Indian Real Estate becomes attractive for Foreign Investors

Indian real estate market has become increasingly attractive for foreign investors after almost 5 years, as indicated by India-specific fundraisings.

Talking about the improvement in foreign investors’ confidence in real estate market, Shobit Agarwal, Managing Director of Capital Markets at JLL India, said “During the pre-GFC (global financial crisis) phase, 82% of funds got raised in US dollar. This reduced to 57% in post-GFC phase when micro-market understanding was required more than banking on the macro-economy. Interestingly, the contribution, 2014-onwards, has increased considerably to 70% – hinting that the positivity is here to stay for some time.”

The increase in investment gained impetus before the Lok Sabha elections of 2014 and has only increased further as evidenced by funds amounting to $2.2 billion (Rs. 14,860 crore) that has been raised so far in the current investment cycle.

The recent policy measure of easing foreign direct investment rules is also expected to bring more capital in the real estate sector. Encouraged by this, private equity funds are looking to leverage on this rising interest among foreign investors.

According to Rubi Arya, chief executive of Milestone Capital Advisors, “Offshore funds are showing interest in Indian real estate and there is lot of interest from FDI funds back in Indian real estate. We believe this is an opportune time to invest in Indian real estate, with rigorous risk management and strong asset management. We are planning to leverage further on our structured debt and commercial platform to raise money from offshore funds.”

Adding further she said, “FDI funds are looking to invest in pre-leased commercial assets, create strategic-level partnerships with reputed developers mainly through equity deals and make structured debt investments in residential projects”.

The JLL India report says that India-specific cumulative fundraising attained its peak in the pre-GFC period. During this period between 2005 and 2008, there were 50 such funds that raised $16 billion in total. However, post-GFC, only 29 funds got raised in five years, with cumulative fundraising of $3.9 billion.

The current investment period starting in 2014 has witnessed an increase in the volume of investments as well as the average investment size from $ 134 million to $ 184 million.

Increasing Demand in real estate

According to report of Bain, real estate consulting firm, “The demand in Indian real estate market for organized segment can reach up to 1.35 billion sq ft by 2020, however; currently, it is around 880 million sq ft and out of this 85 percent is for the residential real estate”.

As per report of Bain which was titled with “Residential Real Estate in India: A new paradigm for success” finds that in present the sales of home is slow because of low consumer demand and high price. However; while going to forward, the business of Indian real estate sector will have to things very differently in an order to be successful with positive growth.  As per the statement of Parijat Jain, who work for Principal Infrastructure and Real Estate Practice at Bain and Co-author of the report, “The current business model of real estate is changing and it will continue to change more rapidly over the next few years. All the value that was attributable to a real estate firm was in land acquisition, agglomeration and managing approvals”.  The more he added that now people are building concrete businesses with sustainable and value addition inputs very good process and very good execution skills to manage real estate market.

In present, the real estate industry is seeing shift because of dynamics and competitive forces, which are giving rise to different business models in the market and regulatory environment are becoming more complex and apart from that the shift in profit is increasing and awareness among consumers are also increasing. However; the inventory level is increasing due to slow growth in real estate market, but still its challenges to sale the older inventory in market. Apart from that the newer projects are doing well in the market. According to Gopal Sarma, the Head Real Estate and Infrastructure at Bain for India Unit and lead Author of the Report, “It is combination where come part of sector are doing very well whereas; other segment is facing rough response from customers”. The more he added that there has never been value attached to discipline in the process to provide quality and best price to customer.

To be successful in the real estate market, real estate builder should keep themselves on three key aspects in mind; first, the real estate builder needs to select the business model with right processes in an order to deliver best service because with well defined processes and valuable chain from the pre-construction through the construction cycle, handover and beyond, can create alignment and increased ROI for companies. Second; real estate builder should decide that in which market they want to play in terms of geography and market segment because real estate is the business of local market, it is not the business of national and regional scale. Third; In most of the real estate market, customers are neither on front nor on centre, which means now onwards builders should think for customers.

ASK Group Planning to Invest up to Rs 1,500 crore in Indian Real Estate Market

Ask Group, which is one of the Financial Services Firm is now planning to invest up to Rs 1,500 crore with an aim to set up its own equity investment unit for the Indian real estate market in the current year as it seems that that the demand for mid-segment housing projects could increase. In year 2015, the firm has invested more than Rs 600 crore through three equity deals in real estate projects.

Previous Investment of ASK Group:

According to Amit Bhagat, the MD and CEO of ASK Property Investment Advisors, “In the year 2016, our company will deploy from Rs 1,000-1,500 crore as equity investment in the real estate market of India”. For ASK Group the largest investment deal was last month when they invested Rs 365 crore in a housing project of Rajesh Lifespaces at Vikhroli in Mumbai. Apart from that the company has also invested Rs 125 crore with ATS Group in project which is coming up in Noida and Rs 112 crore in project which is coming up in Purvankara, Bengaluru. As per the statement of Amit Bhagat, “Now we are focusing on the equity investment in the mid-income housing projects, which could have the ticket price of Rs 50-75 lakh bracket and we are expecting that real estate market will remain buoyant in this segment”.

In last five years of duration, ASK Group has invested more than Rs 2,500 crore in real estate market of India. Now the company’s main objective is to invest into the mid-income housing projects in five major cities such as; NCR, Bengaluru, Chennai, Mumbai and Pune. According to Bhagat the company is into the process to raise the s 1,500 crore from domestic and offshore investors, however; the fund raising exercise could be completed in next one to two months. The more he added that due to counter cyclical opportunity, now there are many deep-pocket institutional investors and large funds investors are looking for options to invest into the Indian real estate market.

Through its real estate business ASK Group has manage the funds of up to Rs 3,300 crore and it has committed in 19 projects with more than Rs 2,000 crore. ASK Property Investment Advisors is planning to set up the advice real estate dedicated funds.

India – Most preferable real estate destination

According to recent reports, After replacing the Mumbai, Bengaluru is emerge as the most preferred real estate investment destination among other Indian cities. It seems that Indian real estate market has won the back its old favor as it is one of the most preferred real estate destination for investments in Asia Pacific region, as per the reports of PwC India (PricewaterhouseCoopers India).

According to report of consultancy firm which was titled with “Emerging Trends in Real Estate Asia Pacific 2016” and released on Wednesday, “In last one year, the overseas funds accounted for more than 50 percent of all investment activity in India compared to 26 percent in 2013”. The same reports stated that “Flow of foreign capital in India is increasing dramatically from the end of 2014 as the amount invested was almost 200 percent year-on-year by the end of 2015”, however; the reports was based on the data of Real Capital Analytics which provides information on commercial property.

PricewaterhouseCoopers India, attributed that due to growing interest among NRIs and other foreign investors into the real estate market of India was just because of some of the liberalization measures which was adopted by the central and state governments of India. However; for instance, due to reducing the minimum size of built areas in FDI linked real estate projects to 20,000 sq. m (earlier it was 50,000 sq. m ) has increase the confidence among institutional investors because with this for them it was easy to find exist. According to Abhishek Goenka, Partner at PricewaterhouseCoopers India, “As per the perspective of deal structures, the mezzanine financing continues with a shift in favor of equity structures, especially in big ticket transactions for commercial assets such as; IT Parks and Business Parks. The reports pointed out that foreign private equity funds are among the biggest corporate real estate owners in our country, after starting from scratch in the year 2011 – 2012.

In previous years, Mumbai and New Delhi were among the most preferred real estate investment destination, but this year Bengaluru replaced them after emerging as most preferred real estate investment destination in India. The report mentioned that Bengaluru’s ranking is high as it is one of the major Technology Industry Hub with the availability of a large pool of skilled labor which is necessary to ramp up and backup the start-ups. However; reports, didn’t perceived a huge amount of upcoming supply of commercial office inventory which are in Bengaluru because according to experts it will match in next year as developers are expecting high absorption rate.

Arbaaz Khan Inaugurated Indian Property Show

According to experts, in present real estate is one of the most profitable and secure investment instrument in India and the main reason behind that is the depreciation of Rupee and ease of FDI flow as well as upswing in NRI investments.

On December 5, 2015; in Dubai UAE the most awaited and popular exhibition of Indian properties was inaugurated by Arbaaz Khan, Bollywood actor and Brand ambassador of the Indian Property Show. This Indian Property Show was held at Dubai World Trade Centre for the duration of 4 days ie. December 1 to December 3, 2015 between 11 AM to 8 PM, during the property expo more than 170 developers, Banks and cream of the Indian real estate construction companies participated with more than 600 projects. In this property show entry and parking of vehicle was free.

Details about Indian Property Show:

In this Indian Property Show there were more than 170 exhibitors including real estate developers, construction companies and Banks, however; more than 600 projects were on display. The main attraction of the property show was that here real estate developers were offering amazing discounts with free tickets for visitors, apart from that there were also the kid’s competition which was worth AED 44000 in the form of an apartment worth Rs 25 lacs. In Dubai or UAE this property show was ideal for those who wish to invest in Indian real estate sector as this property show was exploring a variety of properties in India and people have an opportunity to interact with developers on one-on-one contact.

Attractions in the Indian Property Show:

To attract the investors, there were many banks with an aim to finance their investments and apart from that there were attractive promotions pre-launch offers, lucrative discounts and free gifts such as; free air tickets to visit the property in India. Apart from that for children’s there were a special art contest in which they were able to win the gold bars worth AED 44000. First time ever in any property show children have become an integral part of the show as organizers was offering exclusive drawing contest for the Children’s who were between the age of 5 to 8 years and 9 to 12 years. The theme of the contest was “Draw Your Dream Home” where winners in each group were awarded with 100 gms, 50 gms, 20 gms gold bars.

Importance of Indian Property Show in Dubai, UAE:

In present, NRIs (Non-Resident Indians) are extremely active in Indian real estate market and according to reports; NRIs are among the top five investor communities in the Indian realty sector. Apart from that they also have natural affinity to India and due to that NRIs are seeing higher intrinsic value for Indian real estate market and due to that they prefer to own property in India rather than owning property anywhere else in world. And now depreciation of Rupee and ease of FDI flow has provided them reason to invest in India.

According to Sunil Jaiswal¸ President of event organizer Sumansa Exhibitions, “Due to  rupee depreciation by 20 percent against US dollar, it perfect time for NRIs to investment in India and apart from that the other driving forces are; that real estate sector is one of the fastest growing sector in India and it is able to provide big and secure returns with more positive prospects. There are some projects which are coming up in 100 smart cities and these projects have captured NRIs eye with the government easing FDI flow in such projects the investment is expected to boost further”. The more he added that Due to easy payment plans which real estate builders are offering its affordable to manage the investments for affordable smaller units as major developments are coming up in Tier II and III cities and it is expected that investment of NRIs will improve the outlook of property market in India. However; Pune Chennai, Mumbai and Hyderabad are the cities which are most popular among the NRIs due to higher chance of capital appreciation, however; according to property experts, cities like; Chandigarh¸ Jaipur, Coimbatore, Kochi and Indore will come in focus till next year”.

Participants of Indian Property Show:

In Indian Property Show, there were plethora of choice with more than 170 exhibitors, who were there for displaying more than 600 projects with ample opportunity to browse and find the best suitable property in terms of size, city preferences and budget. The main hosts of the property show were some of the best Indian developers such as; Indiabulls¸ Lodha Group, Bhartiya City, L&T, Sobha Developers, Rachana Lifestyle, Unique Group, JP Infra, Sheth Creators, Akar Realty, Sunteck India, Mantri Developers, Ozone Group, Kanakia Kalpataru, Jaypee Greens, ATS Satya¸ Supertech, LifeSpaces, Godrej¸ Saarthi Group, Suvilas Rajesh, Unnati fortune¸ Antriksh and Risara . Apart from that for visitor there were choice to buy property in preferred cities of country such as; Delhi, Noida, Greater Noida, NCR, Navi Mumbai, Gurgaon, Kolkata, Goa, Ahmedabad, Mumbai, Pune, Chennai, Jaipur, Coimbatore, Hyderabad, Bengaluru ,Mangalore and Kochi.

Informative Seminars and Sessions:

All the visitors at the show were able and allowed to attend free interactive seminars for three days which was conducted by the real estate developers and major finance companies and it was the main highlight for this year’s property expo, apart from that people appreciated sessions on Property Taxation, however; the other sessions were; Property Investment in India¸ Taking Care of the Legal Angles, Vaastu, Know Your City, NRI Guide to Property Investment in India, Residential Real Estate Hot Spots in South india and more. Legal experts, also help the investors to take informed decisions on the various aspects of property purchase. Apart from that legal experts were also helping the NRIs to sell their existing property in India at good price.

There were many projects which was offering different kinds of promotional schemes, discounts and free gifts such as; Property Dhamaka offers low-interest loans and fabulous discounts with free air tickets by Jet Airways. Bhartiya City and Indiabulls were the Platinum Sponsors of the property show with Jet Airways,who was the Official Airline Partner. However; AajTak and Sony Times Now were the Official Television Partners and 89.1 Radio 4 was the Official Radio Partner of the Indian Property Show.

Real Estate Market in India

In past few years, real estate market of India has evolved from residential units at great location to luxury and vibrant concept of branded homes. These branded residential units or houses have make up this emerging luxury housing projects where the price of luxury houses are about $ 300,000 for 2000 square feet for the starter size for apartments and into bigger and larger sizes depending on the category of the residential projects. In last 10 years, our country has under gone rapid globalization and urbanization which paved the way for employment opportunities with high income trends. However; these high earning individuals are looking for the world-class amenities to reflect their lifestyle on how they want their homes to look like.

According to real estate experts, currently it is one of the fastest growing clusters in residential housing segment as it would take 1.5 million luxury residential units to cater the demand in the next 10 to 12 years, as per the reports of Business World. In present, most of the real estate developers are taking the advantage from the opportunity which needs to cater the housing needs while also getting high incentives. Now most of the real estate developers are targeting the uber rich of the city, who are willing to pay for property which is luxurious enough to reflect their social as well as financial place in the hierarchy. Apart from that there is also sudden influx for investments on bespoke properties because of the emerging trend of owning luxury as well as more than one property in same or different city in the upper segment of the society.

While making an investment in the premium properties, there are few uber rich individuals who prefer to diversify their assets that can be fueled by several reasons ranging from passionate and practicality inclination to investment opportunities. In present, the fastest growing real estate market of India, its common trend to own more than one property and it’s also the  aspiration for the higher class as more than 80 percent of them are investing in at least two properties while the balance 55 percent stake on three or even more. In Indian real estate market there are also few international developers who are ready to invest in the customized possessions to cater the luxury housing demand for the wealthy who want to be at par with their peers’ or surpass their luxury lifestyle.

Rising aspirations of the wealthy professionals are also in the target market of real estate developers for their premium constructions. Luxury residential units are definitely looking for promising trend in Indian real estate market to gain the momentum, which could even surpass the traditions of real estate market.

RMZ Corporation Banglore

Essar is in initial negotiation stage with real estate developer RMZ Corp to sell its Equinox Business Park, which is located in Mumbai. According to sources the price of deal will be about Rs 2,400 crore, or $ 360 million. In recent years, this could be the biggest commercial real estate deal in the MMR region as billionaire brothers Ravi Ruia and Shashi Ruia are divesting their noncore assets to repay the debt of Essar.

Equinox Business Park, which owned by Ruia family is located adjacent to Bandra Kurla Complex and it is the house of leading market players such as; Nissan, Tata Communications, IDFC, Crompton Greaves and Lafarge and of course Essar companies as well. However; Bangalore based real estate developer RMZ Corp is backed by the QIA (Qatar Investment Authorit) and it is expected that it will pay about Rs 19,000 per sqft for Equinox Business Park, which is spread on an area of 1.2 million sqft. It is expected that RMZ will conclude the deal in tow equal stages over the period of six months. It will be 100 percent acquisition from both parties as both parties will meet certain milestones in their business. According to Manoj Menda, Vice Chairman of RMZ, “We confirmed the rumors of deal, but at this point of stage we cannot comment”, however; on the other side Essar declined any comment. According to statement of Anshuman Magazine, Chairman and Managing Director of CBRE for South Asia division, “This deal shows that how commercial real estate is generating interest among real estate developer, especially when it comes to core rental yielding assets. The risk associated with these kinds of properties is much lower than the fully constructed properties where there is no pressure of development and rentals”.

Currently, RMZ is managing about more than 20 million sqft of office space in different cities and now this real estate developer is looking for some large deals to acquire more space in commercial segment as RMZ aims to build a 80 million sqft portfolio in the next three to five years. RMZ’s this acquisition is one of the largest and latest among the series of high profile office space deals because some global investors such as; Brookfield Asset Management, GIC of Singapore, Canadian Pension Plan Investment Board¸ Middle East and Blackstone are over sign a funds to down transaction opportunities in the India. In last calendar year these global investors have acquired assets worth $ 3 billion. In present all the major global real estate developers seeing Indian real estate market as a golden opportunity as in India “Grade A Office” buildings are riding on a robust services economy. Anuj Puri, Chairman and Country Head of JLL India stated that in spite of different influences which shape up real estate markets in India, inherent equity of Mumbai as India’s financial capital remains undiminished and it is expected that it will continue to drive major decisions by large corporates and investment houses.

In December 2014, GIC of Singapore was acquired 69 percent stake in Nirlon and currently it is managing 2 million sqft office space in Goregaon suburb and its cost is Rs. 1300 crore. Apart from that we all know that last month pharma MNC Abbott was acquired .35 lakh sqft in one of the commercial tower at BKC which was developed by the Godrej Properties and cost of deal was about Rs 1,479 crore. It was considered as the biggest transaction for any single user commercial real estate in India.

However; Brookfield’s Unitech Corporate Parks acquisition was seen as the biggest acquisition in Indian office space market. However; it paid Rs 2050 crore for majority control of six parks in Kolkata and NCR. Apart from that with undisclosed amount they also buy 40 percent holding in Unitech.

Image Credits : DNA

Are you a Non-resident Indian who has invested in Indian real estate market expecting a good return? Then you should understand the pros and cons of repatriating the money back to your country without any hassles.

Remember, the planning should be done before you decide to make the purchase rather than during the sale of the asset. We have listed down some important aspects an NRI home buyer should be familiar with.

Repatriation of the Principal Amount invested

Funds held in any overseas account and brought in India via bank transfer to make payment for the purchase is one aspect of ‘principal amount’. Another is through funds already parked in his NRE (Non-resident external) account, which, via drawing to a cheque can be paid to the seller and will be considered in the principal amount. This principal invested can be repatriated back to his foreign country in the foreign currency without any restrictions and permission from RBI. This also does not have any upper cap on the amount. However, this is applicable for a maximum number of 2 residential properties plus an unlimited number of commercial properties in the lifetime of the NRI investor.

Restriction

From the 3rd property onwards, even this principal portion has to be deposited in an NRO (Non Resident Ordinary) account of the NRI, of which a maximum of USD 1 Million (approx Rs.6 crore) can be repatriated for every financial year to the overseas bank account.
Property bought wholly with funds in Indian NRO account

The entire proceeds from the sale of the property including principal and profits must first be deposited in an NRO account and then a maximum amount of USD 1 Million can be repatriated per financial year.

Some funds lying in NRO account and fresh foreign currency remitted from abroad or from balances existing in NRE/FCNR accounts

The respective rules explained above apply in proportion of funds invested; which means that the principal invested out of the NRO account can be repatriated only to the extent of USD 1 Million per annum and the principal invested from external sources or NRE/FCNR funds can be repatriated fully without any limit at one go but subject to the restriction on number of residential properties.

A qualified chartered accountant should certify the amounts invested in the property purchase, which can be corroborated with the bank statement reflecting those transactions. Understand the taxation matters with regards to short term & long term capital gain from your CA before deciding when to sell the asset to ensure maximum return on the investment. Taxation laws of the foreign country on the amount invested in India also need to be carefully considered.

E-Registration for Realty Market

In the real estate market of developing countries land dispute is one of the most common disagreement and the cases can range from illegal land sales to grabbing the land of relatives and from fake purchase to land purchase at zero price. In India the real estate market has been plagued by many of these kinds of issues and due to that in present the government is planning to initiate the e-registration with an aim to streamline the registrations of immovable properties, which will be helpful to bring the transparency in the Indian real estate market. In present, there are many nations which are using the same platform for extremely progressive transparency in the real estate market.

E-registration is simple process which is able to provide evidence of title with an aim to facilitate the transactions to prevent the unlawful disposal of land. It is expected that the system of online registration will be effective and it will be able to solve various underlying problems, apart from that according to real estate experts this system will be able to fill the loopholes of the traditional land registration process, which is fully based on the Land Registration Act of 1925 and that rarely involves the Powers of Attorney, transfer of property under rent and sale or mortgage of land. However; the Land Registration Act of 2002 has introduced the new system according to which they will use the verified electronic signatures for registering and transferring the immovable property online.

If you are getting the land which has been passed from the generations or it has been seen multiple owners in particular time period, so there is need to maintain a hierarchy of land which will available online so that potential buyer or tenants can ascertain the exact rental or value on that land according to the current market conditions. But it’s not an easy to implement this system because government needs to have the complete access over the document verification as well as full disclosure of property details such as; number of rooms, foundation details, gross carpet area, wiring blueprints and more. It is expected that e- registrations will provide a much-needed level of transparency in property dealing and no one will be able to hide anything from future buyers and investors.

Role of real estate agents:

E- Registrations will negate the need for real estate agent or not? It’s very fair question, because the details of all properties will be available online and there are chances that the information mentioned on the website will not be enough for the large investments. The main question is that whether specific property details are able to make good investment decision in regard to other options or not.

Benefits of E- Registrations:

1. The details of property will be available online and due to that they can be accessed online at any time.
2. There will be more transparency in the registration process and there will be no need of bribes to official.

• Software will calculate the stamp duty on the basis of few factors such as; stored data and more.

1. Buyer will be able to pay the stamp duty online.
2. There will be less property disputes in sensitive market.

Procedure of E- Registrations:

As we all know that property available in urban and rural areas comes under the jurisdiction of the same government and it managed by the Tehsil, which means e-registrations for both property (housing or commercial rental) will be similar. However; the process can be different for vacant or occupied property because for vacant land, valuation is based on the current market price, whereas; the property valuation for occupied land such as; flats, cottages, shops and more can be done on the basis of gross investment. The procedure to do the e-Registration is very simple and easy because you can download the form and application of land registration online or you can also obtain it offline from the concerned state authority’s office in your state. After the verification of property details and its related documents the concerned person will be able to register the land in few days and soon after that owner will be able to establish full-accredit ownership of the property.

Penthouse south Mumbai

One more record deal Indian realty market, in which one of the most prominent Indian industrialists is set to buy sea-facing triplex penthouse in South Mumbai at Napean Sea Road locality at record Rs 202 crore, the biggest deal for residential apartment in country.

We all know that this is another surprising deal in Indian real estate sector. It was four times bigger transaction in comparison of recent big-ticket transaction for an apartment, in which Banker Uday Kotak bought house of 11,000-sq-ft area in Rs 55 crore at commercial business district, which is located in the district of Bandra-Kurla Complex. From past two years Mumbai is witnessing big deals in luxury apartments as uber rich guys are not hesitating to pay even with Rs 100 crore prices in localities such as; Malabar Hill, Napean Sea Road and Worli.

Key Points of deal:

1. Deal Price: Rs 202 crore
2. Location: Napean Sea Road, South Mumbai
3. Developer: Runwal Group
4. Built Area: 17,000 sq ft over 20th, 21st and 22nd floors with parking slots for 21 cars
5. Expected Delivery Date: End of March 2018

About Deal:

With this deal it’s clear that in Indian real estate market any record cannot stand for much longer time because this deal is set to make a new record with its sea-facing triplex penthouse, which is located at Napean Sea Road locality in South Mumbai. One of the prominent industrialists is buying this luxury pad, which have carpet area of 17,000 sq ft, spread over 20th, 21st and 22nd floors of a project with 21 car-parking slots. This sea-facing triplex penthouse will be built buy the Runwal Group. However; this penthouse will offer the mesmerizing view of the Arabian Sea and the Queen’s Necklace. Apart from other facilities and amenities property will provide luxury club house and swimming pool with an aim to attract the international investors or buyer for its 30 apartments, which is being constructed in two separate wings.

According to one of the real estate expert, “This is great news because people are also moving towards the alternatives and other vertical developments. Now day’s families are looking for specific kind of lifestyle for which options are limited”. It is expected that this penthouse will be ready for possession by the end of March 2018, and industrialist has already made deal though the token payment and has signed agreement last week. It is expected that this deal will be concluded in next one month. If this deal will work out, so it will be one of the most expensive transactions for any residential apartment as per sq ft basis because buyer is paying Rs 1.20 lakh per sq ft. However; it’s not clear that who is buyer, but according to reliable sources, buyer runs a large and prominent group of diversified business with interest in a wide range of business sectors. Whereas; Sandeep Runwal, director of Runwal Group declined by commenting on the deal.

About Project:

Each floor of both the wings has one apartment and it is expected that by the end of March 2018, the project will be ready for possession. The well known Runwal Group is developing the project on the largest plot after bringing down a bungalow named as Napean Grange. In 2011, the developer was bought the bungalow in Rs 350 crore, which was spread on an area of half acre and the owner of the bungalow was Kapadia family. Earlier, the bungalow was famous as Bansda Residence, and family of Maharaja of Bansda (Bansda is state in southern Gujarat) were using it.