HDFC chairman’s family buys Rs 50-crore sea-view apartment in Mumbai’s Worli – ET RealEstate

Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh’s family has purchased a sea-view apartment spread over 7,450 sq ft in K Raheja Corp’s super-premium project Raheja Artesia in Mumbai’s plush Worli locality for Rs 50 crore.

The deal was registered in the name of his wife Smita Parekh on March 30, just a day before the reduced stamp duty benefit announced by the government of Maharashtra was about to come to an end. The buyer has paid Rs 1.50 crore as stamp duty for the registration of the apartment.

As part of the deal, Parekh will get access to six car parks along with the apartment, which includes a 6,770 sq ft carpet area and balcony area of 273 sq ft. According to documents accessed by, the apartment is on the 25th floor of the under-development project that offers views of Arabian sea and the Bandra-Worli Sea Link.

“Yes, it is true. There was an independent valuation done by two valuers to ascertain the value of the property so as to confirm that the purchase was at market value. This was shared with the HDFC Board to seek their prior approval before committing to buy the property,” HDFC spokesperson said in response to ET’s email query.

K Raheja Corp declined to comment for the story.

In November, HDFC’s Vice Chairman and CEO Keki Mistry also bought an apartment in the same building Raheja Artesia for Rs 41.23 crore. Mistry’s apartment is spread over 7,390 sq ft on the 35th floor of the tower and will provide him access to eight car parks.

In March, HDFC Securities’ Managing Director Dhiraj Relli also bought an apartment in the same tower Raheja Artesia for Rs 30.31 crore. Relli’s apartment has a carpet area of 3,702 sq ft and a balcony measuring 173 sq ft.

Over the last few years, Worli has become a hotspot for large-ticket transactions. Several top businessmen, and high net worth Individuals in the recent past bought premium properties in the locality.

This micro market is known for the proximity to business hubs and traditional luxury pin codes of south Mumbai. The vicinity also houses many high-profile names including industrialists, sports personalities, start-up founders and C-Suite professionals.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had announced a reduction in stamp duty charges to 2% from 5% from September to December-end.

Stamp duty was charged at 3% of the agreement value between January and March 31.

Apart from helping convert pent-up demand in the mid-income and affordable segments, the stamp duty reduction has also prompted the conclusion of several large-ticket transactions in the city.

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K Raheja Corp inks pact for 0.5 million sq ft office joint development in Pune – ET RealEstate

MUMBAI: Realty developer K Raheja Corp has entered into a joint development agreement to develop a 3-acre prime land parcel in Pune’s Baner locality. The company has formed an alliance with a Pune-based developer Aditya Shagun Developers to develop the latter’s plot into a commercial office project.

The said land parcel has a total development potential of half a million sq ft. The project, once completed, is expected to be added to K Raheja Corp-Blackstone Group-backed Mindspace Business Parks REIT, India’s second listed Real Estate Investment Trust.

Currently, Mindspace Business Parks REIT’s portfolio consists of five integrated business parks and five independent offices aggregating 29.5 million sq ft of total leasable area.

“We will be developing the project together. Both the companies will be responsible for the branding and marketing of this project. We have already started the process to secure permissions for the development and hope to complete the entire project in 24-30 months by 2024,” said Rinku Shewani, partner, Aditya Shagun Developers while confirming the alliance.

The deal marks K Raheja Corp’s foray into the west Pune market that accounts for around 40% of total office space leasing in the city. The ongoing monthly rentals in micro-market of Baner range between Rs 75 to Rs 85 per sq ft.

“The western Pune corridor especially Baner and Balewadi is short on grade A quality office supply and hence this will be a very strategic development by K Raheja Corp. The profile of occupiers in this corridor is a mix of product development, digital, information technology-enabled services and research & development companies,” said Sanjay Bajaj, MD – Pune, JLL India, the advisor to this transaction.

ET’s email query to K Raheja Corp remained unanswered until the time of going to press.

Indian commercial real estate has started to make steady progress towards a sharp bounce back with rising space leasing despite the concerns of the emergence of work from the home model.

Pune, one of the key information technology and IT-enabled services hubs in the country, has seen a 128% sequential jump in office space leasing in the quarter ended December. The markets of Bengaluru and Pune continued to witness single digit vacancy levels, which augurs well for a strong rebound in these markets as economic and business conditions are expected to gradually improve in the coming quarters.

Large property developers with established market positions, strong balance sheets and adequate liquidity have weathered the ongoing uncertain business environment caused by Covid-19 pandemic better than smaller entities.

Consequently, the ongoing consolidation of the sector is expected to accelerate further, with larger and more established players gaining increased market share.

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Mindspace Business Parks REIT inches closer to IPO, revises darft prospectus – ET RealEstate

MUMBAI: Mindspace Business Parks REIT, an entity jointly backed by realty developer K Raheja Corp and private equity major Blackstone Group, has revised its draft prospectus to raise Rs 1,000 crore through fresh issue of shares via an initial public offering (IPO).

Both the entities are expected to offer a part of their existing shareholding through the offer for sale.

In January, ET had reported that this offer for sale will be around Rs 2,000 crore taking the total issue size to Rs 3,000 crore.

The company has updated the filing to reflect the new business environment in the backdrop of the Covid-19 induced lockdown.

It has leased additional 7 lakh sq ft to tenants across various properties since April 1.

As per the revised filing with Sebi, it has completed additional 3.3 million sq. ft. of new office space since its previous filing last year.

“While we did not incur significant disruptions in our operations from Covid-19 during the financial year ended March 31, 2020 and collected 99.4% of our gross contracted rentals for the month of March 2020, our properties were not fully occupied by the tenants for the months of April and May 2020,” the revised draft prospectus said.

However, the company also added that it has collected 97.8% and 95.2% of its gross contracted rentals for the months of April and May 2020 during lockdown.

The company has reported net profit of Rs 513.9 crore for the year ended March on the back of total income of Rs 2,026.2 crore.

Its portfolio includes a total leasable area of 29.5 million sq ft with five integrated business parks and five independent offices across the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai.

As on March end, the total market value of its portfolio is Rs 23,675 crore, including the facility management division.

The company’s clients include the likes of Accenture, Qualcomm, UBS, JP Morgan, Amazon, Barclays, Facebook and Capgemini.

As of May end, committed occupancy of its portfolio stood at 92.4% and average rent was Rs 52.5 per sq ft.

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