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Ruchika Bhalla

Ruchika Bhalla
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WeWork expects a rise of at least 30 percent in revenue on office space in 2022

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Ruchika Bhalla
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WeWork is backed by Softbank and this year it expects full-year revenue between $3.35 billion and $3.5 billion, a 30%-36% rise from its 2021 revenue.

WeWork Inc a flexible workspace provider is expecting its office space revenue to go up by 30% this year amid surge in demand for office space as many companies are looking at hybrid model.

WeWork is backed by Softbank and this year it expects full-year revenue between $3.35 billion and $3.5 billion, a 30%-36% rise from its 2021 revenue.

Companies like WeWork offering workspace solutions are benefitted after the COVID-19 pandemic, as it has triggered the option of offering the employees work from places other than their offices. WeWork in its bargain offers workstations, private offices and customized floors.

Softbank-backed WeWork’s business has also recovered due to easing of COVID-19 curbs, after work-from-home arrangements last year weighed heavily on the company amid reduced occupancy and higher operating costs.

The switch to a hybrid work model had also lifted WeWork’s London-listed rival IWG, which reported a smaller loss on Tuesday.

WeWork went public in October last year after about two-year struggle in the market, it was aided by chief executive Sandeep Mathrani’s vision to cut costs by exiting unprofitable leases and selling non-core assets.

On Friday, WeWork said it expects revenue between $900 million and $1 billion in the third and fourth quarter of 2022, which is the range it expects to become profitable on an adjusted EBITDA basis.

Long-term lease obligations, a closely-watched metric given the company generally leases real estate, fell about 11% to $17.93 billion as of 31 December 2021.

New desk sales for the fourth quarter, on the other hand, rose to 87,000 from 84,000 in the third quarter.

Revenue rose about 9% quarter-on-quarter to $718 million.

Realtors in Andhra Pradesh appealed the state government to postpone revision of land values till Dec 2022

By
Ruchika Bhalla
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CREDAI general secretary KSC Bose while speaking to reporters said the realty sector in Andhra Pradesh has been struggling with various issues and including increased in the revision of land values and it would further impact the industry.

Confederation of Real Estate Developers Association of India (CREDAI) Andhra Pradesh chapter urged the state government to put off the decision for revision of lands values till December 2022.

CREDAI general secretary KSC Bose while speaking to reporters said the realty sector in Andhra Pradesh has been struggling with various issues and including increased in the revision of land values and it would further impact the industry.

Bose remarked that the current market conditions are not favourable for any hike though it is a regular practice to revise market values of lands annually. He expressed concerns over the health of the real estate industry which has been hit worst due to Covid-19 pandemic.

With abnormal escalation of basic prices of construction material like steel, cement, paint, plumbing and electrical material, the sector has been completely demoralised, said Bose. “Some of the material prices increased by 40 to 50% in last few months.”

Delhi Development Authority surveyed 87 slums across the city, will help find them new homes

By
Ruchika Bhalla
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In Delhi, about 20 lakh people live in 677 slum clusters out of which 490 are on land belonging to DDA and the central government.

Delhi Development Authority (DDA) is carrying out an extensive survey of 87 slum clusters to assess the eligible beneficiaries for rehabilitation. Though it has already started preparations to hand over the first lot of flats at its Kathputli Colony and Kalkaji Extension under slum redevelopment projects

The first lot of slum dwellers expected to get EWS flats very soon at Kathputli Colony and Kalkaji Extension where work is going on for more than a decade.

Apart from 2,800 flats for slum dwellers from Kathputli Colony, 3,024 at Kalkaji Extension and 1,675 at Jailorwala Bagh, work is expected to begin soon at 10 slum clusters at Dilshad Garden, Shalimar Bagh, Haiderpur and different sectors of Rohini for 10,337 EWS flats. Apart from these, detailed project reports are going to be prepared for eight slum clusters at Kalkaji Extension, Kusumpur Pahadi and Okhla Industrial Area for 15,086 EWS flats.

“DDA is the nodal agency for implementing in situ slum rehabilitation under vertical-1 of Pradhan Mantri Awas Yojna (Urban) in respect of slum clusters falling on land belonging to DDA and the Centre,” said a DDA official.

DDA propose to appoint private agencies for the survey and collect the details in standard forms to help in establishing benchmarks. The official added that DDA intended to create a comprehensive database of slum dwellers and clusters for rehabilitation and the database would comply with the requirement of PMAY (Urban).

The survey would also include stakeholder analysis to understand people’s perception of their problems, aspirations and provide inputs that would be useful to consider and develop plans, including social housing. It would help in assessing the affordability of people for housing and housing finance.

The door-to-door survey would cover every household in 87 slum clusters. The data would also be presented before the community for ratification to ensure that no households are left out and the information collected is accurate. “The quality of housing in slums or JJ clusters is abysmal and the access to basic amenities for their residents is extremely inadequate. We plan dwelling units with two rooms, kitchen, bathroom, WC and balcony with basic amenities at such redevelopment projects. We aim to provide a hygienic, healthy and dignified lifestyle to the slum dwellers,” said a DDA official.

Maharashtra State Consumer Disputes Redressal Commission- Four housing society office bearers fined for deficient service

By
Ruchika Bhalla
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Four housing society office bearers and the society itself has been held guilty for not the relief to the aggrieved owner despite his repeated pleas. The state consumer commission has directed them to individually pay a compensation of Rs 50,000, for failing to fix the problem faced of a flat member whose repeated pleas to fix a leakage problem caused due to rainwater fell on deaf ears.

“This commission is also of the opinion that the office bearers of the cooperative housing society during whose tenure, in spite of receiving complaints in writing from the member, no proper steps were taken to redress the complaints of member. Hence, in addition to the cooperative housing society, the office bearers are also responsible for not taking a decision and giving relief to the member by proving deficient service,” stated the Maharashtra State Consumer Disputes Redressal Commission.

Apart from the office bearers, the housing society, Swati Srishti CHS Ltd, has also been ordered to pay a compensation of Rs 2.25 lakh for causing mental agony and another Rs 91,000 (with interest) towards the repairs.

The flat owner, Nanda Kumar Shetty first moved the district forum in 2013 and then later state commission after the district forum rejected his plea in 2019. He was represented by advocates Anubha Rastogi and Kushal Mor.

While opposing the appeal, the lawyer for the housing society and office bearers submitted that he had already approached the deputy registrar of cooperative housing societies and that this was considered by the district forum.

The consumer commission remarked that it has the jurisdiction to entertain the complaint of members of a cooperative housing society. “Hence, the observation made by the district commission that ‘the complainant has already approached one authority having jurisdiction and said authority has taken cognizance and consumer commission has no jurisdiction’ is not correct and legal,”

The commission also said as per the society bylaws under Maharashtra Cooperative Societies Act, cooperative societies have the responsibility to carry out the repairs and maintenance of societies’ property.

“…As per the jurisdiction of the consumer commission, the complaints in relation with deficiency in service by the service provider, here co-operative housing society, is maintainable before the consumer commission,” the commission said.

It all started in February 2009, Shetty told the commission that he complained to the housing society about the leakage but his complaint fell to deaf ears and no action was taken. Shetty further alleged that in August, 2010 the ceiling of his bathroom gave up due to heavy leakage.

The housing society and the office bearers denied the allegations and their lawyer plead that society has never denied repair work. “In fact, in society meetings, the leakage problem faced by the members was seriously discussed,” their lawyer submitted before the commission.

NBCC told to pay six-month rent to Green View EWS families in Gurugram

By
Ruchika Bhalla
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District town planner RS Batth on Thursday, sent a sharp communication to NBCC, directing it to provide immediate relief to Green View EWS families as agreed with the district administration.

NBCC told to pay six-month rent to Green View EWS families in Gurugram

The district town planner on Thursday asked NBCC to provide immediate monetary compensation to the EWS families of Green View project in Sector 37 D, Gurugram where several residents have raised allegations of structural defects in the buildings.

They are directed to provide rent amount for six months in advance and one-time charges for shifting to the families.

He also directed NBCC to work out modalities to provide advance rent for six months along with a one-time shifting charge, which was agreed upon by the EWS residents during an interaction with the authorities.

Batth, who is also the duty magistrate for NBCC Green View project, said the noncompliance by developer could lead to violation of the orders issued by the deputy commissioner and draw consequences.

“The occupants of EWS units are from the lowest socio-economic strata of the society and they cannot be left to fend for themselves,” Batth quoted the order issued by deputy commissioner Nishant Yadav. It is the developer’s responsibility to provide immediate relief to the residents and adding that, the relief should be given to all occupants irrespective of their ownership status as they are as of now residing in the housing project. “Moreover, the payment of rent to the residents shall not in any way be related to their title of ownership and this is for public interest at large that they are safely shifted,” he further said.

Despite repeated attempts, NBCC could not be contacted for comments.

Meanwhile, in Chintels Paradiso case, the deputy commissioner has requested a team from IIT- Delhi to audit the building and submit it within two months. “Also, the authorities have appointed experts for evaluation of the properties and interiors at Tower D where the living rooms of five flats collapsed vertically from the sixth to the second floors on February 10,” said Batth.

The developer after a discussion with the authorities, has agreed to offer the flats at its other project, Serenity, in the same sector to the Chintel Paradiso residents. According to sources, however, an occupation certificate is yet to be issued to the project.

A spokesperson for the developer said, “We are fully cooperating with the district town planner to work out rental and rehabilitation arrangements of the affected residents.”

Morgan Stanley leases 3.35 lakh sq. ft. office space in Oberoi Commerz III in Goregaon Mumbai

By
Ruchika Bhalla
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Morgan Stanley leases 3.35 lakh sq. ft. office space in Oberoi Commerz III in Goregaon Mumbai

The lease takes global investment bank’s total deal size to 1.5 million sq. ft., stacking it among the largest office transactions in India.

Global investment bank Morgan Stanley has leased 3.35 lakh sq. ft. of office space from real estate developer Oberoi Realty in its commercial tower, Oberoi Commerz III in the Goregaon suburb of Mumbai for a long-term tenure.

This leased space is in addition to Morgan Stanley’s earlier transaction of 1.1 million sq. ft. of office space in the same office tower, taking its total deal size to 1.5 million sq. ft. and placing it as the biggest office space transactions in India.

The deal is significant not just because of the size of office space leased but also because Morgan Stanley has pre-committed to the under-construction office space, as against the usual practice of leasing ready properties.

Amid the Covid-19 pandemic, the US-based global investment bank finalised the deal to lease 1.1 million sq. ft. in this over 40-storey tower, making headlines as the largest office leasing transaction. It is one of the tallest mixed-use office towers in the country.

Both the deals will have a total tenure of 9.5 years and Morgan Stanley will be paying rentals of Rs 115 per sq. ft. per month, taking its total pay-out to nearly Rs 2,000 crore over the total tenure of the lease. The deal agreement also includes a rental reset clause every 3 years with a 15% escalation.

“The construction of the tower is in an advanced stage and is likely to be completed by the end of the first quarter of 2023. Morgan Stanley is expected to then take it up for fit-outs and to move in 9-10 months aft.er that, in early 2024, “said one of the people aware of this development.

This is the largest space taken up by any company along the western express highway. The upcoming tower is part of a larger layout called Oberoi Garden City, spread over 80 acres, which is a premium mixed-use development in Goregaon located adjacent to the upcoming metro station.

Commerz III is a 2.9 million sq. ft. mixed use building, and with this deal, over half of the tower is already pre-leased.

Morgan Stanley will be consolidating its Mumbai Global In-house Centre (GIC) operations to this single campus in the city. The investment bank established the Mumbai GIC in 2003 and the Bengaluru GIC in 2014 to support its global institutional securities, wealth management and investment management businesses.

The global investment bank has been operating in India since 1993, and has an institutional securities platform, offering a range of investment banking, capital markets, equities, fixed income, private equity and derivative products, research, as well as growing investment management businesses.

With work-from-home ending soon the office premises to be made Covid-safe by the companies

By
Ruchika Bhalla
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To minimise the spread of virus the developers and facility management firms are devising and implementing course of actions and also ensuring that the facility meets the Covid protocols.

With work-from-home ending soon the office premises to be made Covid-safe by the companies

Large technology firms and commercial parks are expecting 100 percent occupancy in office and full swing office operations after two years since Covid hit the world. To keep the virus at bay the developers and facility management firms are taking extensive steps and coming up with plans to meet strict protocols to provide safe working environment.

Since the worldwide concerns are lowering against the Omicron variant the companies are opening offices across the country in a phased manner, But soon the pace will pick up and organizations will be operating in full stack mode.

From sanitizing high-touch areas frequently to introducing contactless doors and elevators, developers and facility management firms are trying to eliminate all chances of virus spread. They are also bolstering traditional desks by introducing technology-aided features, including robotics and wearables to welcome the employees at workplaces.

“Corporates and IT/ITeS industry is gearing to ramp up the employee count at office in the next couple of months and the industry is likely to see around 60% of the workforce back in office by the fourth quarter of 2022,” said Sameer Saxena, general secretary, Global Association of Corporate Services, which represents over 6,000 corporate real estate professionals across the country. “This time, the companies are expecting acceptance of the back-to-office at an improved pace.”

“As we welcome companies back to work across 47 million sq ft of our office portfolio in India, we have ensured business continuity for tenants, with elevated health, safety and sustainability standards,” said Alok Aggarwal, MD, Brookfield Properties India. “With the changing landscape of work and the workforce, we have utilized this period for a national-level asset upgrade programme so that 400,000 employees working at our offices are back to well-amenitised campuses and business parks with green open spaces that promote collaboration and well-being.”

Touchless management of common areas, dedicated medical facilities and isolation chambers to MERV filters for cleaner air and automated RFID-based vehicle management system are among key initiatives undertaken by Brookfield.

As mid and large-sized organizations sketched their plan to resume work from office for all employees, Simpliwork, a co-working firm has seen an upsurge of demand in the last two quarters of year 2021.

“We are also trying to introduce more greenery into our interiors while designing our workspaces to relieve people of the quarantine fatigue and the stress induced by high exposure to computer and mobile screens,” said Kunal Walia, co-founder of Simpliwork.

The IT firms had plans to call back employees from January this year but the third wave of Omicron put their plans to rest and most of these companies’ extended work-from-home (WFH) policies till March. Now with the scare going away and the world opening up the plans to return to work seems to be becoming a reality.

“Health and safety have become crucial, now more than ever, after the world has faced a pandemic,” said Vinod Rohira, CEO, Mindspace Business Parks REIT. “Our primary focus has been on air quality management, public spaces, emergency protocols and enhancing amenities and recreation to deliver the best user experience. The well-being of our tenants is at the core of our initiatives, resulting in upgrades of all public areas to deliver the best user experience.”

DLF to develop residential projects in South India over next 18 months

By
Ruchika Bhalla
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DLF in a project spread over 85 acre will develop 1,500 plots, having 2.15 million square feet area, over the next 18 months. The plots of size 600 to 4,000 sq. ft. will be in offering. The company propose to sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

DLF to develop residential projects in South India over next 18 months

DLF Ltd plans to develop about 3 million sq. ft. of residential space in south India in addition to an 85-acre plotted development in Chennai as the company gears up to create a pipeline of residential properties after a long time, a senior official told ET.

The company earlier concentrated mainly in north India but now has shifted focus on extending business to south. It has planned residential development in Chennai and then similar development in Cochin, Goa and other locations.

“We have planned pan-India residential development this year as Covid-19 has accelerated the demand. The Chennai project is close to the IT hub and the city has a lot of demand for plotted development,” Aakash Ohri, Group Executive Director and Chief Business Officer, told ET.

DLF has planned 35 million sq. ft. of new construction in the medium range with a revenue potential of Rs 47,000 crore.

The company expects Rs 700 crore of revenue from 1,500 plots, ranging from 600 sq. ft. to 4,000 sq. ft. at DLF Parc Estate, off Old Mahabalipuram Road, Chennai.

“The area will be developed on the lines of Cyber City in Gurgaon and BKC in Mumbai. The kind of offices available near the residential development is on similar lines. It will be a theme-based project and as other projects of DLF have ample green space, this will be developed on the same concept,” Ohri said.

“In the past 3-4 years, we have worked hard and have continued to develop. The series of developments planned this year, is as per the demand coming from the market. There is also a great demand for second homes and we will soon announce projects in the hills and in Goa,” Ohri said.

DLF will launch 7.6 million sq. ft. in FY 22-23 and another 9.2 million sq. ft. next year.

“We will sell the plotted development in two phases and have already finalised another high-end project spreading across one million sq. ft in Chennai. In addition, another two million sq. ft. of residential project will be launched in Cochin in FY 22-23,” said P Ramakrishnan, Group executive Director and Chief Technical officer.

The project planned for this year is on an old land bank, but the company is willing to acquire more land.

DLF had earlier given guidance of launch of close to 6.4 million sq. ft. of residential projects in 2022-23, of which 2 million sq. ft. will be dedicated for value homes.

“The residential business continues to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies. Demand for our new products of independent floors across Gurugram market continues to witness healthy absorption. The monetization of our completed inventory across markets continues to gain traction,” the company had said.

Rs 250 crore transferred to 26,500 PMAY beneficiaries by Madhya Pradesh government

By
Ruchika Bhalla
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With an aim to achieve Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ (self-reliant India) the state government is working relentlessly to provide houses to all.

Rs 250 crore transferred to 26,500 PMAY beneficiaries by Madhya Pradesh government

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has transferred Rs 250 crore to the accounts of 26,500 beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) in the state. Chouhan virtually took part in the bhoomi pujan of construction of 30,000 houses and inaugurated 50,000 new houses on Wednesday during an event in Bhopal.

With an aim to achieve Prime Minister Narendra Modi‘s vision of ‘Atmanirbhar Bharat’ (self-reliant India) the state government is working relentlessly to provide houses to all.

MP CM, Chouhan said the government’s target is to ensure each eligible beneficiary owns a ‘pucca’ house in the state and make the lives of citizens more comfortable.

The state government had earlier approved the construction of 8, 68,000 houses and 4, 72,000 beneficiaries out of these have already received their house ownership. The remaining houses are being constructed on a fast pace. He also assured that the benefit of the PMAY will soon be extended to those who have yet not received it.

During the COVID-19 period, more than 4.4 lakh houses were built, providing relief to the beneficiaries, an official said.

Patra chawl redevelopment project inaugurated by CM

By
Ruchika Bhalla
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“The tenants of Patra Chawl have moved a step towards getting their homes. I give my word that they will get their homes in the next three years,” said Awhad, housing minister, Maharashtra.

Patra chawl redevelopment project inaugurated by CM

Maharashtra chief minister Uddhav Thackeray on Tuesday inaugurated the Patra chawl redevelopment project, which had been stalled for over a decade, impacting 672 tenants. NCP chief Sharad Pawar, deputy chief minister Ajit Pawar and housing minister Jitendra Awhad were also present at the ceremony.

“The tenants of Patra Chawl have moved a step towards getting their homes. I give my word that they will get their homes in the next three years,” said Awhad. “I request all those who have finally got their homes after a long struggle, not to sell these homes and leave the city,” said Thackeray. “We look forward to being invited for tea to your homes,” he added.

The committee of residents had met authorities last year and the decision was taken to find a solution for the long-pending project.

The project, spread over 47 acres in Goregaon, had long been stalled due to controversy. The project was being executed by Mhada in 2008 and the contract was given to Guru Ashish Developers, a subsidiary of HDIL, to rehabilitate the chawl inhabitants. A tripartite agreement was signed between Guru Ashish Construction Pvt Ltd, tenants society and Mhada.

There were complaints of non-payment of rent by the developer to residents. Mhada issued a termination notice to the developer in January 2018. Against this notice, the developer sold his share of the project to nine other developers without Mhada’s permission. The nine developers filed a suit in the Bombay high court. The redevelopment project was then stalled due to legalities.

In 2020, the state government appointed Johnny Joseph, a retired chief secretary, to study the project and recommend solutions. Following his recommendations and the feedback from Mhada, the cabinet approved redevelopment in June 2021.

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