Piramal Realty Launches Phase II of Piramal Vaikunth in Thane

After Piramal Vaikunth’s successful Phase I launch in September 2015 at Balkum, Thane,  Piramal Realty, the real estate arm of the Piramal Group, is now launching 170 apartments at its residential towers Vahin (INR 9040/sq.ft.) and Vrisa (INR 9280/sq.ft.) as part of Phase II.

The above prices are limited to the first 40 units only, for which the bookings have commenced from June 18, the company said in a release.

The 2-bed and 3-bed apartments on offer range from a carpet area of 908 sq.ft. to 1262 sq.ft. Each residence is fully air-conditioned, offering quality marble flooring in the living-room and bedroom, and private balconies. Both towers are positioned directly in front of the clubhouse and offer panoramic views of Thane creek.

Piramal Vaikunth is a residential complex spread over 32 acres, featuring high-rises, townhouses, world-class facilities. The development intends to provide residents with a temple, a retail boulevard, a community center, multi-purpose badminton and basketball courts, squash courts, swimming pools, mini cricket ground, state-of-art gymnasium, day care & crèche, cafes & restaurants, convenience stores, guest suites & banquet halls, etc.

Commenting on the launch Anand Piramal, Executive Director, Piramal Group said, “Piramal Realty aspires to be the most quality conscious and the customer-centric real estate company in India. There is a dearth of quality development in the city, and we have seen that there is a lot of potential for a high quality product. This is reflected in the overwhelming response we received for Phase 1 of Piramal Vaikunth, where we attracted buyers from South Mumbai, Western & Eastern Suburbs of the city as well as international markets such as USA, Singapore, London and Middle East.  Today, we have pre-launched Phase 2 of the project with two towers, Vahin and Vrisa, and look forward to receiving a positive response to our premium offerings.”

About Piramal Vaikunth

Piramal Vaikunth is a world-class residential complex, designed for community living, spread over 32 acres (3 million sq.ft.) at Balkum, Thane in metropolitan Mumbai. The project partners with leading firms such as Chicago-based architectural firm, HOK; London-based structural & services engineers, BuroHappold; vertical transportation partners, Lerch Bates; design architects, DSP Design; US-based project managers, Turner Construction Company; and traffic consultants, Systra MVA Consulting.

To enable community interaction and embrace nature, Piramal Vaikunth introduced two unique initiatives: the Vaikunth Flower Show and Piramal Art Residency. 

 

• The Vaikunth Flower Show is inspired by the Chelsea Flower Show UK, and showcases covering 1 million flowers over 140 species & 30 different types of trees from around the globe. The show has been rated by a leading media house, India Today, as one of the top-5 flower shows in the world. 

• Piramal Vaikunth is the first complex in Thane to host an Art Residency for artists to collaborate and create artworks in verdant surroundings. Launched in December 2015, it focuses on the need to build nurturing studio spaces for visual artists and give citizens an opportunity to engage with art in an interactive way.

Lodha Sells Rs 1,600 Crore worth Homes in up-coming Thane Project

Lodha Group, one of India’s leading real estate developers, has reached another milestone with its new development in Thane selling over 2,000 homes worth over Rs 1600 crore prior to its project launch.

The Group received applications from over 3,000 home buyers across India to book flats in the first phase of the upcoming project.

In less than two years of acquiring the 88-acre land parcel from Clariant Chemicals in Thane, one of the largest land deals in the country, Lodha Group has now announced its mega plans for an expansive residential neighbourhood in Prime Central Thane.

It will be developed in multiple phases, with the first phase comprising 3,500 smart sized 1 and 2 bedroom residences, housed in 27-30 storied elegant towers around a master planned development featuring over 80% open spaces. The company said that about 60 per cent of the total residences planed for the phase one have been sold out under the pre-launch.

The pre-launch sale of Lodha Group's new project is a testimony to recovery sign in the real estate sector. Industry experts have attributed the Group's success to the increasing preference of home buyers buying real estate in Mumbai from developers who have a proven track record and credibility.

Commenting on the development, Prashant Bindal, Chief Sales Officer (CSO) of Lodha Group said, "It is very heartening to see the interest of homebuyers in this grand development. This neighbourhood has not only created super-normal demand in a highly competitive market such as Thane but also revived its real estate landscape by reinforcing people's trust towards appreciation and investment in real estate. We are working with the best mix of experts from Hafeez Contractor to Sitetectonix of Singapore, to ensure unmatchable quality of homes and a better life for all families."

Lodha's portfolio includes the World Towers, the world's tallest residential project; Palava City - India's first smart city; the Park (including Trump Towers) in Worli, and New Cuffe Parade in Wadala.

Lodha's land bank of 25 million sq. m is the largest by Indian developers, with a value of $10 billion.

Quick facts about Thane development:

• Buyers spread across 18 countries around the world.
• In India, people from over 60 cities, apart from MMR, bought a residence in Codename Big Bang.
• Unique 'IPO'  style method for applications - the first ever in the affordable luxury category in real estate.
• Thane is rated No.1 hotspot by a CII-JLL report with the highest projected rental appreciation among all the major cities in India.
• The area is expected to witness a tremendous spurt in capital values, with 60% appreciation from 2015 to 2020 as cited by Knight Frank

Sheth Creators Launches Beaumonte, a Mega Residential Development at Sion, Mumbai

Sheth Creators, a leading real estate company catering to the luxury and ultra-luxury segment, has launched Beaumonte, a new age iconic residential development based in the heart of central suburbs, Sion in Mumbai.

The project is a premium residential project consisting of 45 residential floors. The structural and landscape architecture of the project is maneuvered by P&T and EcoPlan Asia from Singapore, respectively.

Beaumonte offers housing choices comprising of 2, 3 BHK residences and is spread across 2.6 acres. Beaumonte is a tapestry of experiences pulsating with vibrant life and activity. The landscaping interspersed with a plethora of amenities includes, meditation/yoga room, montane bar, evening lounge, open-air library and dining, kid’s play area and barbeque space. This project currently instills one tower endowing state of art entertainment and fitness center, a company release said.

Beaumonte is strategically located and brings in great advantage to the potential residents who are looking for nirvana living. The key highlights of the project are the superfluity of amenities designed to exuberate and help amass the feel of complete and refined living.

According to Hiral Sheth, Director Marketing, Sheth Creators, “At Sheth Creators it has always been our consistent endeavor to bestow better living to our consumers by offering world class services. Sion is centrally located and is currently preferred destination that houses social and recreational infrastructure. Beaumonte provides a panoramic view and is designed by one of the finest design consultant P&T and EcoPlan Asia from Singapore. The construction is in full swing.”

Beaumonte at Sion is associated with essential junctions via roads and metro outlines. The project situated in prime locale, is one of the most prominent places of central Mumbai. The location is equidistant to the infrastructural developments like the Eastern Express Highway, Navi Mumbai, Santacruz-Chembur Link Road, Eastern Freeway and BKC. Cities finest hotels, malls, premium entertainment hubs and business centres are just a drive away from Beaumonte.

Beaumonte offers hassle-free connectivity to any part of the city, be it domestic and International airports, on one end and connecting to Navi Mumbai, Bombay Pune Express way on the other. The location has connectivity to all sought after destinations like Bandra, Nariman Point, Worli, Ghatkopar, Andheri, Thane, among others and business districts of CBD’s & SBD’s. The project boasts of booming social infrastructure with eminent schools, colleges, designer jewellery showrooms, in the vicinity and recreational centers at every nook and corner.

Everything at Beaumonte is designed in opulence and grandeur. All, nestled within the buzzing hub of Sion, tinged delightfully with one stop shop amenities, the project caters to the innate needs of the buyers.

Piramal Realty launches luxury tower in Thane for Dubai NRIs

Piramal Realty, a Part of the USD 4 bn Piramal Group, has recently launched Vivaan, one of the Most Premium Towers of Piramal Vaikunth located in the heart of Thane, exclusively for the NRI residents from Dubai.

Offering 2 BHK residences starting from 949 Square Feet carpet area, the limited pre-launch offer is available for select residences for NRIs in Dubai, a release stated.

Piramal Realty is a a diversified conglomerate with interests in Healthcare, Real Estate, Glass Packaging and Financial services, has recently received the largest private equity investment in Indian real estate from Goldman Sachs and Warburg Pincus.

Piramal Vaikunth is Located in the heart of Thane within 25 kms of the Mumbai International Airport.

The booking for Piramal Vaikunth has commenced from November 20. 

Vivaan is situated within the residential complex of Piramal Vaikunth at Balkum, Thane, which is 25 km from Mumbai International Airport.

Mumbai office property market looks for a turnaround in 2013

Though doubts over future economic conditions in 2013 may continue to dampen office space demand in Mumbai, by the mid of 2013 the absorption is likely to be 10–12% above that of 2012 as corporate occupiers will take advantage of the bottomed out market, according to a survey by JLL India, which further states that, “Most demand is expected to come from consolidation and relocation rather than expansion.”

A full-fledged recovery in leasing volumes in early 2013 seems unlikely as there is generally a time-lag between upturn of the economy and leasing activity, the report observed. While the overall office market continues to be tenant-favourable, demand will concentrate on just a few Grade-A buildings in each sub-market. Growth will remain slow until the economic recovery filters through and generates more pronounced growth in employment and expansionary demand, Jones Lang Lasalle’s monthly news monitor ‘Pulse’ noted.

Capital values grew faster than rents during 2012 and this trend is likely to continue in 2013. Capital values appreciated by around 5% in SBD Central, SBD BKC, Western Suburbs and Thane & Navi Mumbai in 2012. Meanwhile capital values remained largely flat in CBD, SBD North and Eastern Suburbs. Rentals in Eastern Suburbs remained stagnant due to increasing completion from the other suburban counterparts.

The rental gap between the CBD sub-markets and the suburban sub-markets were seen to be narrowing in 2012. At an overall city level rents appreciated by around 3% y-o-y in 2012 as most sub-markets have almost bottomed out. Prime yields reduced in all sub-markets on the back of robust investor demand for high-quality core well-let assets.

In 2013, shortage of quality space will intensify. Commercial property in Mumbai will continue to be seen as attractive and ‘safer’ investment option compared with other asset classes and geographies around India. Landlords are likely to become more aggressive when recovery finally picks up. The state government needs to proactively position and market Navi Mumbai and Thane as alternate IT destinations to cities such as Bangalore, Chennai and Pune to create more jobs and boost demand for office space.

The trend of corporates beginning to buy as against leasing isexpected to increase. We expect IT and manufacturing sector to contribute equally to the leasing activity in the coming year with a cautious and selective expansion of BFSI majors during 2013.

Occupier Behaviour

Large office space occupiers are expected to face a supply constraint in prime sub-markets of Mumbai due to less availability of good quality space in the medium term. However, overall office market across Mumbai will continue to remain tenant-favourable until 1H13 as occupiers will benefit from increased availability of new high-quality premises and reduced occupancy costs. However this trend is expected to shift in 2H13 as supply of Grade A space will be restrained. As tenants have increasingly sought to 'right size' their footprint and target enhanced space efficiencies and eliminate redundancies, they have flocked not just to 'quality', but increasingly to 'efficiency'. Corporates will continue to post pone their real estate decisions and shorter lease terms will be more preferred. Corporate real estate teams within major corporations will continue to develop transformative occupational and portfolio strategies, supported by enhanced real estate data and metrics. At their heart will be workplace strategies that not only contribute to cost reduction but also bolster worker productivity and support talent retention. These strategies will play out in the market over the medium term.

Supply & Vacancy

The last 3 years has seen a significant increase in new office space supply that provided tenants with greater selection options. However, development activity will reduce drastically given the lack of liquidity and reduction in pre-leasing activity in 2013. Launch ofnew office projects will reduce and construction is not expected to pick up until 2015 as debt remains a constraint. Few projects at launch stage have been converted into residential or hotel uses in certain sub-markets of Mumbai. Therefore Grade A office space supply will remain restrained in 2013 and 2014. A significant improvement in occupier demand under such circumstances will add pressure on the supply, thereby stimulating increase of rents and capital values in Grade A buildings within the prime locations. Vacancy which was at 22% in 4Q12 will finally begin to edge downwards starting 4Q13 due to the increase in leasing activity amidst restricted supply. The vacancy reduction when witnessed will be the first decrease since 2006.

Rents and Capital Values

The rents in different sub-markets of Mumbai are expected to record reasonable appreciation during 2013, albeit at a faster pace than 2012. Given the basic scarcity of available good-quality, right-sized Grade A office stock in the city’s prime locations, rentals are expected to go up in 2013 by around 6%. The average capital value appreciation is expected to be around 7% y-o-y during 2013. Investment volumes are expected to go up in 2013. Both Eastern and Western suburbs of Greater Mumbai along with Thane and Navi Mumbai are expected to witness a rental appreciation. SBD Central and SBD BKC are expected to record marginal rental increases at a sub-market level during 2013.

Investment Sentiment

The investment market will do better in 2013, with a substantial weight of capital targeting office real estate especially Grade A and trophy assets. Strong investor demand for prime office assets and lack of new supply of core investment options in primary markets will result in further yield compression. Debt capital availability will remain healthy for core assets and inch back for non-core assets.