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PRESTIGE ESTATES’ COMMERCIAL PROJECT IN PUNE IWG TO DOUBLE ITS CO-WORKING NETWORK IN INDIA
Realty firm Prestige Estates Projects will invest about ` 350 crore to International Workplace Group (IWG), a global flexible workspaces,
develop a commercial project in Pune. The project will be developed is considering doubling its co-working network in India in the next
in joint venture 36 to 48 months. It currently has 120 workspaces in 16 cities across CONSTRUCTION
with a local firm, the country. The company is planning to adopt three strategies to
to develop a one grow its network – organic growth, acquisitions and the franchise
million sq ft office route. It is looking at markets where there is demand, where there
complex in Pune. is availability of good commercial real estate stock in major metros
or Tier II cities and where it will grow organically.
About ` 350
crore would be IWG is aggressively rolling out its franchise model across the globe.
required for the The company has based its expansion plan on two brands within
construction of its portfolio of five -- Regus, the serviced offices brand; and Spaces,
the project, which its co-working, informal, inspirational transformational space brand
is expected to be in a large format of which it has nine facilities in India. It launched
completed in the next three years. Prestige Group has completed its ninth centre in Noida last week. The facility is spread across
107 office complexes comprising 33 million sq ft area. As 55,000 sq ft and is located in Max One Towers.It plans to introduce
many as 13 projects covering 12 million sq ft area are under the other three brands in India by next year. Its global strategy is
construction. focused on co-working right now. It is evaluating the opportunity of
whether to get the other three next year if the opportunity comes in.
The total development potential in this upcoming project is
estimated at around 2 million sq ft comprising more than 1,000 units. AJNARA’S GHAZIABAD HOUSING PROJECT
Prestige achieved sales bookings of over ` 1,000 crore during the first Realty firm Ajnara Group will invest over ` 300 crore to develop a
quarter of this fiscal despite slow demand. It expects momentum to housing project in Ghaziabad, Uttar Pradesh. The company will
continue in the remaining quarters of this financial year.
construct 450 units in this 5.6 acre housing project at Raj Nagar
Prestige Estates had given a sales booking guidance of ` 5,000- Extension, Ghaziabad.
6,000 crore for 2019-20 financial year. During the first quarter of this Total saleable area
fiscal, the company launched three projects with 6.57 million sq ft in this project would
of developable area. It delivered four projects having 10.33 million be 7.85 lakh sq ft
sq ft area, of which three projects were housing consisting of 3,892 residential and 1.25
units. Prestige posted a net profit of ` 123.9 crore over a revenue of lakh sq ft commercial.
` 1,567.4 crore during the April-June quarter. Across all verticals, As housing market
the company is currently constructing 48 projects having nearly is facing multi-year
50 million sq ft area and 36 projects are in pipeline with 55 million slowdown, there
sq ft development potential. has been a limited
launch of new project ahead of festival season as developers are
NESTAWAY LAUNCHES CO-LIVING SPACE VERTICAL focusing on selling their unsold inventories. Ajnara’s basic selling
Nestaway Technologies, a managed home rental network, has price has been fixed at around ` 2800-3,350 per sq ft. In about
announced the launch of its co-living segment The Hello World. three decades, Ajnara has delivered 64 projects comprising over
Nestaway plans to invest $10 million in the project. 25,000 units across Noida, Greater Noida and Ghaziabad. It aims
to deliver around 4,000 units in FY 2019-20.
The Bengaluru-based firm has set up the subsidiary to cater to both
students and professionals. The firm has a presence in 15 cities ASSAM PUSH FOR SMART CITY IN GUWAHATI
with a capacity of 10,000 beds and plans to launch in nine more A review meeting in Assam discussed ways and means to
cities across the country and has set a target of 50,000 beds by implement the smart city project. A state-of-the-art stadium, a
the end of this fiscal.
riverfront bridge and an aesthetically designed entry gate at the
The 15 cities include Bengaluru, Hyderabad Delhi/NCR, Pune, LGBI airport - Guwahati is set to get a makeover soon as part of the
Kota and Dehradun. The nine cities where the company plans state government's Smart City project.
to expand are Indore, Manipal, Chandigarh, Vizag, Lucknow, The meeting also directed the Guwahati Development Department
Ahmedabad, Cochin, Goa and Vellore. The company will charge to conduct a survey to identify the homeless people in the city and
just one-month rent as security deposit and zero brokerage fee develop available space under flyovers as night shelters for them with
from its customers.
proper sanitary facilities. It asked the officials to arrange for double-
Founded in 2015, NestAway caters to individuals looking for parking facilities under the flyovers, if there was space. Several decisions
affordable rental housing in the top cities in India. The company, were taken at the meeting, including construction of huge entry gates,
through the acquisition of Zenify in May 2017, has also entered the reflecting the state's heritage, at the LGBI Airport and Khanapara area,
family rental solution business. Nestway has raised around $100 a bridge on the Brahmaputra riverfront and a state-of-the-art stadium
million to expand its business. with facilities for indoor and outdoor games.

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