Godrej Properties Limited, plans a residential housing group in Sector 146, Noida, on over 12.4 acres of land, which is offering around 3.2 million sq.ft of development potential.
Godrej Properties said in BSE filling that it acquired about 18.6 acres of land in Kandivali Mumbai, on an outright basis.
Withzan anticipated revenue potential of over Rs 7,000 crore, the project has the capacity to improve about 3.72 million sq.ft.
“This project will assist in expanding our share in the market of Mumbai in upcoming years and suits within the plan of retaining our occupancy across real estate micro markets,” said Mohit Malhotra, MD, and CEO of the company.
Primarily premium residential apartments with supporting retail spaces will be the part of development.
This is GPL’s eighth project addition for the financial year 2023. Compared to its full-year guidance of adding projects with a booking value potential of Rs 15,000 crore, the estimated booking value from projects added in FY 23 is likely to increase progressively to around Rs 16,500 crore.
It is said in the media release that according to the e-tendering portal of SBI, it was recently declared the highest bidder for two adjoining land parcels in Noida for a total bid value of Rs 377 crore, which assisted an e-auction on behalf of the New Okhla Industrial Development Authority.
These two land parcels are located in Sector 146, Noida, spread over 12.4 acres offering approximately 2.2 million sq.ft. ability to develop. GPL plans to develop residential group housing on these land parcels.
Previously the company also acquired a land parcel with an area of 12 acres in Mundhewa east, Pune. with an estimated revenue potential the project will have a developable potential of around 2.2 million sq.ft.
Its potential to grow makes it a prime location for investing in commercial properties. The locality offers a solid return on investment based on the current developments in the area. Also, the area has better proximity to the Jewar Airport and Delhi NCR. Many giant corporate industries, global organizations, and foreign investors are moving to Greater Noida, which makes it a demanding place. Investing in commercial properties fetches higher rental value as compared to residential. Greater Noida is 36,000 hectares of land area but the government is planning to extend it to 94,000 hectares by adding 58,000 hectares from the clusters of 188 villages.
Greater Noida is becoming a business hub featuring enormous commercial projects from renowned developers.
Below are the top shortlisted under-construction commercial projects in Greater Noida West for investment purposes.
Gaur City Mall by Gaurs Group
RERA registration No. : UPRERAPRJ6934
The project is located in Sector-63, Greater Noida, spread over 5.96 acres, and offers Grade A office and retail spaces, restaurants, food courts, and showrooms with maximum visibility and high footfalls, the property options are available at starting Rs 1.44 L.
The lower floors, first and second floors are for the retail spaces and office spaces are on higher floors. The office spaces are small and affordable, making it the best fit for startup companies and the project has good connectivity which adds an extra advantage to it.
The Gaur City Mall is purely a commercial project and features all the amenities such as a gymnasium, public transportation, intercom facility, cafeteria, rain harvesting, reserved parking, and landscaped gardens.
The average price of property ranges between Rs 11,000/sq.ft to Rs 18,000/sq.ft
Office Space 265 sq.ft. Rs. 26.44 L Onwards
Bare Shell Office Space 259 sq.ft. Rs. 22 L Onwards
Shop Spaces 250 sq.ft. Rs. 41 L Onwards
Ocean Golden I by Ocean Infra heights
RERA registration no: UPRERAPRJ6747
Located in Techzone 4 Greater Noida, the project is 2-side open and has an A-Grade office space and superstructure. It has vast dimensions with 5 towers and is spread over 25 acres, offering premium business spaces including retail shops, office space, corporate suites, IT/ITES office space, virtual space, hypermarkets, banquet hall, food court, double-height ceiling shops, clubhouse, residential, and SCO.
It is intended to provide ultra-modern facilities to live, work, shop, and entertainment under a single roof which makes it a more attractive destination for all ages.
Also, the project is situated in good proximity to the largest retail and business hub, facing a 135 meter wide road equipped with modern amenities in IT/ITES offices.
The average price of the property is between 25,000/sq.ft to 32,000/sq.ft.
Food court 194 sq.ft. Rs 48.8 L Onwards
Office Space 478 sq.ft. Rs 60 L Onwards
Shop Space 194 sq.ft. Rs 48 L Onwards
DAH Greentech NX Byte by DAH Greentech
RERA reference No: UPRERAPRJ4746
This commercial project is located in Techzone-4, Kishan Chowk, Greater Noida. It is a high-end business park with office spaces and retail shops along with world-class facilities and infrastructure. The project is positioned 500 meters away from the upcoming metro station which provides the best connectivity to it, additionally, the project offers club membership, car parking, and a multi-cuisine restaurant under the same roof.
The project offers high-value returns and houses extraordinary amenities including a six-screen multiplex, anchor stores, a jogging track, indoor games, a yoga center, a children’s play area, and day care.
The project is specially designed to cater to the needs of business and commercial customers launching an IT startup or willing to run a restaurant will be the best option to invest in the project.
The average price of the property is between Rs 13,714/sq.ft to 17,000/sq.ft.
Bare shell office 350 sq.ft. Rs 20 L Onwards
Office Space 350 sq.ft. Rs 15 L Onwards
Shop Space 277 sq.ft. Rs 70 L Onwards
London Mart by Mart Promoters Pvt. Ltd.
RERA registration No. : UPRERAPRJ15269
This under-construction project is located in Sector-16 B Greater Noida and is scheduled for possession in June 2024. The property is spread over 2.91 acres has 505 units and offers a variety of configurations.
London Mart is designed for demonstrating luxurious lifestyle products from exotic Indian fashion brands to glamorous international brands.
The project is nearly 4 km from Noida Sector 121, and 122. Noida-Greater Noida Link Road, Bisrakh Road, and Vikas Marg are the region’s major roads.
The project is positioned on two sides open plot corner with proper visibility. It has theme bases food court on the third floor along with a multiplex, and a banquet hall on the 4th and 5th floors.
The average price of the property is between Rs 15,714/sq.ft to 19,000/sq.ft.
Office Space 210 sq.ft Rs 32.3 L Onwards
Office Space 274 sq.ft Rs 54.5 L Onwards
Shop Space 320 sq.ft Rs 65.2 L Onwards
Artha Mart by Artha Infratech Private Limited
RERA registration No : UPRERAPRJ981876
The project is spread over 4.31 acres located at Techzone 4 Greater Noida West, having 162 units to offer, positioned on a three-side open property. The project is well-equipped and RERA registered.
The project will be India’s biggest HyperMarket chain and will cater to the needs of 1 million consumers in the vicinity of Artha Mart. It offers mixed-use space for Restaurants & Coffee Shops, Apparel Stores, Sport Shops & Gyms, Family Entertainment Zone, Food Courts, Banks & ATMs, and Electronic & Mobile Shops
It is situated near the upcoming metro station as well as Sector 78 Metro station and has excellent connectivity from FNG. The locality offers close connectivity to Hindon Airport and the upcoming Jewar International Airport.
The average price of the property is between 25,000/sq.ft to 32,000/sq.ft.
Food court 380 sq.ft. Rs 1.18 Cr Onwards
Food Court 550 sq.ft. Rs 1.13 Cr Onwards
Shop Space 151 sq.ft Rs 31 L Onwards
Shop Space 575 sq.ft Rs 1.18 Cr Onwards
So, these are the projects that are great to invest in, and this could be the right time to grow your money by investing in commercial property in a rapidly growing city like Greater Noida.
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According to a report published on Thursday, the central bank of Germany is estimating a downturn but no serious correction in the property market of the country, even with warnings of overvaluation.
Vice president of the Bundesbank, Claudia Buch told CNBC’s Joumanna Bercetche: “We are seeing a turndown in the price growth for residential real estate, but it’s not that the overall dynamic has reversed, so we still have overvaluations in the market.”
The increase in residential property prices from 2010 to mid-2022 and overvaluations in the market has increased in German cities and towns ranging from 15% to 40% and throughout the country in 2021.
Analysts have predicted an acute decline for the sector, including at Deutsche Bank. Housing prices have already reduced by around 5% since March, according to forecasts by Jochen Moebert, a macroeconomic analyst at the German lender house prices will fall between 20% to 25% in total from peak to trough variation.
Buch said that the extent to which the easing of credit criteria brought on by a very rapid rise in residential mortgage credit raised concerns for the central bank.
“There we also see a slowdown, so we don’t currently think that additional measures are taken to slow down the build-up of vulnerabilities in this market segment, but we do think the market need to keep monitoring because we know that private households are extremely exposed to mortgage loans, being the biggest component in private household debt,” said Buch.
Additionally, Buch said that households are less exposed to increasing interest rates than in some other countries because the market has the highest share of fixed-rate mortgages.
Buch said, “Of course, the risk doesn’t disappear, it’s still in the system, but this exposure to interest rate risk is large with the financial sector, the banks who’ve done that lending concerning mortgages.”
And also other issues have been highlighted in the Financial Stability Review for 2022 by the Bundesbank, such as the declining macroeconomic environment, the downturn in German economic activity, rising energy prices, and the decline in real disposable income.
It reports that the German economy has reached a “turning point” as a result of financial market price corrections that have caused portfolios of assets to be written down. Additionally, the lists rising collateral requirements for futures trading as well as rising dangers associated with business loans.
Despite the fact that the credit risk in banks has not yet undergone a fundamental assessment, it claims that its financial system is “susceptible to adverse developments.”
Buch said that it is clear that we need a financial system that is strong enough to keep building up resilience over the next time.
Urban development officials have started accepting applications for regularization of illegal structures under the new impact fee rule.
The state government of Ahmedabad had announced the new impact fee policy on October 17.
The state urban development department has clarified that applications will be rejected from Real Estate Regulatory Authority (RERA), Ahmedabad Fire and Emergency Services (AFES) and health department which are without a no-objection certificate.
Uzder the new impact fee rule, the urban development officials have started accepting applications for regularization of illegal constructions which comes with a rider.
According to the reports, the state government accentuated the prescribed provisions in Fire Prevention and Life Safety Regulations 2016, Clinical Establishments (Registration and Regulation) Act, 2010 and the Real Estate (Regulation and Development) Act, 2016, the rules laid out.
The residential buildings (taller than 15 meters) and all commercial buildings will have to take NOCs from RERA, AFES and the health department, to ensure that the buildings have fire exits while applying for regularization, and have sufficient space to operate with installed fire equipments, said Ahmedabad Municipal Corporation (AMC).
Although, there is no clarity regarding the NOC from the health department as to which health department will issue the NOC.
While the AMC has its own health department, the areas such as Ahmedabad Urban Development Authority or Gandhinagar Urban Development Authority which comes under urban development authorities don’t have health departments, where the health-related matters are managed by the panchayats.
An AMC official said that the state government has started accepting applications for regularization of illegal constructions, but the investigation is remaining due to uncertainty, and any clarity will come up only after the assembly poll.
Officials of RERA and health department have been asked to make sure that no pending RERA related issues are left over and hospitals or clinics pursue the Clinical Establishments Act.
The work is not going on the site of Express Tower for one-and-half years. Only 60% of the work had been done to the present date. The residential project was launched in 2017 on seven acres of land.
Homebuyers of Expressway Tower pushed the town and country planning department (DTC) to schedule a meeting of the developer and investors to talk about the issues and demanded a structural and forensic audit of the affordable housing project of Sector 109 on 6 December.
Project was launched with a four-year deadline on seven acres of land in 2017, of which only 60% of the work is accomplished. Most of the home buyers have paid at least 90% of the total cost of the flat and presently there is no work going on at the site.
Eventually when the work had been discontinued at the site for one-and-half years, residents have reported, the builder increased the demand and threatened to cancel the unit if the money was not paid.
Narendra Solanki, senior town planner, had also spurred homebuyers to meet the district town planner for conducting the structural and forensic audit of the towers.
“Overall, the quality of construction work is very poor. Moreover, the structure of the buildings has weakened over time. We demand a structural audit of the buildings as well as forensic audit of money collected from allottees.” Col Naveen Hooda said, representing the homebuyers.
As per the data, this year in the first nine month period, Delhi-NCR engrossed institutional investments worth USD 754 million as compared to USD 301 million in the year-ago period.
NEW DELHI: Institutional investments in Delhi-NCR‘s real estate market leaped 2.5 times year-on-year to USD 754 million during the first three quarters January-September, according to Colliers India.
The total investments in Indian real estate rose 18 per cent to USD 3.6 billion during January-September this year, from 3.03 billion in the corresponding period of the previous year. The inflows were driven by the office sector that accounted for 50 per cent share.
As per the data, Delhi-NCR attracted institutional investments worth USD 754 million during the first nine months of this year, compared to USD 301 million in the year-ago period.
Chennai saw a sharp jump in inflows to USD 345 million from USD 98 million whereas in the city of Bengaluru, investments grew 18 per cent to USD 375 million from USD 317 million.
Mumbaireal estate institutional investment market rose 5 per cent to USD 477 million, from USD 452 million, on the contrary Pune witnessed a fall of 96 per cent in USD 9 million from USD 232 million.
Hyderabad and Kolkata have not received any investments during January-September this year, as against USD 486 million and USD 105 million respectively in the year-ago period.
The investments in other cities or multi-city increased 54 per cent to USD 1,619 million during January-September this year, from 1,049 million in the year-ago period.
Piyush Gupta, Managing Director, Capital Markets and Investment Services, Colliers India was quoted as saying, “Domestic capital is seen to flow across asset acquisitions, with credit in multiple asset classes with varied pooled structures,”
The sentiment of global investment firms to invest in India remains strong in spite of global slowdown trends, he said, adding that the current state of economics, with respect to inflation and interest rates, is not perceived to have a long-term impact.
Domestic investors have become more active in the market, with their investment inflows accounting for 18 per cent share during January-September 2022 compared to 14 per cent share during the same period last year.
However, global investors continue to dominate funding activity with higher participation in entity-led deals.
“With global investors partnering with local developers, there is ample dry powder to be invested in the Indian real estate market, especially in the office, and the industrial sectors,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.
Over the next few quarters, he said there might be some slowdown in deployment of funds due to the recession.
However, Nadar said the Indian market is relatively well-insulated and investors continue to view it favourably.
Rustomjee Group is currently in the process of raising funds through its initial public offer (IPO), will invest over Rs 500 crore to develop the project that will be completed in the next five years.
Realty developer Rustomjee Group has entered into an agreement with three local landlords to jointly develop a nearly 2 million sq. ft. affordable residential project on a 12-acre land parcel in Kalyan near Mumbai.
The landlords will be compensated with 21% of the developed built-up space of the proposed project as part of the agreement with the developer.
Keyblue Realtors, a subsidiary of Rustomjee Group has entered into this development agreement with three local landlords that will undertake the execution of the proposed project.
Keyblue Realtors, in addition to the built-up space in the said project will also be paying Rs 20 crore to these land owners as a refundable deposit. The agreement was executed and registered on September 30, according to the documents accessed through CRE Matrix, a real estate data analytics firm.
Within 45 days of the registration of the joint development agreement, the developer is expected to prepare and submit a tentative master plan for the development of the project to the land owners.
This master plan is expected to comprise the layout of the said land reflecting the location of the buildings, a construction schedule and delivery timelines, and a schedule of permissions and sanctions to be obtained by the land owners.
As of March 31, 2022, Keystone Realtors, which operates under the brand Rustomjee, had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR). These include affordable, mid and mass, aspirational, premium and super-premium segments.
It has developed 20.05 million sq. ft. of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, and various other real estate projects.
Peripheral areas of Mumbai, the country’s commercial capital, have been witnessing strong interest from real estate developers given the state government’s thrust on infrastructure projects aimed at improving connectivity and making affordable housing available to the rising population.
Last week, deputy chief minister Devendra Fadnavis reinforced the government of Maharashtra’s commitment to developing infrastructure and knowledge-based industries in and around the Neral-Karjat region near Mumbai and to developing Panvel and the Navi Mumbai Airport Influence Notified Area (NAINA) project as Mumbai 3.0.
Brickwork has been seen failing to follow a proper rating process and exercise due diligence while providing ratings, Sebi highlighted these violations
NEW DELHI: In a strict action, the capital markets regulator Sebi cancelled the licence of Brickwork Ratings India and ordered to wind down its operations within six months for allegedly violating various rules.
Further, Sebi has even barred the agency from taking any new clients.
It is cited as a first instance where Securities and Exchange Board of India (Sebi) has cancelled the licence of a credit rating agency.
In its order, Sebi highlighted several violations by Brickwork, including that it failed to follow a proper rating process and exercise due diligence while providing ratings.
Brickwork failed to ensure proper maintenance of records to support its ratings and to make correct disclosures in its press releases concerning some issuers. It did not conclude the rating exercise within the timelines prescribed as per its own internal manual, Sebi said.
According to Sebi, Brickwork also made a delay in disseminating information with respect to monitoring of rating and also failed to follow an appropriate rating process.
Sebi said that Brickwork failed to address the issue of conflict of interest arising due to a Rating Committee Member (other than the Managing Director/ Chief Executive Officer) having business development roles.
“Noticee (Brickwork) failed to exercise proper skill, care and diligence while discharging its duties as a credit rating agency, which has defeated the very purpose of regulations i.e. investor protection and orderly development of the securities markets,” the watchdog said.
As per Sebi, repeated lapses noticed across multiple inspections conducted by Sebi showed that governance changes recommended in earlier inspections and monetary penalties imposed have not proved effective or deterred the noticee in addressing very basic requirements of running a credit rating agency.
“Strict regulatory action, in my considered view, is required at this juncture to address the issue and protect the market ecosystem,” Sebi Whole Time Member Ashwani Bhatia said in the order.
Sebi has cancelled the “certificate of registration granted to the noticee, i.e. Brickwork Ratings India Pvt. Ltd as a credit rating agency”.
“The noticee shall wind down its operations (including intimating its client about closure of its operations) within a period of six months. The noticee shall not take any new clients/fresh mandates,” it added.
The regulator carried out inspections of Brickwork for the periods April 2014 to September 2015 and April 2017 to September 2018 and the contraventions observed in the two inspections led to initiation of separate adjudication proceedings against Brickwork.
Later, the regulator undertook a joint inspection with RBI in January 2020 of the records and documents of Brickwork, for the period from October 2018-November 2019 to ascertain any violation of credit rating agency rules.
In April this year, Sebi undertook a joint inspection with RBI of the records and documents of Brickwork for the period from December 2019 – January 2022, which is at present pending.
However, the nature of discrepancies or violations contained in the prima facie observations emanating from the fourth inspection are also similar in nature to those contained in the other three inspections, Sebi said.
Food brings people together and good food makes people crave for more. The Baker’s Street – Premium Eateries, the food and beverages floor at London Mart is being developed on a theme committed to trendy cafes, bistros and restaurants. It is conceived with the idea of offering something unique to people of Delhi NCR on the gourmet scene. So, get ready to be spoilt for choices with beautifully curated cafes, buzzing bakeries and quaint coffee shops to must visit ice cream parlors and so much more at The Baker’s Street.
London Mart is a commercial retail setup coming up in Greater Noida (W) and The Baker’s Street will be a showcase arena for the budding chefs and restaurateurs alike, offering a unique gourmet experience where the accent will be on exclusivity, aesthetics and luxury.
At The Baker’s Street you can pick up a croissant or muffin with your favourite hot cup of coffee or go on an ice cream binge, relish some alone time in a café reading your favourite book or simply go full blast with your gang at one of the many theme based restaurants that you will find under the same roof. It will be a one stop destination for fancy cafes and bistros, something today’s millennial generation looks forward to.
Located at the growth corridor of Greater Noida (W) London Mart is a modern and luxurious lifestyle mall. It is the first theme-based mall in Delhi NCR where each floor is named after the famous streets in London offering a unique and exclusive experience to customers.
The project developers have recently announced the sale of retail shops at The Baker’s Street- Premium Eateries spread over complete third floor. The price of a retail shop starts from Rs.29.95 lakhs. It is an excellent opportunity for the investors since the developer is giving lease guarantee and assures 10 per cent return on investment from day one.
The ideal demographics of the commercial project will see higher footfall from the captive population base of approx. 35 thousand families living in the vicinity and this in turn will offer excellent business opportunity.
The construction of the project is in full swing with the total of six floors (LGF- 4th Floor) due to be complete by April 2024 (delivery date as per RERA)
The baker’s Street – Premium Eateries, London Mart: Plot No. C-3, Sector-16B, Greater Noida West, U.P. -201306
WorkEZ is looking at leasing five to six million square feet of office space in different metros and tier 2 and 3 towns and cities in the coming next five years
CHENNAI: Work Easy Space Solutions Private Limited (WorkEZ), a managed office and coworking space provider will expand its presence in the city by adding another 1.9 lakh square feet with a 4,000 seats capacity. This will take the city-based company’s total capacity to more than 12,000 seats spanning over six lakh square feet.
The company has signed up for three new buildings for the purpose, wherein the new centres will be known as ‘WorkEZ The Address’ on the 200 Feet Radial Road in Pallavaram , ‘WorkEZ Chambers Guindy ’ and ‘WorkEZ Clubhouse Anna Salai ’.
Co-founder and managing director of WorkEZ, Sunil Reddy, said, the aim of the company is to grow to 100 centres by 2027 across the country. WorkEZ is looking at leasing five to six million square feet of office space in different metros and tier 2 and 3 towns and cities in the coming next five years
Prathap Murali Krishnan, head – business , WorkEZ, said, the new facilities at Guindy and Anna Salai, which will be operational by October and December, respectively, are fully occupied. “WorkEZ The Address’ has commitments for 50% occupancy and it will be fully occupied when it is ready by November,” he added.
