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Kanakia Spaces Realty Secures ₹208 Crore Redevelopment Deal for Two Buildings in Borivali

Kanakia Spaces acquires 3.3-acre redevelopment projects

The Mumbai-based real estate developer, Kanakia Spaces Realty Pvt Ltd, has secured the development rights for two old buildings in Borivali, Mumbai. The combined value of the development agreements for these projects amounts to ₹208.53 crore, according to documents accessed by CREMatrix.com. 

The redevelopment of these two housing societies in Govind Nagar, Borivali, Mumbai, will be undertaken under the Maharashtra government’s cluster redevelopment policy. These housing societies, both over 50 years old, will undergo a complete transformation. Furthermore, Maharashtra’s cluster redevelopment policy will target housing societies in Borivali, Mumbai, that have been standing for more than 50 years. These redevelopments will provide residents with modern amenities, better infrastructure, and safer housing.

The development agreements for the two housing societies were officially registered on September 12, 2024. A stamp duty of ₹11.40 crore was paid as part of this registration process. 

The first building, Shree Mohan Chs Ltd, occupies 2.02 acres of land, with residents currently residing in 70,616 sq ft of space. Under the redevelopment plan, residents will receive an additional 36% of the total area in the redeveloped building, resulting in approximately 96,038 RERA carpet area. Additionally, each flat will be assigned one designated parking space.

The redevelopment plan for the second building, Shree Balwant Chs Ltd, which covers 1.31 acres, will provide residents with a 45% increase in their living space beyond the current 55,869 sq ft of carpet area. Additionally, the project will include 51 designated parking spaces.

During the redevelopment period, tenants residing in both old buildings will receive monthly rental compensation of ₹60 per square foot. The developer is committed to completing the redevelopment of both buildings within 36 months. The entire saleable component of the project is expected to be completed, and the full occupation certificate (OC) obtained, within 66 months from the commencement of redevelopment.

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County Group Expands Footprint in Gurugram with Rs 105 Crore Land Acquisition

County Group Rs 105 Crore Land Acquisition

County Group, a real estate company based in Delhi-NCR, has recently acquired a 7.9-acre land parcel in Gurugram for a substantial sum of Rs 105 crore. The land was purchased from Brock Developers Private Limited and Ashiana Landcraft Realty Private Limited, according to documents accessed by CRE Matrix. The land parcel is located in Harsaru village, sector 88A, Gurugram, near the Dwarka Expressway.

This strategic investment is expected to strengthen the County Group’s presence in the rapidly growing Gurugram market and provide opportunities for future development projects.

Perfect Megastructure Private Limited, a subsidiary of County Group, has acquired the development rights for this 7.9-acre land parcel in Gurugram. The company signed a development agreement with Brock Developers Private Limited and Ashiana Landcraft Realty Private Limited on July 9, 2024. A stamp duty of Rs 2.27 crore was paid for the registration of the agreement. It is believed that the County Group is planning to construct a luxury housing project on the recently purchased land parcel.

In an announcement earlier this year, County Group stated their intention to invest Rs 5,000 crore over a five-year period in the development of ‘Ivory County’, an ultra-luxury housing project in Noida. Located in Sector 115, near the Faridabad-Noida-Ghaziabad (FNG) Expressway, the project is anticipated to generate approximately Rs 7,500 crore in revenue.

The acquisition of the land parcel in Gurugram marks a significant milestone for County Group. This strategic move aligns with the company’s ambitious growth plans and demonstrates its commitment to delivering high-quality residential projects in the future. 

Recent Land Transactions in Gurugram

Gurugram’s real estate market is booming, driven by economic growth and increasing urbanization. Developers are actively acquiring land parcels to accommodate their projects. Furthermore, we can expect to see even more such large-scale land transactions in the future.

In a recent transaction, Oberoi Realty purchased 14.8 acres of land in Gurugram for Rs 597 Crore.  In another major land deal, Dvok Buildcon has acquired 18 acres of land in Gurugram for Rs. 310 crore.
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Prestige Group’s Subsidiary Acquires 4.57-Acre Land in Pune for ₹ 200 Crore

Prestige Group's Subsidiary Acquires 4.57-Acre Land in Pune

Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune’s tech hub of Kharadi for ₹200 crore, according to property registration documents accessed by CRE Matrix. Pune-based BU Bhandari M&M Realtors LLP sold the 4.57-acre land parcel to Prestige Exora Business Parks on April 16, 2024. The stamp duty paid for the land transaction was over ₹14 crore. The purchaser paid ₹198 crore to the seller using a demand draft on April 20, 2024.

The tax deducted at source (TDS) for the deal was over ₹2 crore, bringing the total land purchase cost to over ₹200 crore, which further highlights the substantial value of the acquired land parcel and the growing demand for commercial real estate in Pune.

Kharadi, along with Hinjawadi, has become a major tech center in Pune. Many big Indian and foreign tech companies have opened offices in Kharadi’s commercial buildings over the past ten years. Recently, even manufacturing and financial companies have started setting up their global centers there. Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone.

Furthermore, Prestige Group plans to launch its first residential project in Pune signifying the company’s strategic expansion into the region. The projected revenue potential of ₹750 crore to ₹1,000 crore indicates the significant market potential for residential real estate in Pune. This move aligns with the growing demand for quality housing in the city. Prestige Group has announced plans to develop 43 new projects totaling 92 million square feet across various segments in seven cities: Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai, and Kochi.

This significant land deal highlights the growing demand for commercial real estate in Pune and reinforces Prestige Group’s position as a leading player in the Indian real estate market. With the company’s plans to launch its first residential project in the city, Pune can expect to see further development and growth in the coming years.

Recent Land Transactions

The Pune real estate market continues to witness a surge in land deals, driven by factors such as economic growth, urbanization, and increasing demand for commercial properties. As Pune’s economy expands, we can expect to see more such large-scale land transactions in the future.

In a recent transaction, Tata AutoComp Systems sold more than 13 acres in Pune. In another major land deal, Adani’s Terravista Developers acquired leasehold rights of 25 acres from Finolex for Rs 470 crore in Pune.

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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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