Page 25 - Construction_Opportunities_March_2023

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SUNTECK REALTY SIGNS AN EXCLUSIVE LEASE DEAL WITH UPGRAD Kamal Khetan, Chairman, Sunteck Realty Limited, said, “We are
FOR ITS PREMIUM COMMERCIAL PROJECT SUNTECK BKC51 delighted to announce this deal with one of South Asia’s largest
Sunteck Realty Limited (SRL), is a Mumbai based luxury real estate higher EdTech Companies. Sunteck is only committed to provide
development company that has leased out approx. 2 lakh square best in class real estate solutions to our clients. It is an exciting CONSTRUCTION
feet of built-up area of its premium commercial building Sunteck opportunity to utilize a truly sustainable and unique space for the
BKC51 to Upgrad Education Private Limited for a lease term of 29 needs of next generation aspirants.”JLL, the country’s premier and
years. This encompasses a major milestone for the company. largest professional services firm specializing in real estate and
Upgrad will be paying starting rentals of close to `300 per sq ft. investment management, provided advisory for this marquee
per month on carpet area basis. commercial transaction. Rachit Mohan, Co-Head Office Leasing
The total revenue generated from the project will amount close to Advisory, Mumbai , JLL said “BKC is today the financial hub of
`2,000 crore over the entire lease tenure. The iconic commercial India’s financial capital. It offers a combination of world-class
project BKC51 is situated off Bandra Kurla Complex (BKC) offering infrastructure and proximity to the airport, railway stations, and the
well designed spaces equipped with all the modern facilities eastern and western corridors. With many educational institutions
and amenities. The project also possesses Green Building Pre- and corporates located in and near BKC, edtech companies
Certification from Edge-IFC, a member of the World Bank group. have access to not only a great talent pool but also potential
The project is at near completion stage and the possession is to clients and investors. Offering multiple opportunities to network,
be completed by June 2023. Upgrad Education Private Ltd. will be get funding and support, this micro market serves as the strategic
providing superior education infrastructure for its students to focus hub to improve productivity, save costs, and enhance employee
on their academics and career development. satisfaction and well-being.”

DEVELOPERS ARE BOUND TO DISCLOSE LAND DISCREPANCIES ON homebuyer refused to pay the balance amount until the
THE PROJECT WEBSITE: KRERA developer furnished land litigation documents for the Godrej Aqua
Dismissing a complaint filed by a developer, the Karnataka Real project that is still pending in the Devanahalli civil court.
Estate Regulatory Authority (KRERA) has held that developers are “In exercise of powers conferred under Section 31 of RERA Act,
bound to display discrepancies in land litigation on the “official 2016, the complaint is hereby dismissed as premature,” the KRERA
website of the project” to alert potential investors. order dated February 8 said. The person had purchased a flat in
Godrej Properties had filed a complaint with KRERA after a the project and signed the sale agreement in July 2019.

MUMBAI DEVELOPER INKS PACT WITH LOCAL FIRM TO DEVELOP years with a grace period of one year from the date of the receipt
86,111-SQ FT LAND PARCEL AT KANDIVALI of plinth commencement certificate of the free sale building in
A Mumbai-based developer, Sheth Homes Private Limited, has the first phase, the documents showed.
entered into a joint development agreement with Bombay Slum The construction of the second phase of the free sale component
Redevelopment Corporation Private Limited (BSRCPL) for an 86,111- of the project will be completed within a period of four years with
sq ft land parcel, registration documents accessed by CRE Matrix a grace period of one year from the date of commencement
showed. It signed the development deed with Bombay Slum certificate of free sale building of the second phase. There was
Redevelopment Corporation to develop the free sale land of 1.98 no response from Sheth Homes or BSRCPL.
acres at Kandivali wherein the market value of the developer’s Before 1995, the property was encroached upon by various
share is `236.22 crore, the documents showed. slum dwellers and was declared to be a censused slum. BSRCPL
The agreement value of the deal is `221 crore and the stamp approached the developer to undertake development of the free
duty paid is around `11 crore. The slum redevelopment firm has sale component of the project on the portion of the property
also taken a `400 crore loan from Assets Care and Reconstruction measuring 8,000 sq m (free sale land).
Enterprises, the documents showed. According to the document, Earlier this month, Mumbai-based developer K Raheja Corp
Sheth Homes will offer `100 crore in tranches to BSRCPL for acquired rights over floor space index (FSI) of almost 1.52 lakh sq
acquiring the land development rights of which `11 crore has been ft at Wadala in Mumbai for over `275 crore. K Raheja Corp has
paid by Sheth Developers. The said amount will be used as part acquired the rights through its subsidiary K Raheja Corp Realty Pvt
payment of the loan. The developer will complete construction Ltd, formerly known as Feat Properties Private Limited, from M M
of the first sale component of the project within a period of four Developer and Saroj Landmark Realty LLP.
DEMAND STRENGTHENS WAREHOUSING RENTALS, INDIAN CITIES AMONG ASIA-PACIFIC’S TOP 10 MARKETS
Sustained rise in demand led by accelerating manufacturing
investments, aggressive expansion of e-commerce and the
growth of third-party logistics (3PL) companies has helped
warehousing rentals upward across India’s key logistics property
markets. The appreciation in rental values has catapulted Indian
cities including Mumbai, Bangalore, and Delhi-National Capital
Region (NCR) into the tally of Asia Pacific’s top 10 logistics markets
based on the performance in 2022 and robust outlook for 2023.

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