end locking solutions, and geo tags monitored by mobile app.
Location of the Project:

Located in the heart of Sector-3 Gurgaon.
Easy access to airport, railway station, bus stand and NH 8.
Nearby schools, hospitals and other recreation centres.
The project is registered via H-RERA with registration number: RC/REP/HARERA/GGM/317/49/2019/11.

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DLF Sell 33% Stake In Commercial Project To Hines For Worth Rs. 650 Crore

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The DLF group announced selling of 33 percent stake to Hines, a US-based firm for worth Rs. 650 crore in its upcoming commercial project in Gurugram.

In October 2018, the DLF group signed a pact Hines firm to construct a prime commercial project in Gurugram on a land parcel of 11.76 acre. The group bought the land for approximately Rs. 1,500 crore via e-auction that was carried out by the Haryana State Government in February 2018. This land parcel is situated across the highway to the present business district of DLF Cybercity.

The subsidiary of DLF Home Developers Ltd (DHDL) went into a joint venture with the Hines group firm Green Horizon Trustee for the development of a high-end commercial project in Gurugram, the statement released by the company said.

In the statement, it is also said that DHDL will hold 67 percent stake in the joint venture and the remaining 33 percent will be held by Hines.

The Hines group made an investment of nearly Rs. 500 crore in the first tranche.

As per the sources, the DLF group cracked the deal at a premium of approximately 25 percent from the land that values Rs. 1,500 crore and is what paid to the Haryana government.

Sriram Khattar, managing director (rental business), DLF, said that the company is excited about the joint venture with Hines as this is the second time we came together. We should work collectively to develop world-class structures and establishments that will set new standards for commercial buildings in this part of the world.

Initially, the Hines group have 33 percent equity share in the joint venture but is likely to increase it upto 49 percent.

As per the released statement, the total investment by the joint-venture partners in this project is nearly Rs. 1,900 crore.

Amit Diwan, Hines MD and Country Head said that this is an excellent location that benefits from great connectivity by road and by metro. It is also in close proximity to social infrastructure like Cyber Hub, The Oberoi and Trident hotels.

Both the DLF group and its JV firm DCCDL have together over 30 million sq. ft. of commercial assets, largely in Gurugram, with an annual rental income of over Rs 3,000 crore.

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Hotel Leela Venture Sells Assets Worth Rs 3950 Crore To Brookfield Asset Management Firm

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In a recent development, Canadian investment firm Brookfield Asset Management bought various assets of leading hospitality chain Hotel Leela Venture. The Group has sold four hotels, including one in Delhi and another property in the different state.

Hotel Leela Venture has signed a binding agreement with the Canadian firm to sell these properties which are located in Bangalore, Chennai, Delhi, and Udaipur. The other property is located in Agra.

According to company sources, “The overall transaction cost is Rs 3950 crore. It also includes all the contracts which currently the hotels are undertaking as well as those which are under-development. The assignment of employees will also be undertaken by the owner company.”

Sources further informed that the promoters will also be transferring the Leela brand to Brookfield for all hospitality businesses.

Elaborating on the above deal, Vivek Nair, Hotel Leela Venture Chairman, and MD said,” “The Leela is rated amongst the top hospitality brands in the world and I am confident that the brand will receive a boost and be further strengthened and continue to be known for its world-class services.”

Brookfield Asset Management MD and Head-India Real Estate Ankur Gupta commented, “We are looking forward to this opportunity and will love to complete this transaction at the earliest while ensuring that all operations remain unaffected. We expect the Leela hotels to continue to be market leaders.”

In order to have a smooth transaction, JM Financial became the financial advisor to Hotel Leela Venture.

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GDA Sanctions Hindon Elevated Road Extension To DND Flyway In Noida

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Good news for the commuters traveling from Ghaziabad to Noida, as recently Ghaziabad Development Authority (GDA) has given its nod to an extension of Hindon Elevated Road to DND Flyway in Noida. The feasibility report has got a recommendation in the recently held meeting of GDA thereby approving a 7.5 km long route which will be developed at an estimated cost of Rs 558 crore.

As per GDA sources, the route will pass through Hindon Canal, Ghazipur, Kondli, Dharamshila Road and New Ashok Nagar and will finally reach to DND flyover. The Hindon Elevated route was inaugurated in 2018 that has not only cut down the traveling time to Rajnagar extension but has also created a positive impact on the real estate market of the area.

Apart from this, the GDA is also developing an 8 km long bypass road between Hindon elevated road and Delhi-Meerut Road. With this route, travelers don’t have to cross the residential locality of Rajnagar Extension. This bypass route will reach straightly to Manan Dham near Morta on the Delhi-Meerut Road.

Giving more details about the same, GDA officials said, “The first 5-km of the bypass road will run parallel to Hindon River and rest of the 3 km; will directly link to the Northern Peripheral Road (NH-9). This will help in bringing the total traveling time to 20 minutes from Rajnagar Extension to UP Gate.”

With all these infrastructural development on the cards, there will be better connectivity on offering for the Ghaziabad residents, which will definitely ease traffic congestion on roads. Also, the property prices in the surrounding areas will definitely be going to boost in the coming few years attracting many homebuyers to invest in these areas.

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DLF Group Plans To Invest Rs. 750 Crores In New Commercial Project In Gurugram

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The DLF group planned to make an investment of Rs. 750 crores to develop a new commercial project in Gurugram. This investment is being planned by the DLF group as the company wishes to encash the increasing demand of office and retail space from the investors, sources said.

This new commercial project will be developed at 2.5 million sq. ft. area of the Gurugram city. Instead of going for a lease-model, the company will sale office and retail space of this project, sources informed.

The company has previously sold the DLF Corporate Greens project that is spread across 2.5 million sq. ft. land and is located on Southern Peripheral Road, Sector 74A, Gurugram.

The DLF group owns more land parcels that are adjacent to the Corporate Greens project and the same is planned to be developed.

According to the sources, Rs. 750 crore is estimated to be the cost of project and the construction of the same will begin soon.

In India’s capitalization market, the DLF group is the leading company and they work on both the lease-model as well as on the sale model.

At present, the company has over 30 million sq. ft. of leased commercial properties and a rental income of more than Rs. 3,000 crore.

The DLF group ventured into rent-yielding commercial assets with DLF Cyber City Developers Ltd (DCCDL). The company holds 66.66 percent stake in DCCDL while Singapore’s sovereign wealth fund GIC holds the remaining 33.34 percent.

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Properties In Thanisandra Emerges As Favorable Investment Destination In Bangalore

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Located in the Northern part of the Bangalore, Thanisandra has emerged as a property hotspot in recent times in the city. Due to rapid urbanization, and other infrastructural developments, the locality has become hot favourites among many working professionals who are looking to invest in property here and that too at budget-friendly rates.

Thanisandra is situated on the Outer Ring Road and hence enjoy smooth connectivity with areas such as Jakkur, Hebbal, HBR Layout, Hennur etc. Recently, the Thanisandra main road has been widened to 100 ft which has also been a major reason behind the booming realty market.

The locality is well connected by the surrounding areas via a thriving rail and road network. BMTC bus services are quite frequent here. Also, the international airport is just a distance of 20 minutes from the locality. Apart from it, proposed metro development in and around the surrounding IT Hubs like Whitefield and Electronic city will further propel the real estate market of the locality in the future.

Thanisandra is also home to many renowned educational institutions, shopping malls, hospitals and recreation centers like Sri Basaveshwara School, Blossoms International Play School, Nees Montessori Pre Primary School, Shangri-La, Hilton Ibis, and Novotel etc.

Due to the presence of leading IT parks in the vicinity, the locality is mainly favoured by IT professionals and working populations. While Manayata Tech Park is just 3 km away from the Thanisandra, KIADB Industrial area is just 15 km away from the locality. Apart from homebuyers, the area has also seen a flourishing rental community in present times.

At present, the average property price of the apartment here is Rs 5,903 per sq.ft. On the other hand, the rental rates for 1 and 2 BHK units hovers around 14,000 and 20,000 per month. Experts suggest that the pace at which the infrastructural developments are going around the area, the property prices are expected to show a steep jump in other 2-3 years at a percentage of 5-6%. Seeing the development, many leading developers are also coming up in this area to develop affordable, mid-segment and luxury housing projects

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Bengaluru-Based Brigade Group Venture Into Co-Working Business

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Brigade group – the Bengaluru based real estate Company ventured into the co-working business via the brand name BuzzWorks and plans to offer 2,200 seats by 2021.

The company BuzzWorks is planned to introduce over 200 seats at Whitefield and Rajajinagar. Both these campus calculates to 15,000 sq.ft. and the firm plans to offer co-working spaces in multiple locations like Kochi, Ahmedabad, Chennai and Hyderabad.

Nirupa Shankar, executive director at the Brigade group said that the BuzzWorks will be a natural arm-extension of our commercial office portfolio and a step forward for our business.

In 1986, the company started operations as a commercial space developer and then expanded the business to multiple real estate sectors that include residential and hospitality.

The business giants are taking interest in the co-working business as the sector is growing rapidly and the clients are also asking for these spaces.

According to the industry experts, in the co-working business, India has over 200 players that function in more than 420 co-working spaces all over the country. The experts also predict multiple fold growth for the co-working sector in the next two years.

The experts also feel that the Co-working sector will also witness nearly 30 percent growth on the yearly basis as the rental offices are on the rise in India while considering occupied spaces in Bengaluru, National Capital Region and Mumbai, followed by Hyderabad and Chennai as these cities offer growth opportunity.

Talking particularly about the Brigade Group, the experts feel that the company has focused on the commercial market at large. The company has 11 million sq. ft. office space that is under construction.

The company is also into a partnership with the Singapore-based private equity firm GIC Singapore for commercial properties.

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Shapoorji Pallonji Launches Its First Premium Residential Project In Thane

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Leading realty developer Shapoorji Pallonji has forayed into the residential real estate market of Thane by recently announcing its first project ‘Northern Lights’ in Thane. Located at the plush locality of Pokhran Road 2, this premium development will be tallest towers in the city which is spread across 4.8 acres of areas.

Shapoorji Pallonji ‘Northern Lights’ will be offering 2 BHK premium luxurious homes in various size and configurations. The beautifully-crafted homes are equipped with all the modern-day amenities that will raise the living standards of the residents. Each residence has been designed in a way to give beautiful views of sprawling greens along with maximum cross ventilation to have access to daylight and pure air.

Speaking at the launch, Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate said, “With Thane emerging as lucrative real estate market in MMR, Shapoorji Pallonji doesn’t want to miss an opportunity to mark their presence in the city. The residential development will be one of the finest housing projects offering a plethora of premium amenities to the residents. We are very much confident that just like our other projects, this development will also able to grasp customer satisfaction in the near future.”

Shapoorji Pallonji ‘Northern Lights’ is also home to many state of the art lifestyle amenities that include club, swimming pool, music room, kids play area, gaming zone, library, multi-purpose hall, cricket pitch, senior citizens’ corner, adventure climbing wall, urban farming zone, and air and water purifiers within the complex.

The location of Shapoorji Pallonji ‘Northern Lights’ is its USP wherein all the renowned schools, workplaces, IT Hubs, and entertainment centers are located in its vicinity. Apart from this proposed infrastructural development like Monorail between Thane- Bhiwandi- Kalyan, and Metro Station at Majiwada Junction also falls at a walking distance from the project.

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