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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.

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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.

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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.