A pent house in Mumbai’s luxury tower Three Sixty West was sold last week. This tower is located in Worli and has seen some big ticket deals in the last few years.

According to date provided by Zapkey.com the deal was signed on February 8, 2023.

The sale transaction is for a total amount of ₹230.55 crore.

The seller is Oasis Realty (through its partner Skylark Buildcon Pvt Ltd) whereas the buyer is Texreal Private Ltd. (through Authorized Signatory Mukulraj Raghoti)

The buyer profile is that of a Textile Company based in Kuchchh, Gujarat and is a Welspun company. 

The Property Details include Penthouse No. 6301 admeasuring 29885 Sq ft RERA Carpet Area, located on the 63rd Floor, of Tower B, of Three Sixty West, alongwith terrace area 4815 Sq ft , additional area 411 Sq ft and free sale land 12165.77 sqmt.

The new owner will also have access to 14 Car parking spaces in the building. Stamp duty of ₹13.83 crore was paid for the registration of the pent house.

Also Read: Worli Sees Yet Another Big Ticket Deal.

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3-Wheeler cargo vehicles powered by Log9’s InstaCharge battery technology will boost the fleet operations of Pi Beam while also reducing carbon emissions for last-mile delivery

Bengaluru-based advanced battery technology start-up Log9 Materials has partnered with Chennai-based startup Pi Beam to empower the last-mile delivery operations of the latter using Log9’s flagship InstaCharge battery technology. The partnership was finalized recently with an MOU signed between the two companies; both Log9 and Pi Beam believe that their partnership will go a long way in reducing the carbon footprint of the logistics sector and is a step forward in fighting climate change.

As a part of this collaboration, Log9 Materials will deliver a large number of Rage+ RapidEV electric 3-Wheeler fleets powered by Log9’s RapidX batteries that InstaCharge (get fully charged from 0 to 100 per cent) within 35 minutes. Notably, the Rage+ RapidEV has been developed jointly by Omega Seiki Mobility and Log9 Materials, keeping in mind the unique requirements of Indian consumers and is powered by Log9’s RapidX 6000 battery.

Log9’s InstaCharge battery technology will empower Pi Beam’s fleets to have more uptime, efficiency, and better return on investment vis-à-vis their last-mile delivery operations. Furthermore, data-driven analytics from these RapidEV fleets will enable them to optimize their route planning for hyper-local last-mile deliveries. The partnership also brings Pi Beam under the aegis of Log9’s responsible Delivery Movement initiative, a first-of-its-kind initiative in India to fight against climate change by working proactively to reduce last-mile delivery emissions. The objective of Responsible Delivery Movement is to accelerate India’s e-mobility adoption and bring down India’s transportation and logistics emissions intensity by up to 33% by 2030.

Speaking on the partnership, Dr. Akshay Singhal, Founder & CEO, Log9 Materials said, “We are happy to partner with Pi Beam to empower their delivery operations with the Rage+ RapidEVs electric 3-wheelers powered by Log9’s battery packs and InstaCharge technology. We are confident that this partnership will go a long way to give an impetus to the transformation of India’s conventional last-mile logistics operations to sustainable electric mobility. This is also in line with Log9’s initiative of Responsible Delivery Movement, and moreover, this partnership strengthens our movement and re-affirms our joint commitment to fight against climate change by reducing last-mile delivery emissions.”

Pi Beam offers end-to-end micro-mobility sustainable EV solutions along with data-driven analytics, particularly to augment productivity in last-mile logistics and transportation space. Their smart, green, and affordable EVs fleets are revolutionizing transport and customer deliveries in e-commerce, retail, and small and medium businesses.  On the other hand, Log9 has leveraged its cell-to-pack competency to develop its InstaCharge batteries that provide 9x faster charging, 9x better performance, and 9x battery life. Log9’s InstaCharge technology brings down the total charging time which further optimizes the utilization of charging infrastructure and operational profitability for fleets. In addition, Log9’s RapidX batteries are built to operate across -30° to 60° C and come with an operational life of 15,000+ cycles, thereby providing a seamless experience and entirely revolutionizing the last mile logistics sector.

About Log9 Materials

Log9 is an indigenous deep-tech and advanced battery-tech startup that is redefining the EV industry’s standards in the fight against climate change, by offering batteries that can be charged 9x faster, can last 9x longer and offer 9x higher performance and safety. It is the only Indian company today that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs. Log9’s sole purpose and mission are to pioneer Responsible Energy, and through its initiative, the Responsible Delivery Movement, Log9 is leading an industrywide consortium of OEMs, Aggregators, End Users, and other stakeholders to raise awareness about the threats of climate change and is mobilizing the first and last-mile delivery ecosystems to combat it. Furthermore, with an eye on the changing transportation and logistics industries, Log9 is investing heavily in the research and development of Aluminum Fuel Cells that will power long-haul commercial vehicles of the future. Log9 is funded by leading VCs like Sequoia and Exfinity Ventures and strategic investors such as Amara Raja Batteries and Petronas (Malaysia).

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By Varun Singh

Network for People of Construction, CLUBNPC, the non-profit organisation of Construction, Real estate and infrastructure industry organised its first annual conference, AAGAAZ 2022 in Pune. The Conference highlighted the issues of the industry and articulated the views and concerns of industry.

CLUBNPC is an initiative to bring all the key stakeholders of the construction industry on a single platform ranging from architects, interior designers, engineers, builders, and contractors. ‘CLUBNPC‘ is the focal point and platform for the Construction industry professionals to network, communicate and support each other on the issues that impact the businesses. It has grown in strength and credibility as a reliable entity with over 3500+ professionals across the country and are growing strength to strength. It has strong presence in all the four zones of the country.

CLUBNPC has also emerged as a huge knowledge sharing platform and organised more than 100 workshops for professionals to build new relationships and establish connections with like-minded professionals.

Speaking on the occasion, Yogesh Jagatramka, President CLUBNPC said, “It is a moment of great pride for us to organise our first event. We would like to make CLUBNPC to be voice of India’s construction industry. From influencing policy to encouraging debate, engaging with policy makers, CLUBNPC would articulate the views and concerns of industry. Its key purpose is to build a strong relationship with members of construction fraternity.”

Renowned Architect Mr. Ravi Gadre was the Chief Guest during the occasion. In his address, he highlighted that architect should build according to the need of the customers. 

The event was attended by construction industry luminaries including Ar. Pradeep Giri, Er. Sameer Deodhar, Er. Rohan Karkare, Ar. Omkar Samudra, Dr. Yogesh Kumar, ID Rajni Shinde, NPC Club President – ID Yogesh Jagatramka, Vice President – Ar. Karan Arora, Secretary – ID Amit Shah, Ar. Rohit Jain Mohammad Parvez, Ashish Bughra, ID Ritu Marwah, Mayur Mangal and others were present on the occasion.

The experts from across the country including builders, architects, interior designers, PMC engineers, contractors, suppliers and manufacturers attended the event.

The winners of the design competition held across the cities were also awarded at the occasion. The event witnesses the signing of no of MoUs (Memorandum of understanding) along with panel discussions, experts’ sessions, cultural events and followed by the oath to make CLUBNPC as the industry’s voice and build it as a strong fraternity.

Also Read: 5 Tips to keep in Mind before Investing in a Luxury Property

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By Varun Singh

Residential real estate has been on a steady and resilient growth trajectory, especially in the last quarter. Despite the shadow of uncertainty cast by the third wave, the segment continued to witness a surge in demand and sales. This is evidenced in a recent report which indicates a 71% rise in quarterly housing sales compared to last year. We are optimistic that the rising aspiration for homeownership and favorable market forces will help sustain the sector’s growth momentum. This, in turn, will positively impact the country’s economic development. The same is reflecting in our quarterly sales performance.

We would like you to take note of our key operational updates for Q4FY22:

A.  Key Sales highlights

• Sales FY22Total sales volume of 3.52 msft with a total sales value of INR 2406 Crore; clocking highest ever sales value for the company since inception.Sales volume from under-construction inventory up by 51% in comparison to FY21

• Sales Volume Q4FY22 – Area sold stood at 1.19 msft, up by 20%, compared to 0.99 msft in Q4FY21

• Sales Value Q4FY22 – Sales value stood at INR 829 Crore, up by 10%, compared to INR 753 in Q4FY21

• New Launches – Of the 6 projects launched during the year, 4 projects were launched in Q4; Tree Haven, Provident Winworth, Purva Southbay and Sparkling Springs

~~First plotted project by the Group in Chennai market (Purva Southbay) was sold out in 48 hours from launch

B. Debt and cash flows – Cash flow remained healthy during the quarter resulting in net debt reduction.

C.     Performance Summary:

Other matters: AIF – The Company’s wholly owned subsidiary received approval from the SEBI for an INR 750 crore, category II fund, under the Alternative Investment Fund (AIF) guidelines, 2012.

Also Read: Lodha launches its Lifesciences Hub at Palava with Encube Ethicals as their first client

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South India’ based Real Estate Developer, Alliance Group & Urbanrise, today announced that the company has appointed Mr. Rajendra Joshi to its Board of Directors as a Whole Time Director, with effect from 6^th April, 2022.

A veteran with 30 years of experience, Rajendra Joshi has led many leading brands in the country and has been instrumental in launching many brands and firms with respect to financial services and real estate industry in the South Indian metros. Mr. Rajendra Joshi comes with an educational background of Masters in Physics from University of Jodhpur and MBA from University of Ajmer. Having joined the Alliance Group in the year 2016, as the Executive Director of Sales and Marketing, Rajendra Joshi, with his high level of administrative and Sales & Marketing acumen has guided the company in launching over 25 million sq.ft of residential community and developing over 22,000 homes. 

Commenting on the appointment, Manoj Namburu, Chairman and Managing Director of Alliance Group said, “We are pleased to welcome Mr. Rajendra Joshi to the board as the whole-time Director. Mr. Rajendra Joshi’s experience and leadership has contributed to the company’s significant growth over the years. Rajendra’s long history in leadership, his administrative capability and his valuable contribution to the company makes him an ideal person for this role. I am confident that Rajendra will bring more depth and diversity to our Board”.

 About Alliance Group and Urbanrise

Alliance Group is South India’s Largest Real Estate Developer who has delivered over 7,500+ homes. The organization has 54 million Sq.Ft. under development and another 25 million Sq.Ft. of projects is in planning stage, with a real estate portfolio of Rs.33,000 Crores. The Organization is backed & funded by the world’s Topmost Financial Institutions.

Also Read: Alliance Group and Urbanrise Clocks Rs.2,290 Cr Sales Revenue in FY 2021-22

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By Varun Singh

Construction cost of existing greenfield and interior fit-out projects has increased by 8-9% in Q4 2021 (Oct-Dec) as against Q4 2020 (Oct- Dec), as per JLL’s Q4 2021 Construction Price Report.

This is primarily driven by procurement challenges, leading vendors to procure from the first available source at a higher price, increased cost towards health and safety and skilled labour availability. The major impact has been on services, especially Long Lead imported items where there is limited local sourcing of materials. Long Lead Item refers to items whose delivery/supply time is longer as they may be imported from other countries like China, Malaysia and so on. They may also be items that are built as per design. Therefore, these items are not bought off the shelf and take a longer time to reach construction sites.

The impact of the first wave of the pandemic on market benchmark rates has been neutral to significant depending on the asset classes. There are a few challenges like idleness of plant and machinery along with enormous market competition which is compelling contractors to discount their margin as they bid for new projects. This discount is not sufficient to offset the overall hike in construction material and labour costs.

The second wave has given an overall image that the Covid-19 restrictions are there to last for years and with lockdown, transportation, manufacturing challenges, all the stakeholders are anticipating material cost increase for the forthcoming months. The cost impact post-second wave has been significant. The cost of new projects is up by 10-12% while the existing projects went up by 8-9%. The supply chain breakdown is the key reason as the cost of material and its freight account for 50-60% of construction budgets.

“With the combination of market re-emergence and survival from the hard-hit of Covid-19, construction prices been quite volatile since Q1 2020 that has made investors, developers, contractors take cautious decisions, although the price surge was far above all the assessments. As the market slowly started to recover, the long wait for projects to start have begun, there is always hope for prospects. The Indian construction industry is the key area of global real estate investments, the recovery pace can double fold in the upcoming quarters which will help all the stakeholders to narrow down the loss made in the previous quarters since the Covid-19 outbreak. The volatility is here to stay for a while until industry shows a steady sign of recovery along with other sectors like manufacturing, hospitality, FMCG, infrastructure, leisure and so on,” said MV Harish, Executive Managing Director, Project Development Services, JLL India.

So what’s making the home expensive? Spike in raw materials cost and labour cost leading to costlier homes.
The findings of JLL’s report demonstrates a price increase of overall 10-12% for new projects and 8-9% for existing projects. Contractors are increasing the overheads and profit, anticipating the uncertainty in the market majorly due to labour and material challenges.

The cost of labour has risen 10-15%, besides the regular increase, due to the knock-on impact of Covid-19 protocols and its associated costs. This includes costs related to compliance to new protocols like RT-PCR tests, idle time until test results, increased accommodation space for the same amount of labour, quarantine facility and sanitation measures. In addition to that, additional labour retention and transportation costs put together have contributed to the increase.

Overall Cost Impacts- the Ups and Downs

Since Q1 2020, steel is up 45-47% to INR 62,300/MT, copper also at 70-75% to INR 745,000/MT, followed by aluminium at 55-50% to INR 203,385/MT, PVC items by 80-90% to INR165,000/MT, and last, but not the least, fuel (primarily diesel) by a whopping 43-47% to about INR 94/liter.

While upsurge in construction cost per sq. ft for existing projects and new projects was at par (105%) in Q4 2020, new project cost went up substantially, from 105% in Q4 2020 to 113% Q4 2021 translating to an 8% hike.

While the markets continue to be volatile, it is anticipated that by Q2-Q3 2022 the construction prices will stabilize. The price rise that we have witnessed is going to be the “new normal”.

Also Read: Home Prices To Go Up Or To Remain The Same?

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By Varun Singh

When an year ends we look back at achievements, downfalls and many other things that makes one remember the year gone by.

In real estate, what matter the most is sale of homes and Mumbai, Delhi, Hyderabad and other prominent cities of the country witnessed many expensive deals.

Here we are listing the top 10 most expensive deals of the year 2021. These are all above Rs 100 crore and one amongst them is worth Rs 1001 crore too.

Here it is:

No 1: D Mart Owner Radhakishna Damani along with Gopikishan Damani paid Rs 1001 crore to buy a two storey property in Malabar Hill. The deal was registered on March 31. The property measures a whooping 5752.22 square meters, which translates into 61,916 square feet.

Read More: D Mart Founder Buys Malabar Hill Property For Rs 1000 Crore

No 2: Real estate tycoon Raheja family, bought three duplexes spread over five floors comprising of 18 apartments in Worli’s Artesia building for Rs 427.81 crore. The total area when calculated comes to 6202 square meters. This translates into 66811 square feet. This deal was registered in April 2021.

Read More: 3 Duplexes Comprising Of 18 Flats, 42 Parking, Sold In Worli For Rs 427 Crore

No 3: JK Paper Ltd, bought a 3,731-square yard bungalow on Prithviraj Road in Lutyens Bungalow Zone for Rs 253 crore in one of the biggest transactions in Delhi.

No 4: Sanitary ware company Jaquar Group purchased three farmhouses in Delhi’s Westend Greens for around Rs 235 crore. The farmhouses bought by the company are spread over 2.5 acres each.

No 5: Panhar bungalow in Worli was sold to a Surat-based diamond firm headed by Ghanshyambhai Dhanjibhai Dholakia for Rs 185 crore. Panhar bungalow’ consists of a basement and ground-plus-six storeyed structure located opposite Worli sea face, one of the sought-after locations in Mumbai. It occupies an area admeasuring 19,886 square feet.

No 6: Aakash Educational Services Ltd founder J C Chaudhry has bought a 2,000 square-yard property in South Delhi’s Vasant Vihar for around Rs 150 crore.

No 7: Anil Gupta, chairman and managing director of KEI Industries, manufactures of cable and wire, bought a 2000 square yard property at Delhi’s Shanti Niketan for Rs 140 crore.

No 8: Pranabh Mody and Purbi Asher, of J B Chemicals & Pharmaceuticals, bought two sea-view luxury apartments in JSW Realty’s under-construction project Morena House in South Mumbai’s Carmichael Road for Rs 138 crore. Mody, bought the apartment spread over 5,341 sq ft on the 5th floor for Rs 70 crore, his sister Asher bought the 5,284-sq-ft apartment on the 4th floor for Rs 68 crore.

No 9: Shailesh Dalmia and his wife Natasha bought four sea-view luxury apartments in under-construction high rise in Artesia building, Worli for Rs 125 crore. All four apartments are spread over nearly 11,000 sq ft on the 33rd floor.

No 10: Abeey’s Realcon LLP of Avinash Bhosale invested Rs 103.8 crore to buy a duplex in the building Sesen, Napeansea Road, the duplex is spread on the 53rd and 54th floor of the building. The total carpet area of the duplex is 7118 square feet and the terrace measures 3503 square feet.

Read More: Avinash Bhosale Buys Rs 103 Crore Duplex In Mumbai

There are other many deal that took place in several cities of the country. However, we restricted ourselves to the top 10 real estate deals, where the consideration amount was above Rs 100 crore.

Most of the deals were reported by documents provided by Zapkey.com, to SquareFeatIndia.com

Also Read: Bhushan Kumar Of T-Series Paid Rs 167 Crore For Juhu Bungalow

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By Varun Singh

For the rich in Mumbai the price doesn’t matter what matters is luxury and this is one such example.

A flat in Mumbai’s Peddar Road was sold recently for ₹1.56 lakh per square feet.

Before I get into the details of the deal, let me remind you a similar deal took place in this building on Peddar Road in February earlier this year.

Ok now coming to the real that has caught our interest.

A deal in the month of September took place in Mumbai’s Peddar Road.

The building is named 33 South located on Peddar Road.

The flat we are taking about is a duplex located on the 13th and 14th floor of the building.

According to documents available with Squarefeatindia, the property was bought in the month of September.

To be specific on September 14, 2021, and a stamp duty of ₹2.12 crore was paid for the registration of the flat.

The duplex measures 316 square meters which translates into 3395 square feet and a consideration of ₹53 crore was paid for the apartment.

This works out to ₹1.56 lakh per square feet.

Along with the duplex the new owners will also have access to seven car parks in the building.

The sellers according to registration documents are Peddar Realty Pvt Ltd and JSW Steel Ltd.

The buyer is Alka Dujodwala who hails from a business family.

In February 2021, a similar deal took place in the building where duplexes located on the 27 and 28th floors were sold.

The deal was for ₹1.66 lakh per square feet, the seller was Sameer Bhojwani and the buyers were Jiten Doshi and Hetal Doshi, Jiten is a reputed and well known name in the Capital Markets.

The Doshi’s paid a total of Rs 61 crore for both the duplexes in February.

Also Read: Rs 1.66 lakh/sq ft

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By Varun Singh

A big ticket real estate deal took place recently in Mumbai’s Napean Sea Road. It is the same area which has seen several expensive real estate deals taking place in the past.

The flat measures 5,165 square feet and to register the deal, a stamp duty of Rs 3.05 crore was paid.

While the doucmentation in regards to the registration was carried out on August 31, the real estate deal was registered on September 7.

Napean Sea Road houses the who’s who of India’s buisness sector, most of the big businessmen of the nation own a house in the area or the vicinity.

A real estate deal in Napean Sea Road always catches the eye of the industry as it does end of up setting some sort of record.

Recently one more deal took place in the area, of which the consideration is a huge amount.

The flat sold is located on the 20th floor (10th habitable floor) of the building named The Residence.

According to documents made available to SquareFeatIndia by Indextap.com, the flat measuring 5,165 square foot (RERA carpet) was sold for a total consideration of Rs 61.11 crore. The buyer as per the document is Ashish Goel

When calculated based on the per square feet rate, the cost of the apartment goes to Rs 1.18 lakh.

Along with he new apartment, the owners will also have access to 4 car parks in the building.

Some Big ticket deals

• Jiten Doshi and Hetal Doshi, Jiten a reputed and well known name in the Capital Markets had bought a flat for Rs 61 crore in 33 South, Peddar Road, the per square feet rate was Rs 1.66 lakh. This deal took place in February.
• Business tycoon Anurang Jain bought an apartment in Carmichael Residencies in 2020 for Rs 1.56 lakh per square feet.
• The Daftary’s bought an apartment in 2020 in Carmichael Residencies for Rs 1.58 lakh per square feet.
• The Motilal Oswal Family Trust paid Rs 1.48 lakh per square feet in 33 South, Peddar Road in 2020.
• Sadbhav Land Pvt Ltd’s Arjun Betkekar paid Rs 1.13 lakh per square feet for a flat in Carmichael Residencies in January 2021

Also Read: Sunny Leone Buys Andheri Flat For Rs 16 Crore

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