Real Estate

WeWork India Leases Office Space In Bengaluru, Mumbai & Gurugram

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Global Co-Working office space provider ‘WeWork India’ has taken on lease about 2.5 lakh sq ft of office space across Bengaluru, Mumbai, and Gurugram. The deal was done by the company in order to expand its arm in India’s commercial real estate market.

According to company sources, the group has leased 96,500 sq ft in Blue One Square in Udyog Vihar, Gurugram, 90,484 sq ft in Mumbai and 60,783 sq ft in Purva Pavilion in Bengaluru.

Karan Virwani, chief executive officer at WeWork India said, “The leases have a total tenure of 20 years, including an initial term of 10 years with an option to extend it by another 10 years unlike usual tenures of three, five or nine years. With our rapid expansion, we are continuing our journey towards opening more spaces that inspire people to be creators, and foster the spirit of collaboration,”

He further said that traditional office setups include exorbitant real estate expenses amounting to 9-12% of overall operating costs whereas shared, flexible spaces can save 20-25% of real estate costs. India will emerge as one of the largest markets for shared workspaces in the coming years.

Last month only, WeWork India had acquired 0.5 million sq ft of office space by a co-working company across the Mumbai Metropolitan Region (MMR) and Bengaluru. This deal is considered as the largest transaction till date. The company is also planning to double their seating across Delhi, Mumbai, and Bengaluru, in order to reach 35,000 desks by the end of the year.

Co-working is a western style of work that involves a shared workplace, often an office, and independent activity. Co-working helps companies to save on other operational costs such as IT infrastructure, fitments, housekeeping, broadband connectivity etc. In India, the trend of coworking space is increasing at a faster pace. Many startups and other small companies prefer co-working spaces to conventional office spaces due to lower rentals thereby saving operational cost too.

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.

Real Estate

Sobha Heritage: Finest Ready To Move-In Residences In South Bangalore

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Sobha Heritage is a premium ready to move-in housing development by Sobha Group, located in Banashankari 3rd Stage, South Bangalore. The luxury project is a perfect example of heritage, tradition, and culture where you can experience the old world charm with new age design.

SOBHA Heritage offers 2 and 3 BHK fully ready spacious residences ranging from 916.97 sq.ft- 1947.73 sq.ft. Each and every residence is equipped with modern-day amenities and facilities that will change the way you view the world. All the basic requirements and places of interest- be it your workplace, school or shopping centers are just a step away from the project.

At Sobha Heritage, you can unwind your hectic day with various out of the world which you can find at every step of the complex. So be ready to enjoy a life full of surprises, abundant greenery with a mix of modern and traditional design concepts.

The project is registered under RERA no. PR/KN/170730/000117

Premium features of the project:

  • Lush green surrounding
  • Grand entrance with a Pergola
  • Romantically designed Juliet window
  • Winding bicycling track and a jogging track
  • Beautiful French gardens with antique park benches
  • Banquet hall, Party Lawn, Children’s Play Area and Clubhouse
  • Gorgeous Gazebos to have a refreshing mind
  • Cascading pool with water spouts
  • Lobbies designed in Baroque, Rococo and Neo Classical styles

Location of the project:

  • Education institutions like PES University and Bangalore University in the vicinity.
  • Few minutes away from Nayandahalli Junction and Sarakki Junction
  • Major market places like J.P.Nagar and Jayanagar in the vicinity
  • Located near Banashankari Temple

With over 30 years of experience, SOBHA group has today established its name among one of the key real estate developers of the country. The company has always strived to achieve benchmark quality, customer centric approach, robust engineering, in-house research, uncompromising business ethics, timeless values and transparency in every sphere of residential sector. (more…)

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Assetz Property On Expansion Spree: Raises Finance For Its Residential Portfolio In Bengaluru

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Singapore-based real estate developer Assetz Property has planned to expand its residential portfolio in Bengaluru. For this purpose, the company has raised Rs 1,000 crore from financial institutions including Altico Capital, HDFC Bank, and Aditya Birla Finance.

According to company officials, the group will use this money to develop about 17 million sq ft of space of residential projects across Bengaluru. It will include 10,000 units priced between Rs 3,700 per sq ft and Rs 10,000 per sq ft.

Elaborating the above information, Akshay Dewani, chief executive officer (residential), Assetz Property said, “We have raised all the money in the last six to nine months which includes Rs 900 crore of the total fund and an additional Rs 100 crore is in the process,”

“The bulk of the investment will go into development of Rs 5,000 per sq ft projects,” Dewani added.

Earlier the group has raised money from investors like Equis Funds Group, Apollo Global Management, JLL Segregrated Fund, and Avenue Venture Partners.

Last year in August, Sydney-based LOGOS Group had raised $400 million and entered into a partnership with Assetz Property to launch its operations in India and raise a new fund. The two partners set up, LOGOS India, a standalone platform to develop assets worth $1 billion.

Established in 2006, Assetz Property Group is one of the top real estate property developers in Bangalore. The company has its headquarters in Singapore and is a multi-faceted real estate development and asset management company with four business verticals: Commercial, Residential, Warehousing, and Fund Management.

The group has developed two landmark IT tech parks in Bangalore namely Vrindavan Tech Village (now Embassy Tech Village) – India’s first Platinum LEED certified IT SEZ and Global Technology Park. (more…)

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UP RERA To Hold Special Hearings Every Week On Unregistered Projects

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In order to address the complaints of buyers against unregistered real estate projects, the Greater Noida Bench of UP RERA has decided to hold two special hearings every week apart from four regular sittings.

Over 550 such complaints are currently lying with the authority, so to speed up the grievances work, the decision was taken in a meeting with Noida and Greater Noida authorities on Wednesday.

Giving information on the above, UP RERA member, Balwinder Kumar said, “Non-registration of an ongoing real estate project is a violation under the RERA Act. Developers of such projects could be fined up to 10% of the total cost on the first offence and jailed for subsequent offence.”

He further said that there are 554 complaints lying with us, which have been filed by buyers of such projects that are not registered with us. “The secretary of UP-RERA, Rajive Kumar, himself will be hearing those cases at the Greater Noida bench twice a week,” Kumar added.

However, there has been an influx in such complaints from past one month. Balwinder Kumar told that initially, they were receiving about 20-25 complaints per day but now the number of complaints has risen to over 50 a day. So to meet this increased demand, the Bench has decided to hear these grievances in Greater Noida four times a week.

So far UP-RERA has received a total of 8211 complaints and of these 2172 has been heard. Due to maximum number of complaints from Noida, Greater Noida, Meerut, Ghaziabad, and other regions, the western bench of UP RERA has been established on September 4.

Recently, UP RERA has also decided to rate developers based on their past their track record with reference to completing the projects on time. This rating system will provide all the information related to builders and developers beforehand on a single platform, hence saving home buyers from such fraudulent.

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Top Localities To Buy Luxury Residences In Pune

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Pune is the eighth largest metropolis in the country which is situated in the west of Maharashtra. The city is home to renowned and historical educational institutions, popular IT/ITes campuses and MNCs. Apart from this, the thriving real estate of the city makes it a dream investment destination for every person.

Due to the rapid growth of its industrial sector, Pune has become one of the prime hot spots for property investment in recent times. Talking about the luxury segment, Pune boasts a large number of such properties. So, if you are keen on investing in a higher priced property, then take a looks at expensive localities of Pune:

Senapati Bapat Road

With well-developed infrastructure and excellent amenities, Senapati Bapat Road is popular among luxury segment buyers. A lot of IT and BPO companies like Cross Country Infotech, BMC Software, Persistent Systems, MWH Global and Cognizant Technology Solutions have huge infrastructures on this road. This locality is a mix of 3-5 BHK apartments. While average property rate cost here around Rs 14,000 sq. ft, rental rates range from 25000 to 35000.

Boat club road

Located in Pune’s city center, Boat club road provides one of the most high end and luxurious residences. Numbers of projects are coming up in the region while some are awaited. The area is located close to railway station, airport, and Pune- Mumbai highway. One can easily find 3-5 BHK residences here. The average property price here cost above 3 crores. On the other hand, rental rates cost more than 50,000 per month.

Aundh

Situated in the north-west of Pune, Aundh is an affluent suburb which has significantly developed in the residential hub in recent times due to its close proximity to the University of Pune and the Software Technology Parks of India complex at Hinjewadi. The residential real-estate prices in this area have seen a huge uptrend due to its connectivity to Mumbai-Pune expressway and Shivaji Nagar. One can buy a premium residence here at a cost of 1 crore onwards while Luxury residences price is around 3 crores onwards. Rental rates fall between 9000 to 32,000 per month.

Koregaon Park

Located in the south of Mula-Mutha River in Pune, this area is viewed as one of the most prestigious addresses in Pune. The area is primarily a residential area with lush greenery, but of late has been growing into a commercial marketplace too. It holds the record for the maximum number of bungalows in one place and most of its residents are among the wealthiest in the country, who wants to get away from the city life. The average property price here is 11,250 sq.ft. Rental rates fall between 20,000 to 55,000 per month.

Kalyani Nagar

Located in the east of Pune city, the area in today knows because of development of highly luxurious trump towers. Due to rapid development and improved accessibility to other areas, this area has gained popularity among the elite buyers. This area has proximity to both Pune railway station as well as Airport.  The average property price here is 9,084 sq.ft. Rental rates fall here between 14,000 to 80,000 per month.

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Real Estate

Lodha Trump Tower: Fully Customizable Uber-Luxury Residences In Mumbai

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Lodha Trump Tower is a premium residential development by renowned Lodha Group, situated on the Mumbai Mile in Worli. The towers are synonymous with the highest level of excellence and style that will definitely be going to add more glitters to the entertainment city, Mumbai. The uber-luxury project enjoys one of the most enviable locations in the city.

Trump Tower will be a 78 storey tall tower and will offer 3 and 4 BHK opulent and customizable residence in different sizes. Every home is a private heaven in itself- fully air-conditioned with three sides open spaces to give its residents an expansive view of Arabian, Sea, Racecourse, and Sea-Link. With fiber optic connectivity, every residence will have access to high-speed internet, Digital gaming, and advanced IPTV. The interiors and common areas are designed by globally renowned firm Hirsch Bedner Associates (HBA) studio.

Trump Tower will also offer its residents some of the never dreamt privileges like your own private jet, tranquil Spa treatment room, exclusive private pool, 24×7 private gymnasium, impeccable hospitality, and a Trump Card- that allows you to enjoy exclusive benefits at Trump hotels around the world.

The project has been registered via MahaRERA registration number: P51900001339

Premium features of the Project:

  • Interiors and common areas designed by Hirsch Bedner Associates (HBA) studio.
  • Landscape designing by Plandscape (PLA).
  • Private Jet facility.
  • Spa treatment room to revitalize with signature treatment.
  • Exclusive pool located high above the ground.
  • State of the art gym with latest fitness equipments.
  • Stylish lounge.
  • Benchmark white glove service.
  • Esclusive Trump card to enjoy at Trump hotels around the world.
  • Intelligently designed residences
  • Fiber optic connectivity with high speed internet and advanced IPTV.
  • World-class 7-tier security system includes RFID identification, swipe card access, emergency alarm etc.

Location of the project:

  • Situated on The Mumbai Mile in Worli.
  • Finest hotels, luxury retail malls and premium entertainment hubs in the vicinity.
  • Proximity to landmark residential and commercial buildings.

Lodha Group works with a vision to Build a better life and thus have created many landmark projects like World One and Palava City. The group comprises of a team of 140+ designers and architect, 700 marketing and sales professionals, 300+ customer care representatives, 1,600+ engineers, 140+ designers and architects who believe in transforming the realty sector especially the residential one

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Co-Working Firm Skootr Leases 10,000 Sq Ft Office Space In Delhi

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India’s renowned co-working firm Skootr has recently leased 10,000 sq ft office space in the prime location of Central Delhi i.e. Connaught Place. The company is planning to launch 150 seats in the centre.

Giving more information on the above, Ankit Jain, founder, and joint managing director said, “As this is a prime location, therefore the rent of seats in the centre will vary from Rs 27,000-35,000 per seat per month,”

He further said that Clix Capital has already taken 75 seats in the centre as tenants. “Rest of the seats will be open to the market.” added Jain.

With this centre, Skootr has marked its presence in the national capital too apart from major NCR and cities across the country.

Launched as a startup, Skootr today offers thoughtfully designed, safe & secure, plug & play workspaces with 100% reliable technology and services infrastructure for growth-oriented entrepreneurs and corporates. The company provides co-working spaces to start-ups, freelancers, SMEs, BPOs as per their requirement.

With presence across Gurgaon, Noida, and Jaipur, the group is expanding itself rapidly across major cities in India.

According to a latest survey, these days many startups and other small companies prefer co-working spaces to conventional office spaces due to lower rentals. Hence, savings on operational costs and a more flexible work environment. A company can save as much as 30% on the operational cost alone. It also helps companies to save on other operational costs such as IT infrastructure, fitments, housekeeping, broadband connectivity etc.

Real estate services firm CBRE says that in the next few years, with office rents continuing to move up across India, the total space leased by co-working operators in tier-1 and tier-2 cities could touch 6-10 m sqft by 2020.

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Embassy Group To Develop More Affordable And Mid-Housing Project Across Cities

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To drive more growth in the realty sector, Bengaluru based real estate firm Embassy group has announced their plan to develop more affordable and mid-housing projects instead of luxury and uber-luxury projects.

The information was given by the company’s newly appointed chief operating officer (COO), Aditya Virwani in a recently held meeting. He said, “The Group has decided not to build anymore property above Rs 2-crore as there is an oversupply in this segment. Also, with real estate regulatory coming in, buyers want to see the product before investing in such high-end assets,”

The company has planned to move their focus to more mid-income housing projects up to Rs 80 lakh, and affordable homes costing about Rs 30 lakh. These projects will be spread over 800-1,300 sq ft in 1, 2, and 3BHK configurations.

“Currently, there is a good demand for mid and affordable housing projects.” Virwani added.

Apart from the residential segment, the group is also planning to launch large commercial projects, with demand from large companies rising for big offices spaces across the southern cities.

Elaborating on this, the COO said that Embassy group has around 200 acres of residential and commercial projects in the planning stage around the Bangalore airport. The commercial component in it will be 10 million sq ft.”

Embassy group forayed into the real estate sector in 1993 and till date, it has developed 45 Million Sq. Ft. of Commercial, Residential, Retail, Hospitality, and Industrial Warehouse spaces. The Company also holds an extensive land bank of 1,000 acres across the country. The company has its headquarters in Bengaluru and also operates from Chennai, Hyderabad, Pune, Coimbatore, Trivandrum, Serbia, and Malaysia.

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Calcutta Stock Exchange Plans To Enter Real Estate Market Of Kolkata

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In a bid to shore up revenues and overall net worth, the Calcutta Stock Exchange (CSE) is planning to foray into the real estate market of Kolkata and has decided to develop a self-owned 5-acre plot in New Town, Rajarhat.

The board has reportedly sought EoIs (expressions of interest) from real estate developers and hence floated the tender on the area-share/revenue share basis. The 5-acre plot is located in the prime location of Action Area II in New Town.

According to CSE sources, the last date for submitting EoIs is November 12. The officials have already secured freehold land from the West Bengal Housing Infrastructure Development Corporation Limited in the year 2010 for the development of buildings and other business operations.

The tender which has been floated, states that investors/developers will be chosen on the basis of two key factors, the highest added area which will be a percentage of the entire built-up area or the highest share of revenue which will be a percentage of the gross project revenue over and above the compulsory delivery of 1, 00, 000 sq. ft.

Sources said, “CSE will be using fixed zones for its own business activities while the remainder can be given for commercial real estate. This initiative will further help in improving the revenue of Calcutta Stock Exchange.”

In recent times, New Town in Rajarhat has emerged as a major real estate hub particularly for the residential real estate segment. The region has also added a feather to its cap recently by receiving a Gold certification from the Indian Green Building Council (IGBC) for Master Plan and Design under the Green Cities Rating. Some of the important areas which attracted IGBC include electric buses, advanced machines for solid waste management and cleaning roads, app-based cycles on offer for the whole city, solar PV for canals and ample open and green spaces for the general public.

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Global City Project: GMDA To Revise Gurugram-Manesar Plan 2031 To Fast-Track Work

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In order to fast-track the work of much-awaited Global City project in the city, the Gurugram Metropolitan Development Authority (GMDA) has sought some revisions in the Gurugram-Manesar Urban Complex Plan 2031. The 1,000-acre Global city is poised to serve as an important node to Delhi-Mumbai Industrial Corridor (DMIC), says an official.

A total of three revisions have been planned by the authority, of which two are to facilitate the development of the project, while the third one is for changing the land use of 161 acres in Manesar. According to the proposal, the authority has sought re-designation of the Global City project area as a special zone with 300% floor area ratio, along with permission for mixed land use in sectors such as 36, 37B and 38B, which were earlier earmarked as industrial ones.

Giving more information on the same, Dinesh Singh Chauhan, chief town planner, GMDA said, “The area allocated for the metro depot is marked as open space in the final development plan and the zoning conditions for open space do not allow a depot. Hence, we have interchanged this land with another land parcel of the same size,”

He further said that as per the proposed revision in the development plan, the transport and communication zone will now be at the place of open space and vice-versa.

The Haryana Government has launched the Global City Project as a Financial/ Business Center which would thrive on world class infrastructure such as integrating water, power, and connectivity, Integration of IT services in managing various public utilities of the area etc. This project will be developed jointly by the Haryana State Industrial and Infrastructural Development Corporation (HSIIDC) and Delhi Mumbai Industrial Corridor Development Corporation (DMICDC).

The project would also include festive and leisure components, including an exhibition and convention centre, high-value innovation and knowledge industries, central business district and townships etc.

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IKEA Hunts For Land In Noida For Its Store

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IKEA is hunting for land in Noida to open its store. The company recently opened its first store in Hyderabad which is also its entry into India’s commercial market. Famous for its international furniture and home accessories, IKEA is now eyeing Uttar Pradesh to open more stores. The company also informed the Uttar Pradesh Government about its plan to invest more than Rs 5,000 crore in the state in near future. These investments will be done via retail outlets and e-commerce.

Earlier, in 2015, the company also signed a MoU with the Samajwadi Party Government for setting up stores in Lucknow, Agra and Noida city. According to the sources in IKEA, the company planned to establish itself according to the market situation and is currently focusing on setting up stores in Noida which is next to Delhi, the national capital.

Peter Betzel, IKEA India CEO said we are in talks with the Uttar Pradesh State Government to simplify their entry into the state. He further said that IKEA’s investment of worth Rs. 5,000 crore will offer employment for over 4,000 co-workers directly and 4,000 jobs indirectly.

CEO Betzel then said that we are planning to set up a mix of large and small city centre format stores all over the state and this will be accompanied by an e-commerce platform in the future. Talking about land hunting in Noida, IKEA CEO said that their immediate plan is to set up a large format IKEA store in Noida and this approximate investment of Rs. 1,000 crore will offer employment to nearly 2,000 co-workers both directly and indirectly.

 

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