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Bank of America Leases Two Commercial Units in Malad at a Monthly Rent of ₹91.5 Lakh

Bank-of-America

In a significant move, Bank of America through its non-banking subsidiary has secured a lease for two commercial units in the bustling area of Malad. The lease spans a substantial duration of 10 years, with a monthly rental of ₹91.5 lakh according to documents accessed by FloorTap.com. This strategic decision is poised to be pivotal in Bank of America’s operations and presence within the region. 

The two offices are located in Prism Tower, Malad. Both these offices, located on the 11th floor have been leased by BA Continuum India Pvt Ltd, a subsidiary of Bank of America. These spaces are acquired from Hamlet Constructions (India) Pvt Ltd for a monthly rent of ₹112 per square foot. 

The first office space occupies an astounding 53,318 square feet for an initial monthly rent of ₹59.87 lakh. The agreement also includes the provision of an impressive 53 car parking spaces for employees and visitors. A substantial security deposit of ₹3.59 crore has been paid to secure this transaction. The second office space spans 28,154 square feet and the initial monthly rent for this space amounts to ₹31.61 lakh. A security deposit of ₹1.89 crore has been provided to secure this deal. Additionally, the leased space includes 28 designated parking spots as per the documents accessed. The agreement was officially registered on March 19, 2024.

The lease for both office units commenced on February 1, 2024, and the rent is payable from August 1, 2024. A rent-free period of six months has been granted, allowing BA Continuum India Pvt Ltd to set up and establish operations without immediate rental obligations. Additionally, a four-year lock-in period is set to make sure that the occupancy remains stable for that time. Common Area Maintenance (CAM) charges are set at ₹11 per month per square foot of the chargeable area, covering the upkeep and maintenance of shared spaces within the premises. Furthermore, in alignment with market trends, the lease agreement includes an escalation clause, whereby the rent will increase by 15% every three years.

Recent Transactions

Bandhan Bank Ltd purchased 12 commercial flats in INS Tower, Bandra Kurla Complex, Mumbai for ₹135.64 crore. Each unit was registered on January 31, 2024.

Axis Bank Ltd leased 81,000 sq ft of commercial space in Parle Product Factory Compound, Vile Parle, Mumbai for five years at a beginning monthly fee of ₹85.37 lakh. Axis Bank paid a security deposit of 5.12 crore for the January 31, 2024 deal, according to the leave and licence agreement.

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Virat Kohli leases out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore

Virat_Kohli

Kohli leased 12 office spaces totaling 18,430 square feet at the Reach Comercia corporate tower in Gurugram’s sector 68. The rental was set at around Rs 8.85 lakh per month.

Cricketer Virat Kohli has leased 18,430 square feet of office space in Gurugram to business firm Mynd Integrated Solutions for a yearly rental of Rs 1.27 crore, according to documents accessed by CRE Matrix.

According to the documents, Kohli leased up to 12 office spaces totaling 18,430 square feet in the Reach Comercia business skyscraper in Gurugram’s Sector 68 and the sale was locked in at a monthly rate of around Rs 8.85 lakh.

The stamp duty paid in the transaction was Rs 3.83 lakh, with registration costs of Rs 50,010. Mynd Integrated Solutions Pvt Ltd., situated in Delhi, is the deal’s lessee. The purchase was carried out through RCB star player Virat Kohli’s registered General Power of Attorney (GPA) holder, Vikas Kohli, who is also Virat’s brother.

Although the transaction’s stamp-duty registration was completed on June 22, 2023, the deal’s documentation was made public in March 2024. 

The security deposit for the deal was Rs 57.19 lakh, and the starting monthly rent per square foot is Rs 48. 37 parking spaces are included with this workplace space.

There is a nine-year lease and the lease began on March 28, 2023, and the agreement’s rent began on July 1, 2023.

Documents revealed that the agreement called for a five percent annual rent increase and monthly common area maintenance fees of Rs 14 per square foot.

Former Team India captain Virat Kohli and his spouse, actress-producer Anushka Sharma, rented a residence in Mumbai’s Juhu neighbourhood for Rs 2.76 lakh a month in October 2022. Situated close to the Juhu beach region, the apartment boasts a sea view and is housed in the High Tide building.

According to real estate specialists, the high annual rental return that commercial real estate offers in contrast to residential real estate is the main driver of this trend. The amount a property owner makes each year from renting out a property is known as the rental yield.

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Zomato CEO Deepinder Goyal Purchases 2 Land Parcels in Delhi

Deepinder_Goyal

Zomato CEO Deepinder Goyal has made headlines with his recent purchase of two land parcels totaling around 5 acres in Mehrauli Tehsil, New Delhi, for a sum of Rs 79 crore. The transactions took place in two separate deals, each involving the acquisition of land from different owners and subsequent stamp duty payments.

Details of the Transactions

  • First Transaction (March 28, 2023):
    • Goyal acquired 2.5 acres of land from Luxalon Building Pvt Ltd for Rs 29 crore and paid a stamp duty of Rs 1.74 crore.
  • Second Transaction (September 01, 2023):
    • Goyal purchased 2.53 acres of land from Ravi Kapur for Rs 50 crore, paying a stamp duty of Rs 3.50 crore.

Location and Registration

  • The two plots are situated in the village Dera Mandi of Chhatarpur area, with both transactions being registered at Hauz Khas.

Other Notable Real Estate Deals in Delhi-NCR

  • MakeMyTrip Group CEO, Rajesh Magow, recently acquired a 6,428 square feet apartment in DLF Magnolias, Gurugram, for Rs 33 crore.
  • Genpact CHRO (Chief Human Resources Officer), Piyush Mehta, also made a separate deal for a 6,462 sq ft flat in the same property for Rs 32.60 crore.
  • Additionally, Countrywide Promoters, a subsidiary of developer BPTP Group, bought a 5.24-acre plot near the Dwarka Expressway in Gurugram for Rs 87.27 crore, paying a stamp duty of Rs 6.11 crore for the transaction.

With high-profile individuals and companies making significant real estate investments in the Delhi-NCR region, the market continues to attract attention for noteworthy transactions.

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Chintels India gives rights to Sobha Group for two land parcels for Rs 121.82 crore near Dwarka Expressway

Chintels buy land parcel

The transaction is the most recent in a series of important land deals in the NCR. The sale transaction was executed on December 22, 2023, and the company paid stamp duty of Rs 6.07 crore for the 5.78-acre plot and Rs 2.45 crore for the 2.06-acre property piece, according to documents.

Chintels India, a Gurugram-based real estate developer, has transferred ownership of two land parcels valued at Rs 121.82 crore and covering a total area of 7.85 acres to listed real estate developer Sobha Ltd in Gurugram, according to documents accessed by CRE Matrix.

Both developers stated that the land parcels were part of their joint venture project, ‘International City’.

According to the documents, one land piece, totaling 5.788 acres, is in sector 108, and the second plot, measuring 2.06 acres, is in sector 109. Both properties are in Babupur village, close the Dwarka Expressway, which is expected to be operational soon.

According to the records, the 5.7-acre land costs Rs 86.82 crore, while the 2.06-acre plot is worth Rs 35 crore. The total worth of both plots was Rs 121.82 crore.

The conveyance deed was executed on December 22, with Sobha Ltd paying a total stamp duty of Rs 8.53 crore for both plots, according to the documents. The company paid stamp duty of Rs 6.07 crore for the 5.78-acre property and Rs 2.45 crore for the 2.06-acre land parcel.

Chintels India was embroiled in controversy after six floors of Tower D in the Chintels Paradiso housing complex in Sector 109, Gurugram, collapsed in February 2022, killing two ladies. Following the incident, a structural safety audit of the housing complex determined that five of Chintels Paradiso society’s nine buildings were “unsafe to live” in.

According to a representative for Chintels India, the 5.7-acre site is the commercial portion of the leased land known as ‘International City’, and it is entirely allocated to Sobha under our existing JD Agreement. Ownership was transferred to Sobha in December 2023, and we received no consideration because it was always part of Sobha’s allocation. The 2.06 acres are the clubhouse of International City, which was originally assigned to Chintels but has since been transferred to Sobha.”

“These transactions are both old and part of our existing JDA for International City and the conveyance has taken place recently post fulfillment of mutual obligations,” stated a representative for the company.

Similarly, a spokeswoman for Sobha Ltd stated that the transaction is part of an old payment of a continuing partnership account, which culminated in the registration of specific land in ‘International City’.

According to experts, the anticipated opening of the 26.7 km Dwarka Expressway, which connects Dwarka in New Delhi to the Kherki Dhaula toll plaza on NH-48 in Gurugram, has made this area one of the most sought-after micro markets in the National Capital Region, with several new projects emerging in recent years.

The land transaction is the latest in a string of major deals in the NCR. Countrywide Promoters, a subsidiary of developer BPTP Group paid Rs 87.27 crore in November for a 5.24-acre land in Gurugram’s Sector 113, near the Dwarka Expressway.
Last September, Aamor Inox, a stainless steel bar maker, paid Rs 87.5 crore for 12 bighas of farmland and a farmhouse from Mastcraft Properties in Rangpuri, South Delhi.

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Bhuvan Bam bought a bungalow for Rs 11 crore

Bhuvan Bam

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction.

According to documents accessed by CRE Matrix, Bhuvan Bam, a YouTuber, comedian and actor purchased a property in South Delhi’s Greater Kailash Part 3 region for Rs 11 crore.

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction. The documents have only recently become available.

According to the documents, Bam purchased a Bungalow that measures 207.41 square meters (2,233 square feet). The home is situated on a 180 square meter plot in Greater Kailash 3, a premium suburb in South Delhi.

According to the records, the property is worth around Rs 4.78 crore based on the circle rate.

Big-ticket deals.

This is the most recent in a series of high-value real estate deals in the Delhi-NCR region. In October 2023, an 11,000 sq ft flat at The Camellias by DLF on Gurgaon’s Golf Course Road was resold for more than Rs 100 crore.

In the same month, MakeMyTrip group CEO Rajesh Magow paid Rs 33 crore for a 6,428 sq ft apartment at DLF Magnolias in Gurugram, while Genpact chief human resources officer Piyush Mehta paid Rs 32.60 crore for a 6,462 sq ft unit in the same complex.

Similarly, Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi, paid Rs 160 crore in February 2023 for a 2,100 square yard (18,900 square foot) villa in Delhi’s posh Golf Links.

Peyush Bansal, the co-founder of Lenskart, paid Rs 18 crore for a house in Neeti Bagh, an affluent neighbourhood in May 2023.

In February 2023, Bhanu Chopra, the creator of RateGain, paid Rs 127.5 crore for a bungalow in Golf Links.

If you are a developer or broker, you can empower your decision-making with data-driven insights through CRE Matrix. You can get details such as the entire tenure, tenant names, expiry dates, lock-in expiry dates, CAM charges, deposits, and more for any real estate asset in India. Book a demo at CRE Matrix to unlock the full potential of real estate data.

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BPTP Group’s Countrywide Promoters Secures 5.24 Acre Plot

Dwarka_Expressway

With the upcoming completion of the 26.7 kilometer Dwarka Expressway, the surrounding neighborhood has become one of the most sought-after micro markets in the National Capital Region.

According to documents accessed by CRE Matrix, Countrywide Promoters, a subsidiary of developer BPTP Group, paid Rs 87.27 crore for a 5.24-acre plot in Gurugram near the Dwarka Expressway.

The sale deed was executed on November 16, 2023, and the company paid a stamp duty of Rs 6.11 crore for the deal.

According to the records, the land was purchased from Vikram Rana and Paramjeet Rana of Bijwasan village in New Delhi. The site is located in Chauma village in Gurugram’s Sector 113, close to the Dwarka Expressway, which is expected to open soon.

The opening of the 26.7 km Dwarka Expressway, connecting Dwarka in New Delhi to the Kherki Dhaula toll plaza in Gurugram, has made this area a hotspot in the National Capital Region. Many new projects have sprung up in recent years because the improved connectivity has made it a popular choice for real estate development and investment.

This is the latest in a string of major transactions in the NCR. Aamor Inox paid Rs 87.5 crore to Mastcraft Properties in South Delhi’s Rangpuri in September 2023 for 12 bighas of farmland and a home.

Also that month, Laxmi Devi Agarwal, the wife of Devkinandan Agarwal, the proprietor of GR Infraprojects, paid Rs 86 crore for a 1,200 square-yard bungalow in Vasant Vihar, a prominent Delhi locality.

In February 2023, a 2,160-square-foot bungalow in Delhi’s affluent Golf Links neighborhood was purchased for Rs 160 crore in the name of Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi.
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Tata AutoComp Systems sells more than 13 acres in Pune

real estate transaction

Titania Industrial Development in Pune purchased a 13.26-acre plot of land and a 1 lakh-square-foot Structure from Tata Autocomp Systems for Rs 134 crore. Pune’s real estate is thriving, thanks to industrial growth.

The transaction was registered on 27/10/ 2023

According to documents accessed by CRE Matrix, Tata Autocomp Systems Ltd sold Titania Industrial Development in Maan, Pune, a land block covering more than 13.26 acres as well as the structure standing on it, measuring 1 lakh sq ft, for Rs 134 crore.

“In recent years, Pune real estate has been on a roll.” In the preceding two years, the city has experienced a rise in property sales as well as a few business lease arrangements, including one with Tesla. The PCMC district in Pune has attracted industrial occupants for manufacturing and warehousing. Hinjewadi is home to major IT/ITeS brands, hotels, manufacturing, and housing developments. “It’s no surprise that the transaction took place in Pune’s growth corridor, Hinjewadi,” said Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.

India’s office net absorption reached 10.37 million square feet in Q3, the highest level in 18 months. The industrial sector dominated gross leasing activity in the third quarter, while technology firms remained marginally limited. Except for Chennai and Kolkata, the top seven cities saw stronger net absorption of office space during the quarter. Hyderabad took first place with a 26.1 percent share, followed by Bengaluru (22.9%) and Delhi-NCR (16.4%).

If you are a developer or broker, CRE Matrix can help you make better decisions by providing data-driven insights. For any real estate asset in India, you can obtain information such as tenant names, expiry dates, lock-in expiry dates, CAM costs, deposits, and more. Schedule a demo with CRE Matrix to realize the full potential of real estate data.

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Aamor Inox purchases a South Delhi property from Mastcraft Properties for Rs 87.5 crore

FarmHouse

Located in South Delhi’s Rangpuri area, the homestand is comprised of twelve bighas of agricultural land and a farmhouse. This is the latest of numerous large-scale real estate deals that Delhi has seen this year.

Stainless steel bar manufacturer Aamor Inox Limited paid Mastcraft Properties Private Limited Rs 87.5 crore for 12 bighas of farmland and a farmhouse in Rangpuri, South Delhi. according to the documents obtained by CRE Matrix.

The sale deed was signed on September 27 under Aamor Inox Limited’s name. Based on the evidence, the corporation had to pay a stamp duty of Rs 6.12 crore for the transaction.

The farmland is located in the Malikpur Kohi, or Rangpuri, hamlet of South Delhi. Neither the buyer nor the vendor immediately replied to queries from Moneycontrol.

Delhi has closed a number of notable agreements this year, this being the most recent. In September, Laxmi Devi Agarwal, the spouse of Devkinandan Agarwal, the promoter of GR Infraprojects Limited, spent Rs 86 crore for a 1,200 square yard villa in the upscale Vasant Vihar suburb of Delhi.

An 873-square-yard mansion in Delhi’s affluent Nizamuddin East area was bought by Renu Khuller, director of Global Dent Aids, a company that manufactures interdental brushes, which are comparable to floss alternatives, for Rs 61.70 crore in August.

Lenskart co-founder Peyush Bansal paid Rs 18 crore for a house in Neeti Bagh in May, while former Indian Attorney General Mukul Rohatgi’s wife Vasudha Rohatgi spent Rs 160 crore in March for a 2,160-square-foot home in Delhi’s affluent Golf Links neighborhood.

If you are a developer or broker, you can empower your decision-making with data-driven insights through CRE Matrix. You can get details such as the entire tenure, tenant names, expiry dates, lock-in expiry dates, CAM charges, deposits, and more for any real estate asset in India. Book a demo at CRE Matrix to unlock the full potential of real estate data.

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Real Estate vs. Other Investments

When you think of investing, you can do it in a variety of ways including real estate, bonds, stocks, CDs, or even gold. Thanks to the array of options, it often happens that one investment choice is more lucrative than the other. Based on current market conditions, it is also important to be aware of the type of investment to avoid and when? 

Let’s take a look at real estate investment vs. other investments to help you narrow down the options that are suitable for you.

Real Estate vs. Stocks 

Stock prices are deemed to be more unpredictable as compared to real estate. The rates of stocks can fluctuate quicker than real estate prices. The instability can make you apprehensive unless you plan to purchase and hold stocks, despite the unpredictability. 

Investing in real estateissimpler and better to understand than stocks. The housing sector in India is enormous which makes the home-buying journey multifaceted. But despite the complexity, the basics are quite simple. Moreover, owning a tangible asset can make you more in control of your investment when compared to purchasing slivers of ownership in firms via shares of stocks. 

Real Estate vs. Bonds

Despite their low-risk nature, investors may realize that bonds do not deliver the same profitability when pitted against other investments, particularly real estate in India. In numerous cases, the returns could be considerably affected by the rate of inflation. On the other hand, you will observe significant real estate growth and development during inflation. 

As material and labor expenses rise, rent typically follows, resulting in real estate investors achieving greater profits during this period. Bonds are not known to deliver the best returns as real estate. Across the board, rental properties generally outperform bonds thanks to their capability to produce cash flow, even during inflation or low-interest rates. 

Real Estate vs. CDs

Despite the low-risk investment opportunity, Certificates of Deposits (CDs) typically have lower profit margins when pitted against real estate. The potential for profits in CDs is directly affected by interest rates. When they are low, investors will not be able to get a high return on investment. 

It could take approximately 5-10 years for CDs to mature. Investors will not be able to use their funds during that period. But real estate showcases more liquidity. Even if investors are not able to sell a property, you can still tap into the current equity in many ways. 

Real Estate vs. Gold

Investing in gold may be a simple process but it is a long waiting game as compared to real estate investing. Thanks to the concept of price appreciation in real estate market, you can earn revenue as you wait for an asset to escalate in value, thereby leading to a higher overall cash flow. 

In a nutshell, while stocks, bonds, CDs, or gold are solid forms of investment and each of them has its own pros and cons, real estate delivers cash flow that is directly connected to the decisions you have made. Overall, investors may observe that real estate signifies the likelihood to produce yearly cash flow and profit from appreciation over time. 

At CRE Matrix, we have assessed vital real estate data comprising residential, commercial, retail, and warehousing, across different industries in India. CRE Matrix’s product IndexTap helps in making real estate investments with its extensive catalog of residential properties in MMR. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

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Real Estate Lending 101 – What is Construction Finance?

Construction Finance has been a popular loan segment which has been keenly observed by stakeholders beyond the real estate sector as well, as it acts as a barometer of construction activity to a certain extent. CRE Matrix, through this blog article, takes you through the A to Z of construction finance.

commercial real estate

What is Construction Finance?

Real estate developers need a consistent flow of funds for numerous construction-related works at various stages of projects to guarantee the timely completion of projects. Construction Finance loan is generally intended to meet this need of real estate developers across the life cycle of their intended or ongoing construction projects against the project sales receivables.

Since they are deemed to be comparatively risky, construction loads tend to have higher interest charges as opposed to conventional mortgage loans.

Why Do Contractors Need Construction Finance? 

Construction businesses generally have huge up-front expenses that burn through cash at the commencement of a project, much before payments start rolling in. This gap makes it tough to monitor cash flow from the beginning of a job. Contractors usually require financing to progress: to pay for material expenses on larger projects, to fund new equipment, or to match escalated payroll expenses. Financing can aid construction businesses to smooth out cash flow cycles whether the economy is declining or proceeding towards a construction boom.

Features of Construction Finance 

  • Loans that can be availed by the best real estate developers/builders
  • Can be used for growing and building residential or commercial sites
  • In Tier 1/Tier 2 cities, customized offerings to suit the requirements of  developers

Benefits of Construction Finance 

  • Professional and transparent technique
  • Organizing enormous funding from banks/financial institutions arranging bank guarantees
  • Flexibility in tenor as well as offering a variety of options for repayment
  • Enable tie-ups with banks/HFCs to offer housing finance to customers (home buyers)
  • Strong and effective service delivery model that provides door stop facilities to guarantee simple and quick approval and disbursal of loans

In a nutshell, construction finance loans are usually taken out by real estate developers or homebuyers who are custom-building their own houses. After construction has concluded, the borrower can either refinance their construction loan into a permanent mortgage or acquire a new loan to repay the construction loan (occasionally referred to as the ‘end loan’). 

The borrower might only be needed to pay construction loan rates or interest on the loan while the project is still ongoing. A couple of construction finance loans could entail the balance to be paid off completely by the time the project is complete. 

CRE Matrix, via RE Loans, gives a detailed insight on construction finance loans by numerous developers across the country and the banks/NBFC/funds that provided the loans to them. CRE Matrix is the country’s most preferred authentic analytics platform that allows stakeholders to access analytics from an array of sectors. Users can assess and compare construction finance loans and do so much more on CRE Matrix platforms.

For more CRE industry insights and data research do contact us.