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WeWork India Acquire Entire Building In Andheri, Mumbai

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WeWorks, a New York- coworking firm’s Indian branch has acquired complete commercial buildings in Andheri, Mumbai. The building is acquired on the long-term lease of nine years along with a clause to review rental cost at the end of every three years.

According to the sources, the deal has been finalized and the setup work will be started in the next couple of weeks.

Vijay Diamond building covers more than 1 lakh sq.ft carpet in Andheri, Mumbai with a car parking facility of approximately 200 cars.

WeWork’s Indian arm started its operation in July 2017, and is regularly acquiring properties in order to expand its presence in the Indian real estate market. At present, the company is operational in 21 locations and has acquired more than three million sq. ft. area.

Prior to this, the company has acquired 1.9 lakh sq. ft. building owned by the Enam Securities Group. This building is located in Mumbai’s business district Bandra-Kurla Complex. Apart from this, the company also leased two buildings in Worli and another 1 lakh sq. ft. office in Navi Mumbai.

Recently, Karan Virwani, CEO India has said that WeWorks Indian arm has contributed 10% in 2018 and we are hopeful to have occupancy of 95% buildings in coming six months. He also said that the company has done exceptionally well and we are looking forward to business expansion in the Indian property market.

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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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Bharatmala Pariyojana: Government To Develop 35000 Km Highways By 2022

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In order to enhance connectivity all across the country, the Central government has decided to construct 35000 km of highways by 2022. The highways will be constructed by National Highways Authority of India (NHAI) using the eco-friendly technique.

The information was disclosed a few days back by the President of Indian Mr. Ram Nath Kovind. According to him, the major reason behind this development is not just to boost the urban infrastructure, but to generate massive employment opportunities.

Apart from this, the government wants to construct quality roads using the best techniques in the urban, rural as well as coastal areas. Also, the areas which are newly developed or are developing around the airport will also be covered under this project.

In the last few years, many new highways and expressway are developed that has not only enhanced connectivity between cities or states but has also made easy for commuters to travel easily from one place to another. The focus is also to provide seamless connectivity in between the North-Eastern and tribal areas on the country where the roads get destroyed due to rain, floods or landslide.

Launched in 2015, the Bharatmala Pariyojana targetd to provide smooth connectivity to the far-flung border and rural areas including the tribal and backward areas of India. Under this project, the government has to develop highways and expressways starting from Gujarat, Rajasthan, Punjab, and Haryana to Jammu and Kashmir, Himachal Pradesh, Uttarakhand followed by some portions of borders of Uttar Pradesh and Bihar alongside Terai. It will then move to West Bengal, Sikkim, Assam, Arunachal Pradesh, and will finally end at the Indo-Myanmar border in Manipur and Mizoram.

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BPTP Discovery Park: Beautiful Homes With Superior Architecture

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Developed by renowned developers BPTP, Discover Park is a ready-to-move-in Housing project, located in sector-80 of Faridabad. The residential project is spread over 16.331 acres of area and is surrounded by sprawling greens.

BPTP Discovery Park offers 2 and 3 BHK apartments with superior architecture and perfectly crafted interiors to provide a modern lifestyle to the residents. The project hosts a multitude of activities for your children’s development like a rock-climbing wall, badminton courts, a kid’s swimming pool, and open green parks for playing.

Other than this, BPTP Discovery Park is also home to many world-class amenities like Air Conditioned Lobby & Lounge, State-of-the-Art Sanctuary Club, Round the Clock Security, Amphitheatre & Water Bodies, Leisure & Sports Amenities, Barbeque pits/gazebos for social events.

Highlights of the Project:

Air-conditioned entrance lobby
2 and 3 BHK apartments with superior architecture
Exclusive facilities for children that features a rock-climbing wall, badminton courts, swimming pool and open, green spaces for outdoor activities.
High capacity lifts
Gated complex with 24×7 security
Jogging and walking track
Barbeque pits/gazebos for social events
Club with swimming pool tennis courts, squash court, pool/billiards, table tennis, badminton courts, cricket nets and basketball court.
Location of the Project

Located in sector-80 Faridabad.
Close to the Sector 81, 75 and other major areas of Faridabad.
Excellent connectivity to Delhi/NCR.
Nearby Hospitals, schools, banks/ATMs, restaurant, shopping centers, malls etc.
10 minutes away from Sector 14, Faridabad
Close to Delhi-Faridabad Expressway
Close to Fortis & Metro Hospital
Close to Delhi Public School, Shiv Nadar School, Modern Delhi Public School

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Delhi Government Decides To Link Three Rapid Transit Systems In City

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To promote connectivity of the National Capital, Delhi with other NCR areas, the State Government has decided to link three proposed Regional Rapid Transit System (RRTS) with the Delhi metro, Inter-state bus terminals and railway stations in the city. This will aid in developing a multi-modal transport hub in the Capital City.

Providing more information on the same, sources from the government said, “To help commuters for a to and fro movement from one place to another, the government has planned to integrate the three corridors of RRTS with eight Delhi Metro stations, three Inter-State Bus Terminals (ISBTs) and two railway stations in Delhi and several other places in NCR.”

They further informed that the government is also deciding to develop elevators, walkways, underpasses, and escalators that will link and help commuters to move easily to these integrated transit corridors.

According to the plan, the three proposed Regional Rapid Transit System corridor will be Delhi-Gurgaon-Alwar corridor, Delhi-Ghaziabad-Meerut corridor, and Delhi-Sonipat-Panipat corridor. All the three corridors will be integrated with Hazrat Nizamuddin Railway Station, Delhi Metro, and the Sarai Kale Khan RRTS.

The Delhi-Gurgaon-Alwar corridor which will be 164 km long will be linked with Munirka, Jorbagh and Delhi Aerocity metro stations.

The Delhi-Ghaziabad-Meerut corridor which will be 82 km in length will be linked with Anand Vihar and New Ashok Nagar Metro stations along with Anand Vihar Railway Station and Anand Vihar ISBT.

The last proposed Delhi-Sonipat-Panipat corridor will be integrated with Kashmere Gate and Indraprastha Metro Stations.

The government has not disclosed the final expenditure and year of completion of this infrastructure development, but once operational, the connectivity between Delhi and nearby NCR areas will improve drastically.

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Paradigm Realty Launches ‘Prime Vista’ In Ghatkopar East

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Paradigm Realty, one of the renowned real estate developers of Mumbai has recently launched their premium luxury property ‘Prime Vista’ in Ghatkopar East, Mumbai. Covered by ample green area, the residential project is all set to give a beautiful life to its residents. The 16 storey tall tower is being developed under the joint venture of Bilakia Group with Paradigm Realty along with Atmiya Properties.

Prime Vista will be providing 1 and 2 BHK apartment along with spacious Jodi flats in different sizes ranging between 386 sq ft to 602 sq ft. All the apartments are furnished with modern facilities along with Grand & Spacious Lift Lobby on each floor, High-speed Elevators, etc. Other than from this, some of the apartments will also give scenic views of Mangroves to the residents.

The residential development houses top-notch amenities that will definitely offer a privileged lifestyle of its residents. Some of them are Full-equipped Gymnasium, Indoor Games Arcade, and Grand Entrance Lobby. With the aim to connect the residents with peace and comfort, the developer has also proposed Sky Life and other recreation activities on the Terrace area like the Party Lounge, Box Cricket, Gazebo Sit-outs, Yoga & Meditation Zone, Children’s Play Area, Senior Citizens Corner, and Trellis Seating.

For a hassle-free living, there is a separate Parking Tower that offers adequate car parking.

The highlight of the project is its location wherein all the prime commercial, business, and residential areas are well-connected to the project. The Eastern Express Highway is nearly 2 Minutes away; BKC is at a distance of 15 minutes, while Eastern Free Way is only 10 minutes away. While, presence of leading schools and residential projects like Rishikul School, Godrej Udayachal High School, and R City make this project an investor’s and as well as homebuyer’s Boon.

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Commercial Projects

Blackstone Is To Buy Office Space In BKC For More Than Rs. 2,000 Crore

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In a recent development, the Blackstone Group has finalized the deal to acquire office space in Mumbai’s Bandra Kurla Complex. This workspace is spread across 700,000 sqft and is valued at Rs. 2,500 crores from the Radius Group. As per the sources, this is the biggest commercial real estate deals till date.

This area is believed to be the plush locale of Bandra Kurla complex, Mumbai.

The sources informed that according to the terms of the deal, the builder Radius group will hold 40% of the space in the area that is being sold currently. The company can, however, revoke their decision anytime in the next two years. This buyback process can be completed at the market rate of that particular time, the sources said.

The Radius group will use this money to repay the more than Rs. 1,600 crores it owes to Indiabulls Housing Finance. The company will also make a payment of Rs. 550 crore to the Mumbai Metropolitan Region Development Authority (MMRDA), the special planning authority for Bandra Kurla complex. This will be the leftover premium for development rights of the plot.

The final working on the deal is hopefully to be carried out by the month-end as the buyer has made an advance payment

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Wadhwa Group Expected To Invest Over Rs. 2, 000 Crores In Panvel Township

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Wadhwa group, the renowned firm is likely to make an investment of Rs. 2,200 crore in the first two phases of the Wadhwa group township in the Panvel location. This is an integrated township and covers 450-acres of land.

The Wadhwa group has a joint venture with GFH, a Bahrain-based financial investment Group is developing this township project in the Navi Mumbai Airport Influence Notified Area [NAINA], the company informed. The realty firm is also deciding to develop the whole project in 5 phases and this is estimated to cost Rs 6,000 crores. The project is likely to be completed in 10-12 years.

The developer is expected to generate nearly Rs. 3,200 crores from the phase-wise development of this integrated project. The Wadhwa group is also planning to construct 138 acres of the total land for overall development.

For the second phase, the company has planned development of apartment and bungalow units in more than 40 acres. The Wadhwa group has already sold 1,500 units in the first phase.

This phase-wise project is designed to have IT parks, retail mall, hospitals, school and more. On 14-acres land, the Wadhwa group is constructing offices and IT parks on 14 acres.

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Lodha, ESR Plans Joint Venture To Develop 89 Acre Industrial Park In Palava

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The well-known realty developer, the Lodha Group went into a joint venture with ESR India the Asia Pacific logistics real firm to develop an industrial park at the Palava City, close to Mumbai.

This park will be named as the ESR-Lodha Industrial Park and is planned to have 17 buildings in the vast area of 89-acres. According to the press release, this Industrial Park will be India’s maiden and largest master-planned industrial park.

Both the Lodha and ESR group are estimated to make an investment of $100 million and the partial area of this project is planned to have non-polluting manufacturing, logistics and warehousing.

Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR said that the company believes that this strategic partnership will be of great help in the expansion of ESR group in India and will also contribute to the growth of logistics and real estate business in India.

This Industrial Park will be developed in a phased-manner and is expected to be built in 30-36 months.

The Lodha group has developed the Palava City that is spread over 4,500-acre in Navi Mumbai.

In the last month, the Lodha group in a joint venture with Godrej and Unimark made an investment in the Co-living startup named Housr. This project is planned to get five properties functionally in the next four months with the availability of 3,500 beds.

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Karnataka Govt Plans To Develop Suburban Railway Between Bengaluru And Tumakuru

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To provide smoother and seamless connectivity in and around the major areas of Bengaluru, the Karnataka Government is planning to develop a suburban rail corridor between Bengaluru and Tumakuru. As per the plan, the development of this project will reduce the travelling time between the two cities that are at a distance of 70 km from each other.

Deputy Chief Minister and Bengaluru Development Minister, G Parmeshwara informed about this plan after a recently held meeting with senior government officials.

Elaborating more on the plan, a senior official said, “The Government has planned to develop a separate railway track for this suburban rail route. The trains will run at a regular interval of 10 minutes,”

Once the plan will be ready, the state government will likely to submit it to Central Government as well as Railway Ministry. At present, train services between the two suburbs are already running from Yashwanthpur to Tumakuru. It is noted that the time taken to reach Tumakuru via Train is 50 minutes.

However, in order to lessen the travel time and to balance out the daily footfall, planning for suburban railway comes into focus. For this, a separate platform will be developed and the frequency of trains will be increased. This will, in turn, lessen the distance between the two regions.

Currently, many working professionals and industrial workers commute between the two cities on daily basis. Also, being a well-developed suburb, Tumakuru has also witnessed a jump in the real estate activities in recent years. So, enhanced connectivity will definitely add up to the residential realty market in terms of growth and property price.

Earlier, the State Government has also planned to expand Bengaluru metro (Namma Metro) corridor till Tumakuru. But the plan got rejected due to feasibility misses as well as financial constraints.

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Assetz Property Firm Launches Another Tower In Their Bengaluru-Based Residential Project

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The Assetz Property group has recently announced the launch of third tower in its Bengaluru-based luxurious residential project name 63° East township. This project is situated on off Sarjapur Road in Karnataka’s capital city.

The third tower will have multiple living units including studio, 2 and 3BHK housing units. The already launched two towers have 1/2/3 BHK homes with nearing completion as 80% units are being sold out. The residential project 63° East is spread across 26-acre and is close to Bengaluru Metro.

The amenities like rainwater harvesting, solid waste management, energy and water saving fixtures, clubhouse, multiple swimming pools, more than two badminton courts, dedicated walking paths, skating rink, organic farming space, yoga deck, amphitheatre, terraces with seating arrangements, barbeque, library and more make 63° East a luxurious residential project in the city.

Rohit Cariappa, director sales, Assetz Property Group said that our target market includes young families, independent working individuals and retired couples. The facilities available in this project offer something to everyone.

In December 2018, the Singapore-based real estate developer Assetz Property planned to invest a $250-million fund in India’s residential market.

Akshay Dewani, chief executive officer, Assetz property said that the company is reasonably institutionalized and has the ability to offer transparent and good returns to the investors. The fund-raising for the same will be completed in one year.

These funds will be initially used to purchase land parcels for the development of 15 million sq. ft. of residential projects in Bengaluru. Apart from this, the company will also venture into Pune, Chennai and Hyderabad.

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MRG World Announces Its First Affordable Housing Project In Gurugram

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Leading Business conglomerate, MRG World which pioneers in the agro sector, financial sectors, and education sector has now forayed into realty market of India and recently announced its first affordable housing project in Gurugram. The Project name- ‘The Balcony’ will be located in Sector 93 of Gurgaon. Spread over 5 acres of area, the project is home to 731 budget-friendly apartments.

‘The Balcony’ will be offering 2 BHK apartments in different size and configurations. The residential tower is IGBC Gold Certified Building and comes with an unmatched price. Each and every unit comes with world-class and modern architecture and is fitted with all the basic fittings and necessities to enhance the lifestyle of the residents in much pocket-friendly rates.

Speaking at the launch, Rajat Goel, Joint MD, MRG World said, “After achieving laurels in our current business, we have now entered into the realty world. ‘The Balcony’ is an affordable housing project, located in sector-93 of Gurgaon. The total cost of the project is Rs 200 crore which will be funded through internal accruals and advances from customers.”

The starting price of the residential unit is Rs 24.04 Lacs.

‘The Balcony’ is also home to state-of-the-art amenities like Food Court, Outdoor Gym, Community Party Lawn, Kids Play Area, and Multipurpose Center Lawn. In terms of connectivity, the project is just 2.5 km from Dwarka Expressway and is at a distance of 15 minutes from IGI airport. Many shopping complexes and multiplexes are also in close vicinity of the project.

“We have set a deadline to complete the project within the next 4 years as stipulated under the housing policy of the Haryana government. The homebuyers can avail the benefits under the Pradhan Mantri Awas Yojana scheme.” Goel added.

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