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Property Ventures Sells Malad IT Park to Clear Bridge Ventures for ₹335 Crore

Property_Ventures_Sells_Malad_IT_Park

Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, has recently sold an IT Park located in Mumbai’s Malad area to Clear Bridge Ventures LLP for a substantial sum of ₹335 crore. This information was revealed in property registration documents accessed by CRE Matrix. The IT Park spread across an area of 1.96 acres is located in the Linking Road area of Malad West, a well-connected and sought-after area, which adds to the property’s value.

The sale of the IT Park was finalized on August 23, 2024, with a stamp duty of ₹21.85 crore paid on the transaction. This information is based on the property registration documents.  

The IT Park, a substantial structure with six floors above ground level, offers a total saleable area of 1.47 lakh square feet. The property provides ample parking facilities with 123 car parking spaces and six designated slots for other vehicles, as detailed in the registration documents. These features make the property highly attractive to potential investors in the IT sector.

The sale of this IT Park highlights the strong demand for commercial real estate in Mumbai, particularly in well-connected areas like Malad. The property’s features, including ample parking and a prime location, make it an attractive investment option. This significant deal underscores the thriving commercial real estate market in the city.

Recent Transactions in Mumbai

Mumbai’s commercial real estate market is booming. The commercial real estate market is experiencing a significant surge in high-value deals, particularly in the office space sector. This reflects the city’s strong economic growth and strategic importance for businesses. Leading companies and investors are flocking to Mumbai to capitalize on this thriving market.

In a recent transaction, the subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 crore in Mumbai’s Marol area. In another major corporate spaces deal, Nielsen Media and its subsidiary recently leased 1.52 lakh square feet of office space for ₹3.87 crore per month for a 10-year term in Mumbai’s Goregaon locality. 

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Northwest Bengaluru’s Property Prices Set to Outpace City Average, Easing Traffic Challenges

North_West_Bengaluru

According to a report released on August 14 by CRE Matrix, North West Bengaluru, which includes neighborhoods like Peenya, Rajajinagar, Yeshwanthpur, and Malleshwaram is expected to see faster growth in residential sales and prices over the next five years than its counterparts in the IT capital.

North West Bengaluru sees the sale of 2,500 residential units annually on average, or roughly 6% of total sales in the city. According to the reports, the average demand-to-supply ratio in the area is 1.7x, which is the highest of all the micro markets in the city. 

According to the survey, prominent real estate players like Godrej Properties, Mantri, and Birla Estate are actively developing projects in the region. Furthermore, the survey stated that Rs.16,000 crore worth of ongoing and planned infrastructure initiatives could enhance North West Bengaluru’s connectivity with the rest of the city.

Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and Indextap.com asserts, “North West is the immediate solution to Bengaluru’s massive congestion problem – it has everything – the Greenery, better AQI, best of the residential developer brands, marquee commercial assets already present and some trophy assets coming up shortly, the best of malls – and it is equidistant to the airport as well as CBD Bengaluru.”

Though only contributing 6% of Bengaluru’s yearly residential sales, the region is home to 27% of the city’s population (3.9 million). This suggests significant potential for expansion and alleviation of Bengaluru’s notorious traffic problems.

Bengaluru has the most traffic among Indian megacities with a population of more than 8 million, according to the most recent traffic index study conducted by the Dutch multinational TomTom. The average speed for Bengaluru during rush hour is 18 km/hour and the time lost each year during peak traffic time is about 132 hours. Due to congestion in major employment zones like Outer Ring Road and Whitefield, Bengaluru faces a total productivity loss of Rs 1 Lakh Cr. By 2028, with the completion of metro phases, Northwest Bengaluru is expected to be fully connected to all parts of the city within a travel time of 30 minutes.

Northwest Bengaluru has also witnessed tremendous development in the commercial real estate sector. The region currently has 2.1 million square feet of office space, with seven Grade A assets under construction. Prominent businesses such as Amazon, H&M, Regus, and Samsung have recognized North West Bengaluru as an important destination for their real estate holdings. The area is seen as a tenant’s market, with rental rates expected to increase by 6-8% annually over the next five years. Additionally, strata sales of office units have picked up since 2021, with the region absorbing at least 1.5 lakh sq ft of office space annually. This demand is expected to surpass 2 lakh sq ft in CY 2024, driven by new supply and improved connectivity.

With 45% of office space in North Bengaluru occupied by global capability centers, the region is becoming an integral part of the city’s commercial landscape. As infrastructure and connectivity improve, Northwest Bengaluru is likely to witness robust growth in both residential and commercial real estate, making it a key player in addressing Bengaluru’s traffic congestion and housing demand.

For detailed insights download the MICRO-MARKET INSIGHTS REPORT of Bengaluru (North-West).

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Sobha Ltd. Signs Joint Develop Agreement to Develop Residential Project in Gurgaon

Sobha Ltd. Joint Development Agreement

Bengaluru-based Sobha Ltd has signed a joint development agreement for the launch of a new residential project on a 12-acre land in Sector 63A, Gurgaon. This is Sobha’s third project in the area with other developments in Sector 99 and Sector 63.

According to the documents accessed by CRE Matrix, the deal, which was registered on July 12, involved a stamp duty payment of Rs 4.3 crore. Sobha is likely to add about 9 million square feet of residential space in FY25, significantly enhancing its pipeline of projects. This is indicative of the growing interest in Gurgaon’s real estate market, particularly, near Golf Course Extension. This neighborhood boasts luxury living and superior infrastructure.

According to Gaurav Kumar, MD, Capital Markets and Land, CBRE, it is because of the strong demand from end-users that Gurgaon has become a dynamic location with infrastructure development for high-end residential projects. In line, Shalin Raina, MD, Residential Services, Cushman & Wakefield, opined that the fast pace of growth and charm witnessed by the Golf Course Extension was because of top-grade developers and improved infrastructure.

Sobha posted good FY24 results, with sales at Rs 6,644 crore, up 28 percent, and the average price realization at an all-time high at Rs 10,922 per sq ft. It expects to launch 9 mn sq ft in FY25, compared to 7 mn sq ft in the previous year.  Additionally, Shobha is working swiftly to advance the remaining land bank into project stages with a potential of 25-30 million square feet, reflecting its aggressive expansion strategy.

With the realty markets becoming increasingly competitive, strategic joint development lets Sobha enter new markets, This approach positions the company for continued growth in the rapidly changing Gurgaon market. 

Recent Transactions 

Land deals for residential projects are on the rise as developers seek to capitalize on the growing demand for housing in urban areas. In a recent transaction, Chintels India transferred the ownership of two land parcels near Dwarka Expressway to Shobha Group. 

In another transaction, Oberoi Realty acquired a prime 14.81-acre land parcel in Gurugram. worth Rs.597 crore.

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Mahindra and Mahindra Ltd Sells 20.5 Acres Land in Kandivali Area for Rs.210 Crore

Mahindra and Mahindra

Automobile manufacturer Mahindra and Mahindra Limited has sold 20.5 acres of land in Kandivali, Mumbai for Rs.210 crore. As per the documents accessed by CRE Matrix, the buyer is Blueprintify Properties Pvt Ltd, a subsidiary of Pune-based real estate firm Rucha Group. The deal was registered on 24th July 2024 and the stamp duty paid was Rs.13.41 crore.

Mahindra & Mahindra Limited has sold non-agricultural land in the Kandivali area. The company has an automobile manufacturing facility nearby. The property faces Sanjay Gandhi National Park (SGNP) on one side and is connected to the Western Express Highway (WEH) on the other. 

This is one of the largest land purchases in the western suburbs this year. The Kandivali East micro-market, where the land is located, commands high residential segment rates, ranging from Rs.25,000 to Rs.35,000 per square foot. This deal demonstrates the surge in demand for land in this bustling suburban area.

This land deal is not Mahindra & Mahindra’s first significant purchase in Kandivali. Back in February 2022, Mahindra Lifespaces, the Mahindra Group’s real estate branch, bought about 9.24 acres from Mahindra & Mahindra Ltd for ₹365 crore. Following the success of its “Mahindra Roots” project, the business announced that this will be its second residential development in Kandivali, offering almost 1 million square feet of carpet space.

This series of transactions highlights Mahindra’s strategic focus on leveraging its land assets in Kandivali.  

Recent Land Transactions in Mumbai

Mumbai’s real estate market has witnessed significant land transactions recently. This reflects its robust growth and development potential. High-value deals, such as those involving Mahindra and Mahindra Limited, highlight the city’s strategic importance for both residential and commercial real estate investments.

In a recent transaction, 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 mt land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.
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MRF Leases 3.85 lakh sq. ft Warehousing Space in Pune’s Mawal Area

MRF Leases Warehouse

Indian multinational tyre manufacturing company MRF has secured the lease of 3.85 lakh sq ft of large warehousing space in village Sudvadi, Mawal area of Pune district. The Chennai-headquartered company has signed the lease deal with NDR Tradehouse for an initial monthly rental of approximately Rs 1.05 crore. It also has an escalation clause that will increase the annual rental by 4.5% every year. This suggests that there is a strong demand for warehouse spaces in India’s expanding logistics industry.

As per documents procured from CRE Matrix, this agreement was registered on 18 July for an initial five-year tenure with a provision for its extension of another five years. A lock-in period of three years ensures a minimum commitment from both parties. Additionally, MRF will pay common area maintenance charges of Rs 3.85 lakh per month and has made an upfront security deposit of Rs 3.14 crore, equivalent to three months’ rental payments. This provides financial security to NDR Tradehouse.

One of the unique features of this lease agreement is the provision for MRF to expand its warehousing space by an additional 2 lakh sq ft within three years. If NDR Tradehouse fails to provide this additional space when required by MRF, the lock-in clause will not be binding. 

In recent years, India has experienced a notable surge in the leasing of warehouse facilities. This is mostly due to the swift rise of e-commerce, the imposition of the Goods and Services Tax (GST), and the growing need for effective supply chain management. There has been an increase in warehouse leasing activity in major cities and developing industrial clusters as businesses look to improve distribution networks and optimize logistics.

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Nielsen Media and Subsidiary Lease 1.52 lakh sq ft Office Space in Mumbai for ₹3.87 Crore Per Month for 10 Years

Nielsen_Media_and_Subsidiary_Lease_Office_Space_in_Mumbai

Nielsen Media India Private Limited and its subsidiary, Whats On India Media, signed a significant lease agreement for 1.52 lakh square feet of office space in Mumbai’s Goregaon. The office units are located in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. Documents obtained from CRE Matrix revealed that the leasing agreement is for 10 years, with an initial monthly rent of ₹3.87 crore.

The property is strategically located along the Western Express Highway and is owned by Oberoi Realty. According to the documents accessed, Whats On India Media Private Limited has leased 39,852 square feet, including a portion of the terrace space. This deal comes with 42 parking spaces for cars and covers the 35th level of the building. 4 out of the 46 parking spaces would require payment at a rate of ₹5,000 per space. The company has paid a security deposit of ₹8.03 crore and the monthly rent for this area is ₹1.004 crore. The agreement was registered on July 9, 2024, with the license commencement date set for January 1, 2025.

In a separate transaction, Nielsen Media India Private Limited has leased the entire 36th, 37th, and 38th floors, along with a portion of the terrace, totaling approximately 1.124 lakh square feet. This lease involves a monthly rental of approximately ₹2.87 crore, accompanied by a security deposit of ₹22.9 crore. The rent for these three floors totals ₹255 per square foot per month. There are 122 free parking spots included in the lease, and 11 more parking spots can be leased for ₹5,000 per month.

These noteworthy lease agreements demonstrate the ongoing demand for upscale office space in Mumbai, especially in desirable areas like Goregaon East.

Recent Transactions for Office Spaces in Mumbai

Recent office space transactions in Mumbai highlight significant activity in the commercial real estate sector. In the latest transaction, Red Fox IT Infra LLP acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. 

In another transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

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Subsidiary of Redbrick Offices Acquires 22 Office Units for Rs 267.5 Crore in Mumbai

Redbrick Offices Acquires 22 Office

Red Fox IT Infra LLP, a subsidiary of the co-working space provider Redbrick Offices, has acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. This transaction occurred in two separate deals, as revealed by documents accessed through CRE Matrix.

According to the documents, the combined built-up area purchased through these two transactions is 87,618 square feet. For these transactions, the buyer has paid a total of Rs 8.02 crore in stamp duty.

In the first deal, executed on May 3, 2024, Red Fox IT Infra LLP purchased 18 office units for Rs 218.9 crore. This acquisition includes an area of 72,150 square feet and comes with 73 car parking slots. The stamp duty paid for this deal amounted to Rs 6.56 crore.

The second deal, finalized on May 8, 2024, involved the purchase of 4 office units on the 6th and 8th floors of the same building for Rs 48.54 crore. These office spaces cover a built-up area of 15,468 square feet and include 15 car parking slots. The stamp duty paid for this transaction was Rs 1.45 crore.

The office units in both deals were purchased from NTPL Developers LLP. This deal demonstrates the growing demand for office spaces in areas like Marol in Andheri East, Mumbai. It also highlights the ongoing investment in commercial real estate by top contenders like Redbricks Offices. 

Recent Transactions

Mumbai has recently seen a number of significant commercial real estate transactions, In a recent transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

In another transaction, L&T Realty signed a joint development agreement (JDA) for the rehabilitation of a 12.2-acre land parcel near Mulund, Mumbai.

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Mumbai-based Oberoi Realty Enters NCR Market with Strategic Land Acquisition in Gurugram

Mumbai-based real estate giant, Oberoi Realty has made a significant investment in the National Capital Region by acquiring a prime 14.81-acre land parcel in Gurugram, Haryana. The buyout worth Rs 597 crore is one of the largest for the company outside its core Mumbai market. CRE Matrix accessed documents confirming this strategic move.

The recently purchased property is located in Gurugram’s Sector 58, a prime area next to the Southern Peripheral Road (SPR). Oberoi Realty’s planned luxury group housing project is well-suited for this neighborhood, recognized for its high-end residential developments. With an estimated 2.6 million square feet of development potential, the area is ideal for a large-scale residential complex.

According to the documents, Oberoi Realty paid a stamp duty of Rs 33.77 crore. Although the land acquisition took place in November 2023, the official sale deed was executed on May 7, 2024. The land was purchased from a consortium that included Delhi NCR-based developer Ireo Residences.

The landmark agreement highlights Oberoi Realty’s determination to widen its reach and shows how Gurugram is increasingly becoming a thriving destination for real estate. Luxury residential developments are ideal for this area due to its proximity to major business centers and well-developed infrastructure. This entry into the NCR market will enable Oberoi Realty to take advantage of these opportunities and provide upscale residential solutions to clients.

Recent Land Transactions in Gurugram

Gurugram’s advantageous location and excellent infrastructure have drawn large investments from prominent real estate developers. Over the past few years, the city has seen a substantial increase in land transactions. In a recent transaction in May 2024, Dvok Buildcon, a Gurugram-based real estate developer purchased an 18-acre plot of land in Gurugram, valued at Rs 310 Cr. 

In another significant deal, 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.  
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Commercial Realty Owned by Single Entity in Demand

Commercial Realty Owned by Single Entity in Demand

Experts believe that single-owned and managed buildings in India’s commercial real estate market offer higher returns, more operational efficiency, and greater appeal. Therefore, investors are choosing them over strata-owned assets.

One important metric that unequivocally demonstrates that single-owned commercial properties are outperforming their strata counterparts with many owners and operators is the rental returns for commercial assets across significant real estate markets.

According to data from CRE Matrix, commercial realty owned by a single entity is in high demand, particularly in key regions such as Mumbai, Bengaluru, Pune, Gurugram, and Chennai. For instance, in Pune’s South West region, single-owned properties exhibited an 18% higher rental yield compared to strata properties. Similarly, in Chennai’s Southern Suburbs II, the rental yield difference reached 32%.

Vinod Rohira, MD & CEO of commercial real estate at K Raheja Corp, emphasized that Grade A commercial assets benefit from proactive management, attracting top tenants. He noted that single-owned assets, unlike strata buildings, ensure reliability in services and utilities, crucial for business operations and talent retention. Tenants, he claims, are prepared to pay more for superior office assets—a feat only accomplished by asset managers who are sole proprietors. 

Operational efficiency is a crucial benefit of single-owned properties. Centralized management, made possible by single ownership, promotes quicker decision-making and more efficient property upkeep.

“Single-owned buildings are relatively younger in age as institutional investment in real estate started around 20 years ago. At a pan-India level, single-owned buildings are 20% younger than strata-owned buildings, and this difference gets even bigger when we see those micro-markets where the delta in rentals is even higher,” said Abhishek Kiran Gupta, CEO and cofounder,  CRE Matrix.

He claims that because a developer builds and maintains a single-owned building to ensure its longevity and secure a continuous stream of income, the building’s overall quality is better recognized than that of a strata-owned structure. On the other hand, because of the numerous owners, strata properties frequently experience management difficulties causing delays in maintenance and decision-making.

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Why Is Oberoi Realty’s Three Sixty West Project in Mumbai Experiencing a Surge in Demand for Luxury Apartments?

Oberoi 360 west

Oberoi Realty’s luxury project Three Sixty West located in Mumbai’s plush Worli area has witnessed 19 transactions since April 2024 worth over ₹1,300 crore according to documents accessed by CRE Matrix. The project has garnered interest from well-known personalities including Shahid Kapoor and Abhishek Bachchan, D’Mart’s Radhakrishna Damani, Everest Masala Group’s promoter, and Vratika Gupta, founder of a well-known decor brand. 

The luxury residential units included in these transactions range from 5,600 square feet to nearly 17,000 square feet. 16 of the 19 transactions that have occurred since April 2023 have been in the primary (direct) market and have involved the developer Oberoi Realty, its partners, and the buyers. According to documents accessed, Oberoi Realty sold seven of the 16 apartments involved in these deals and its partner sold the remaining apartments.

Three Sixty West’s exceptional seaside location, which offers breathtaking views and luxurious living areas, is one of its key attractions. To suit the interests of affluent customers, the project consists of two towers with 4 BHK and 5 BHK flats in addition to duplex apartments and penthouses. The project obtained its certificate of occupation in 2022. 

The 360 meter tall sea-view project takes its name, most likely, from the fact that every apartment faces west. The Three Sixty West project, according to the MahaRERA portal, is registered under the name Oasis Realty as the promoter. It has four promoters: Vikas Oberoi-sponsored companies Oberoi Constructions Ltd and Astir Realty LLP; SkyLark Buildcon Pvt Ltd; and Shree Vrunda Enterprises, which is a part of Sudhakar Shetty’s Sahana Group.

With developers charging approximately ₹1 lakh per square foot for sea-view units in the Worli neighborhood, Three Sixty West is competitive in the luxury condo market. Local brokers claim that these apartments’ primary market values range from ₹1.25 lakh to ₹1.50 lakh per square foot. The project’s upscale facilities and prime location, in addition to its affordability, have created a strong demand.

The property has also become more appealing as a result of Radhakishan Damani and his associates’ bulk acquisition of 28 flats in February 2023 for ₹1,238 crore. Some of these apartments have already started to sell for about ₹1 lakh per square foot on the resale market. More of these entering the market could result in competitive pricing and more room for buyer negotiation.

Despite the constantly high sales at Oberoi Three Sixty West, real estate experts think the availability and cost of resale apartments will determine the direction of the market going forward. The reinstatement of 28 units from the bulk deal may affect the dynamics of the primary and secondary markets, giving buyers additional choices and pricing points.

The project’s ability to draw in buyers will be largely dependent on how the market develops over the next several months.

Recent Transactions
Oberoi Realty’s Three Sixty West is highly sought after for its prime location and luxury features. In a recent transaction, fashion designer and the creator of the upscale home décor brand Maison Sia, Vratika Gupta, purchased a luxury apartment in Three Sixty West for Rs 116.42 crore. Also, Bollywood actor Shahid Kapoor and wife Mira Kapoor purchased a luxury sea-view apartment in the Three Sixty West for around 60 crore.