10th Griha summit to be held from December 10 to 12, 2018

10th GRIHA summit to focus on fostering partnerships and on green, liveable housing: Experts 

 

Fostering robust partnerships and seeking a collective and collaborative approach towards green, accessible, functional and liveable housing will be what experts from GRIHA Council and UNSW Sydney’s School of Built Environment will focus on at the 10th Griha summit being held here from December 10-12. Ahead of the summit, for which GRIHA Council has for the first time partnered with a foreign institution - the University of New South Wales, Sydney - , a curtain raiser was held at the UNSW India Centre, attended by Professor Helen Lochhead, Dean, UNSW School of Built Environment and Sanjay Seth, Senior Director - Sustainable Habitat Programme, The TERI and Chief Executive Officer, GRIHA Council and representatives from business and industry, NGOs, the UN Human Settlements Programme and think tanks.

 "Eminent Indian architect, Professor B.V. Doshi, who is the first Indian to be awarded the Pritzker Architecture Award, will be felicitated during the summit including a video interview with him and UNSW’s Pritzker prize winner Professor Glenn Murcutt. Professor Doshi is also expected to address one of the plenary sessions of the two-day session from December 11 and 12," announced Sanjay Seth at an interactive session. Seth said the partnership with UNSW is the “first time that GRIHA is being co-created with international partnership”. “It is a coming together of two institutes of repute, and both will be deliberating on issues critical in the developmental agenda of the government of India.”

“Much of the habitat has to be put in place, and the next decade will see much more happening,” he said, adding that the partnership would be very important in the pursuit of excellence in the setting up of the development agenda. Professor Helen Lochhead, Dean School of Built Environment at UNSW and President of the Australian Architect’s Association said UNSW was happy to be collaborating with GRIHA. She termed it a partnership that would see both sides collaborating in education and research and that GRIHA was just the start of a long-term and collaborative association. She said the UNSW School of Built Environment is rated among the top in Australia, and is ranked 23 globally in the QS ranking. “We focus on green, functional, liveable and sustainable architecture, and also make sure we work in collaboration with industry and research policies,” said Lochhead. She said the opportunity to work with Griha and Teri would be a way to help “bring real change in the world we live in”.

The GRIHA Summit will discuss sustainable building policies, tools and techniques and exhibitions showcasing sustainable building materials, construction practices and technologies. The December 11-12 plenary sessions would see important issues being discussed with equal participation of experts from both institutes.Noted Indian-Australian materials scientist from UNSW Veena Sahajwalla and Professor Deo Prasad, who deals with zero carbon, would be addressing the plenary sessions. President and Vice Chancellor Professor Ian Jacobs of UNSW would also be participating at GRIHA.

From the Indian side, there would be noted environmental activist Vandana Shiva, and Professor Doshi, as the main speakers. The sessions would have parallel tracks, with the focus on building materials, and sustainable development agenda, and how to ensure that the plans are doable and implementable, said Seth. Health, smart cities, smart transport, waste management, innovations, energy efficiency, would be among 16 thematic tracks to be included in the sessions. Participants expressed hope that raising public awareness on environmental and sustainability issues could be an integral objective of the Summit along with a strong implementation programme that has the support of all stake-holders.

Amit Dasgupta, India country director UNSW, said that the co-creation of GRIHA by TERI and UNSW was a reflection of UNSW’s India Strategy where cutting edge research could be collaboratively used to build a sustainable, green and liveable habitats. “Our job today is to focus on how we might partner with government, business & industry, NGOs and other stake-holders so that we might transform lives for the better.” 

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Koochie Global to organize National Landscape Architecture Scholarship Program in Delhi

Koochie Global to organize National Landscape Architecture Scholarship Program in Delhi

KOOCHIE GLOBAL, a leading producer of state-of-the-art outdoor playgrounds, outdoor fitness gym and safety flooring solutions, is organising the Delhi Chapter of the National Landscape Architecture Scholarship Program. The National Landscape Architecture Scholarship Program is a platform that provides an opportunity for students with capabilities to succeed academically in the field of landscape architecture and realize their maximum potential.

The event will be held in New Delhi at India Habitat Centre on 22nd September 2018, where the deserving students will be eligible for up to 100% annual fee or a maximum of Rs.50,000 per year per student. There are two scholarships that will be given to such students every year, while subsequently, the student who has already received a scholarship will continue to receive financial aid and encouragement.

Roben Dass, Chairman and Managing Director, Koochie Global, says, “Indeed, the scholarship is much more than financial aid - we are hoping that the young people we select will be motivated to use their education to contribute to society for the benefit of a much wider community”.

Additionally, the program will facilitate appropriate stimulation to present student’s research work, innovative projects or ideas with peers, amidst a distinguished jury from the academic and business fields. It also encourages applicants to foster a network of future leaders that can inspire new vision and commitment to improving life circumstances. Alongside, it facilitates leadership development to bring forth strong leaders in professions and in communities.

The National Landscape Architecture Scholarship promotes critical thinking, inspires an interdisciplinary approach and endorses the application of knowledge as well as empowers new generations of landscape architects, designers and urbanists, in anticipation of the future. This is a Koochie Global initiative supported by Foundation NMP.

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Mumbai’s biggest integrated realty project OID opens up inventory to Delhi investors

Mumbai’s biggest integrated realty project OID opens up inventory to Delhi investors
 Upswing in SMEs and trading community from Delhi investing in Mumbai market

Mumbai’s leading housing firm Omkar Realtors & Developers is set to launch one of the country’s biggest mixed-use realty hub with an estimated Rs 22,000 crore topline revenue under the brand name Omkar International District (OID), located near Andheri highway in Mumbai. The project’s EOI (Express of Interest) is available now with key channel partners (CPs) in Delhi markets.
Spread over 65 acres, adjoining Andheri east on the western express highway, the mixed redevelopment being undertaken by Omkar Realtors will see a record 10 million sq. ft development. Out of this 6 million sq.ft., is dedicated to residential development accounting for 9,000 boutique and luxury houses to be delivered in phases over the next 5-6 years, while balance 4 million sq.ft., will be retail and commercial development.
According to Mr. Devang Varma,  promoter director of Omkar Realtors, “the record inventory to be rolled out in phases will see significant sales traction from Delhi, Gurgaon and Noida based investors and end users owing to the strategic business corridor between the two states. On a pan-India scale, capital-based business communities are the biggest investors in Mumbai market and also Omkar projects. In fact, there has been an upswing in recent times with the trading corridor getting an additional infrastructural boost”, he added. Omkar’s previous launch of Lawns & Beyond project in November 2017 had attracted a record 100 plus EOIs from Delhi-based investors.
According to Mr. Rahul Maroo, Senior Vice President, Omkar Realtors, “The project with a fair share of inventory under sub-Rs 1 crore bracket holds a strong attraction for pan-India customers and investors looking at buying in country’s primary realty market. Not only does this ticket sizing compare well with Delhi and Gurugram markets; it holds an attractive ROI proposition at the current pricing level.” 
He further added that the buyers and investors out of Delhi are eyeing inventory in areas with upcoming infrastructure developments such as Metro, Monorail, new link roads connecting the East-West Corridors etc., and Andheri - Jogeshwari is one such key location in Mumbai. The project with a fair share of inventory under sub-Rs. 1 crore bracket holds a strong attraction for pan-India customers and investors looking at buying in the country’s primary realty market. Not only does this ticket sizing compare well with key Gujarat markets; it holds an attractive ROI proposition at the current pricing level.
Under the OID project, the company will be releasing 600 plus sale inventory by end-August 2018; the EOI (Express of interest) for which has already been put out in the pan-India and global markets through the channel partner network.
The RERA compliant inventory, currently codenamed “Passcode Opportunity”, consists of 1/2 BHK units with the ticket size ranging from Rs 93 lakh onwards (365 sq.ft -510 sq.ft carpet area). The project offering a record 35 plus amenities and 550 plus apartments has a range of collaborations with leading names in hospitality for a 5-star hotel and services business will also be home to Mumbai’s biggest mall spanning over one million square feet.  Currently, the biggest mall in the vicinity and on the western express highway is the Oberoi Mall (5 lakh sq.ft).
The project strategically located on the Western Express Highway enjoying easy access to domestic and international airports comes with flexible payment plans and minimal down payment options. The key target customer groups in this micro market spans SME’s, trading community, corporate professionals, media & entertainment industry.  The location is one of the most sought after by Mumbai’s film and television fraternity including artistes and production houses.
The project which commenced construction in January 2018 has an estimated gestation timeline of 7 years with deliveries scheduled in multiple phases for its residential and commercial inventory. The project is not only expected to transform the Andheri - Jogeshwari east highway belt with the creation of a new residential and commercial zone in Mumbai but usher in a major social reform with a slum-free zone.

The Andheri / Jogeshwari East corridor has a flourishing rental housing market. Recent launches which are close to the highway in destinations have commanded premium rentals. Rentals of 2-3 BHK in this belt has been setting new benchmarks in the Rs. 60,000-90,000 per month bracket.  Booming rentals in these markets are a factor of proximity to the highway and the value offering seen in branded projects. Omkar’s key projects Omkar 1973 Worli (South Mumbai), Omkar Alta Monte (western suburbs), Ananta (Goregaon East), Signet (Malad East) has a customer base spanning some of the leading names from the world of arts, sports, entertainment and corporate sector. 

Omkar’s Delhi outreach:

Omkar has a 4,500-strong customer base spanning pan India locations and global NRI communities. The customer and investors traction has been on the increase from Delhi markets particularly from the business and corporate communities. Currently, the brand enjoys a 150 plus customer base from Delhi market for its boutique and luxury inventory.
While Mumbai’s corporate sector has been drawing mid-level and senior level talent from country’s capital; Delhi’s HNI investors base, corporate professionals, and trading communities has historically found a connect with Mumbai’s trade and finance markets.  These factions have been key investors across all ticket sized realty projects in Mumbai. For Omkar, the investment sentiment from the Delhi region and those of its communities present in Mumbai has significantly dominated brands overall product portfolio accounting for an overall volume of Rs 2000 crore plus inventory in the last 5 years. 
The rapidly growing investment sentiment for this market includes a healthy mix of end users and investors. According to Mr. Maroo, the marked investment interest level from the Delhi region is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market. “Omkar’s reach out focus directly and indirectly with this region has grown steadily over the years and we are committed to engaging customers emerging from this region in terms of empowering them with in-depth product experience, advance product awareness, flexible payment solutions and dedicated CRM”, he added.

Gera Developments Ranks 7th amongst ‘Great Mid-Size Workplaces in India’ 2018, and in the top 3 real estate companies to work for in India

Gera Developments, with a track record of over 48 years and one of the pioneers in creating premium residential and commercial projects in Pune, Goa & Bangalore has been recognized as one of the great workplaces in India by the prestigious, internationally acclaimed Great Place to Work Institute. Ranking 7^th on the list of Great Mid-Size Workplaces, Gera Developments is also amongst the Top 3 Great Workplaces in the Real Estate Industry in India & the Top Developer in the Mid-Size category.

Great Place to Work® Institute is the Global Authority on Workplace Culture Assessment and studies more than 700 organizations in India each year to certify and rank the best. The evaluation is based on an exhaustive survey conducted by the Great Place to Work Institute, with employees, on parameters of workplace excellence, management and the role of trust in workplace culture.

The study recognized Gera Developments for it’s high trust, high performance work culture. This translates into a workplace that inspires trust and inculcates pride amongst its employees and promotes camaraderie within the office environment.

At Gera Developments, the corporate philosophy, Let’s Outdo is what really forms the fabric of its culture. It propels each employee to raise standards instead of meeting them, to exceed expectations rather than living up to them.  The philosophy of Outdo is to improve oneself and compete against self rather than others.  The Outdo culture coupled with our core values of Trust, Customer First, Innovation and Quality have been the pillars for the organization.

 Mr. Rohit Gera, Managing Director, Gera Developments Pvt Ltd said, “We are proud to be recognized as a Great Place to Work. This recognition is special since the process involves feedback from all team members.  This is effectively the voice of Team Gera and receiving this recognition from an external body of global repute is ratification of our commitment towards our employees in building a workplace, which is constantly benchmarking its people practices with the best players across sectors. Anchored in the company’s philosophy - LET’S OUTDO, the well being and growth of our employees has always been at the heart of what Gera Developments strives to do. We constantly work towards creating and inculcating a culture that is diverse and inclusive and brings in a level of confidence, empowerment and growth among each and every associate.”

This award is a recognition of excellence for creating and sustaining a high- trust, high- performance culture within the workplace.

Sumadhura Group launches SumadhuraNandanam, a super luxury property in East Bengaluru

Also plans to foray into commercial office segment with a 1 million sft grade A plus office space in Bengaluru 

Sumadhura Group, one of South India’s leading Bengaluru based realty majors, today announced the launch of its iconic premium residential project ‘Sumadhura Nandanam’ in Hoodi Junction,Whitefield, Bengaluru. This high-rise luxury project is spread across 2.6 acres with 80% open spaces, offering 250 units with 2, 2.5 and 3 BHK configurations. This comes at the back of their recent launch of a project Sumadhura Eden Garden, spread across 14 acres in Whitefield.

This luxurious gated community in Whitefield is strategically located close to top-rated educational institutions, healthcare facilities, major retails, five-star hotels, premium restaurants and entertainment destinations, which places its residents at the very center of action. Connectivity options from Sumadhura Nandanam are abundant, with metrostation at Hoodi whichwill soon be functional,one can travel from Hoodi to Byappanahalli in minutes.Also, easy access to Outer Ring Road extending all the way from the Silk Board Junction to Hebbal, and linking Electronic City to Whitefield.

Speaking on this momentous occasion, Mr Madhusudhan G, Chairman and Managing Director of Sumadhura Group, said,“Living at Sumadhura Nandanam will provide its owners the unique advantage of being flanked by an already expanding IT hubwhich iswell-connected to all the social infrastructures. The project offers spacious and contemporary living with a wide range of amenities that are crafted to perfection.”

“Our unique customer centric business model has a proven track record of innovation and quality, and also has been instrumental in the group’s rapid growth. While we have made significant inroads across Bengaluru and Hyderabad over the last two decades having completed over 30 residential projects, we are nowenteringinto commercial office segment with a one million sft grade A plus office space in Whitefield, Bengaluru being planned,”he further added.

MS Dhoni, Brand Ambassador of Sumadhura Group at the launch of Sumadhura Nandanam said, “Bengaluru is one of my favourite cities and the cosmopolitan nature of the city is second to none. Having travelled across the world and having witnessed many of the world-class projects, I believe the offerings from Sumadhura Group are comparable to the best. I am a firm believer of hard work, punctuality and integrity, along with the altruistic value of giving back to the society. Those are some of the values that strongly resonate with Sumadhura Group as well, and I am delighted to be a part of their growth journey. Also, what makes the brand truly stand out among the pack, is their history of consistently delivering on-time projects that are high on quality, with an innate ability to take calculated risks towards fuelling their growth.  I’m also happy to see the holistic approach adopted by them across their projects, where aspects such as sports and recreation are given prominence, helping foster a conducive environment for adults and children alike.”

Sumadhura Nandanam offers clean, green, quiet environment with aesthetic structures, vastu compliant floor plans, well-ventilated internal spaces and enduring construction quality. It houses a mega Clubhouse providing a plethora of sports activities and a state-of-the-art gymnasium. There is a premium lounge pool with vanishing edgesand toddler’s pool for kids.

The Sumadhura Nandanam homes come with many global luxury brandssuch as Grohe, TOTO, V-Guard, Havells, Schindler, Asian Paints and LG Hausys uPVC Doors & Windows. One could take a therapeutic walkin the beautifully-landscaped aroma gardens and soothe the sensesin all-encompassing greenery throughout the project. Thispremium project also features a festival plaza, a mini football court, open lawn, elders’ court, a dedicated jogging path, water feature with sculptures, children’s play area, cricket practice nets, yoga/aerobics room along with multi-purpose court. Inhabitants could also spend leisure hours playing table tennis, chess, carrom, air hockey, football.

URBN launches premium quality products at affordable prices along with its partner-evangelist - Mahendra Singh Dhoni

 URBN, a new-age premium brand in the audio and electronics industry,has launched its first ever range of trendy portable speakers, earphones and headphones that promise an immersive music experience to audiophiles. With premium quality offering at affordable prices, consumers now will experience the true quality of music with that extra punch. The new range of products from URBN will be available to consumers on Flipkart.
Recently, Mahendra Singh Dhoni had come on board as partner-evangelist for the brand. As URBN looks to build on its presence in the Indian market to enter new segments and build market share, MS Dhoni will be an integral part of the journey.
URBN’s range of products are engineered to travel with durable designs and impressive battery life. Each includes proprietary technology to help produce world-class performance for its size. The line-up even includes headphones and earphonesthat combine superior sound with ease of use that ensure a great experience for the customers.
“Music drives me to do more on and off the field and there is no better fit than URBN’s range of audio products. The range is young and trendy, just like the team behind it. I am excited to be part of their journey and I am sure consumers will also be as enthusiastic about the products as we are,”says Mahi.
An audiophile himself, Mahi understands the cutting-edge technology involved in the designing of these audio products, which cemented his decision to extend his support to URBN’s vision.
Speaking about the new range, Sagar Gwallani, CEO of URBN said, “URBN has been specially designed to deliver an immersive music experience tothe millennials. Like URBN, Dhoni epitomizesGen Y audience – confident, cool and savvy; and therefore, we think he is the best fit for our brand. We now have a confluence of best-in-class products and a perfectly apt persona. With this new range, we are excited to bring in an elegant shift that offers audiophiles a combination of innovative, carefully designed, high quality products that look cool too.”
URBN has kicked-off its new range of premium products in the personal audio category, available on Flipkart and in retail stores as well. This new range caters to purist music lovers, the millennials and the company assures to delight them with high quality audio experience at a great value.

Technology in India Real Estate - from Crowdfunding to Blockchain

By   Anuj Puri, Chairman - ANAROCK Property Consultants

Technology is disrupting different industries across the world, and real estate cannot be far behind. Already, real estate consultants have moved beyond the traditional ways of prospecting, with the Internet opening up the market in unprecedented ways and taking a lot of the footwork out of finding property options. As much as 70% of modern real estate consultancies' prospects are today acquired through digitally-obtained leads. As big data and analytics become more integrated with the property brokerage industry, such consultancies are now 'cracking the code' by in many innovative ways, including: Obtaining and feeding deal and bid information into their company’s central repository at the tap of a few buttons; Instantly matching customers' requirements with the available options;Tracking data on projects' construction progress and regulatory compliances in real time as and sales figures information

If we look at the larger picture of technology use in the real estate business, various new avenues and means of doing business are going to open up. Let us, for example, take crowdfunding.

Crowdfunding
Crowdfunding could emerge as a new way for real estate consultancies to add value both to developers and their customers. For instance, one could use the crowdfunding platform to raise small amounts of money online from several donors in order to finance a developer’s project or venture.
Aggrieved buyers wanting to get their ‘stuck’ project completed may also take the consultancy's help with setting up an escrow account where the crowdfunded money gets deposited. When the project is completed and a cooperative housing society is formed, it could sell out some of the extra units in the project and share the profits with all such investors.
Such advances in financial technology can and will revolutionize almost all aspects of the real estate business in the future. In particular, they speed up the entire transaction lifecycle of the residential real estate business.
Another area where technology comes into the picture in the real estate business is blockchain
Blockchain
Blockchain has all the hallmarks of a real estate revolution in its own right.
The underlying principle of blockchain technology is the distribution of digital information in a secure and efficient manner – information which can be accessed, albeit with some restriction, but not copied. This technology will usher in greater transparency, efficiency and accuracy in the Indian real estate sector which involves multiple parties, detailed due diligence and numerous transactions.
Given the rise of online portals, buyers have easy access to search real estate properties ‘online.’ However, the subsequent stages of documentation, past records, due diligence, registration and final closure, pose a real challenge - and blockchain technology - the next wave of digitization - will make this process simpler.
Simply put, after identifying a property, a buyer can access title records, encumbrances, property taxes, etc. from Government records. Further, using a passcode/private security key of the seller, a buyer (or his representative) will be able to access all previous property records such as maintenance payments, ownership, etc.
Once the property is finalized, the buyer can share these records with the bankers and mortgage can be arranged to post a digital due diligence. In addition, with digital signatures, payments can be transferred to the seller and the property can be registered in the name of the buyer.
All-in-all, with blockchain technology, a property transaction can be concluded faster, seamlessly and with limited manual intervention – enhancing the overall efficiency of the system. Other major benefits will include:

• Title fraud eliminationMinimal involvement of intermediaries like lawyers and brokers, thereby lowering transaction costs.
• Elimination of government-level corruption
• A boost to tax revenue collections
• Elimination of the need for storing physical property papers - thereby doing away with the potential pitfalls of lost or stolen property papers.
• Significant reduction of property disputes

Digitization of records, implementation of RERA and GST are the building blocks for Indian real estate sector to emerge as a transparent and buyer-friendly one.
Alongside, the implementation of blockchain technology - which is essentially a dynamic database of records offering ‘viewing’ rights to all but ‘editing’ rights only to the owner - will be a big leap forward in the ease of doing business in the real estate sector.
Considering that the world is still experimenting with this technology, it will take a few more years before we see blockchain technology being used to its utmost potential in the Indian real estate industry. However, it is definitely an integral part of the future of real estate.

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Magicbricks’ launches India’s first dedicated website for property deals:magicbricks.com/deals

More than 100 developers have been listed on magicbricks.com/deals with 2000-plus deals; Cash discounts offered up to 32%; exciting deals available across Delhi/NCR, Bangalore, Mumbai, Chennai and Pune

With festivities around the corner, Magicbricks, India’s No.1 property site, today announced the launch of India’s first dedicated site for property deals magicbricks.com/deals, a first of its kind industry initiative that would offer home buyers a chance to clinch the best value deals available in the market offered by top developers across Delhi/NCR, Bangalore, Mumbai, Chennai and Pune.
 More than 100 developers across five cities have already listed themselves on magicbricks.com/deals with 2000-plus deals in 150 projects. Top developers, who are offering best deals include L&T, Godrej, Rishabh Group, Parsvnath, Sare Group, Saaya, Ashaina Homes, Kanakiya Group, Airhant Group, Puranik Builders, Naiknavare Developers, Jain Housing and many more. Cash discounts being offered range from 3% to 32% and in addition developers are also offering a host of exciting deals like free car parking, free stamp duty, free air conditioners, wardrobe, special payment plans and etc. The deals have been categorized into three segments – platinum, gold and silver – depending on the value of the offerings.
Commenting on the launch of dedicated website for deals, Mr. Sudhir Pai, CEO, Magicbricks said: “Deals and offers play an important part in the journey of the home buyer and keeping in mind this need gap, we have launched the first dedicated website for property deals for home buyers. Looking for offers and deals on ecommerce platforms before buying anything has become a norm for consumers and we feel that home buying shouldn’t be any different. Since home buying is perhaps one of the biggest decisions in our life we have tried to get all the best deals under one umbrella to ease the life of the customer.”magicbricks.com/deals is an industry first initiative that offers best value proposition to the home buyers. The bulk of the deals have been offered in the affordable and mid-segment category, where there is a strong consumer demand
“A bulk of the deals are from Pune with maximum discount being offered is 21.1% while in Delhi/NCR it is 32% and 18% in Mumbai. With the festival season round the corner, we expect home buyers to scout for the best deals available in the market before taking their final decision. We will keep updating new deals & offers on the platform at regular intervals,” said Mr. Pai.
Magicbricks’ dedicated segment for deals is in line with the revival in consumer sentiment following stability in property prices and an upswing in housing sales in Q4 FY’18. Property searches on Magicbricks jumped by 50%, with cities like Bangalore, Delhi witnessing a spike in searches by60% and 65% respectively.

MITSUBISHI PARTNERS WITH SHRIRAM PROPERTIES FOR ITS FIRST-EVER REAL ESTATE INVESTMENTS IN INDIA

 Mitsubishi invests approx. Rs.180 crores in Shriram Park 63 project in Chennai 

Shriram Properties Limited (“Shriram”) and an investment arm of Mitsubishi Corporation, Japan (“Mitsubishi”), have signed definitive agreements for partnership in an ongoing large residential development project in Chennai (Tamil Nadu, India).This marks Mitsubishi’s entry into the Indian real estate sector and Shriram is proud to be the chosen partner for Mitsubishi’s maiden investment. In the past as well, Shriram was the chosen partner for first-ever realty investment respectively by TPG, Tata Capital, Walton Street Capital and Starwood Capital, and is proud to have received similar confidence from another global major.
Under the terms of the agreement, Mitsubishi arm is investing approx.Rs.180 crores towards 70% stake in an ongoing residential project named “Shriram Park 63”. The project is being developed on a prime land at GST Road in Chennai, with over 1,450 residential units and 2 million square feet of saleable area. Shriram has already pre-sales of over 25% of the project that has revenue potential of over Rs.1,000 crores in next 3-4 years.
Shriram has active ongoing development at this location, with the Company having already delivered over 2 million square feet of office space to Xander adjacent to Shriram Park 63 and developing an additional 2 million square feet of office space under the development management (DM) model.
Shriram has pursued the partnership model for accelerated development in several of its past and current projects. It has successful project partnership involved several marquee investors including Sun Apollo, Hypobank, Xander, Amplus Reality, ICICI Prudential, Motilal Oswal, and ASK Property Investment, many of whom had profitable exits as well. The Mitsubishi partnership is an extension of this strategy aimed at leveraging strengths of both partners for superior value.
Commenting on the transaction, Mr M Murali, Managing Director of Shriram Properties said “We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India. Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties’ projects. With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders”.
Commenting on the transaction, Mr Kentaro Koga, General Manager, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India Co Ltd, said “We truly feel that Shriram is our best partner for first project in India. Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations. We are looking forward to working with such credible partner in an important sector in India."
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