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PROPERTY

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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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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Commercial

In Delhi, PWD To Commence Road Restoration Work Soon

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In the national capital city, PWD i.e the Public Works Department is soon going to commence work on road restoration and this will cover road length of 1,260 km.

A total of 50 MLA and 50 engineers will work as a part of the road restoration project and they will be responsible to figure out potholes, uneven roads and broken barriers in their constituencies. The ratio of one MLA one engineer will cover a road measuring upto 25 kms. The teams will also examine the carriageways and will have to prepare reports on same basis at the earliest.

The restoration work will begin as soon as the reports are submitted to the Public Work department.

This work will be carried out in a phased manner and in the first round restoration will take place in the localities such as Najafgarh, Hari Nagar, Mayur Vihar, Sangam Vihar, Sant Nagar, Paschim Vihar, GTB Nagar and Indraprastha Estate.

According to the sources, the restoration work is most likely to begin from mid-October.

The road in Ghata Masjid Road, Azad Bhawan Road, Raj Niwas Marg, Salimgarh Bypass Road and the stretches between the Indraprastha Flyover, Mangi Bridge, Burari Mor and Amrit Vihar will be revamped for the first time since they are built.

However, some roads that are built a couple of years ago in the areas like Avtaar Singh Marg, BBM Road, Bhamashah Road and Jahanara Road are required to be redeveloped. The roads here either have potholes or broken dividers and this causes accidents at time and again.

Recently, the State Government has announced road restoration work to be carried by the PWD department.

Better roads are not need of residents only but the uneven roads also temper the city’s image in the mind of tourists visiting the national capital city.

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Commercial

Embassy Industrial Parks Plans Investment of Nearly Rs. 2100 Crore in Logistic and Warehousing

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In a recent development, the Embassy Industrial Parks plans investment of approximately USD 300 million (about Rs 2,100 crore) in the next three years for developing its ongoing logistics and warehousing projects, an official said.

The company, a joint venture between realty firm Embassy Group and private equity firm Warburg Pincus, is developing industrial and warehousing parks in Chakan (Pune) Bilaspur and Farrukhnagar (NCR) Sriperumbudur and Hasur (Tamil Nadu) and Hyderabad in a phased manner.

Aditya Virwani, a company spokesperson said that they have completed approximately 2.7 million sq ft area in three warehousings, located at Chakan, Bilaspur, and Farrukhnagar. He further said that the organization has already invested nearly USD 80 million since 2016 when it started the operation and the work is under progress to build nearly 7 million sq ft of warehousing and industrial spaces.

On the question about investments, Virwani said that the company will infuse USD 250-300 million for the completion of these ongoing projects. He further said that the demand for Grade-A warehousing spaces has gone up with the implementation of the goods and services tax (GST).

Virwani, the chief operating officer (COO), the Embassy group said that E-commerce and third-party logistics firms are the main drivers behind this demand. The demand from automobile companies is however on a low due to the slowdown in the automobile industry but this is not going to impact the overall leasing activities, he said.

As per an industry expert, the leasing of warehousing spaces increased by 31 percent to over 13 million sq ft in eight major cities during the first half of 2019. While elaborating on the projects, Virwani said that the Embassy Industrial Parks has 52 acres of land at Chakan, Pune with 1.1 million sq ft of development potential.

The company has 24 acres with 6 lakh sq ft area in Bilaspur and 108 acres with 3 million sq ft. of potential development in Farrukhnagar. Similarly, in Sriperumbudur, the company owns 198 acres with 2.7 million sq ft of development potential and nearly 63 acres are offered as plotted development.

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Residential

Affordable Housing: Lodha Group Launches ‘Crown’ In Thane

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Leading realty developer Lodha Group has recently announced its first affordable housing brand ‘Crown’ with the tagline ‘Jiyo Toh Aise’ in Thane. Under this brand name, the group will develop budget-friendly homes for those with monthly salary Rs. 50,000 onwards. Lodha will develop two more projects under the same brand in Bhiwandi and Taloja later this year.

Located in Majiwada, Thane, ‘Crown’ will be spread over 10 acres of area with open green landscapes and world-class amenities. The project offers 1 and 2-bed residences with all the modern-day comfort, convenience, and safety. The homes will be priced from Rs 25 – 50 lakhs which may extend up to 75 lakhs.

Speaking at the launch, Abhishek Lodha, Managing Director, Lodha Group said, “Seeing the popularity and increased focus on the affordable housing segment, we have decided to extend our legs where we can serve ‘high-quality housing at affordable prices’. With this project, now an individual who earns Rs 50,000 p.m. will be able to own a Lodha home in a prime location.”

He further informed that to help first time buyers, the group has tied up with banks who can provide home loans at an effective rate of interest. The monthly EMI on these homes is just a little more than rent.

“We are confident that the ‘Crown’ brand will change the entire dynamics of the real estate industry in another few years,” Lodha added.

Lodha Crown also offers multiple lifestyle amenities to its residents like grand 20,000 sq. ft. clubhouse, grand Trimurti temple, world-class gymnasium, indoor games area with table tennis, carrom, and chess, health club with steam & changing rooms, café & library lounge, badminton court, swimming pool, kids pool, rock climbing wall and much more.

The project is strategically located close to the upcoming Majiwada metro station, Eastern Express Highway, Ghodbunder road, schools, hospitals, and entertainment centers.

The project is also registered under RERA with registration number P51700022250, P51700022251, P51700022533.

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Commercial

DLF Sells Nine Acre Land To American Express For Rs 300 Crore

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The DLF group recently sold a 9-acre land located in New Gurugram to American Express for approximately Rs. 300 crore. According to the sources, this is believed to be one of the costliest land deals in this locality. The selling cost is calculated to be nearly Rs. 32 crore per acre.

American Express plans to build a huge campus on this land parcel that is exactly situated in Sector 74A, known as New Gurugram, the sources said.

DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed about finalizing this deal.

A top official said that this transaction has set the standard of value of the land in the area close to Southern Peripheral Road (SPR) and NH-8 where the Haryana State Government has made a lot of effort to develop infrastructure.

Khattar said the company would extend all help to the government for the development of New Gurugram as it did for Gurugram.

DLF is already developing several projects in this part of the IT city.

Earlier in June, the DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.

This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF Group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.

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Commercial

WeWork To Lease 1 Million Sq Ft in Hyderabad

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WeWork India is initiating the process to acquire approximately 1 million sqft of office space in Hyderabad. This workspace will cover four locations in Hyderabad that include the IT hub of Gachibowli.

The sources informed that the company has pre-leased the properties in the first half of 2019 and will venture into the Hyderabad market. WeWork India has expansion plans and the firm is working in the direction to double its workspace up to 6 million square feet by December.

Adam Neumann, CEO, and founder, WeWork said that the company is raising funds via an initial public offering. The company operates its business via franchise in India only. The sources also informed that WeWork aims to share sales of about $3.5 billion. The listing of WeWork is estimated to be the second-highest for this year while Uber Technologies Inc stands at $8.1 billion IPO in May.

WeWork is a company owned and controlled by a well-known developer named Embassy Group.

The Embassy group invested $119 million since it has launched WeWork in India. Other than this, Microsoft and Amazon are some of their clients.

Presently, WeWork India has 23 co-working centers out of which nine are based in Bengaluru and Mumbai while the remaining five are operational in Gurugram with a total capacity of 39,000 seats.

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Commercial

Delhi-Meerut Expressway: Dasna-Hapur Section Becomes Functional For Public

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NHAI (The National Highways Authority of India) has opened the phase 3 section of the Delhi-Meerut Expressway project, which provides a 22 kilometer long stretch between Dasna and Hapur. The first stretch between Sarai Kale Khan and UP Gate was inaugurated by PM Narendra Modi on May 27, 2018.

With the opening up of this section, the traveling time between the two cities will now reduce to just 20 minutes from earlier 1 hour. RP Singh, Project Director, NHAI said, “The stretch between Dasna and Hapur has two elevated sections at Masuri (2.5 km) and Chijarsi (5 km) in Pilkhuwa. This has provided a much-needed respite to the daily commuters who face snarling traffic jams on these two stretches.”

The stretch also constitutes 10 underpasses, three foot-over-bridges and one bridge over the Ganga canal. The construction cost of this stretch is Rs1057 crore. Currently, around 3,500 vehicles are passing via the stretch on a daily basis.

Apart from this, the other two stretches between UP Gate to Dasna and Dasna to Meerut are currently under-construction. However, the 19 km long stretch between UP Gate and Dasna will become operational in two phases. The first phase of 10.5 km between UP Gate to Pratap Vihar is expected to be completed by October 2019; while the second phase is expected to become fully operational mid-2020. The second phase includes the development of Hindon Canal Bridge, rail over-bridge at Lal Kuan and the Hindon canal bridge. The work on Hindon Canal Bridge is almost completed and will start operation by September 2019.  On the other hand, the rail over-bridge and Canal Bridge will get completed by December 2019 and May 2020.

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Commercial

Embassy Group Ventures Into Co-Living Segment

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The Embassy group ventures into the co-living sector under the banner of EPDPL Co-Living Private Limited. While starting the operations, the company will offer 20,000 beds that will be developed on the current land parcels.

The company aims to own and operate more than 100,000 beds in next five years. Its target segments are the working professional and students from other cities. The Embassy group is expecting the official brand launch by the year-end with its key projects in Bengaluru and Pune.

According to a leading real expert firm, the current market in the top seven cities is projected to reach 7 million by 2023 as the growth potential stands at USD 93 billion per year.

Aditya Virwani, Chief  Operating Officer, Embassy group said that the company aims to enhance the living standards by offering world-class hospitality services as the demand for such accommodation is rising with the increase in migrating professionals and students.

Kahraman Yigit, co-founder, Embassy Co-Living, said that the workforce and the students today look for accommodations that offer smart living and easy connectivity. Thus, the co-living spaces will be designed while keeping in mind the requirements of the clients. These spaces will match the international safety standards and are planned to have ultra-modern amenities along with green spaces to protect the environment. (more…)

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Commercial

DDA: Authority Plans To Introduce Digitized Layout Plans

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DDA, the Delhi Development Authority is likely to offer digital layout plans soon in the national capital and this will be a relief to the residents as they no longer require standing in queues to get their building plan sanctioned.

The authority has a proposal in the pipeline that includes digitization of building layouts along with those lying with all civic bodies in Delhi.

Prior to this, scanned copies of the records were provided to the citizens on request but this didn’t ease the burden of the civic bodies entirely. But, now the idea is to make the layout sanction plan online and this will be connected with GIS [Geographic Information System] platform. GIS will work similarly to Google Maps while allowing the users to view the details along with the facility to add information.

A senior DDA official said that the authority’s portal will display the land use plan of every particular area that is integrated with land and property information system. The official also informed that all plots will have a unique ID and the digitization process is expected to be completed in 18 months.

A week ago, DDA also gave a nod to build an ecological park and a sports facility.

DDA: Authority plans to introduce Digitized Layout plans at its centers in Badarpur and Shastri Park areas. The go-ahead on these proposals was given in a meeting headed by Lt Governor Anil Baijal and DDA chairman recently.

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Residential

The Peaceful Homes: Premium Residences In Peaceful Location Of Gurgaon

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The Peaceful Homes is an upcoming residential project by AIPL group, located in the serene surroundings of Sector 70 A, Gurgaon. Spread over 11.5 acres of land, the Peaceful Homes is close to Southern Peripheral Road (Sohna Road) and has immediate access to NH8 and Golf Course Road.

The Peaceful Homes offers 2, 3 and 4 BHK premium residences in various sizes and configurations ranging from 1565 Sq. Ft., 2475 Sq. Ft. & 2925 Sq. Ft. All the units have been meticulously designed and provide breathtaking views of the Aravallis.

The residential development is home to some of the best facilities that include convenience center, recreational club, power backup, water supply, 24 hrs security, Exquisite water bodies, ecological landscape, jogging track, pet garden, meditation garden, multipurpose sports court, provision of the grocery store, stormwater drainage and much more. It also has a Tantra Club which comprises of hi-end facilities like gym, yoga center, spa, sauna, business center, swimming pool, mini home theater, guest rooms, barbecue area, lounge area, and open-air LED screen.

Premium Amenities of the Project

  • 2, 3 and 4 BHK premium AC residences
  • Modular Kitchen with Hob & Chimney
  • Spread over sprawling greens
  • Panoramic views of Aravalli range
  • Convenience Center
  • Fire-fighting system as per NBC norms
  • 24 hrs Security with access control at entrance & CCTV surveillance
  • Club Tantra with facilities such as gymnasium, spa, steam & sauna, concierge services, mini home theater, billiards room, table tennis, swimming pool, basketball, badminton, football practice field, jogging track etc.
  • Fire detection and prevention systems as per NBC norms
  • Exquisite water bodies, ecological landscape
  • Provision of grocery store, storm water drainage, Auto car wash

Location of the Project

  • Close proximity to Southern Peripheral Road (Sohna Road)
  • Immediate access to NH8 and Golf Course Road
  • Renowned schools Indus World, GD Goenka, and Amity in the vicinity
  • In proximity to hospitals like Medanta, Artremis and Max
  • Nearby leading MNCs, colleges and Universities
  • Close to Golf courses like classic golf resort, Golden greens, and DLF golf and country club.
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PROPERTY

Motia Group Launches Flagship Residential Project Motia HUYS Near Panchkula

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Motia Group, one of the leading real estate developers has recently announced the launch of their flagship project ‘Motia HUYS’ in Peer Muchalla, adjoining Sector 20, Panchkula. The project offers independent affordable floors nestled amidst serene and tranquil surroundings that will be developed with an investment of 65 crores by the group.

Motia HUYS is a mix of residential and commercial complex spread over 2.5 acres of area. The residential space comprises of 147 units on 49 plots and is offering 2 and 3 BHK independent floors with well-designed architecture along with ample private space. Each floor, as well as the units, is equipped with all the modern amenities that are must for hassle-free living. It is also home to a plethora of facilities like a park for children, senior citizen area, green spaces with seating, Jogging park, CCTV monitoring and much more.

The commercial shopping complex is designed to offer all the daily need conveniences to the residents. Apart from that, Stilt parking, Purified water supply, and Rainwater drainage are some of the other attractive features of the newly launched project.

Speaking during the launch, L.C Mittal, Director, Motia Group said, “The group has always worked to provide premium housing to its clients. At Motia group, the comfort of the residents is the priority and thus each of our projects reflects the same. The project Motia HUYS will be developed with an estimated cost of Rs 65 crores and all the funds will be arranged through company internal finances.”

The USP of the project is its location wherein most of the city conveniences are just at a distance of 5 minutes. The project enjoys smooth Airport road (ring road) connectivity and is also well-connected to the Himalayan Expressway. Many leading hospitals, commercial centers, and educational hubs are also located close to it.

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