Keppel Land and Rustomjee Group Join Forces for Mumbai Township Project. Singaporean developer Keppel Land, a subsidiary of Keppel Corporation, has partnered with Mumbai-based Rustomjee Group to develop a massive integrated township project in Thane, near Mumbai. This marks a significant first: the very first collaboration between a Singaporean and Indian developer for a township project in the Mumbai Metropolitan Region (MMR). Keppel Land and Rustomjee Group Inks Joint Venture for Plotted Development in Thane
Key Details:
- Project: Development of a 51.4-hectare integrated township named Urbania.
- Joint Venture: Keppel Land acquires a 49% stake in Kapstone Constructions Pvt. Ltd., the project’s joint venture firm, for approximately Rs. 410 crore (S$57.61 million).
- Development Plans: Upon completion of the acquisition, an additional 7,400 homes and retail units will be built, bringing the total gross floor area to around 5 million sq ft.
- Project Timeline: Urbania has already delivered 2,700 residential units since its launch in 2006. The first phase of the joint venture’s development, consisting of 460 residential units, is expected to cost approximately Rs. 401.6 crore.
Benefits for Both Parties:
- Keppel Land: Gains a foothold in the high-growth Mumbai market and leverages Rustomjee’s local expertise.
- Rustomjee Group: Benefits from Keppel Land’s experience and expands its development portfolio.
Future Collaboration:
- The partnership aims to explore further development opportunities within the MMR, with Rustomjee acting as Keppel Land’s exclusive partner in the region.
Industry Significance:
This joint venture signifies the growing appeal of the Indian real estate market, particularly the MMR, to foreign investors. The project’s success has the potential to pave the way for further collaborations between Singaporean and Indian developers.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
TN RERA has Facilitated the transfer of the project to a new developer after, More than two-thirds of allottees give consent to the transfer of the project to the new developer if the existing developer doesn’t have funds and if the Original developer and land owner agree if the project is in Joint Venture.
Stalled Coimbatore Housing Project Gets New Lease on Life. Homebuyers in Coimbatore can breathe a sigh of relief as the Tamil Nadu Real Estate Regulatory Authority (TNRERA) intervenes to revive a stalled housing project.
Project Background:
- Developer: Crescentz Square
- Project Registration Date: October 2017
- Planned Completion Date (Original): March 2020
- Number of Units: 60 (Block A: 48 units)
- Units Sold: 33
- Completion Status: 30%
Reasons for Stall:
- Financial constraints faced by the developer.
- Difficulty selling remaining units.
TNRERA’s Intervention:
- Invoked Section 15(1) of the Real Estate (Regulation and Development) Act, 2016.
- Facilitated transfer of the project to a new developer after:
- More than two-thirds of allottees (24 out of 33) consented to the transfer.
- The original developer and landowners agreed.
New Project Timeline & Details:
- New completion deadline: November 2021 (extension granted by TNRERA).
- Project name change approved by TNRERA.
Significance:
- This case highlights TNRERA’s role in protecting homebuyer interests.
- It paves the way for the completion of the project and eventual possession for the buyers.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Amrapali Group, Gujarat, Venus Group entered into a Joint Venture in Ahmedabad for a Retail cum office project on Ahmedabad’s Sindhu Bhawan Road. Real estate developers Amrapali Group, Gujarat and Venus Group have signed JV Deals in Ahmedabad at SBR Road to develop a commercial project on a prime location in Ahmedabad.
Project Details:
- Location: Sindhu Bhawan Road (SBR), Ahmedabad
- Land Area: 15,000 sq ft
- Estimated Value: Over Rs 400 crore
- Project Type: Retail-cum-office space
- Building Structure: Three levels (ground floor + two floors)
- Floor Space Index (FSI): 1.8 (R-2 zone)
Market Trends:
- G+2 premium retail spaces are in high demand.
- SBR and Ambli-Bopal Road are popular areas for commercial retail projects due to strong demand.
Land Prices:
- SBR: Rs 2.5 lakh – Rs 2.8 lakh per sq yd (main road)
- SBR: Rs 1.75 lakh per sq yd (internal roads)
- Ambli-Bopal Road: Rs 2.25 lakh per sq yd (enjoys FSI of 4 due to BRTS stretch)
Project Significance:
- This project caters to the growing demand for premium commercial space in Ahmedabad.
- The location on Sindhu Bhawan Road offers high visibility and accessibility.
- The G+2 floor structure aligns with current market trends for retail spaces.
Overall, this joint venture signifies Ahmedabad’s thriving commercial real estate market. The project is expected to provide modern retail and office space in a high-demand area.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Prestige Estates to Develop First Commercial Project in Pune. Prestige Estates Projects, a Bengaluru-based real estate firm, is venturing into Pune with a new commercial project. Prestige Estates has Signed a JV Deal in Pune for the Office Complex.
- Project Details:
- Investment: Rs 350 crore (approx.)
- Size: 1 million sq ft office complex
- Timeline: Completion in 3 years
- Partner: Local firm (name not disclosed)
Significance:
- Marks Prestige’s first project in Pune.
- Expands their existing portfolio of 107 office complexes (33 million sq ft).
Other Company Highlights:
- Achieved strong sales bookings (over Rs 1,000 crore) in Q1 of FY20 despite slow market demand.
- Launched three new projects (total developable area: 6.57 million sq ft) in Q1.
- Delivered four projects (total area: 10.33 million sq ft) in Q1, including three housing projects with 3,892 units.
- Currently constructing 48 projects (nearly 50 million sq ft) across verticals.
- Has 36 projects in the pipeline with a development potential of 55 million sq ft.
- Entering Delhi-NCR market with a housing project in Noida (investment: Rs 500 crore) in partnership with Ace Group.
Overall, this expansion reflects Prestige’s continued growth and diversification in the Indian real estate market.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Puravankara and Morgan Stanley Partner for Industrial Parks in South India. Real estate developer Puravankara Ltd. has joined forces with an investment fund managed by Morgan Stanley to develop industrial parks in South India. Puravankara and Morgan Stanley Inks joint Venture for Industrial Parks in South India
Joint Venture Details:
- Focus: Building warehousing spaces in the form of industrial parks
- Investment Model: Long-term venture with equity investment
- Project Stages:
- Initial stage – identifying land parcels
- South India is the primary target with potential for expansion near Mumbai
- First project launch expected in 2019-20
Market Context:
- Industrial real estate is a growing asset class due to:
- Government initiatives like “Make in India”
- Implementation of GST
- Rising demand for quality warehousing space
Additional Information:
- This venture follows Morgan Stanley’s recent acquisition of a majority stake in KSH Infra, a Pune-based logistics park developer.
- Puravankara is exploring new asset classes like warehousing and co-living alongside their existing residential and commercial projects.
- The Indian logistics industry is experiencing significant growth, driven by factors like GST and e-commerce.
Industry Outlook:
- Experts predict continued growth in the organized warehousing sector due to:
- Increased demand for larger warehousing spaces
- Consolidation within the supply chain
This joint venture between Puravankara and Morgan Stanley signifies a strategic move to capitalize on the growing demand for industrial real estate in India. The focus on South India with potential expansion reflects the overall positive outlook for the warehousing sector in the country.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Sobha Luxury Apartments Coming to Hyderabad. Sobha Developers, renowned for their luxury apartments, is expanding its reach by entering the Hyderabad residential market. Sobha has signed Joint Venture Deal in Somajiguda, Hyderabad
Key Points:
- Partnership: Sobha signed a joint development agreement with local landlords to construct high-end apartments encompassing a total area of 0.75 million sq ft.
- Target Market: Sobha sees strong demand in the Rs 50 lakh to Rs 2 crore segment, and the Hyderabad project reflects this focus.
- Project Details:
- Location: Somajiguda, Hyderabad
- Unit size: Above 1850 sq ft
- Number of Units: 270
- Expansion Plans: Sobha aims to launch over 10 million sq ft of residential projects, including their affordable “Dream Series” segment, to fuel growth.
- Investment: The total investment for these projects is estimated at Rs 4500 crore (including debt and equity) over the next five years.
- Market Outlook: Despite a challenging environment, Sobha reports positive sales figures.
- Strategic Diversification: Sobha is also increasing its focus on mid-income housing and exploring commercial and retail projects.
- Growth Potential: The Bengaluru-based firm anticipates significant growth in their Rs 50 lakh and above housing segment due to rising market demand.
- Current Performance: Currently, 65% of Sobha’s revenue comes from residential projects priced above Rs 1 crore. They achieved a pre-sales volume of 1.06 million sq ft valued at Rs 778 crore in the first quarter of the current financial year.
Sobha’s entry into Hyderabad signifies their confidence in the recovering southern real estate market, particularly the high-end segment. Their expansion plans and strategic diversification position them for continued growth in the Indian market.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Anant Raj Group and Birla Estates Join Forces for Luxury Development in Gurugram. Real estate giants Anant Raj Group and Birla Estates have announced a joint venture deal in Gurugram to develop a high-end residential community in Sector 63 A, Gurugram.
Project Highlights:
- Joint Venture: Avarna Projects LLP (50:50 ownership)
- Location: Sector 63A, Gurugram
- Project Area: 73 acres
- Saleable Area: Approximately 3.5 million sq ft
- Project Type: Premium gated community
- Residential Options: Low-rise floors and group housing
- Estimated Investment: Rs 760 crore (including land contribution and loan)
- Project Timeline: Construction to begin in November 2019, completion in 3-4 years
- Estimated Booking Value Potential: Over Rs 4,000 crore
Significance:
- This project marks Birla Estates’ entry into the Gurugram market and signifies their strategic expansion plans.
- The Gurugram market is identified as high-growth with limited quality residential options, offering potential for significant price appreciation.
Company Quotes:
- K.T. Jithendran, CEO, Birla Estates: “This project marks our foray into the NCR market through a joint development model. The limited supply of quality residential options in Gurugram presents a great opportunity.”
This collaboration brings together the expertise of both companies to create a premium residential project in Gurugram. The project promises to offer a luxurious living experience with modern amenities in a well-connected location.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Lake Shore India Advisory, backed by the Abu Dhabi Investment Authority (ADIA), has entered into a Joint Venture with Reach Promoters to develop a retail project in Gurugram, Haryana.
Project Details:
- Investment: Up to Rs 1,400 crore (including construction funding)
- Location: Gurugram, Haryana
- Land Area: 13.5 acres
- Retail Space: 1.1 million sq ft (developed in two phases)
- Commercial Space: 4 lakh sq ft
- Timeline:
- Phase I: Launch by end of 2019 (6 lakh sq ft)
- Phase II: Completion in 4 years
Significance:
- Third investment in India for Lake Shore India Advisory.
- Majority stake ownership by Lake Shore India Advisory.
- Confirmed anchor tenants for Phase I include Lifestyle, Reliance Mart, and Cinepolis.
Background:
- Earlier in 2019, Lake Shore India Advisory acquired a majority stake in a Hyderabad retail mall project from the Phoenix Group for Rs 1,000 crore.
Overall, this joint venture signifies ADIA’s continued investment in Indian retail real estate. The project is expected to offer a mix of retail and commercial space in a prime Gurugram location.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Hines Announces First Luxury Housing Project in India. Hines, a global real estate investor, has partnered with Conscient Infrastructure to develop a high-end residential project named Elevate in Gurugram, India. Hine has signed definitive Joint Development Agreement in Gurugram with Conscient Infrastructure.
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Project Highlights:
- Estimated Cost: Rs 1,500 crore (including land cost)
- Developer Equity: Rs 500 crore joint venture fund
- Unit Count: 556 luxury apartments
- Price Range: Rs 2.2 crore to Rs 4 crore per unit
- Location: 8-acre land parcel in Sector 59, Gurugram
- Completion Timeline: 3.5 years
- Construction Start: July 2019
- Sales Launch: Mid-August 2019
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Significance:
- Marks Hines’ entry into the Indian residential market.
- Combines Hines’ international expertise with Conscient’s local market understanding.
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Additional Information:
- The project is financed in part by Hines’ USD 250 million residential fund.
- Specific investment details by each partner and land ownership agreements are undisclosed.
This joint venture positions Hines for further diversification in India’s booming real estate market.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
