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26 Mar 2024
Tata Projects, the construction arm of Tata Group, has inked a lease for 120,000 square feet of office space in Mumbai's Powai suburb, signaling its expansion plans. The deal, spread over two floors in Cignus Powai tower, accommodates around 1,000 employees, with potential for further growth. With a five-year lease term and lock-in period, Tata Projects is set to pay INR 86 crores in rentals. Developed by K Raheja Corp, Cignus Powai is adjacent to luxury hotels, enhancing its appeal. Powai's emergence as a commercial hub, fueled by connectivity and diverse amenities, reflects broader trends reshaping India's commercial real estate landscape.Read more
26 Mar 2024
Tusker Workspace Pvt Ltd, operating BHIVE coworking spaces, leased seven commercial units totaling over 62,000 sq ft in Adani Realty's Inspire BKC complex in Mumbai's Bandra Kurla Complex (BKC). The lease, at INR 1.39 crore per month for five years, includes stamp duty and registration charges. The agreement, signed on March 2, 2024, includes a 15% escalation clause after three years. Inspire BKC offers unique features like 4.2 mt floor to ceiling height and a triple layer fa�ade system, catering to evolving tenant preferences in commercial real estate. This deal signifies a shift in traditional office spaces to adapt to changing needs.Read more
26 Mar 2024
Mukesh Harilal Mehta faced a tax ordeal over his IT return for 2014-15, seeking a deduction under Section 54 for reinvesting long-term capital gains in property. Despite initial denial by the assessing officer due to a builder's error in flat allocation, the Income-tax Appellate Tribunal (ITAT) deemed Mehta eligible for exemption. Section 54 encourages property investment by offering tax breaks. The ITAT's ruling underscores fair consideration of taxpayers' claims amid external factors like builder mistakes. This landmark decision not only sets a precedent but also clarifies Section 54 deductions amidst builder errors, ensuring equitable treatment for taxpayers.Read more
25 Mar 2024
In February, Prabhadevi witnessed a bustling real estate scene with 20 apartments changing hands across 10 buildings. Developer sales dominated the market, comprising the majority of transactions, while 40% of the sales were resale transactions, indicating a healthy mix of new and existing properties. Rustomjee Crown emerged as the frontrunner with the highest number of transactions recorded across all buildings, followed closely by Hub town 25 South, which secured 3 deals. The real estate landscape exhibited a wide range of prices, with transactions ranging from INR 67 lakhs to INR 29.22 crores, reflecting the varied preferences of buyers. The rate per square foot ranged from INR 22,000 to INR 86,000, with the majority of transactions occurring in the 1500-2000 square feet category.Read more
25 Mar 2024
The State Government of Maharashtra has introduced a policy initiative to address delays in building redevelopment, especially concerning senior citizens, presenting it to the Bombay High Court. The government's circular, discussed during a session led by Justices Girish Kulkarni and Firdosh Pooniwalla, outlines measures to address delays impacting senior citizens, stressing adherence to statutory directives. The court, in its subsequent order, emphasized the need for proactive measures to prevent such delays, expressing satisfaction with the government's actions to protect seniors' housing rights. Stemming from a petition by Jayashree Dholi, the court mandated the maintenance of a registry for such projects and proposed a specialized oversight cell. It urged for swift resolution of disputes and highlighted the importance of addressing senior citizens' complaints promptly.Read more
22 Mar 2024
The coworking sector in India, particularly in Mumbai and Gurugram, has experienced significant growth, with rental rates increasing by 27% and 19% respectively since FY20. Cities like Delhi, Bengaluru, and Noida also witnessed notable growth in flexible workspace rentals. Coworking spaces now contribute 18% to total office supply in major cities, with predictions indicating aggressive expansion to 100-140 million square feet by 2030. Despite pandemic challenges, funding in coworking remained high, and with 70% of companies adopting hybrid work models, demand is projected to surpass traditional offices by 2030. The trend extends to hotels and F&B outlets, indicating a promising future for India's coworking culture.Read more
21 Mar 2024
An exciting opportunity has emerged to own a property adjacent to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's upscale Juhu area. Deutsche Bank is auctioning a bungalow with a starting price of INR 25 crore (approximately USD 3 million), offering over 3,000 square feet of indoor and outdoor space. Despite its allure, prospective buyers must heed caution as the property is being auctioned under the SARFAESI Act due to loan default. Thorough due diligence is advised as buyers must navigate existing legal issues. The auction, attracting HNIs and MSME directors, is slated for March 27, 2024, promising a potentially lucrative investment opportunity with careful consideration.Read more
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20 Mar 2024
ICICI Prudential Life Insurance Company secures its largest back-office facility with a lease of over 252,000 square feet at Mumbai's Mindspace IT park in Malad West. The deal, spanning four floors for five years, marks one of India's largest office lease transactions of 2022. Monthly rent of INR 2.3 crore, escalating annually by 4%, is agreed upon. This expansion from their decade-long Malad East office will occur in two phases. Additionally, they gain access to 231 parking slots. Mindspace, managed by K Raheja Corporation, offers diverse commercial and industrial spaces across India. Amidst growing IT demand, Mindspace's robust performance cements its status in India's commercial rental market.Read more
20 Mar 2024
The state cabinet approved a proposal of INR 24,000 crore for unconditional government guarantees for Mumbai Metropolitan Region Development Authority (MMRDA). This facilitates loans from Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) for various MMR infrastructure projects. REC offers INR 30,593 crore for Metro Line 8, with the government guaranteeing INR 12,000 crore. PFC's INR 50,301 crore loan covers projects like the Orange Gate Freeway-Marine Drive tunnel, with an INR 12,000 crore guarantee. Additionally, MMRDA secured a INR 850 crore loan and INR 19 crore grant from Germany's KFW for Mumbai's Regional Urban Infrastructure Improvement Programme.Read more
19 Mar 2024
The iconic Air India building in Mumbai is set to be sold to the Maharashtra government for INR 1,601 crore, approved by the Centre. Facing space constraints at Mantralaya, the state plans to utilize the 23-story sea-facing building to relocate offices, with nine floors currently vacant. The landmark Nariman Point building was excluded from Air India's privatization and held by AIAHL. Designed by architect John Burgee, it was constructed in 1974 and put up for sale in 2018. Talks resumed last year, culminating in Maharashtra's increased offer. The acquisition addresses long-standing administrative space issues, preserving Mumbai's heritage while meeting practical needs.Read more
19 Mar 2024
The Talati Bungalow, a historic relic in Versova, Mumbai, faces potential demolition following a BMC notice citing structural concerns. Dating back to 1900 AD, the bungalow holds significant historical value as one of the last original Seven Bungalows in Versova. Owners, Shaloo Rahul Barar and her sons, allege a conspiracy by developers and contest the BMC's assessment, citing contradictory audit reports. MLAs and Intach have raised concerns over the misclassification of sturdy structures as dilapidated, advocating for fair evaluations and conservation efforts. The controversy highlights the delicate balance between urban development and preserving cultural heritage, emphasizing the need for transparent and equitable processes.Read more
19 Mar 2024
BMC embarked on a groundbreaking project, allocating INR. 1329 crore, to link the Eastern Freeway and Grant Road, slashing travel time to a mere 6 minutes in South Mumbai. Spearheaded by J Kumar Infraprojects Limited and RPS Infraprojects (P) Limited, this 42-month endeavour promises smoother journeys with an elevated road spanning 5.6 kilometres. Despite initial setbacks, this joint venture showcases a commitment to innovation, with features like a cable-stayed bridge, signalling a transformative shift in urban mobility solutions.Read more
18 Mar 2024
DB Realty, now Valor Estate Limited, struck a significant land lease deal with the BMC, providing 186.52 acres near Mira Road Railway Station for the coastal road project. The BMC will pay an annual rent of INR 248 crore for three years, extendable up to five. Beyond supporting the project, the land holds vast development potential of over 50 million sq. ft. Its strategic location near the railway station and the upcoming coastal road makes it prime for future integrated township development, potentially reshaping Mira Road's real estate landscape. This win-win agreement sets the stage for transformative urban development in Mumbai's outskirts.Read more
18 Mar 2024
Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.Read more
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