Assotech Realty Eyes Sri Lanka and Maldives Markets, Plans Mixed-Use Project in Ahmedabad. Assotech Realty, a Delhi-based builder, has announced a strategic expansion plan with a focus on three key areas. Assotech Realty Signs Joint Development Agreement in Ahmedabad with Pacific Developers to develop a mixed-use project in Ahmedabad, it will invest approx 350 cr for the project.
- Ahmedabad Project:
- Assotech Realty plans to invest Rs 350 crore in a mixed-use project in Ahmedabad.
- The project will be developed in partnership with local player Pacific Developers.
- Details suggest a combination of a hotel and a commercial complex.
- A joint development agreement is expected to be signed soon.
The company is exploring entry into the Sri Lanka and Maldives market for residential projects.
This news highlights Assotech Realty’s multi-pronged growth strategy:
- Expanding their presence beyond Delhi with a project in Ahmedabad.
- Entering new international markets with high growth potential in Sri Lanka and the Maldives.
This move suggests Assotech Realty’s confidence in the Indian and international real estate markets.
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
Ashiana Housing Partners with Escapade Real Estate for a Senior Living Project in Chennai. Ashiana Housing Limited, a real estate developer specializing in senior living homes, has partnered with Escapade Real Estate Pvt. Ltd. to develop a new project in Chennai. Ashiana Housing Signs a 20-acre Joint Venture Deal in Chennai with Escapade Real Estate near marai malai nagar, Chennai to develop a senior living project in Chennai as well as a group housing project.
Project Highlights:
- Project Name: Ashiana Shubham
- Investment: Rs 180-200 crore
- Expected Revenue: Rs 350 crore
- Location: Maraimalai Nagar, Chennai (part of Villa Viviana township)
- Land Area: Around 20 acres out of a 45-acre township
- Number of Units: 800 units
- Unit Pricing: Rs 25-50 lakh
- Project Start Date: Expected to begin by November 2024
Partnership Details:
- Ashiana Housing will handle development, marketing, and management of the project.
- Escapade Real Estate (JV between Arihant Group and JP Morgan Property Fund) will contribute land as equity.
- A revenue sharing model is established for unit sales.
Significance:
- This project marks Ashiana Housing’s entry into the Chennai market.
- It expands their senior living portfolio, adding to existing projects in Bhiwadi, Jaipur, and Pune.
- The project caters to the growing demand for senior living facilities in India.
Additional Information:
- Ashiana Housing has five projects planned for launch in 2024, including two senior living projects.
- Ashiana Maintenance Service, a subsidiary, will manage the maintenance of the retirement homes.
This news signifies Ashiana Housing’s strategic expansion into Chennai’s senior living market. The partnership with Escapade Real Estate leverages their land expertise and Ashiana’s experience in developing and managing senior living communities.
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 Ventures Westward with Pune Residential Project. South Indian developer Puravankara Projects has partnered with Ekta World and Oxford Group for a new residential project in Mundhwa, Pune. Puravankara Projects Signed JV Deal in Mundhwa Pune with Ekta World and Oxford group on 30-acre land situated near Koregaon Park and IT hubs.
Project Details:
- Location: Mundhwa, Pune
- Land Area: 30 acres
- Joint Venture: Puravankara Projects (32% profit share) with Ekta World and Oxford Group (68% profit share)
- Project Size: Estimated 2 million sq ft of residential space
- Project Significance: First foray into western India for Puravankara Projects
Quotes:
- Ashish Puravankara, Joint MD, Puravankara Projects: “We are excited about this Joint venture in Pune… Pune offers great potential…”
Additional Information:
- Puravankara will be responsible for construction and execution of the project.
- The venture has initial approval for residential development.
- This land parcel is near another 43-acre plot co-owned by Ekta World and Oxford Group, where they have partnered with Godrej Properties on a separate project.
- Mundhwa is a growing property hotspot due to its proximity to Koregaon Park and IT hubs.
This joint venture marks a strategic move for Puravankara to expand into the western Indian market. The project is expected to benefit from Mundhwa’s growing appeal as a residential 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
Omkar Realtors and V Raheja Group Announce JV Deal in Andheri for Luxury Project. Real estate developers Omkar Realtors and V Raheja Group have joined forces to develop a high-end residential project in Andheri, Mumbai. V Raheja Group inks 7.5 acre Joint Venture Deal in Andheri, Mumbai with Omkar Realtors.
Project Highlights:
- Location: 7.5-acre land parcel on the Western Express Highway, Andheri
- Project Name: Kenspeckle
- Slum Rehabilitation:
- Over 2,000 slum families to be resettled on nearly 3.5 acres as part of the project’s commitment to urban renewal.
- Luxury Development:
- Remaining land (estimated at 4 acres) will be developed into a high-end residential project.
- Total saleable area: 1.25 million sq ft
- Expected revenue: Over Rs 2,000 crore
- Joint Venture Structure:
- Revenue sharing model, not based on a division of saleable space.
- Joint construction efforts.
- Omkar Realtors will handle sales, marketing, and liaison activities.
Statement from Babulal Varma, Managing Director, Omkar Realtors:
- Confirms the revenue sharing model and division of responsibilities within the joint venture.
Overall Significance:
This collaboration brings together Omkar Realtors’ expertise in marketing and sales with V Raheja Group’s land ownership to create a large-scale luxury development project in Andheri. The project also contributes to the city’s slum rehabilitation efforts.
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 Sobha Join Forces for Luxury Kochi Development. Real estate developers Puravankara Projects Ltd. and Sobha Developers Ltd. have announced a collaboration to develop a premium housing project in Kochi. Puravankara Projects and Sobha Signed a Joint Development Deal in Kochi for 16.69 acres of land near Marine Drive, Kochi to develop a luxury housing project.
Project Highlights:
- Location: 16.69 acres near Marine Drive, Kochi
- Partnership: 50% stake each for Puravankara and Sobha
- Project Cost: Rs 326 crore
- Construction: Sobha Developers will handle construction with a 10% markup over cost
Financial Details:
- Puravankara has received Rs 161.56 crore upfront.
- Sobha will pay the remaining balance within 9 months of plan approval.
- Puravankara plans to use the proceeds to reduce debt.
- Sobha will also receive a 5% management fee from net profits.
Strategic Significance:
- This project marks Puravankara’s entry into the Kochi market.
- It strengthens Sobha’s presence in Kerala, a key southern market for them.
Additional Information:
- Both companies will have equal rights in the project.
- Sobha has a strong track record in Kerala with ongoing projects in Thrissur, Calicut, and Kochi.
This joint venture signifies a strategic alliance between two major developers to capitalize on Kochi’s growing luxury housing 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
Godrej Properties Announces Partnership for Premium Housing Project in Pune. Godrej Properties, a leading real estate developer, has joined forces with two local firms to develop a high-end residential project in Pune. Godrej Properties has signed JV Deals in Keshav Nagar Pune on 43 acres of land with two local firms to develop high-end residential project.
-
Project Highlights:
- Location: Keshav nagar, Pune (around Mundhwa area)
- Land Area: 43 acres
- Saleable Area: Approx. 2.8 million sq ft
- Project Type: Premium residential development
- Profit Sharing: Godrej Properties to receive 35% of project profits
-
Project Details:
- Developed as a joint venture
- Specific details on the number of units or amenities not been disclosed yet
Overall, this project signifies Godrej Properties’ expansion strategy in Pune’s premium housing 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
Sobha Developers Partners with LMW for Coimbatore Apartments. Lakshmi Machine Works (LMW) announced a joint venture with Sobha Developers for a residential apartment project on LMW’s land in Coimbatore. Sobha Developers Sign JV Deal in Coimbatore with Lakshmi Machine Works(LMW) to develop residential project.
This news follows through on LMW’s plans mentioned in their 2012-13 Director’s Report to explore real estate development. Sobha Developers will handle the design, development, and construction of the apartments.
Project Details:
- Location: LMW land in Coimbatore
- Completion: Expected by financial year 2015-16
- Stake: Sobha Developers – 70%, LMW – 30%
- Investment: LMW to invest Rs 165 crore
Market Reaction:
- Sobha Developers’ stock price rose 0.95% on the news.
- LMW’s stock price remained relatively unchanged.
Additional Information:
- This project marks LMW’s entry into the real estate sector.
- Sobha Developers will hold a majority stake and contribute development expertise.
- LMW will provide the land and contribute capital.
This joint venture signifies both companies’ strategic moves: LMW capitalizes on underutilized land, and Sobha Developers expands its residential portfolio.
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
Godrej Properties Expands Gurgaon Portfolio with New Premium Housing Project. Godrej Properties continues its expansion in Gurgaon with a new development agreement for a premium residential project. Oasis Buildhome enters into a 14-acre JV Deal in sector 88A/89A Gurgaon with Godrej Properties to develop a residential project in Gurugram.
Project Highlights:
- Developer: Godrej Properties
- Partner: Oasis Buildhome (landowner)
- Location: Sector 88A/89A, Gurgaon (Northern Periphery Road)
- Land Area: 13.76 acres
- Project Type: Premium residential group housing
- Saleable Area: Expected to be 1.2 million sq ft
Significance:
- This marks Godrej Properties’ third project in Gurgaon, signifying their focus on this key market.
- The project aligns with their strategy of expanding presence in leading Indian real estate markets.
- The developer aims to replicate the success of their previous Gurgaon projects (Godrej Frontier and Godrej Summit) with this new venture.
NCR Growth:
- Godrej Properties identifies the National Capital Region (NCR) as a significant growth area.
- This is their second new project announcement in NCR for FY14.
Industry Trend:
- Joint ventures are becoming a common strategy for Godrej Properties, as seen in most of their projects.
Quote:
- Pirojsha Godrej, Managing Director & CEO, Godrej Properties, highlights the importance of NCR and their aim to replicate past successes in Gurgaon.
Additional Information:
- Godrej Properties is also developing a residential project in Okhla, New Delhi.
This news indicates Godrej Properties’ commitment to establishing a strong presence in Gurgaon’s premium residential market. The project’s location, size, and focus on quality suggest it could be a significant addition to the city’s real estate landscape.
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
Piramal Realty’s Deal to Develop Famous Studios in Mahalaxmi Hits a Snag. The proposed redevelopment of Famous Studios in Mahalaxmi by Piramal Realty appears to be facing roadblocks. Sources familiar with the project suggest the joint development agreement (JDA) might be scrapped.
Project Details:
- Location: Mahalaxmi, South Mumbai
- Land Area: Nearly 1 acre
- Agreement Timeline: Finalized in April, targeted completion by January 15, 2018 (now delayed)
Stalled Progress:
- Piramal Realty has reportedly not made the promised upfront payment of Rs 80 crore.
- The 40% share of project space offered to the owner, Arun Roongta, might also be a point of contention.
Unconfirmed Information:
- Neither Piramal Realty nor Arun Roongta has provided any official comments on the situation.
Studio’s Status:
- The Famous Studios continue to operate in Mahalaxmi.
- The owners have reportedly leased a space in Santacruz and shifted some operations there.
Background:
- Established in 1946, Famous Studios is a landmark with nine studios for filming and post-production, a preview theater, and office spaces.
Overall Significance:
The lack of official comment leaves the future of the project uncertain. This could be a case of a stalled negotiation or a potential cancellation of the entire redevelopment plan.
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
Omkar Realtors and Forum Projects Join Forces for Luxury Development in BKC. Real estate developers Omkar Realtors and Forum Projects are set to collaborate on a high-end residential project in Mumbai’s prestigious Bandra-Kurla Complex (BKC) area. Kolkata based Forum Projects Signs Joint Venture Deal in BKC with Omkar Realtors
Project Highlights:
- Size: 2 lakh sq ft (super luxury)
- Location: Behind Asian Heart Institute, BKC
- Partnership: 50:50 revenue and built-up space sharing
- Project Responsibilities:
- Omkar Realtors:
- Land acquisition
- Slum rehabilitation approvals (including resident consent)
- Forum Projects:
- Construction
- Marketing & Sales
Significance for Forum Projects:
- This project marks Forum Projects’ entry into Mumbai’s prime real estate market.
- It comes at a time when other large developers from outside Mumbai are exiting the market.
Project Details:
- The project involves slum rehabilitation of approximately 1 lakh sq ft.
- The saleable area will be 2 lakh sq ft and co-branded by both developers.
- Most approvals, including slum resident consent, have already been secured by Omkar.
- Launch is expected within the next four months.
- Forum Projects will reportedly make a significant upfront non-refundable deposit to participate in the venture.
Overall Significance:
This collaboration signifies a strategic move for both companies. Omkar leverages their experience with slum rehabilitation to unlock the project’s potential, while Forum brings their expertise in high-end residential development. The project is expected to be a significant addition to BKC’s luxury residential landscape.
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
