Mumbai: Sunteck Realty & residents at war over Signia Pearl society formation – ET RealEstate

MUMBAI: Residents of a plush new Bandra-Kurla Complex (BKC) tower, Signia Pearl, and the builder, Sunteck Realty, are at daggers drawn over the formation of a housing society. The dispute escalated earlier last week with bouncers stationed outside the 18-storey tower with the two sides accusing each other of arm-twisting.

Residents said they had to call the police after the developer brought bouncers in front of the builder. The developer, though, accused the residents of threatening and preventing the staff of the tower’s facility management from leaving the premises on Saturday evening.

Signia Pearl, one of the most expensive residential properties in the commercial business district of BKC, was built by Sunteck Realty. Luxury flats were sold for Rs 20 crore to Rs 25 crore each. Families moved in a few years ago and the dispute started soon after over registration of the society.

Last August, the district deputy registrar of cooperative societies ordered the registration of the housing society. The developer, though, challenged the order before the divisional joint registrar, stating the Signia Pearl Condominium was already registered on September 16, 2020, two days before the deputy registrar’s order was received. A condominium agreement allows the builder to control the property even after flats are sold and the building occupied. It also allows it to control its future development benefits. On the other hand, registration of a society gives the entire control of the building to flat owners.

A Sunteck spokesperson told TOI the agreement of sale clearly mentioned the building will have a condominium of flat owners, not a housing society.

Amarpal Sethi, one of the flat owners leading the fight, alleged the builder now also wants to add six more floors on top of the already-occupied tower.

The developer, though, said the residents were aware of plans to build the tower till 24 floors with 96 flats. The building currently has 18 floors with 80 flats. “We already have FSI for the additional floors but were unable to build because of aviation height restrictions. Recently, the civil aviation ministry relaxed these restrictions and we can now build those additional floors,” said the Sunteck spokesperson.

In its appeal before the joint registrar, the developer said the deputy registrar hastily issued the registration certificate for the formation of the society without verifying the proposal and documents on record. It accused the chief promoter of the society of submitting an incomplete registration proposal. The developer claimed the criterion of minimum members needed to form a society was not fulfilled.

It accused flat buyers of using the order and registration certificate in an “illegal and mala fide” way to “illegally” and “unlawfully” usurp the maintenance of the building taken care of by the developer along with Jones Lang LaSalle and Clarissa Facility Management.

The divisional joint registrar, in his order, though, ruled in favour of the flat owners, stating the builder was already in a high court-appointed mediation process in respect of registration of the society. The order said the condominium was formed after the society had already been formed by the flat owners.

“We will challenge this order,” said the Sunteck spokesperson.



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Reliance Nippon Life Insurance leases 40,000 sq ft at Adani Inspire in BKC – ET RealEstate

MUMBAI: Reliance Nippon Life Insurance (RNLI) has taken a 40,000 sq ft space on a five-year lease at an Adani Realty project in the BKC business district to house its corporate headquarters, officials said on Wednesday.

Rental details of the transaction, one of the largest in recent times, were not immediately available.

“RNLI has signed up to have 40,000 sq ft in Bandra Kurla Complex‘s (BKC) Adani Inspire for five years,” a source said.

When contacted, RNLI’s chief executive and managing director Ashish Vohra confirmed the development while officials at Adani Realty were not available for comment.

“Corporate office relocations are a matter of long term commitment and the recovered business sentiment regarding the value of life insurance product gives us the confidence to make this decision. BKC is a prominent and centrally-located business district,” Vohra told PTI.

This is the second big deal clinched by Adani Realty for the 8 lakh sq ft project in BKC, after Japanese lender MUFG took 30,000 sq ft in the commercial property on a ten-year lease. A slew of banks, finance companies and insurance players have their head offices in the BKC business district.

The city’s realty market had been impacted because of oversupply and high prices, which only aggravated because of the economic impact of the pandemic. However, policy measures like a halving of duties for a limited period and interest rates being at 15-year lows have led to some revival.

The pandemic and the ensuing shift to work from home models because of the lockdowns had resulted in concerns for the commercial realty market, as there is a view that demand for space may be hit as companies may not require space to house staff.

RNLI will be moving to the space from Reliance Centre in nearby Santacruz, whose possession has been taken over by Yes Bank for non-payment of loans.



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Hong Kong’s TEC leases one lakh sq ft office space in Mumbai, Bengaluru – ET RealEstate

NEW DELHI: Hong Kong-based The Executive Centre (TEC), which provides premium serviced office space, has taken on lease one lakh sq ft of office space in Mumbai and Bengaluru to expand its business in India despite COVID-19 pandemic, a top company official said.

TEC entered India in 2008 with its first property in Mumbai. At present, it has around 30 centres in India spread over 8 lakh sq ft with a capacity of 8,000 desks, across major cities.

In an interview, TEC Managing Director-South Asia Nidhi Marwah said: “We have signed two leasing agreements in Mumbai and Bengaluru on pure rental basis.”

TEC has leased 60,683 sq ft of office space in Bandra Kurla Complex (BKC) and 40,000 sq ft in Whitefield, Bengaluru.

Marwah said the company is targeting to open these two centres by March 2021.

Asked about the office space demand during the COVID-19 pandemic, she said the demand for Grade-A office space remains intact and rentals stable.

Besides IT industry, Marwah said there are enquiries for serviced office space from new industries like pharma, banking, and consultants.

She said corporates do not want to invest in setting up their own offices and are looking for flexible office space.

“We are currently operating at an occupancy level of around 85 per cent and our monthly rental collection is also above 90 per cent,” she said.

In June, Marwah had announced TEC’s plan to open five new centres by March 2021 at Bengaluru, Gurugram, Chennai and Pune with an investment of Rs 100 crore. These five centres will have a total of two lakh sq ft area with a capacity of around 2,300 desks.

“We will soon open our new centre in Bengaluru comprising 35,000 sq ft of office space,” Marwah said.

TEC’s India revenue stood at around USD 35 million during the last financial year.

The Executive Centre is Asia Pacific’s leading premium serviced office provider. It has over 135+ centres in 32 cities and 14 countries with an annual turnover in excess of USD 275 million.

Co-working or flexible workpsace space segment has grown rapidly in India in the last 3-4 years. Industry experts believe that the trend is likely to continue despite the short-term disruption caused by the spread of coronavirus disease.



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MMRDA decides to allot BKC land parcel to Indian Oil Corporation – ET RealEstate

MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to allot Indian Oil Corporation (IOC) a 400-sq m plot in Bandra-Kurla Complex (BKC) next to the land parcel on which the company has constructed its registered office building.

Indian Oil’s registered office building stands on a 1,200-sq m plot in BKC’s C-50 zone that was allocated in April 2004 for a lease period of 80 years.

For the new plot being allotted, a lease for the remaining 64 years will be signed instead of 80 years so that the lease period for the entire 1,600 sq meter plot remains the same.

Japan’s Sumitomo Corporation last year bought a 3-acre plot in BKC for Rs 2,238 crore in what was one of the largest investments by a foreign company in Indian real estate.

While the plot being allotted to Indian Oil is much smaller compared with the Sumitomo land parcel, the company is expected to pay the same rate on a per sq m basis.

“We are not offering any concession to any entity. The land parcel will be allotted to IOC at the last successful auction rate of over 3.44 lakh per sq m achieved through Sumitomo deal in Bandra-Kurla Complex a few months ago,” RA Rajeev, metropolitan commissioner, MMRDA, told ET.

MMRDA is a development authority engaged in longterm planning and implementation of strategic projects and financing infrastructure development in Mumbai metropolitan region (MMR).

As per its regulations, the authority has allowed Indian Oil to pay 30% of the land value in one month and the remaining in another eight months.

The authority has more land parcels available in the business district and may consider auctioning these after the market stabilises, Rajeev said.

According to property consultants, BKC continues to be a sought-after business district and could attract more large global and domestic entities.

Last month, Brookfield Asset Management acquired the Jet Airways office spread over two floors of commercial tower Godrej BKC after the National Company Law Tribunal (NCLT) approved auctioning the immoveable assets of the non-operational airline.



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