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In a shift of preference the office space providers increase their presence to tier 2 and 3 cities of Tamil Nadu

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Team iPropUnited
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Cheaper rentals and lower attrition despite lower salaries since most employees are in or close to their hometowns, make it win-win for companies and their employees.

In a post pandemic shift, tier 2 and 3 cities of Tamil Nadu have drawn IT/ITES majors in significant numbers, trigged by a push by office space providers to expand their footprint across the state.

Chennai Government recently announced a Tidel Park for Madurai too after spearheading the construction of Tidel Neo Parks (mini IT parks) in Ooty, Vellore, Tirupur, Villupuram, Tuticorin, Salem and Thanjavur.

Staying close to one’s roots and prioritising mental health and quality of life have taken preference even in a professional’s life, therefore the IT companies are forced to move to find talent, rather than employees moving for jobs.

Accenture, for instance, opened one of its advanced technology centres in India at Coimbatore’s Tidel Park. Infosys recently established a centre in Coimbatore as part of its plans to set up micro-hubs across the country. Global IT firm 3i Infotech also launched its first centre of excellence for Oracle applications development in Tirunelveli. The company says the talent in tier-3 cities is on a par, if not better, with that in metros.

Incuspaze, a chain of premium enterprise-managed office spaces, is opening in Coimbatore with around 14,000 sq. ft. built for IT companies.

Bevywise Networks, an IoT startup launched in 2016 serving more than 50 clients globally, has its entire product/engineering team based in Tirunelveli. Ranjith Kumar, founder and CEO, says he’s seen cost savings of 1.5x compared to any company in Chennai, and the low commute time makes quality of life richer for his team. “In case of emerging tech, even fresher in Chennai and other metros need to be trained after hiring, and we do the same,” he says.

Bengaluru-based 315Work Avenue, a coworking space provider, is entering the Tamil Nadu market simultaneously in Chennai, Coimbatore and Madurai. The firm plans to offer around two lakh sq. ft. of space in the next six months, of which one lakh sq. ft. will be in Coimbatore and Madurai.

Managed office and coworking space provider Work Easy Space Solutions Private Limited is looking at operationalising one lakh sq. ft. in Coimbatore, Tenkasi, Madurai, Salem and Trichy in the next nine months to one year. Prathap Murali, WorkEZ head of business, says, “If the average rental per sq. ft. in Chennai is ₹60-₹65, it is ₹30-₹35 per sq. ft. in tier 2 and 3 locations. A lot of our clients in Chennai want solutions for their employees, who want a hub and spoke model in these towns,” he says.

The state government’s Elcot IT-SEZ parks are also benefiting with increased bookings for its new IT parks and those under construction in Coimbatore, Trichy and Madurai. However, the existing ones, especially in towns such as Hosur and Tirunelveli, only have a meagre 10%-20% occupancy levels. Sources TOI spoke to say transport and other infra around these IT parks have been weak, prompting companies to approach private tech park operators in the heart of the towns. However, Elcot MD Ajay Yadav says Hosur and Tirunelveli typically see interest from smaller tech firms with less than 50 employees and so the IT parks in these two towns are being re-modelled to set up plug and play facilities.

Anuj Puri, chairman, Anarock Group, said, tier 2 and 3 towns in Tamil Nadu are witnessing a spate of infrastructure development that have made them sought-after destinations for IT/ITeS investments. “What works in favour of many of these tier 2 & 3 cities is the presence of infrastructure (either already functional or soon-to-be-operational), cheaper real estate cost and relatively cheaper human resource. Overall, the set-up cost for companies in tier 2 & 3 cities, which includes real estate and human capital, is 20%-30% cheaper than in tier 1 cities,” he says.

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Blackstone’s Nucleus Office Parks leases 7.5 lakh sq. ft. in three main cities with Rs 1,100 crore annual rent

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Team iPropUnited
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The operating platform – Nucleus Office Parks has completed fresh office projects spread over nearly 2.5 million sq. ft. across its developments in Mumbai’s Lower Parel, Bangalore’s Outer Ring Road (ORR) and Gurgaon, taking its total portfolio size to over 22 million sq. ft.

Nucleus Office Parks, the operating platform for fully-owned office properties of India’s largest commercial real estate owner Blackstone Group, has leased over 7.50 lakh sq. ft. in commercial projects so far this year across its pan-India portfolio. The leases are expected to generate rental revenue of over Rs 1,100 crore annually.

Post the Covid-19 pandemic the demand for commercial real estate is witnessing sustained rebound and over 15% of the company’ new supply has already been pre-committed.

“Our business is essentially a mirror image of what is happening in the economy…We are able to exhibit a robust leasing performance and achieve this sort of numbers only because the economy is expanding and the growth driving the business,” Quaiser Parvez , CEO, Nucleus Office Parks, told ET in an exclusive interaction.

“This year is turning out to be a recovery year. In the first half of 2022, Indian office market has already clocked gross absorption of 28 million sq ft, which was the number achieved during the entire 2021,” Parvez said while adding that a significant part of Nucleus’ fresh leases was in Mumbai properties.

The operating platform houses a total 18 assets in top five property markets of the country including Mumbai, Bangalore, NCR, Chennai and Ahmedabad.

Apart from these, the US-based private equity major also owns over 110 million sq ft commercial assets in the country through its joint ventures and alliances with Indian developers.

“Each of our properties are uniquely placed in their specific micro-markets and are able to attract rental premiums over the rest of the supply in that zone,” Parvez said.

“The falling vacancy levels across key markets are an indication of rising demand and restricted supply combination of which has started pushing rentals higher. For instance, rentals in Mumbai have moved up 2.6% in the last two quarters,” he said.

Based on the hiring in the past 18-24 months, the top five IT companies’ incremental demand for office spaces is expected to be nearly 11.67 million sq ft over the next two years once the offices open with full capacity. India’s top five IT companies are reported to have hired approximately 260,000 new employees during the April 2020 to September 2021 period.

According to Parvez, the steady space take-up by the IT sector is continuing as both global and domestic companies have picked up large office spaces in the past few months signalling a robust comeback of leasing momentum.

On the office market performance, all the top eight cities recorded transactions of 25.3 million sq ft during the first half of 2022, whereas the office completions were recorded at 24.1 million sq ft in the same period, showed data from Knight Frank India.

Bangalore and Pune office markets recorded maximum annual growth in rental value at 13% and 8%, respectively owing to higher demand. Hyderabad, Mumbai and NCR also witnessed moderate increase in their rental values whereas the rental values in Chennai, Ahmedabad and Kolkata remained stable.

Blackstone has emerged as the most aggressive institutional investor in India with overall assets under management estimated to be $60 billion across various sectors, making it one of the top 10 business groups in the country. Real estate accounts for nearly $20 billion of this market value across its 42 investments.

It is the largest office and retail assets owner in India with an office portfolio of 135 million sq ft and over 10 million sq ft of retail properties and 40 million sq ft of logistics space.

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Adani Group pledges shares worth about $12.5 billion of ACC, Ambuja Cements

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Team iPropUnited
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On Monday’s the closing prices of the pledged shares of two cement units- ACC and Ambuja were worth around 989.46 billion rupees and accounted for a 57% stake in ACC and a 63% stake in Ambuja Cements.

BENGALURU: India’s Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland’s Holcim.

Deutsche Bank AG’s Hong Kong branch, which is the agent for the pledged shares in ACC and Ambuja, made the disclosure in filings to India’s stock exchanges.

In May this year, the group announced the acquisition of Holcim’s cement businesses in India for $10.5 billion to become the country’s No. 2 cement manufacturer.

Adani on Saturday said that the production capacity at the cement units was expected to double by 2027 once the deal is complete.

Adani, the world’s second-richest man after Elon Musk, has made inroads into several sectors this year, ranging from media companies to cement giants, in a deal-making spree that has raised concerns about his group’s debt levels.

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Haryana RERA bans sale & purchase in two projects as registration expires

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Team iPropUnited
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H-Rera has served show-cause notices to projects for not completing the registration process, which is mandatory.

GURUGRAM: The Haryana Real Estate Regulatory Authority (H-Rera) has stopped the sale and purchase of units in two projects after the developers of the project failed to register them with the authority.

H-RERA chief K K Khandelwal said, “The H-Rera registration and the licence, as on date, of the Neo Square commercial project stand expired. The promoter has already been granted seven opportunities and still failed to rectify the deficiencies, including the renewal of licence. A show-cause notice has been issued to the promoter as to why the application for grant of extension of registration of the project shall not be rejected,”

“Also, a notice informing the public not to indulge in sale and purchase in this project has been issued, as the project’s Rera registration as well as its licence have expired,” he added.

The authority in its report has submitted that, it’s been observed that Zen Residence 1, a group housing project at Sector 70A, the complete negligence on part of promoters has been shown as the one-year period of extension of registration permissible has already expired but a large number of documents are yet to be submitted, Khandelwal said.

“The promoter has been restrained not to indulge in sale of units in the project till permission for registration to remain in force is granted by the Authority” a Rera quorum consisting of the chairman and three members said on Friday.

“Moreover, the promoter of an affordable group housing project, The Meridian in Sector 89, has already been granted more than 10 opportunities and has still failed to rectify the registration deficiencies. Also, the promoters of Centra One project in Sector 61 failed to comply and rectify the deficiencies in 30 days, as nobody was present on behalf of the promoter during a hearing on September 12,” H-Rera said in a statement.

The promoters of both projects have been served show-cause notices, and they must reply with corrective measures within a month, it added. The developers of all four projects couldn’t be reached for comments.

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400 crore invested by US based Varde Partners in Chennai based Casagrand Builder

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Team iPropUnited
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“The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” Varde Partners statement said, the builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

Varde Partners, a US-based alternative investment fund (AIF) has invested Rs 400 crore in Casagrand Builder, a Chennai-based real estate developer for land purchase in Chennai for development. “The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” one of the person aware of the deal said.

The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

“The land belonged to a Dutch firm and has been sold for over Rs 3 crore per acre,” said the person quoted above.

The deal comes after Rs 440 crore investment made by Varde Partners recently in an Omaxe Group project in Delhi-NCR.

Apart from this investment, the US-based AIF has also invested in two commercial projects of Phoenix Group in Hyderabad and has also acquired a commercial building from Lodha Group for around $1 billion in 2020.

Casagrand propose to develop a mid-income multi-storey apartment project on the Kelambakkam road, priced at Rs 4,000 per sq. ft. and upward.

CBRE, the transaction advisor, Casagrand and Varde Partners could not be reached for comments.

Last month, the Chennai-based builder had bought 20 acres of land in Perambur, Chennai from PVP Venture.

“It had purchased eight acres outright while the remaining land is under JDA (joint development agreement),” a person in the know said. “Casagrand is looking to buy more land in the south to expand its residential portfolio.”

Recently, the builder had received funding of Rs 1,200 crore from international investors including Apollo Global and KKR.

Casagrand aims to achieve a sales target of Rs 3,750 crore this fiscal, up from Rs 2,300 crore in 2021-22. It will add 25 million square feet of residential property by 2024 and 5 million square feet of office projects.

The top builders in the country are seeing a continuous rise in homebuyer inquiries and conversions in recent months owing to improved consumer sentiment.

In its latest report- India Real Estate, Knight Frank India shows: H1 2022 (January – June 2022) cited that the Chennai residential market registered a 21% Year on Year (YoY) growth in sales in H1 2022. The city recorded sales of 6,951 housing units in H1 2022 compared to 5,751 housing units sold in H1 2021. The new home launches also increased by 40% YoY from 5,424 housing units in H1 2021 to 7,570 housing units in H1 2022.

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TNPCB consent a must to operate building projects with 20,000 sq. mt. built-up area – Chennai

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Team iPropUnited
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Even construction projects with built-up area less than 20,000 sq. mt. if they are provided with sewage treatment plant should also get consent of the board for effective monitoring of operation of such plants, the statement said.

CHENNAI: On Tuesday the Tamil Nadu Pollution Control Board issued a statement stating all building projects including multi-storied apartment buildings, IT parks, and commercial establishments with a built-up area more than 20,000 sq. mt. shall get consent to operate from the TNPCB under the Water (P&CP) Act, 1974 and the Air (P&CP) Act, 1981.

TOI had pointed earlier that how multi-storey buildings above 20,000 sq. mt. are not taking environmental clearances. The order came in response to the TOI story published recently. Thereafter, the supporters who have got consent shall apply and get renewal of consent regularly and they shall operate the facility only with valid consent of the pollution control board.

The statement said to include the construction projects with built-up area less than 20,000 sq. mt., if there is a provision of sewage treatment plant and same shall also get consent of the board for effective monitoring of operation of such plants.

It stated that in case of residential apartment complexes, where the promoter handed over the building to the owner’s association, the said association shall apply and get consent of the TNPCB and subsequently renew the consent regularly.

STP shall be operated efficiently so as to meet the standards. The treated sewage shall be recycled, used for gardening, tree plantation as per consent order conditions.

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DTCP begin audit in 17 high rise with structural flaws, report in 45 days: Gurugram

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Team iPropUnited
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Bureau Vertias, TPC Technical projects Consultants, Vintech Consultants and NNC Design International, the four agencies have been issued structural audit work order by DTCP.

GURUGRAM: 17 high-rise societies “having serious construction flaws” have been identified for structural audit and work has begun as the department of town and country planning (DTCP) assigned the projects to empanelled audit agencies on Monday.

The agencies, according to the work order, will conduct a detailed visual survey of 17 residential buildings — both internally and externally — to record construction faults, level of deterioration and damage to slabs, columns and beams. The survey will also help the authorities find the reason behind the defects.

Amit Madholia, district town planner (enforcement) said the agencies will also suggest remedial measures and make recommendations about type, frequency and location of other tests that are further required to ascertain structural integrity of these buildings.

An official told, the audit work is expected to finish in 45 days and the agencies will submit their reports to the district administration and DTCP. Depending on the report the future course of action will be decided by DTCP on the basis of recommendations made by the panel members.

A rate of Rs 1.75 per sq. ft. will be paid to the agencies for the audit, and cost of the audit will be borne by developers, who will deposit the amount in escrow account of the district administration, following which additional deputy commissioner (ADC) and district town planner will release the payments to agencies.

In each of these 17 societies, two members of RWA and a representative of the developer will be present along with agency members during the audit, Deputy Commissioner Nishant Yadav said. He added, “In societies having more than one RWA, a member from each association will be present at the time of auditing. RWAs should preferably assign the job to any member or resident who is an architect or a structural design engineer by profession.”

Yadav has assured residents that deficiencies or defects identified by the experts will be rectified. The district administration’s officials will review the progress and hold regular meetings with residents during the audit process, he said.

In the first week of August, the authorities had finalised the panel of four agencies for carrying out structural audits of 17 residential societies where residents allege serious defects in construction.

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House allotment system launched in Odisha under the ‘Housing for All Policy’

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Team iPropUnited
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It works on the principle of a continuous process of registration of all those families, who want to avail dwelling units under the ‘Housing for All Policy’.

BHUBANESWAR: The state government’s Odisha Urban Housing Mission (OUHM) has developed a professionally managed web-based software solution and an android based mobile application ‘House Allotment System ’. It works on the principle of a continuous process of registration of all those families, who want to avail dwelling units under the ‘Housing for All Policy’.

This system was launched by urban development minister Usha Devi at a launching ceremony organized here on Wednesday by the Bhubaneswar Development Authority (BDA) supported by OUHM. She congratulated housing and urban development for achieving a milestone in establishing a transparent and professionally managed system for allotment of economically weaker section (EWS) houses, through the web-based software solution.

OUHM mission director Debasis Singh said approximately 1500 EWS houses have already been constructed. These dwelling units will be allotted to the eligible and intended beneficiaries through a transparent and efficient manner. HAS will enable allotment of houses to the beneficiaries, through a fair and transparent mechanism right from registration to handing over of houses, he added.

The other features of this web-based application are Legacy Data Management and Integrated Payments mechanism. “The legacy data management ensures cross verification of beneficiaries who have availed housing facilities through earlier government schemes whereas the integrated payment mechanism ensures hassle free online payment by the beneficiaries,” said the official release of the urban development department.

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Ishan International : bridging the business gap for engineering infrastructure from Southeast Asia is coming out with an IPO

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Team iPropUnited
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Ishan International has been a certified star export house due to its 80% market share in Southeast Asian market as recognized by EEPC for the past 26 years

The Engineering Export Promotion Council (EEPC) promotes the export of Indian engineering goods, products, and services worldwide. Ishan International has been a certified star export house due to its 80% market share in Southeast Asian market as recognized by EEPC for the past 26 years. To do so, Ishan International has made significant contributions to India’s foreign trade.

Ishan International Limited is aiming to raise INR 18.24 crore by means of its initial public offering (IPO), which is set to open on the 9th of September and close on the 14th of September. The company has overseas offices in the Philippines, Indonesia, Hanoi (Vietnam), Ho Chi Minh City (Vietnam) and Kenya (in the process). Having an undisputed dominance of 80% market share in such developing nations means easy access to huge funds and endless business opportunities in the engineering infrastructure industry. Ishan International’s next targeted market is developing South African countries, which have the interests of major foreign investors like the UAE, US & China.

Ishan International Ltd. has been making quality engineering solutions in India & selling it to the developing Southeast Asian countries along with skilled manpower, which ultimately helped the company to create its dominance within a period of just two decades time. Considering that there are more than 30 underdeveloped nations in the near vicinity of Asia and South Africa, Ishan International plans to capture and monetize this new market in the next five years via the joint venture it planned from its IPO funding. This clearly proves how Ishan International Ltd. is effectively using its market dominance and supply chain to create a highly profitable environment for its investors.

By analyzing the company’s financials from the DRHP, the company’s net income increased by an astounding 87%, while its net worth increased by 20% in the first quarter of 2022. It has a lower P/E ratio and higher EPS than its competitors. Notably, there is no offer for sale because Ishan International is conducting only a fresh Initial Public Offering, which will be used to fund additional business activities and joint ventures. Ishan International Limited has planned a fixed-price equity offering at INR 80 per share, which is a reasonable price for the company with such financials. If an investor seeks companies with gradual but long-term growth potential in an evergreen industry such as engineering infrastructure, then Ishan International may be the ideal candidate.

India exported US$ 111.63 billion in engineering goods in FY22, up 45.51 percent year-over-year. Ishan International Ltd. has contributed almost 80% of Southeast Asian sales. International clients prefer Indian machinery because manufacturing costs are lower and the quality is better. Since 2004, Ishan Global has provided a wide range of engineering machinery on overseas projects, particularly in South-East Asia, to esteemed clients like the Government of the Philippines, Government of Indonesia, Government of Vietnam, Busco Sugar Milling Co. Inc, Universal Robina Corporation Group, First Farmer Holding Corporation, & the list can go on & on.

With a large clientele, the company’s order book is intense. As of January 31, 2022, Ishan had an order book worth nearly INR 30 crores+ executables in 6 months, indicating revenue growth. New contracts from sugar, renewable energy, pollution control, and pharma projects will give the company a competitive edge, leading to higher sales and profits. Existing and new markets will provide this new business. Exports drive the company’s overall growth & diversification protect the company from sector downturns and strengthen its order book.

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GNIDA cancels land allotment to Assotech Infrastructure since not a single brick being laid in last 15 years

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Team iPropUnited
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18,141 square meters of land was allotted to Assotech Infrastructure in 2006 and the same was handed over to the builder in October following the execution of a lease deed but the builder never went ahead with the project.

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has cancelled land allotment to a group housing project in Sector Pi since the builder has failed to start construction more than 15 years after the allotment. Officials said that even the map of the project was never passed.

“The builder was required to complete the construction work in six years and then get the occupancy certificate. After this period, the builder can obtain some more time by depositing a prescribed fee to the authority, but the builder did not even get the map passed. It also did not apply for any extension.”Soumya Srivastava, OSD (builder department).

It was further added that there was no provision to give any concession once 15 years had passed since the issue of the lease deed. “The tenure of the plot allotted to Assotech Infrastructure crossed 15 years in March 2022. In these 15 years, the builder did not initiate any work. Additionally, the builder did not inform the authority about any flat bookings,”

The authority will now allot this plot under a new scheme and the builder would get back 75% of the total amount deposited for the plot allotment, Srivastava said

YEIDA CEO Surendra Singh said, “Any allottee who does not complete a project within stipulated time will not be spared. All departments have been ordered to cancel allotments to allottees, sitting on projects for a long time and not making any progress. The authority will take possession of those plots and allot them through new schemes.”

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