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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.
nariman-point-deals-1
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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Chennai Real Estate News

Home Buyers Lose The Agents And Opt For Digital Route

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property

With passing time digital media is becoming the preferable choice of the buyers as well as the developers. Developers are going to online platforms and social media to reach out to their target audience and also the buyers are increasingly going online for searching homes. This makes digital media a mainstream platform to advertise in real estate industry.

C Shekar Reddy, Immediate Past President of CREDAI explained why digital platforms are becoming more popular in the real estate. He said, “IT employees, NRIs form the majority of home buyers today who are tech savvy and use their smart phones for searching homes. Also most of the home buyers today are being influenced by social media while purchasing a home or property. As a result builders and realtors are putting utmost focus on digital platforms to reach out to potential consumers”.

The growing trend can be observed by the way the builders are spending on online platforms. It is far more than traditional marketing and publicity avenues unlike past. Builders have also become conscious of their presence and reputation on property portals and other online platforms. They are taking each step carefully so they can make the right connect with their buyers.

K Sreedhar Reddy of Telangana Real Estate Developers Association explained the growing importance of digital media, said, “Digital platforms and social media provide builders a chance to reach to the consumers in a more focused way. Also they can track the efficiency of strategy online. The cost of acquiring customers through online and social media is also lesser when compared to other advertising channels. Therefore digital platforms are becoming popular in realty sector”.

As per the inside sources, this trend is not only visible in the metros like Mumbai, Chennai or Hyderabad but also in Tier II & III cities. Customers as well as developers, both are relying more and more on digital platforms.

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Ahmedabad Real Estate News

CREDAI New India Summit

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credai new india summit

CREDAI is the apex body that represents over 12,000 private Real Estate developers spread across 23 state-level chapters and 177 cities in India. Established in 1999, CREDAI has worked hard to make the industry more organized and progressive by networking closely with Government representatives, policymakers, investors, finance companies, consumers and real estate professionals.

The New India Summit is another such effort from CREDAI to direct focus on Tier II, III and IV cities and develop them to be the forerunners of success. CREDAI New India Summit is all set to unleash the potential of an emerging India. This one small step has the power to give way to a new India.

For the longest time, our leaders and foresighted influencers have put all their time and energy in developing the Tier I cities namely Bengaluru, Mumbai, Delhi, Pune, Ahmedabad, Hyderabad, Chennai and Kolkata. No doubt, these cities have really changed the way people look at India today. These cities are the epitome of advanced technology and modern culture. But they also face challenges due to the grave pressure of urbanization. Decreasing quality of life, increasing the cost of living, overpopulation and unemployment, increase in transit time and traffic congestion, expensive housing, hospitality, education and healthcare facilities are some of the issues that all the Tier I cities face today.

According to a report, smaller cities are developing 79% faster as compared to metros with just 21%. Our of the 12,000 CREDAI members, 76.77% of them are from Tier II, III and IV cities. Looking at the scenario, it is only innate to divert the energies in developing the areas which still have potential. Thus, offering a good quality life to people in those cities itself and taking the pressure off of the Tier I cities.

The Forbes Magazine has said small cities are India’s emerging business locations. The government has also been putting dedicated efforts into schemes that directly benefit the growth of Tier II, III and IV cities. Sustainable economic development, improving infrastructure and transportation, increasing employment opportunities, and introducing technologies for rapid urbanization are some of the prime agendas that the government has been taking actions on.

The CREDAI New India Summit will take place on the 9th and 10th November 2017 in Nagpur, Maharashtra.

Also Read: FS Realty Bags The 9th Realty Plus Excellence Awards (North) 2017

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Ahmedabad Real Estate News

Tata Value Homes Launches “Offer Of The Century” With 99 Hours Flash Sale on Affordable Homes

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Mumbai, Maharashtra, India

Tata Value Homes – a 100 % subsidiary of Tata Housing – one of the leading real estate development companies in India, today announced the launch of ‘99 hours flash sale’ on Tata Value Homes across India. Through this offer, Tata Value Homes will enable customers to own their dream home with 99 percent funding by select banks. The scheme is applicable on the first 99 units across the projects and for a limited time frame of 99 hours starting from 2nd November to 6th November 2017.

Mr Rajeeb Dash, Head – Corporate Marketing, Tata Housing, said, “Tata Value Homes pioneered affordable housing in India and continues to introduce innovative offers to encourage fence-sitting buyers to take a first step towards owning a home. Customers have always been central to our business and this unique 99 hours flash sale is tailored to connect aspirers with their perfect residence from our diverse portfolio of projects.”

To avail the scheme, customers will have to log on to www.tatavaluehomes.com between 23rd October to 1st November and register using basic details. Post registration, customers can visit the site between 2nd November to 6th November 2017 to check for loan availability within 30 minutes and walk away with the allotment of the unit with a loan of 99% of the agreement value.

As the leading provider of homes under affordable housing segment, Tata Value Homes develops affordable housing that goes beyond merely providing a house, to one with a ‘neighbourhood and community’. The first 99 customers will have the convenience to buy a home from the Tata Value Homes projects such as New Haven, Bahadurgarh; New Haven Compact, Ahmedabad; Shubh Griha Ahmedabad; New Haven Boisar I & II; La Montana, Talegaon; New Haven Bengaluru, Santorini, Chennai; New Haven Ribbon Walk Chennai.

About Tata Value Homes Limited

Tata Value Homes Limited is 100% subsidiary of Tata Housing Development Company Limited, established in 2010, to exclusively focus on value and affordable housing. The vision of Tata Value Homes Limited is to be the largest home provider in India. Tata Value Homes Limited has introduced two pan-India brands – Shubh Griha (Value Homes) and New Haven (Affordable Homes). Tata Value Homes Limited is also developing a Mediterranean themed project “La Montana” near Talegaon, Pune, while Shubh Griha is currently being developed in Boisar & Vasind near Mumbai and Ahmedabad, and New Haven is currently being developed at  Bosiar,  Ahmedabad and Bengaluru. Tata Value Homes Limited today has projects in Mumbai, NCR, Ahmedabad, Bengaluru,  Chennai and Pune.

About Tata Housing

Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It is the first corporate to pioneer the concept of real estate development in India. It is widely recognized for quality construction, ethical and transparent business practices and timely delivery of properties. It has a pan-India and international presence with demonstrated capabilities in Construction, Engineering, Commercial / IT parks, Housing and Township development. It is known for international standards of design and green sustainable developments.

Also Read: Over 2 Crore Affordable Houses To Come Up Over Next Three Years

 

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