Valmark Group mulls over Rs.125 Cr realty fund

Valmark Group is mulling over raising a private equity in real estate fund. Rs.125 Cr PERE fund of Valmark Group will be focused on Bangalore realty.
Valmark Group plans to raise Rs.125 Cr for investing in real estate.

Valmark Group plans to raise Rs.125 Cr for investing in real estate.

BANGALORE: Valmark Group, a Bangalore-based real estate firm, is mulling over raising a fund worth Rs.125 Cr. The main focus of the fund will be Bangalore realty.

Valmark Infra and Realty Trust plans to invest in the residential market of South Bangalore. The group expects a minimum return of 15%. The fund will be invested for developing six to seven projects in Bangalore.

The investment will be for three to five years. The investment manager for the fund Jaswant Munoth said that Valmark Group expects a return of up to 36%.

Mr. Munoth added that the investment will be extended to two more years in case if there is no chance for an easy exit after five years. Continue reading

Is property market on the verge of a collapse?

Property market and Gold were the top two investment options. Fall of gold prices affected the jewelers and those who had investment on gold. The experts now fear that the next to be hit will be the property market.
Is property market safe to invest now?

Is property market safe for the investors to tread on?

NEW DELHI: The fall of gold prices has affected the jewelers and the gold investors. Now the next will be property market, the industry experts express their fear.

The unpredicted and unforeseen fall of gold prices has affected not only the gold jewelers but also those who had investments on gold. Rising prices of gold had wooed the investors.

If the gold prices in 2001 were around Rs.400 per gram, it has gone to Rs.3000 per gram in the beginning of 2013. It means that the gold prices have gone up by 1500 percentages within a span of 12 years. However within a week the prices fell by around Rs.1000 per gram.

In the same way the property prices have been shooting up in all the cities and villages. Along with the fall of gold prices, there can be a fall of property prices.

Though the property market denies the chances of a price correction, the possibilities are not to be overlooked. Continue reading

Air India Prefers Govt Entities While Leasing Realty Assets

Air India plans to lease its realty assets in Delhi to government enterprises. The airline does not prefer divesting the realty assets to private companies.
Air India prefers government entities while leasing its properties in Delhi.

Air India prefers government entities while leasing its properties in Delhi.

NEW DELHI: Air India plans to lease out its real estate assets, located on Baba Kharak Singh MargBaba in Delhi. However the airline has expressed that it would not sell its properties to any private entity but will lease them to government entities.

While planning to lease out its real estate assets in Delhi, Air India has said that the preference would be given to government entities. ONGC, LIC and SIB have showed their interest in leasing the property of Air India.

Private sector companies may not get a chance to lease the property of Air India which prefers government entities to private sector companies.

As part of its monetization program, Air India will lease around 1.7 lakh sq. ft. of office space in central Delhi. The property is located on Baba Kharak Singh Marg.

Though many private sector companies have approached the national carrier for leasing, the airline authorities have said that the preference will be given to state-owned entities. Continue reading

NCR Residential Market Hit by Delayed Projects

Delayed projects have hit the NCR residential market. Due to the delay of projects the home sales have dipped in the NCR.
NCR residential market is affected by construction delay.

NCR residential market is affected by construction delay.

DELHI-NCR: The prospective buyers are nailed by delay in projects. As per a recent report by Knight Frank states that new launches in the Delhi-NCR has fallen by 31%. It has adversely affected the NCR residential market.

As per the report, NCR residential market has nearly 1,40,000 unsold inventories. Out of this, over 27% is under construction.

As per the Knight Frank India report the 33,500 units were launched in the second half of 2012-13. This shows a fall of 31%. Global property consultant firm warns that the launches will see slowdown in the coming months too, affecting the largest residential market.

Developers are finding it really hard to complete the projects. The escalating prices of raw materials make construction costlier. This prompts the developers to invest more. Difficulty in finding sufficient fund is thus another reason for delayed projects. Continue reading

How Gurgaon Outperforms Other NCR Cities

Gurgaon is without any doubt one of the best property destinations in the Delhi-NCR.
Gurgaon is one of the top realty investment destinations in the NCR.

Gurgaon is one of the top realty investment destinations in the NCR.

GURGAON: There are many hot realty destinations in Delhi-NCR. Noida and Greater Noida, Gurgaon, Ghaziabad, Faridabad, etc. are some of the most popular property destinations in the NCR. However the most popular one among all these hot destinations is Gurgaon.

A recent report by Bank of America Merrill Lynch report stated that home sales in Gurgaon have fallen in the first quarter of 2013. It adds that home sales have picked up across the subcontinent.

Home sales picked up because builders launched new projects in lucrative prices. Discounts were offered. The situation was all the more boosted by the expected rate cut on home loans.

Though home sales in Gurgaon did not pick up, the property prices are not affected. The lower demand for housing units has, in fact, no effect on the home prices. Prices rose during the period by 4 to 5%. Continue reading

HUDA Discards Time Limit for Construction on Plots

HUDA has taken away the deadline for finishing minimum construction in the allotted residential and commercial plots.
HUDA takes the time limit for construction on allotted plots.

HUDA takes the time limit for construction on allotted plots.

GURGAON: Haryana Urban Development Authority has taken away the deadline, the time limit, for finishing minimum construction in the allotted residential and commercial plots. Commenting on the new decision of the HUDA, a spokesperson said that there will be no time limit for completing the construction.

As HUDA has taken away the time limit, the allottees will be free to complete construction according to their financial stability. Earlier they were supposed to complete minimum construction within a couple of years from the possession-date.

The HUDA spokesperson added that after 12th year, the expiry period, further extension can be attained by paying the double the rates. However this will not be applicable to the plot sizes which are up to 100 sq. m. or less. Continue reading

Branded homes turn the pick of the hour now

The concept of branded homes is becoming popular these days. The builders are developing ultra-luxury projects in collaboration with renowned brands.
Maria Sharapova one of the ambassadors of branded homes project.

Maria Sharapova is one of the ambassadors of a branded homes project.

BANGALORE: Owning a home worth Rs.10 to Rs.25 Cr is nothing impossible for any HNIs or top class people. Those who have enough to spend on homes are now demanding branded homes.

Yes, the demand for branded homes is increasing in India. This is why the builders are running after international brands. Some of the developers have successfully tied up with some international brands.

The sluggish real estate market and fall of home sales prompted the Indian developers to seek some other ways to woo the buyers. They find it best to introduce some international figures to promote their projects.

Homestead developers tied up with Maria Sharapova and Michael Schumacher. Both the tennis queen and the F1 legend will endorse one each project of Homestead.

Both Maria Sharapova Tower and Michael Schumacher Tower are sports oriented projects. Both these Homestead projects are located in Gurgaon.

It means that the concept of luxury has changed over the times. If earlier it was all related to some amenities and facilities, it is now no more related to amenities and facilities. Continue reading

Essel Group to Raise Rs.1000 Cr PERE Fund

Private Equity wing of Essel Financial Services Ltd plans to launch its first real estate fund. The Rs.1000 Cr PERE fund will be invested in the residential sector.
Essel plans to raise Rs.1000 Cr for investing in residential sector.

Essel plans to raise Rs.1000 Cr for investing in residential sector.

MUMBAI: Private Equity wing of Essel Financial Services Ltd has already raised Rs.200 Cr. The fund will be invested in the real estate sector. Essel Group plans to develop housing projects in top cities across the subcontinent.

Private equity in real estate (PERE) is increasing in India. 2012 saw 32 PERE investment deals. Nearly PERE Funds worth $464.26 million was invested in last year. This is well above $310.88 million in 2011 which saw only 15 such deals.

The PE wing of Subhash Chandra-owned Essel Group plans to launch a Rs.500 Cr fund. The group also has plans to raise another fund of the same amount. The fund will be raised from domestic investors.

Essel Financial Services CEO and MD of Amit Goenka said that developers raise huge demand for capital. He added that most of the projects are stuck, due to the lack of capital. He finds delay in approvals as another reason for the stuck projects. Continue reading

Home Rentals to Shoot Up in Metro Cities

Sky reaching property prices will result in rising of home rentals. Home rentals will see an upward growth due to the increasing migration to the top cities.
Home rentals will rise in top cities due to the shortage of supply.

Home rentals will rise in top cities due to the shortage of supply.

BANGALORE: In all the top cities of India it is impossible for any middle income class person to own a home. The main reason is higher property prices. Yet, the increasing demand and shortage of supply, etc. too play their roles. Adding all together the home rentals in cities are expected to rise sharply.

Rental homes remain the possible option for a majority of residents who have migrated from other rural areas or tier II cities to top cities. Higher flow of population causes more demand for rented homes.

However there is a mismatch between the property price hike and the hike of home rentals. While property prices have shot up many doubles, the rise of home rentals was down by three to five percent down. (Compared only in proportion to the property price hike) Continue reading

CREDAI NCR ponders over regulating property dealers

To boost the home sales, CREDAI NCR now plans to regulate the property dealers in the region. CREDAI NCR has asked the developers to provide salable and carpet area in the project- brochures.
CREDAI NCR to regulate property dealers in the region.

CREDAI NCR to regulate property dealers in the region.

NEW DELHI: Confederation of Real Estate Developers Association of India, the apex body of real estate developers, has decided to regulate the property dealers in the Delhi-NCR region. For this purpose, CREDAI NCR Chapter has already asked its member developers to include both salable and carpet area in their brochures.

The apex body of developers has been thinking over how to boost the home sales. The body found out that there are many scrupulous property dealers who sell the properties by providing misleading and wrong features.

To control the property dealers, it has asked its members to include both salable and carpet areas.

CREDAI NCR also plans to introduce lock-in-period for resale. It also plans to impose higher transfer charges as well. These measures are expected to impact on the property dealers. Moreover it will boost the sentiments of end users.

Amrapali Group’s CMD Anil Sharma has been elected as its new president of CREDAI NCR. His term is for three years – from 2013 to 2015. Continue reading

Shilpa Shetty Launches Groupco, Enters Realty

Bollywood Diva Shilpa Shetty is planning to enter realty sector. The actress has launched Groupco Group for developing real estate projects.
Shilpa Shetty enters real estate sector by launching Groupco Developers.

Shilpa Shetty enters real estate sector by launching Groupco Developers.

MUMBAI: Bollywood actress Shilpa Shetty is thinking of stepping into real estate sector. The Bollywood Diva has launched a Groupco Developers, a real estate development company.

Groupco Developers Group has been launched in partnership with Hem Tejuja. The group aims to focus on residential development. The group plans to develop housing projects in collaboration with land owners.

Commenting on the launch of her real estate company, Shilpa Shetty said that she wanted to make the lives of people happier. She already has diversified business entities in the fields of sports, health and entertainment areas.

The idea which motivated the actress to enter into the realty sector is the hard-effort of the middle class people to own a home. Despite their tremendous effort, they remain unable to own a home. Continue reading

DAMAC Properties to Invest $1Billion in Indian realty

Dubai-based DAMAC Properties plans to invest $1 Billion for developing realty projects. The Group expects to gain some Indian investors.
The opening ceremony of DAMAC Towers by Paramount, one of the most noticed projects of DAMAC Properties.

The opening ceremony of DAMAC Towers by Paramount, one of the most noticed projects of DAMAC Properties.

DAMAC Properties is pondering over having an investment in India. The Dubai-based private developer will invest $1Billion for developing realty projects.

DAMAC Properties has informed that they will be soon launching the second phase of its $1Billion project. Under the second phase luxury hotels and serviced residences will be developed.

DAMAC Towers by Paramount is on its way to completion. The premium luxury hotel tower is being developed in the prime location in Dubai. The project is located in the Burj Area in the same location of the world’s tallest tower Burj Khalifa Dubai.

The tower comprises 540 prime Paramount Hotel and Residences.  Additionally there are 1000 units of DAMAC Maison – Paramount co-branded serviced hotel residences in the tower.

Indian investors are expected to invest in the realty projects of DAMAC properties.

Indian investors are expected to invest in the realty projects of DAMAC properties.

DAMAC Towers by Paramount is a joint venture between DAMAC Properties and Paramount Hotel & Resorts. The project was presented in Delhi and Mumbai in the last week.

DAMAC Properties’ Managing Director Ziad El Chaar said that the project received good response from the Indian investors. He added that Indian investors make a good percentage of their clients.

He opined that there is a deep love for Hollywood movies among Indians. So by partnering with one of the well-established Hollywood movie houses, the group aims to attract investors from India.

This unique project is one of the best investment options. It is noticed for its intrinsic value appreciation.  DAMAC Maison will manage the 1, 2 and 3 BHK serviced hotel residences. DAMAC Maison is the hospitality division of DAMAC Properties.

Fully-fitted kitchens and other services make these serviced hotel residences more favorites. Other services include housekeeping, valet parking, concierge, in-room beauty treatments and round the clock kids club, and lots more. All the more the owners will have the option of keeping their residences on rent while they are away. It thus lets them have a source of income as well.

MCHI-CREDAI Property Expo Sees Huge Crowd

MCHI-CREDAI Property Expo 2013 is being conducted at MMRDA Grounds in Bandra Kurla Complex. The four day property expo will end on 14th of April.
MCHI-CREDAI Property Expo receives good response.

MCHI-CREDAI Property Expo receives good response.

MUMBAI: The first two days of MCHI-CREDAI Property Expo 2013 saw huge numbers of prospective buyers visiting the property show. It shows that the demand is not much affected by the sluggishness of the realty market.

Nearly 25,000 prospective buyers visited the property fair on Friday. This number of property buyers have really spirited the builders.

Over 15,000 residential properties across Mumbai Metropolitan Region (MMR) are showcased in the four day fair. The fair has properties located in Navi Mumbai, Pune and Thane.

The buyers showed keen interest in the properties located at Dombivli and Andheri too. Gundecha, Hubtown and Lodha developers have projects in these areas.

Those who were looking for investment options also visited the fair. Panvel and Thane remain the favorite spots for the investors.

Most of the properties showcased at MCHI-CREDAI Property Expo 2013 were offered with some discounts. Prices for some projects however remained the same. Continue reading

Securities Appellate Tribunal to Hear Sahara’s Plea

Securities Appellate Tribunal will hear the plea of Sahara against the market regulator SEBI.
Will Subrata Roy Sahara have a chance to smile when Securities Appellate Tribunal hears them?

Will Subrata Roy Sahara have a chance to smile when Securities Appellate Tribunal hears them?

MUMBAI: Sahara –SEBI case is yet to get another twist as the pleas of Sahara firms against the market regulator is to be heard by the Securities Appellate Tribunal.

SAT will hear four petitions filed by Subrata Roy, the chairman and the managing worker of Sahara, two other Sahara firms and their top executives.

Subrata Roy Sahara has pleaded with Securities Appellate Tribunal against the market regulator which has attached the assets of Sahara groups and the top executives.

The Securities Appellate Tribunal will hold a “preliminary hearing.” The petitions of Sahara firms and the top executives will be heard in the meeting. Continue reading

Subrata Roy Sahara Faces SEBI Questioning

Subrata Roy Sahara was questioned by the Securities and Exchange Board of India on Wednesday. SEBI questioned three other directors of the Sahara group.
Subrata Roy Sahara was questioned by SEBI.

Subrata Roy Sahara was questioned by SEBI.

MUMBAI: On last Wednesday, the Securities Exchange Board of India questioned Subrata Roy Sahara and three other directors. Though the main thrust of the questioning was to find out the details of Sahara assets, no information is out yet.

Sahara chief and the other directors have presented the details of their personal assets. A Sahara Group press statement which was released after the SEBI questioning said that Subrata Roy Sahara has only Rs.3 Cr worth personal assets.

Earlier the market regulator had warned that they would sell the seized Sahara properties if the Sahara Chief and the directors did not appear in front of them on April 10.

The seized properties include Aamby Valley, a posh project near Pune, and some land parcels in Delhi, Gurgaon and Mumbai.

Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava, the three other directors of Sahara Group, were also questioned. Continue reading

Lucknow sets to become a hot realty hub

Lucknow is all set to become a hot realty hub. The capital city of UP has been witnessing an appreciable growth.
Lucknow termed a better home and investment destinations.

Lucknow termed a better home and investment destination.

LUCKNOW: Realty booms where there is good infrastructure and connectivity. This is common. This is the same thing what happens in Lucknow now.

The city is growing very fast. If it continues to grow like this, then there is no doubt, the city will become one of the most sought after cities in the country.

However the builders are rushing to the Capital city of UP now to purchase lands for development. Why do they rush? They do have to rush otherwise they are sure of losing a better chance to gain higher returns.

Lucknow, with proposed IT city and international stadium, has become more favorite destinations for both the investors and the end –users. With the launch of IT city more people will be getting jobs in the city. Continue reading

Office space demand trends, Property consultants differ

Global property consultants like DTZ, JLL, Cushman & Wakefield, CBRE, etc. are coming up with contrasting reports regarding the office space demand.
Office space demand rises or falls, experts vary.

Office space demand rises or falls, experts vary.

BANGALORE: A recent report of CB Richard Ellis, a US based property consultant, stated that the office space absorption in India rose by 37%. The rise is on a year-to year basis. In the opinion of CBRE, January 2013 witnessed higher demand.

Meanwhile another American property consultant stated that the office space demand is down by 37%. This report of Cushman & Wakefield was absolutely on the opposite of what the CBRE report.

The reports of Jones Lang Lasalle and DTZ India are also not complementing each other. While JLL speaks of a moderate demand, DTZ speaks of a fall in the demand.

As per the report of JLL, office space demand is more or same. Compared to the first quarter of 2012 the demand is moderate this year. The report of JLL stated that in most of the cities the demand for office space remained moderate.

As per DTZ India the office space absorption is down by 20%. Anshul Jain, CEO at DTZ India, said that only 4.8 million of office space was absorbed this year. This is 20% lower than the 6 million sq. ft. absorption of 2012. Continue reading

Amity University -RICS Jointly start first realty institute

To meet the shortage of skilled labors in the real estate sector, Amity University and RICS jointly launched the first realty institute.
In collaboration with RICS, Amity University launches realty institute.

In collaboration with RICS, Amity University launches realty institute.

Are you confused over your higher education? Do you find it difficult to select the apt course? If this is the situation for you, the situation is going to be more complicated.

It is useless to stare at the increasing number of courses. Adding to all these courses, Amity University; in collaboration with RICS, has launched a wide range of courses related to real estate sector.

Amity University’s realty institute will offer a vast number of academic degree programs related to real estate. While some of the programs are for two years, there are others for three years.

BBA in Real Estate and Urban Infrastructure is for two years. MBA in Construction Project Management and MBA in Real Estate and Urban Infrastructure will be for two years. RICS School of Built Environment is located at Noida.

RICS School of Built Environment will offer training and management development programs. The new courses are expected to address the shortage of skilled professionals in the construction sector. Continue reading

Bangalore and Mumbai bag majority of PERE funds

Private Equity in Real Estate (PERE) is more in Bangalore and Mumbai. Other cities like Chennai and Pune are also favorites for the private equity investors.
The IT projects in Bangalore  more popular for PERE investors.

The IT projects in Bangalore more popular for PERE investors.

South and West remain favorites for private equity real estate investors. Majority of the Private Equity in Real Estate (PERE) investment is done in the south and west cities of India; especially in Bangalore and Mumbai.

Last year Bangalore, Chennai, Mumbai and Pune together received Rs.27,907 Cr of PERE investment. This amounts to 84% of the total investment.

The reports say that the Delhi-NCR received the third highest PERE Investment. But experts refute this by pointing out that though Jwala Real Estate and Indiabulls Infratech are Delhi registered companies, their projects are in Mumbai. It means that the investment in the National Capital Region remains only on the paper.

Blackstone is the largest PE investor in India. The US-based PE major alone has invested over $600 million in the Indian realty. However the group has so far invested only in the south and west India. Bangalore holds majority of their investments. The group has also invested in Pune and some southern and eastern cities. Continue reading

Oracle India to lease office space in BKC

Oracle India Pvt Ltd will lease large office space in the Bandra Kurla Complex. The IT majorhas already signed the agreement.
Oracle India will lease office space in BKC.

Oracle India will lease office space in BKC.

MUMBAI: Oracle has signed a lease agreement for its Indian arm Oracle India Pvt Ltd. The IT major has leased large sized office space in the Bandra Kurla Complex in Mumbai. The group will lease 50,000 sq. ft. of office space.

Oracle India will have to pay Rs.340 per sq. ft. for gaining office in the BKC which is one of the most costly office spaces across India and Asia Pacific Region. The lease agreement will be for a term of nine years.

One floor will be fully leased by Oracle India. The transaction worth Rs.183.6 Cr is the largest lease transaction in FIFC. First International Financial Centre (FIFC) is a Grade-A commercial development in BKC.

Continue reading

McDonald’s to invest Rs.265 Cr for expansion

McDonald’s India plans of expansion. The largest hamburger fast food restaurants chain of the world will invest around Rs.265 Cr for the purpose.
McDonald's plans to expand its stores in India.

McDonald’s plans to expand its stores in India.

BANGALORE: McDonald’s is a name well-associated with hamburger and pizzas. The name is very familiar to those who love pizzas and hamburger. Per day, McDonald’s is visited by approximately 68 million customers worldwide. The largest hamburger fast food restaurants chain is present in over 119 countries.

McDonald’s India, the Indian subsidiary of the US based hamburger fast food restaurants, is now pondering over expansion policies. The group plans to have 250 stores in south and west India by March 2015. Currently they are having 162 stores in these regions.

Commenting on the expansion policies, Hardcastle Restaurants’s Vice-chairman Amit Jatia said that the group plans to have 250 stores in these regions. He added that the expansion will be done with an investment of Rs.265 Cr. Hardcastle Restaurants is the operator for McDonald’s in south and west India. Continue reading

How good are residential plots for investment?

Buying residential plots for value appreciation in developing areas is a good move. Property investors are now looking at residential plots as better options of investment.
Well connected residential plots offer good returns.

Well connected residential plots offer good returns.

DELHI: When you see an area is growing and the appreciation is improving, surely you can choose residential plots in the area as options of investment. Comparatively the land prices will be lower in remote areas.

For instance if the land prices in the prime location is Rs.10000 per sq. ft., it will be Rs.200 per sq. ft. in the remote areas.

However the nearest hub must be reachable within an hour. Lesser the travelling hours to the city, the higher the appreciation you will get.

Connectivity and infrastructure developments are also to be noted. If the connectivity is poor or the infrastructure is weak, your investment may not bring the desired result.

Closeness to the railway station, metro station, the nearby bus stop/stand, etc. too are to be considered. They also play their roles in determining the prices. Continue reading

Orissa Govt to develop 5000 affordable homes

The state government of Orissa plans to develop 5,000 affordable homes in Bhubaneswar. The affordable homes will be developed in collaboration with the private developers.
5000 affordable homes to be built by Orissa Government.

5000 affordable homes to be built by Orissa Government.

BHUBANESWAR: As Bhubaneswar, the capital of Orissa, is growing very fast, the properties in the city have gone beyond the reach of the middle and lower income classes. They do not find any affordable homes in the city now. Seeing this situation, the state government has decided to develop 5000 affordable homes in the Capital City.

Injeti Srinivas, the state secretary for housing and urban development, said that the government will develop 5000 affordable homes in the city. He added that the plan will be worked with the help of private developers.

Affordable housing projects will be developed at Gothapatna. The government has reserved around 100 acre of land for affordable housing projects. Out of this, around 15 to 20 acres will be provided to the developers. Continue reading

JLL to Raise Rs.1200 Cr Commercial Realty Fund

Jones Lang LaSalle is planning to raise a new realty fund. The main focus of JLL’s Rs.1200 Cr realty fund will be commercial sector.
JLL plans to raise Rs.1200 Cr to invest in the commercial realty.

JLL plans to raise Rs.1200 Cr to invest in the commercial realty.

BANGALORE: Late last year Jones Lang LaSalle launched a private equity fund. The PE fund collected Rs.300 Cr. Now JLL is looking forward to raise another realty fund for investing in the commercial realty.

If JLL collected Rs.300 Cr for investing in the residential sector, the new fund, which is four times bigger than the first, will be invested in the commercial realty.

Rs.1200 Cr realty fund is expected to be launched by the 2013-end. Their first fund was invested in Bangalore. JLL invested the amount in two residential projects.

Though the new fund is expected to be invested in the commercial sector, details are not available. Sources with direct knowledge say that the decision is not yet taken as to whether the investment should be domestic or offshore.

While senior executives of JLL could not be contacted for comments, a person with direct knowledge commented that the investment will be in the commercial sector. He added that the real estate consultants are looking for higher returns from their investment and for this commercial realty is better now. Continue reading

Sanofi India buys 150000 sq. ft. office space in Mumbai

Sanofi India has bought 150000 sq. ft. of office space in Powai, Mumbai. Once the building is completed, Sanofi India will shift their HQ from Andheri.
Pharmaceutical Major Sanofi India plans to shift its HQ.

Pharmaceutical Major Sanofi India plans to shift its HQ.

MUMBAI: Sanofi India, the Indian subsidiary of French pharmaceutical major, has bought 150000 sq. ft. of office space from L&T Realty. The deal was fixed at a price worth Rs.220 Cr. Rs.220 Cr is, so far, the largest deal in 2013.

The Indian subsidiary of French pharmaceutical major plans to shift its headquarters from Andheri to Powai. Once the building is ready, they will shift.

Sanofi will pay the entire amount in installments. The payment is linked to building construction. The deal was signed a few days ago, two persons with direct knowledge revealed.

The construction of the 10-storey office space project has already been begun. The project is expected to be completed within two to three years. The new building is only a part of L&T Business Park. JP Morgan and L&T Infotech are currently operating in this commercial project. Continue reading