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L&T Realty Signs Agreement for Joint Development of 12.2-Acre Land Parcel in Thane, Potentially Worth ₹697 Crore

L&T Buy Land Parcel in Thane

L&T Realty has signed a significant joint development agreement (JDA) that involves the rehabilitation of a 12.2-acre land parcel in Thane’s Panchpakhadi locality. According to the documents accessed by CRE Matrix, L&T Parel Project Pvt Ltd, a subsidiary of L&T Realty, and Jagdale Infrastructure Pvt Ltd have entered into a strategic partnership, which was formally announced on May 7, 2024. In addition to a registration fee of ₹30,000, the agreement stipulates a significant stamp duty payment of ₹34.88 crore.

The Maharashtra Slum Area (Improvement, Clearance & Development) Act, 1971 declared the land parcel, which was initially owned by the Maharashtra government, as a slum rehabilitation area in October 2016. The developers have committed to building at least a minimum of 12.7 lakh square feet for the rehabilitation of the slum dwellers. Additionally, under the sale component, a 31.25 lakh sq ft will be constructed to ensure the project’s financial viability according to the documents accessed. 

The project is located near the Mulund Toll Naka, a vital intersection that divides Thane and Mumbai. It enjoys seamless connectivity with easy access to the Eastern Express Highway and the Thane Railway Station. With well-known industry players like Oberoi, Raymond Realty, Rustomjee, and Hiranandani, the Thane real estate market is already booming and shows promise for growth The cost of residential real estate in Thane varies from ₹10,000 to ₹25,000 per square foot, depending on the neighborhood.

With developments in areas like Parel, Sewri, and Mahim, L&T Realty is a major player in the Mumbai real estate market. This new venture in Thane fits right in with what they already have, making them even more of a presence in the area. L&T Realty will be the lead developer and will receive a 69% profit share on the project, which is expected to be close to ₹698 crore. The remaining 31% will go to Jagdale Infrastructure, which equals a profit of almost ₹303 crore. Over 20 slum pockets will be redeveloped as part of the project within five years. L&T Realty will handle the design, development, construction, completion, marketing, branding, and sale of the project’s free-sale component. 

This collaborative development represents a major expansion for L&T Realty and demonstrates its dedication to creative and socially conscious real estate development. The project reflects the potential and dynamic growth of the Thane real estate market by offering high-quality residential options in addition to improving urban infrastructure.

Recent Transactions

The Mumbai real estate market is changing as a result of large-scale initiatives and joint ventures. Notable construction projects accentuate the region’s quick growth and entice builders and financiers to this prosperous suburban community.  

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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Dvok Buildcon Acquires 18-acre Land in Gurugram for Rs. 310 Crore

Dvok Buy Land in Gurugram

Dvok Buildcon, a Gurugram-based real estate developer purchased an 18-acre plot of land in Gurugram, valued at Rs 310 Crore as revealed by documents accessed by CRE Matrix. With this strategic investment, the business marks its expansion into one of India’s most lucrative real estate industries. Gurugram is famous for its rapid urbanization and great infrastructure. The region has immense potential for the growth of residential homes as well as commercial projects. 

The newly acquired land is an agricultural plot situated near Manesar, a prime location, enhancing its value and attractiveness for future developments. Dvok paid Rs 21.72 crore as stamp duty, according to the documents. This prime location gives a myriad of developments that Dvok Buildcon can venture into, be it residential or commercial. Real estate in the area is rife and a sure method of obtaining a good return on investment, as the demand for quality living and working space continues to rise.

Despite record-high residential demand, renowned developers, along with other entities, continue to acquire land across India. Besides residential projects, sectors like commercial, retail, industrial, and warehousing are driving prime land deals. In 2022–23, 88 land deals covering 1,886 acres were completed across various cities. This increased to 2,989 acres in 2023–24. The residential segment remains the primary driver of the Indian real estate market. Among the top seven cities, NCR led with 29 deals for 313 acres, followed by MMR with 19 deals for 157 acres, and Bengaluru with 14 deals for 490 acres.

Gurugram’s vibrant lifestyle, contemporary amenities, and seamless connectivity make it a popular choice for families and professionals. By providing luxurious housing solutions that satisfy aspirational aspirations, Dvok Buildcon may take advantage of this demand. Also, there are plenty of chances for commercial development in Gurugram because of its reputation as a major business hub home to various global corporations and commercial complexes. Strategically located modern office spaces would draw in firms and provide strong rental yields and long-term profitability. 

Recent Transactions

In the last few months, significant real estate transactions have been completed in Gurugram. The increased activity indicates investors’ faith in the market’s growth potential and long-term profitability. In a recent transaction, Chintels India transferred ownership of two land parcels in Dwarka Expressway valued at Rs 121.82 crore and covering a total area of 7.85 acres to Sobha Ltd in Gurugram. 

In another transaction, Virat Kohli leased out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore. 
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D Mart Buys Land in Chandivali for Rs 117 Crore

D'Mart andheri East

The parent company of the well-known DMart supermarket chain, Avenue Supermarts has acquired a plot of land in Chandivali, Andheri East, Mumbai, as part of its ongoing strategic expansion. The recent purchase of the 52,765 square feet property for ₹117 crore highlights the company’s dedication to strengthening its presence in the market. According to documents accessed by CRE Matrix, the deal was finalized on May 6, 2024, and Avenue Supermarts Ltd paid ₹7.03 crore in stamp duty for the transaction.

At the moment, this property is home to an industrial ground-plus-one building. It is located in an industrial zone, and the company plans to turn it into a retail center or a commercial structure. The acquisition increases Avenue Supermart’s already remarkable stockpile which consists of a wide range of properties across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, National Capital Region, Tamil Nadu, Punjab, and Rajasthan. Radhakishan Damani founded Avenue Supermart Ltd’s major brand DMart and began its operations in 2002. From just one store located in Powai, Mumbai, DMart has over 333 stores across different locations. 

Avenue Supermart Ltd’s recent acquisition perpetuates its strategic property investment trend. September 2023 marked the purchase of three levels of retail space within a 31-storey residential building in Kandivali West for ₹88.74 crore. These ventures indicate the company’s intent to diversify its retail offerings and address the evolving needs of consumers.

DMart has witnessed rapid growth with two new stores opening on average each month. It announced in July 2023 that stores would be opened in Jodhpur, Rajasthan, and Akola, Maharashtra. In August 2023, it inaugurated retail locations in Ahmedabad and Morbi, Gujarat, as per its regulatory disclosures on stock markets.

This planned expansion follows a string of real estate purchases by Avenue Supermarts Ltd. totaling ₹400 crores amid the COVID-19 pandemic in 2021. These investments show how resilient and strategically astute the business is in managing difficult market situations. Additionally, family members and colleagues of D’Mart founder Radhakrishna Damani purchased up to 28 home units worth ₹1,238 crore in Mumbai in February 2023, in what may be the largest real estate transaction in the nation. The agreement was reached not too long after the Budget 2023 plans were made, which capped capital gains from the sale of long-term assets, such as real estate, at ₹10 crore.

The company’s plan, for growth is in line with its goal of offering customers access to high-quality products at prices. Avenue Supermarts Ltd is strengthening its market position and promoting long-term success by adding outlets and diversifying its retail offerings.

Recent Transactions

In a recent transaction, Bank of America Leases Two Commercial Units in Malad at a monthly rent of ₹91.5 Lakh

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TCG Real Estate Successfully Secures Significant Funding of ₹714 Crore from SBI for Its World Trade Center Project

Sbi funded world trade center

In a significant real estate development in Gurugram, TCG Real Estate, a leading industry player, has secured funding of a whopping ₹714 crore from the State Bank of India for its ambitious World Trade Centre project. This is an important milestone that the project has achieved and is surely reflective of the trust that the financial institution, SBI has in TCG’s competence and potential. 

According to the documents accessed by CRE Matrix, Energetic Construction Pvt. Ltd, a subsidiary of TCG Urban Infrastructure Holding Pvt Ltd, is behind the project. The Gurugram Project is set to be an eye-opener to the region’s commercial arena. The project’s leasable space is approximately 1 mn sq ft. This suggests that the project is poised to revolutionize the commercial landscape in Gurugram, particularly in the realms of office spaces and retail.

Furthermore, the documents reveal that the deal had detailed dynamics around the funding. It was funded via a 72-month loan at an annual interest rate of 9.6 percent. Energetic Construction Private Limited negotiated an amicable funding provision with SBI to meet its capital needs. The deed of hypothecation was registered on March 28, 2024. This was executed between Energetic Construction Private Limited in favor of SBICAP Trustee Company.

The scale and scope of the project are impressive, with four towers set to be constructed over an area of 7.94 acres. Two office towers covering over 9.4 lakhs square feet, and two retail towers covering an area of 72,407 square feet, highlight the project’s magnificence. Located advantageously off NH8 on Sohna Road, the project has excellent accessibility and visibility, attracting interested tenants and investors. The estimated project expenditure amounts to ₹ 1211.86 crore out of which ₹ the promoter has invested ₹ 497 crore. The funding secured from SBI represents a significant portion of the financial requirements and is indicative of the faith the bank has in the project’s potential and TCG’s history of completing profitable real estate projects.

In October 2027, commercial operations are anticipated to begin. According to the documents, the project’s building phase will take 48 months and there will be an additional 12 months of grace period. A penalty interest of 2% will be charged per annum on delayed payments that exceed 60 days from their due date. If the delay extends beyond 60 days, a higher penal interest rate of 5% will be applied to the outstanding amount for the duration of the delay, as specified in the loan documents.

TCG’s long-term vision for the Gurugram undertaking aligns with the evolving dynamics of the real estate market, which increasingly favors combined-use developments integrating workplace and retail spaces. By leveraging its understanding and assets, TCG aims to create a vibrant environment that fosters collaboration, innovation, and an economic boom.

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MakeMyTrip’s Deep Kalra, Den Network’s Sameer Manchanda and Assago’s Ashish Gurnani now own apartments at Gurgaon’s The Camellias by DLF

Camellias_DLF

Located in the center of Gurugram’s luxury real estate landscape, The Camellias stands as a symbol of luxury and magnificence. The recent discoveries reveal the valued purchases that have been made inside this luxury apartment while industry giants secure their position in the sought-after area. 

According to data accessed by CRE Matrix, conveyance deeds signed in March 2024 signify the recent completion of a wide range of high-value acquisitions. These acquisitions took place between 2017 and 2023. Some of these buyers include MakeMyTrip founder Deep Kalra, Den Networks’ Sameer Manchanda, and the family members of former MD of Tech Mahindra, CP Gurnani. According to documents, they acquired these upscale luxury apartments directly from the builder at The Camellias. 

The charm of The Camellias beckons in—drawing these big names to invest a cumulative total of Rs 127.58 crore into the luxurious embrace. Whether expansive 7,430 sq ft or lavish 10,813 sq ft residences, these deals go well beyond transactions and stand as crests of status and prestige.

MakeMyTrip founder Deep Kalra and his wife Amrita Kalra secured their share of indulgence with a 7,430 sq. ft apartment for Rs 46.25 crore. They booked the apartment on June 15, 2023, and made the final payment on December 16, 2023, acquiring the flat with four car parking slots. The property’s conveyance deed was formalized on March 4, 2024, with Kalra paying a stamp duty of Rs 2.77 crore.

Manchanda of Den Networks and his wife Kavita Manchanda signed a deal with DLF on December 16, 2019, to purchase a 10,813 sq. ft apartment at The Camellias. The Manchandas paid a total of Rs 37.83 crore for the property, with the last payment being made in 2021. Following this, on March 19, 2024, the property’s transfer deed was officially registered, and a sum of Rs 2.27 crore in stamp duty was paid.

Ashish Gurnani, the founder of Assago Group and son of Gurnani, paid Rs 21.75 crore between December 2017 and May 2020 for a 7,430 sq. ft apartment in The Camellias. On March 13, 2024, the conveyance deed was signed, and a stamp duty payment of Rs 1.3 crore was made. The apartment includes four parking slots for cars.

Gurnani’s daughter Sanya Gurnani and wife Anita Gurnani purchased a 7,430 sq. ft apartment at The Camellias, which also includes four parking slots, for Rs 21.75 crore. On March 13, 2024, the Gurnani family paid stamp duty totaling Rs 1.08 crore to formalize the conveyance document for the property.

The market value of the properties now stands at the epitome of luxury living, ranging from Rs 29,300 to Rs 62,247.6 per sq ft during acquisition. Today, The Camellias, with an average base selling price of Rs 65,000 to over Rs 85,000 per sq ft, assures its position as one of the prime addresses in the National Capital Region.

Beyond the marble-white interiors and the panoramic views, The Camellias is a lifestyle played out by the few. The Camellias offer an unmatched level of sophistication and comfort with rentals starting from Rs 10.5 lakh for unfurnished apartments to Rs 14 lakh for furnished apartments.

The latest acquisition by Smiti Agarwal, director at Wesbok Lifestyle and wife of V Bazaar CMD Hemant Agarwal only endorses The Camellias’ reputation for magnificence. Agarwal’s January 2024 purchase of an apartment for Rs 95 crore indicates the allure and investment potential of this exclusive luxury apartment.

In October 2023, an 11,000 sq. ft apartment at The Camellias was sold in a resale transaction for approximately Rs 114 crore. With more industry biggies and entrepreneurs having bought or signed their properties at this fortress of luxury, The Camellias is more than just a home to live in—it is a mark of success, sophistication, and the ultimate indulgence in high-class living.

Recent Transactions
In a recent transaction, Virat Kohli leased out 12 office spaces in Gurugram for an annual rent of 1.27 crore.

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Adani’s Terravista Developers Acquires Leasehold Rights of 25 Acres From Finolex for Rs 470 Crore

Adani aquire lease hold rights in pune

Adani Group company, Terravista Developers Pvt Ltd, has recently concluded a significant real estate transaction with Finolex Industries. According to documents obtained by CRE Matrix, Terravista Developers has acquired leasehold rights of 25 acres of land near Pune for a substantial sum of Rs 470 crore. 

The land was originally leased to Finolex Industries by the Maharashtra Industrial Development Corporation (MIDC) in the Haveli locality in Pimpri Industrial Area. The lease transfer was officially registered on April 3, 2024, with a significant stamp duty of Rs 23.52 crore paid for the transaction.

Terravista Deve­lopers has ambitious designs for the­ land plot. They plan to build a cutting-edge data ce­nter there – a proje­ct approved by MIDC. This highlights the increasing need for data infrastructure in the area, matching the wider trends of digital growth and technological progress.

An interesting facet of this deal is its le­ngthy lease term. Finole­x Industries held the 95-ye­ar lease and now Te­rravista Developers acquire­ those leaseholde­r rights. They can rene­w the rights for another 95 years, affording immense­ operational flexibility.

This development marks a significant milestone in real estate transactions and reflects the evolving landscape of real estate and industrial development in the Pune region. The establishment of a modern data center by Terravista Developers is poised to contribute to the region’s economic growth and technological advancement, further solidifying Pune’s position as a key hub for innovation and investment in the digital age.

Recent Transactions

In a recent transaction, Titania Industrial Development in Pune purchased a 13.26-acre plot of land and a 1,00,000 square feet structure from Tata Autocomp Systems for Rs 134 crore.


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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.