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Record deal : DBS set to lease 1 lakh sq ft of office space in Nariman Point

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Office Space Mumbai- DBS set to lease 1 lakh sq ft in Nariman Point.

In the largest ever transaction in Nariman Point’s history, Singapore’s multinational bank DBS Bank is set to pick up 1 lakh sq ft of prime office space spread over total five floors in Blackstone Group’s commercial property, Express Towers, said two persons familiar with the development.

Nariman Point has not recorded a single deal of this quantum ever, and this is a new record for the Central Business District that has been steadily losing its occupants to other business districts, including Bandra-Kurla Complex and Lower Parel.

“The deal is expected to be signed any time in the next two weeks. As part of the deal, the bank will get ground floor for its corporate branch, while four more floors will be used for its headquarters,” said one of the persons mentioned above.

The bank is shifting its India headquarters, currently housed in south Mumbai’s Fort House, and corporate branch to this new office space in the skyscraper. The Singapore-headquartered banking and financial corporation will be paying a monthly rental of Rs 250 per sq ft, taking the total annual payout to Rs 30 crore. The bank is expected to start its operations from the new office from early next year.

The total lease tenure is nine years with a clause of rental reset with 15% appreciation every three years.

Last year, Indian Hotels Company had leased around 30,000 sq ft spread over two floors in Express Towers and this was touted to be the largest so far. In 2015, law firm Shardul Amarchand Mangaldas & Co had also picked up 26,000 sq ft on lease in this landmark office building.

Both Blackstone and DBS Bank declined to comment on the story. “As a matter policy, Blackstone does not comment on media/market speculations,” the private equity major said in an email response. Transaction advisor CBRE also declined to comment.

Blackstone, global private equity major and most active investor in India’s real estate sector, along with its partners is planning to list two separate Real Estate Investment Trusts (REITs) and has been lapping up commercial properties across the country. It acquired a majority stake in Express Towers for about Rs 870 crore in 2014, and since then, the new owner has been retrofitting the iconic office tower built in 1972 for better market viability.
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With the emergence of newer business districts such as Bandra-Kurla Complex, Lower Parel and Andheri-Malad belt in central and suburban Mumbai, Nariman Point had been witnessing an exodus of corporates and multinational companies for several years. Better amenities, connectivity, large floor plates, parking and many such factors had prompted occupiers to shift from Nariman Point to these areas.

However, many believe, with the proposed and currently underway infrastructure projects such as coastal road, eastern freeway, and phase III of metro rail network may help the location reclaim its glory.

Last week, registry and financial services provider Link Intime India picked up nearly 60,000 sq ft office space in commercial complex 247 Park — now owned by Blackstone Group — in the Vikhroli suburb of Mumbai on lease.

Last year, Blackstone Group, the biggest owner of office space in the country, bought the commercial complex 247 Park for over Rs 1,050 crore. Following this acquisition, Blackstone has spent Rs 25-30 crore to upgrade the 1.1 million sq ft office building.
The commercial real estate market in India has been growing at a steady pace in the backdrop of changes in policy and regulations that have further boosted the sector. Last year proved to be a record year with commercial real estate witnessing the highest-ever annual office absorption of around 35 million sq ft.

In the recent July-September quarter, information technology and IT-enabled service companies continued to lead office space transactions, accounting for more than half the space take-up. Banking, financial services & insurance, along with engineering & manufacturing, accounted for a share of about 10% each, with transactions mostly in Mumbai and Chennai.

Source : Magic Brics

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Commercial

Square Capital Becomes The Largest Organized Distributor Of Secured Mortgages In India

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Square Capital Becomes The Largest Organized Distributor Of Secured Mortgages In India

Square Capital, the digital lending arm of India’s largest real estate transaction platform Square Yards has underlined its market dominance by becoming the largest organized distributor of secured mortgages in the country. It is currently facilitating USD 30- 40Mn (INR 200cr – INR 260cr) of loan disbursals every month, contributed majorly by secured mortgages spread across 50+ banking partners for their different products in home loan, home against property and business loan. Its impressive growth is attributed to the rise in availability of affordable housing in India as well as the increasing consumer propensity to rely on fintech platforms for a full spectrum of financial needs.

Speaking on the recent numbers, Amit Prakash Singh, Principal Partner, Square Capital said Real estate and fintech aggregation are a synergistic match to a vast degree and Square Capital, was able to build on the established best practices of Square Yards to become one of the largest mortgage distributors in India today. We are betting big on affordable housing to drive future growth, particularly with the Pradhan Mantri Awas Yojana offering interest subsidies and of course, the huge number of untapped first-time home buyers that can be catered to in the home loan segment up to Rs. 30 lakh.

Government schemes such as the Pradhan Mantri Awas Yojna which offers interest subsidy between 3-6.5% for loans between Rs.6-12 lakh for EWS and LIG categories and subsidy of 4% and 3% for loans of Rs.9 lakh (for those with income up to Rs.12 lakh annually) and Rs.12 lakh (for those with income up to Rs.18 lakh annually) respectively, are driving consumers to opt for home loans that they can repay easily and fulfill their dream of real estate ownership. In fact, several studies have shown that loans have gone up by more than 20% over the last few years for affordable housing purchases. Square Capital is optimizing this opportunity to the hilt by enabling easier access to credit for potential home owners.

In the absence of any national-level mortgage distributor that has managed to scale up over the last decade, Square Capital has not only been able to generate massive digital leads but is also enabling fulfilment, either digitally or through its hybrid online to offline (O2O) approach.

About Square Capital

Square Capital is a marketplace lending platform that aggregates offers from financial institutions on a single platform and provides end to end fulfilment support in the lending process that includes assessing the credit worthiness/risk of clients, helping them choose the right product from the appropriate lending organization, managing their documentation, advising on professional issues pertaining to taxation & insurance and assisting the client till the entire lifecycle of loan disbursement.

Also Read: Under The First MahaRERA Verdict, Builder To Return Rs.26 Lakhs To Buyer

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ASK Group and TVS Emerald Join Hands To Setup Rs 400 Crore Real Estate Investment Platform

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ASK Group and TVS Emerald Join Hands To Setup Rs 400 Crore Real Estate Investment Platform

ASK Group’s Property Investment Advisors, the real estate equity arm, and TVS Motor Company’s real estate wing Emerald Haven Realty Limited (TVS Emerald) have decided to set up Rs 400 crore real estate investment platform.

The raised capital will be spent on several affordable mid-segment projects.

“We strongly believe that affordable and mid- segment market offers huge growth potential and this is in sync with the TVS Emerald’s core purpose of providing better living space to the urban middle class,” said Amit Bhagat, MD & CEO ASK PIA.

“Our endeavour is always to delight customer by fulfilling the aspiration of the urban middle class in their quest for a better living space,” said R. Chandramouli, President, and CEO, TVS Emerald.

The first investment under their partnership will be of developing a 10-acre land parcel having 5,48,000 sq ft of saleable area. It will have an equity investment of Rs 83 crore in Porur, Chennai.

Sunil Rohokale, MD & CEO, ASK Group said, “This platform is poised to get benefited in the heightened regulatory regime of RERA through focus execution and satisfying customer needs.”

Also Read: Chandigarh Brokers Yet To Register Under RERA

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ANAROCK Property Consultants Acquires LJ Hooker’s Indian Operations – Redwoods

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ANAROCK Property Consultants Acquires LJ Hooker’s Indian Operations – Redwoods

Strategic acquisition to boost ANAROCK’s capability in integrated real estate solutions, dedicated design center in Bangalore

Bangalore, August 30, 2017 – Consistent with its focus on becoming India’s leading residential real estate solutions company, ANAROCK Property Consultants Pvt. Ltd. has announced the acquisition of Redwoods, the Indian arm of LJ Hooker, based out of Bangalore. The acquisition was closed today, with ANAROCK absorbing all Redwoods employees.

Anuj Puri, Chairman – ANAROCK Property Consultants says, “The acquisition of LJ Hooker’s Redwoods is in line to our overall business strategy and will help us augment our operations across key southern markets. It will give us unparalleled competitive advantage in offering customized real estate solutions. With its strong presence and unique multi-pronged approach, ANAROCK is decoding unmatched value for both B2B and B2C clients.”

ANAROCK Property Consultants is already redefining the residential real estate services sector in India by offering integrated solutions through a hybrid model of online and offline convergence. The company launched its operations under its flagship brand name of ANAROCK in June 2017 and is well on its way to cross INR 100 crores of revenues for 2017 calendar year. The firm has aggressive plans to achieve INR 250 crores of revenues in 2018.

With a growing team of over 750 professionals, ANAROCK aims to cross 1000 in employee strength by the end of 2017. The company currently operates in all key property markets across India – Mumbai, Chennai, Bangalore, Gurgaon, Noida, Hyderabad, Kolkata AND Pune, with an international presence in Dubai.

About ANAROCK Property Consultants Pvt. Ltd.:

ANAROCK Property Consultants Pvt. Ltd. is one of India’s leading real estate services company having diversified interest across real estate value chain. Anuj Puri, ANAROCK Group Chairman, is an acknowledged thought leader in the Indian real estate industry and numbers among the most established expert on India’s real estate opportunities, both in India and across the globe. With a career spanning over 27 years, Anuj Puri was the former Chairman & Country Head of international property consultancy JLL India.

The ANAROCK Group’s key strategic business units comprise of residential broking and advisory services to clients, investment services, debt, equity and mezzanine funding, and research and consulting. ANAROCK’s residential team consists of the industry’s finest residential real estate professionals who understand the ever-changing consumer needs and market trends.

With its vast experience and expertise in serving the most reputed developers, corporate houses, portfolio investors and individual investors makes ANAROCK India’s pre-eminent residential real estate services firm. The company’s investment arm has built a revolutionary business model of bulk-purchasing residential apartment inventory through a proprietary investment fund. For further information, please visit www.anarock.com

About LJ Hooker:

Established in 1928 by Sir Leslie Joseph Hooker, LJ Hooker has grown to become Australasia’s best-known real estate brand (Galaxy BrandTrack 2015). It is one of the largest residential and commercial sales and property management organizations in the industry with more than 8,000 sales professionals, property managers and support team members in 730 franchised offices.

LJ Hooker has an exciting and impressive heritage of innovation, perseverance and bold decision-making. The company’s strong people-focused culture was established and defined by its founding visionary: Leslie Joseph ‘LJ’ Hooker in 1928. A constant innovator, entrepreneur and devotee of best practices, he changed the way real estate business was conducted in Australia. Today, LJ Hooker is Australia’s best known real estate brand.

About Redwoods Projects Pvt. Ltd.

Established in 2006 with the philosophy of providing customized real estate solutions to clients, Redwoods has expertise in fund management, deal structuring, fund syndication, joint developments and unique transactions. With over 25 million sq.ft. of leasing experience across all major markets, Redwoods have nurtured long-standing relationships with all major developers across India.

Redwoods partnered with BNP Paribas Real Estate in 2008 to jointly provide real estate services in India. The company successfully exited the Joint Venture in 2010 after establishing a successful realty arm in BNP Paribas.

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