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hBits Raises To Advance Fractional Ownership Ventures ₹40 Cr From Investors Interior Designer Sussanne Khan Leases 2,329 Sq Ft Mumbai Property For Rs 2.37 Lakh/Month Israeli Proptech Jones Raises $15M To Improve Compliance Process In Real Estate AWS Announces Major Infrastructure Investment In Georgia To Boost AI And Cloud Services Microsoft To Fuel AI Infrastructure and Adoption In India With $3 Billion Investment By 2027
Mumbai Real Estate News / 7 years ago /

Larsen & Toubro’s real estate wing, L&T Realty and Nirmal Lifestyle Developers, Mumbai have signed an agreement to jointly develop approximately 20 acres of land in northern Mumbai and central suburb of Mulund.


The proposed ₹ 570 crore development project will be financed by L&T Finance, out of which NCD’s issued from Green Maiden A 2013 Trust, Kotak Investment Advisors and INQ Holding LLC, acting on behalf of Debenture Trustee IDBI Trusteeship Services, will be repaid up to ₹ 400 crore and the remaining balance will be used for the project.The project has a saleable development prospect of 3 million sq ft with an expected revenue generation of approximately ₹ 5,500 crore in the next 7 to 8 years. The revenue generated from the project will also be used to repay L&T Finance.


Dharmesh Jain, Chief Managing Director, Nirmal Lifestyle Developers, said that the company has balance developmental opportunities of more than 1 crore sq ft in Mulund, which they aim to develop through similar partnerships with other reputed establishments. L&T Realty has also confirmed the joint development agreement with Nirmal Lifestyle.

Nirmal Lifestyle Developers was already looking to monetize its land parcel and was exploring all possible opportunities to make it happen. But the company was interested in joint development ventures which will help them to get future revenues besides upfront payment.


The Debt Recovery Tribunal (DRT) recently instructed the developer to hold the sale of any of its properties as well as disclose all movable and immovable assets, after a petition was filed by IDBI Trusteeship Services. One of the main reasons behind the proposed deal is to partly pay off the company’s debt which is more than ₹ 1800 crore with an annual cost of debt of around 20%. Nirmal Lifestyle Developers acquired the proposed land parcel in Mulund (west) in 2005 from another realty developer in Mumbai.


The integrated residential township will be developed in several phases, with a total of 2000 apartments which will be handed over in the next 7-8 years. The project launch is expected to take place over the next 4-6 months, post that it will be self-funded. According to the proposed development agreement, Nirmal Lifestyle will be responsible for land and permissions while L&T Realty will execute, develop and market the project.


Also Read: Tax relief may spur joint developments in realty

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Shiv Parekh, Founder and CEO of hBits, said, "This is the mutual fund moment for the real estate industry"

hBits, which facilitates fractional ownership of commercial real estate, has raised Rs 40 crore from investors to fund growth plan. In a statement on Wednesday, hBits said it has raised Rs 40 crore in its Series A funding round from Capricon Realty Private Ltd, an entity of Thackersey Group.

The funds will be used to enhance hBits' AI-driven technology platform, expand its geographical presence, and bring curated, high-value investment opportunities to a wider audience, it added.

The Thackersey Group, with a rich legacy of over 150 years, has been a significant contributor to Mumbai's business and cultural fabric, spanning industries like textiles and real estate.

Raoul Thackersey of the Thackersey Group said, "We always believed in forward-thinking investments that shape industries and communities."

The SM REIT framework has the potential to democratise access to Grade-A commercial real estate for investors across the country, he added.

hBits platform enables individuals to own shares in Grade-A commercial buildings.

With a minimum investment size of just Rs 10 lakh, hBits ensures that high- quality commercial real estate is no longer restricted to institutional investors.

It also leverages advanced AI technology to analyse market trends, evaluate property performance, and identify the best investment opportunities for its users.

This data-driven approach helps reduce risk, optimise returns, and provide a seamless experience for investors.

Shiv Parekh, Founder and CEO of hBits, said, "This is the mutual fund moment for the real estate industry. Just as mutual funds democratised stock market investing, SM REITs have the potential to make Grade-A commercial real estate accessible to everyone. We believe SM REITs could become as large as mutual funds in the next 10 years, offering investors a stable, high-performing, and transparent way to build wealth."

The company aims to triple its Assets Under Management (AUM) from Rs 500 crore to Rs 1,500 crore by the end of the next financial year, driven by the launch of its SM REIT offerings.

Source: PTI

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed) 

Also read -  Interior Designer Sussanne Khan Leases 2,329 Sq Ft Mumbai Property For Rs 2.37 Lakh/Month 


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The deal was finalized with a stamp duty of Rs 13,500 and registration charges of Rs 1,000, according to records

Interior designer and entrepreneur Sussanne Khan has rented a residential property in Mumbai's upscale Jogeshwari West at a monthly rent of Rs 2.37 lakh, according to Square Yards. In a statement, real estate consultant Square Yards said, "the lease agreement was finalised for a monthly rent of Rs 2.37 lakh.

The consultant has reviewed property registration documents.

Jogeshwari West is a prime spot in Western Mumbai, perfectly placed near some of the city's most upscale neighbourhoods like Andheri, Juhu, Goregaon and Vile Parle. 

"Khan's rented property is located in Agarwal Ind Estate which is ready to move in industrial development. The leased space spans 2,329 sq ft (216.37 sq metre)," it said.

The deal was formalised with a stamp duty payment of Rs 13,500 and registration charges amounting to Rs 1,000, as per the official records reviewed by Square Yards. The registration date for the transaction is noted as December 2024.

As the founder of The Charcoal Project, Sussanne has established herself as a leading name in luxury interiors and design, catering to a global clientele, the statement said.

Source: PTI

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed) 

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