As the knowledge partner for this remarkable gathering, the Royal Institution of Chartered Surveyors (RICS) played a crucial role in ensuring the quality and depth of the discussions.

The event saw the participation of esteemed real estate developers who shared their expertise during the first panel discussion titled ‘New IT Policy and a World of Possibilities for Maharashtra.’ This panel, chaired by Mr. Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Ltd., featured notable figures from the industry, including Dr. Niranjan Hiranandani, Co-Founder, and Managing Director at Hiranandani Group, Vinod Rohira, Director at K Raheja Corp, Atul Chordia, Chairman at Panchshil Realty, Ashish Singh, Managing Director Actis and P.G Rathod.

These distinguished experts explored the opportunities and challenges presented by the new IT policy, shedding light on emerging technologies and upskilling of current workforce. The IT policy envisages to attract new investments of INR 95000 Cr. while creating 3.5 million jobs. Additionally, this policy enables incentives such as stamp duty waiver, rental expenditure, electricity duty, power tariff and relaxation in property tax. Real estate will further see a redefined usage of built up area from 20% to 40% in Zone 1 and from 40% to 50% in zone II, allowing developers to offer occupants additional amenities within the landscape.

The event highlight was a presentation given by the Development commissioner – Mr. Deependra Singh Khushwah (IAS) Development Commissioner & Mr. Sanjay Korboo -Jt. Director (Industries) – “IT Park Policy of Maharashtra” which included details on incentives, regulations, and strategic initiatives aimed at attracting IT investments, fostering technology growth, and creating job opportunities within the state. Other presentations included one by CBRE that provided valuable insights into the future of commercial real estate in the region due to the IT Policy and one by Gensler that presented a viewpoint on the future of workspaces in India.

The second panel discussion, titled “Maharashtra Real Estate – Ready for the Tech Surge” offered a comprehensive view of the real estate market, comparing Mumbai and Pune to other leading markets in the country. The discussions provided attendees with an informed perspective on investment opportunities and potential growth areas. The IT policy further offers a permission for development in any zone with increased flexibility to developers while choosing their project sites. 

Commenting on the success of the event and the insightful participation that followed, Mr. Sanjay Dutt, MD and CEO, Tata Realty & Infrastructure Ltd. said, “IT Resurgence, Maharashtra, is a testament to our commitment to knowledge-sharing and collaboration within the industry. As we pave the way for a transformed Maharashtra, the new IT policy opens up a world of opportunities for corporate real estate players in the region, bringing innovation and growth. We’re excited to be part of this journey, working hand in hand with government and industry leaders to shape a prosperous future for Maharashtra.”

IT Resurgence, Maharashtra, was a resounding success, bringing together industry leaders, experts, and professionals to explore the evolving landscape of technology and real estate sectors in Maharashtra. The event, with its informative discussions and high-profile participants, exemplified Tata Realty and Infrastructure Ltd.’s commitment to fostering knowledge-sharing and collaboration within the industry.

For more such discussions and insights please visit Intellion LinkedIn Page.

Also Read: 291 Real Estate Projects May lose MahaRERA registration on Nov 10

The post TATA Realty’s IT Resurgence Event explores Impact of the new IT policy on Maharashtra’s Real Estate appeared first on Square Feat India.

According to documents accessed by SquareFeatIndia, provided by Propstack, the deal was finalised in June this year. The lease starts from September 24, 2023 and will last for a period of 60 months.

The lease is in the Tata Communication tower C, located in BKC. The deal is between Owner Tata Communication Limited and the tenant Hinduja Realty Ventures Limited.

The floors that have been rented are 1, 2, 3 in the building, The monthly rent for the space in the BKC tower is Rs 1.15 crore, the security deposit paid is Rs 6.93 crore.

The chargebale area is 46,247 sq ft, whereas the escalation in rent is 5% every year.

BKC is the new central business district of Mumbai, that in the last two decades has seen several companies having their offices here.

Also Read: Tata Chairperson C Natrajan buys ₹97.85 Cr worth Duplex

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Speaking on the annual performance, Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Ltd said, “We have a strong foothold in the realty market and are actively capitalizing on the latest consumer sentiments. Trends like the rise in millennial home-buying sentiments as well as the surge in NRIs and HNIs investing in the residential segment have allowed us to leverage our diverse portfolio offering homes with an array of residential solutions to a wide consumer segment. The sector has witnessed substantial growth in the last few months, despite gaping economic challenges. We are cautiously optimistic about the year ahead and foresee growth in demand in the affordable housing segment owing to the availability of wide[1]ranging financial alternatives and the increased financial disposition of consumers. Today, we have more than 50 projects in 15 cities with a development potential of over 51 million square feet worldwide, with all our projects considered with high regard in the investor fraternity, assuring high ROI in every segment we operate in.”

Sarthak Seth, SVP and Chief Sales and Marketing Officer, Tata Realty & Infrastructure Ltd, shared, “This year we piloted numerous hybrid consumer-centric campaigns and initiatives to drive high-value sales with a personalized approach. Our marketing campaigns are based on homebuyer insights and we take pride in our ability to delight our homebuyers by creating engaging consumer touchpoints. Our strategy for FY 22-23 was to explore the local essence with customized communication for every target micro market. For instance, we ran special campaigns during regional festivities for specific residential projects. Our campaigns such as One Size One Price Offer, #BeyondTheOrdinary, Room for Everything, It’s Interesting, #CelebrateLife, and I Choose SEREIN, are among a few hyper-local campaigns that drove engagement with new-age homebuyers, both online and offline.”

He further added, “Innovative initiatives were taken up this year such as we organized a live cricket match screening and hosted golf tournaments that garnered immediate attention and homebuyer traction. Essentially, the dynamics of real estate marketing have shifted for the better, with digital integration becoming imperative and enabling us to reach the right and wider audience base.”

Overall, this year we capitalized on the evolving consumer sentiments and saw an array of successful launches with units being sold in under a week of the unveiling. For instance, La Vida, Gurgaon saw a 45% sale of the inventory within 5 days of the launch and New Haven Bahadurgarh sold 70% of its inventory in the launch month. At the same time, Swaram in Bengaluru was sold out within 36 hours from launch.

Also Read: Tata Chairperson C Natrajan buys ₹97.85 Cr worth Duplex

The post TATA HOUSING ACHIEVES HIGHEST EVER ANNUAL RESIDENTIAL SALES appeared first on Square Feat India.

The monthly rent is inclusive of CAM charges which stands at Rs 1.62 crore and the chargeable area is 6,28,713 sq ft.

According to documents provided to SquareFeatIndia by CRE Matrix, a real estate data analytics firm the deal was signed on October 20.

The premises that has been rented is Warehouse Block No. N4, Welspun One Logistic Park, Bhiwandi, in Thane dsitrict.

Along with the premises the Lessee will also have an access to 343 parking, this comprises of 15 cars park, 278 bike parks and 50 truck parks.

The lease period is for 18 years, the lock-in period is for 48 months, rental escalation is 5% every year. The dedicated parking area is 69,774 sq. ft.

“This is Deal of two Titans, Tata group and Welspun group. Tata group leasing warehouse space of 6.3 lakh sq ft in Bhiwandi reaffirms two trendsm first relentless demand for grade A warehousing space in outskirts of Mumbai and second steady rise in rentals for quality warehouse space clearly hinting at demand ahead of supply. We foresee this demand supply mismatch to stay in year 2023,” said Abhishek Kiran Gupta, CEO and Co-founder, CRE Matrix.

Also Read: Strong demand drives industrial and warehousing leasing by 9% YoY

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By Varun Singh

The three BDD chawls spread over Worli, N M Joshi Marg and Naigaum have been renamed by the government of Maharashtra.

Between 1921-1925, a total of 207 ground plus three storey buildings have been constructed at Worli, N M Joshi Marg and Naigaum. Each building has 80 residential units. There are also slum-like constructions, stalls, shops, social/educational institutions.

These BDD chawls are around 96 years old and the government led by Devendra Fadanvis in the year 2016 announced the redevelopment of these chawls.

MHADA has even appointed contractors for the redevelopments of these chawls and work at different stages are going on.

For all these years the chawls that were developed by Bombay Development Department have been known by the locations where they have been located.

The current government for a long time has been planning to rename these chawls after political leaders and finally on Friday the government’s housing department came out with a resolution.

The GR passed on June 3, 2022 by the housing department read, “Currently the redevelopment work of BDD chawls at Worli, N M Joshi Marg, and Naigaum is in progress. Between the years 1921-1925 these buildings were built by the Bombay Development Department and hence they got to be known as BDD chawls. Since these chawls were being redeveloped the minister for housing during the assembly session in 2022 announced the changing of the names. Hence the names have been change.”

The new names are as follows
BDD Chawl Worli: Late Balasaheb Thackeray Nagar
BDD Chawl N M Joshi Marg: Late Rajiv Gandhi Nagar
BDD Chawl Naigaum: Sharad Pawar Nagar

BDD chawls are a synonym to the middle class population’s history of Mumbai, The chawls have a rich history and a culture which can be termed as the melting pot of different identities still thrives in Central Mumbai.

The most important aspect of BDD chawls is, that it is spread over 92 acre of prime land in Mumbai. There are a total of 195 chawls in Worli, Naigaon and NM Joshi Marg. There also exists few BDD chawls in Sewree.

Currently MHADA is redeveloping the BDD chawls in the three locations.

N M Joshi Marg, Lower Parel

Chawls: 32
Tenants: 2,560
Funds: Rs 2,460 crore+
Tender Won by: Shapoorij Pallonji

Naigaon

Chawls: 42
Tenants: 9,869
Funds required: Rs2,800+ crore
Tender won by: L&T

Worli:

Chawls: 121
Tenants: 9,689
Funds Required: Rs 10,700 crore
Tender Won by: Tata Capacite

Also Read: BDD Naigaon Back On Track With L&T

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By Varun Singh

Tata Chairperson, Chandrashekaran Natarajan (Chairperson of Tata Group), Lalitha Chandrashekaran, Pranav Chandrashekaran bought a duplex in South Mumbai.

The amount paid for the apartment is ₹97.85 Crore, one of the highest amount paid this year for any realty deal.

The duplex is located on the 21st and 22nd floor of the building named 33 South, Altamount Road.

According to details accessed by SquareFeatIndia from documents provided by Zapkey the deal was registered on May 4, 2022.

The total area of the duplex bought by Tata Chairperson is 6,800 square feet, which when calculated takes the per square feet rate to ₹1.43 lakh.

This is one of the highest paid per square feet rate in the recent history of Mumbai’s realty industry.

The seller are Jeevesh Developers and Properties Pvt ltd.

A stamp duty of ₹5.87 crore was paid for the registration of the duplex.

A detailed message sent to N Chandrashekharan of Tata got us no response.

Previous Top Deals

In April 2022, a deal was signed in Carmiachel Residencies for ₹1.25 lakh per square feet.

In December 2020, The Daftary’s paid Rs 101 crore for a flat measuring 3183 square feet in Carmichael Residencies. The per square feet rate here was Rs 1.58 lakh.

In July 2020 Anurang Jain paid Rs 1.56 lakh per square feet for a flat in Carmichael Residencies.

In December 2020, Motilal Oswal Family trust paid Rs 1.48 lakh per square feet to buy a home in 33 South.

In March 2022, a 10,566 square feet flat in Worli’s Rahjea Legend was sold for Rs 144 crore, thus taking the per sqyare feet value to Rs 1.32 lakh.

Also Read: Carmichael Road Flat Sold for Rs 1.25 lac psf

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This is one of the tallest towers in Thane which will have 332 efficiently designed luxury apartments with configurations of 3 BHK and 4 BHK, ranging from 1300 sq. ft. to 1600 sq. ft.

These apartments have been designed with very large balconies and spacious bedrooms.

The homebuyers will be able to relish recreational facilities with an exquisite Clubhouse called Float on the 51st level and a Rooftop Sky Lounge, which offers mesmerizing views of the city.

Overall, it’s a complete world where residents can get spoilt for choices. The clubhouse will also have a business centre with spacious workspace, library, spa and salon, golf simulator, music room, and viewing deck.

A high street retail zone of ~40,000 sqft total Carpet Area called The Impulse will also be developed within the project premises.

The project is strategically located on Pokhran Road No. 2. Located adjacent to the Eastern Express Highway, this is one of the most preferred residential destinations in Thane.

As a location, it also enjoys proximity to well-developed social and civic infrastructure like world-class education institutions, hospitals, commercial centres, retail zones, and shopping malls.

The residences are available between the price range of Rs 2.44 crore to Rs 3 crore excluding other charges. The company is expecting a total sales realization of around Rs 525 crore from the new launch.

Speaking at the launch, Mr. Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate) said, “We have witnessed a steady demand for spacious luxury homes in the last couple of months which indicates a shift in the post-pandemic consumer behavior in Thane market. Leveraging this shift and latent demand, we have planned to launch a new phase, believing this is the right time to bring the best products to the Thane micro-market.”

Also Read: Cyrus Mistry Rents Tardeo Flat To Mitsubishi For Rs 8.92 lac per month

“Given the current scenario, customers look forward to assurance from trusted brands to reimpose their faith in buying a home and we are confident that SKYRAA will not only deliver but exceed customers’ expectations of luxury living,” Mr. Sumit Sapru (Business Head, Shapoorji Pallonji Real Estate) added.

Lifestyle-friendliness, excellent connectivity and quality social infrastructure are some of the determining factors that single out a residential destination. Thane also enjoys easy access to critical spaces like the railway station and the airport. Owing to the road network of JVLR, SCLR, Ghodbunder Road, Eastern Freeway, NH-8, Mumbai-Nashik Highway and the Thane-Belapur Road, Thane offers a quick and easy commute to numerous business districts such as Nariman Point in South Mumbai, Lower Parel, Bandra Kurla Complex (BKC) and CBD Belapur in Navi Mumbai.

Over the years, Thane has transformed into a hub of major infrastructural developments. Some of the infrastructure developments like proposed road tunnel between Tikuji-ni-wadi (Thane) and Borivali, Wadala-Kasarvadavali Metro line 4, Kapurbawdi-Bhiwandi Metro line 5, Vitawa bypass road, connecting Kopri to Thane-Belapur Road, Proposed Kapurbawdi Metro Station – 1.2 km from the site, Proposed Majiwada Metro Station will further boost Thane’s connectivity live-ability and lifestyle quotient as well as capital values.

Also Read: TATA housing directed to refund money to homebuyer

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Tata Capital Housing Finance Ltd, the flagship financial services company of the Tata Group has committed an investment of Rs 130 crore in the form of construction finance to the flagship residential development of Prescon Group named Midtown Bay located in Mahim, Mumbai. The Group is expected to generate revenue of about Rs. 900 crores from the entire project which is spread across 1.1 acres and is estimated to complete it in around 4 to 4.5 years. The project has a total investment of Rs. 450 crores, out of which the remaining amount will be funded by internal accruals. Prescon Group (earlier known as Prestige Constructions) has completed over 18 projects with a development area of more than 3.5 million sq. feet. The promoters of the company carry a lineage of Nitin Castings Limited, which is a listed company on the Bombay Stock Exchange, apart from being one of the leading manufacturers of alloy castings in the country.

Commenting on the investment, Vinay Kedia, Director, Prescon Group said, “We are proud to be associated with TATA Capital on this prestigious project. While giving tremendous stability it will accelerate the delivery of the project. The team at TATA Capital is keeping a close track on the construction progress to ensure timely delivery to the homebuyers.”

Prescon Group will soon start the construction of the high rise that overlooks the breath-taking Bandra-Worli Sea Link.Inspired by the myriad elements of nature and redefining all the parameters of luxury, Midtown Bay comprises 1 & 2 Bed Sky Condos with carpet areas ranging between 365 sqft to 580 sqft with two-level basement, Ground Floor, ten level podiums for parking and 35 habitable floors. The Sky Condos are attractively priced with one of the lowest ticket sizes in SoBo central market starting at 1.50 crores with its first habitable floor starting from the 12th floor.The configurations are expandable to 2.5, 3 and 4 BHK jodi units allowing flexibility to the homebuyer. The 49-storey mammoth structure is designed by Ar. Hafeez Contractorand is loaded with 25+ thoughtfully planned lifestyle amenities spread across the ground, entertainment deck and the terrace level. Prescon has also partnered with Singapore-based landscape consultant Site Concepts International for the project.

Commenting about the project and the trust shown by TATA Finance, Vedanshu Kedia, Director, Prescon Group said, “We have brought the international concept of ‘Sky-Condos’ to Mumbai for the first time. After deep research on the micro market, we found that the central location demanded well-crafted private spaces with efficient space utilization. This coupled with a plethora of amenities will captivate the modern homebuyer. The trust and dependability of TATA Finance reinforces our ethos of transparency and reliability. We are excited about allying with TATA in the long term.”

Founded in 1964, The Kedia Group is a reputed industrial conglomerate committed to the mission of nation building. The group has owned and operated several manufacturing and construction operations – Alloy Steel Casting foundries in Maharashtra, Timber and Plywood production and processing in the North Eastern states, Steel rolling mills in Gujarat and Rajasthan and a Wind Power project in Dhulwa, Maharashtra; the group ventured into real estate with a futuristic vision of building high quality infrastructure for the evolving demography of India. Over a span of two decades in the real estate industry, the Prescon Group then endeavoured to deliver quality housing to its customers and have already completed projects in Mumbai, Thane and Goa.

Tata Capital Housing Finance Limited (TCHFL) is a wholly owned subsidiary of Tata Capital Limited and is registered with the National Housing Bank as a Housing Finance Company, offering long-term funds for housing purposes

Also Read: TATA housing directed to refund money to homebuyer

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By Varun Singh

Earlier in May this year, The Presidency division of Public Works Department, Maharashtra had floated a tender with an estimated cost of Rs 900 crore for the reconstruction of Manor MLA hostel.

Manora MLA hostel is located at Nariman Point and has housed the Members of Maharashtra legislature for quite some time.

The MLA hostel was declared dilapidated a few years ago and since then the reconstruction work has been in pipeline.

The work of the reconstruction of the MLA hostels was earlier given to NBCC India Ltd. However, in December 2020 citing slow progress the work was given to PWD.

The NBCC had planned of building swanky apartments measuring 1000 square feet to accommodate the MLAs and MLCs. NBCC had planned to construct two towers – 50 floors and 32 floors respectively consisting of 373 flats.

In May PWD floated an E-Tender Notice calling request for qualification for the work “Reconstruction of Manor MLA Hostel for Maharashtra Registration at Nariman Point, Mumbai.

The estimated cost of the project as per the tender is Rs 900 crore.

Now according to sources three top private players have shown their interest in redeveloping the MLA Hostel.

The names of these three firms are TATA, Larsen & Toubro and Shapoorji Pallonji.

While attempts to contact Manoj Shaunik, Secretary, PWD got us not response. An officer said now one of the three bidders for the tender will be finalised soon.

Earlier when the tenders were opened there was only one response and hence more bids were called in.

Finally three bids came and all from reputed firms of the country.

Apart from this the three names has also featured while the redevelopment of the ambitious BDD chawls at Naigaon, N M Joshi Marg and Worli.

NM Joshi Marg is being redeveloped by Shapoorji, Naigaon will be redeveloped by L&T.

Once constructed these hostels will be occupied by MLAs of the state.

The hostel comes useful during assembly sessions when MLAs from all across the state come and stay in Mumbai.

As most of them are from different locations and Mumbai being the capital the hostel if constructed will solve a lot of problems.

Also Read: Rs 900 Crore Tender For Reconstruction of MLA Hostel In Mumbai

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By Varun Singh

If one has walked the streets in Mumbai’s Parel-Currey Road area, then it is hard not to notice the relatives of many patients residing on the footpaths of the city.

Parel has many hospitals and Tata Memorial Hospital that is known across the country for its cancer treatment attracts a lot of patients from all over the nation.

While the patients are inside the hospital, many of their dear ones are forced to stay on footpath. The reason being that not all can afford the expensive rents or tariffs of accommodation.

However, at least relatives of 100 patients would now not have to stay on the footpath or expensive hotels, while their loved ones are getting treated at the Tata Memorial Hospital.

Maharashtra Housing and Area Development Authority (MHADA) has handed over 100 homes located in Currey Road area to the hospital.

These homes are provided by MHADA to the hospital to accommodate the relatives of the patients getting treated and for this, the housing authority will be charging a nominal rent of Re 1 per year.

The Mumbai Repair and Reconstruction Board under MHADA received 188 homes under the cluster redevelopment of the Haji Kasam Chawl located at. Currey Road.

Treatment of a patient suffering from cancer takes a long time, around, many patients are treated for as long as two to three months. During this period relatives of such patients stay around, these 100 homes will be the biggest help for the relatives.

Dr Jitendra Awhad, housing minister for the state said, “Tata Memorial Hospital shall take care of the maintenance of these apartments and an agreement shall be entered into by Tata hospital and MHADA.”

Also Read: MHADA Lottery For 7,500 Homes In Thane & Kalyan

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