“Work spaces are slowly getting integrated into global standards and environment. To thrive in such a dynamic environment, organisations are constantly reinventing themselves to thrive by disrupting conventional norms,” said Manish Khedia, director - Bengaluru and Hyderabad, at The Executive Centre.
Embassy Group plans to focus on commercial, industrial, co-working and co-living segments to expand its footprint in the country. It currently has 10 million sq ft of commercial projects under development, with a residential inventory of Rs 4,800 crore.
At a time when most Indian real estate firms are struggling, Virwani has managed to strike a cord with global partners like Blackstone, Warburg Pincus, Four Seasons and WeWork. While he has been making waves in Indian realty, he is not particularly well-known outside of Bengaluru. Here is a close-up account of the builder who bucked the trend.
“We have reached a critical level in our focused markets but will continue to expand. Puravankara has identified Pune and Mumbai as the top 5-6 core cities that will be growth accelerators for the company across India,” said Abhishek Kapoor, COOresidential, Puravankara, adding, “Going ahead, Bengaluru, Hyderabad, Chennai, Mumbai and Pune will be our focus markets.”
The entertainment destination for global and Indian artists will be built at a budget of over Rs 100 crore on a land parcel of 6.3 acres, tendered out by the Bangalore International Airport Ltd (BIAL). The arena is built by a consortium of Live Nation Entertainment, Phase 1 Experiences and the Embassy Group and is expected to be open in the next 18-20 months.
The Allianz Group’s joint venture entity with Shapoorji Pallonji Group has acquired nearly 2.5 million sq ft IT SEZ property Waverock in Hyderabad for around Rs 1,800 crore from current joint owners Singapore’s sovereign wealth fund GIC and New York-based developer Tishman Speyer. The deal marks GIC’s maiden exit from any of its Indian properties.
An ongoing slowdown in property market is restricting realty developers’ ability to charge more for ready-to-move in apartments. Ready apartments attract a premium over under-construction units because of fewer risks, such as delays in the completion of the projects.
Currently, Google has four offices in India, including its country headquarters in Hyderabad and the recently-acquired 1,00,000 sq ft office space in the First International Financial Centre. India is an attractive destinations for MNCs looking for high-value work and talent pool. Firms are looking at 50% conventional space on an over 10-year lease.
Real estate sector is facing multi-year slowdown, especially in housing segment, and developers are cash-starved following liquidity crisis in non-banking finance companies, which have been a major sources of funding for builders in the last few years.
The proposed investment will be in a commercial project in north Bengaluru spread over 10 acres with a development potential of 2-3 mn sft. “The deal is in the final stage of closure and will mark GFM’s foray in the commercial market in Bengaluru,” said a person aware of the deal.
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