Hiranandani’s Powai retail space to be acquired for $1 billion

Developed over a decade, the Hiranandani Group, a partnership between brothers Niranjan and Surendra Hiranandani, which owns 4.5 million square feet of office and retail space in Powai, a suburb of Mumbai, will soon be acquired by Canada-based Brookfield Asset Management. This is said to be Mumbai’s largest property transaction in the commercial space which is worth $1 billion or Rs. 6700 crore.

“The process to restructure Hiranandani brothers’ partnership firm is already at an advanced stage and this will clear the way for the transaction. The deal is scheduled to conclude very soon,” a source familiar with the development said.

The developer group which holds the Powai assets is presently a corporate entity and this move may be a precursor to either listing of a Real Estate Investment Trust that would hold the office assets or stake sale.

Hiranandani’s Powai offices are fully leased to giants like Tata Consultancy Services, Nomura Group and Deloitte Consulting India.

Brookfield Asset Management is a global alternative asset manager which has been very active in India off late. The company acquired 100% stake in four special economic zones owned by Unitech Corporate Parks (UCP) and 60% stake in its two other assets in the country for Rs 3,500 crore in 2014.

Hiranandani leases 19lakh sqft to TCS at Thane

Signaling the revival of the sluggish commercial real estate sales in the city, the largest deal in the office space has just concluded between TCS and Hiranandani. Software giant Tata Consultancy Services has signed on the dotted line to pick up 19 lakh square feet for its biggest office under one roof at Hiranandani Estate in Thane.

The parties have signed a 15-year contract with the option of a reset clause every three years. The monthly lease rental for the space is between Rs 50 and Rs 55 per sq ft. the annual lease rental for the entire 19 lakh sqft will be in the range of Rs 120 to Rs 130 crore. Hiranandani Constructions expects to deliver the office in the next 18 months which will have the capacity of accommodating over 30,000 TCS employees under one roof.

“We have given 19 lakh sq feet to Tata Consultancy Services on a long lease where they will set up a single beam IT Park. This will be the largest one in the country owned by a single company. The collaboration promises to generate employment for nearly 25,000 people,” said Niranjan Hiranandani while confirming the high profile transaction.

TCS has 19 offices in Mumbai and adjoining areas which include its headquarters, and 10 delivery centres and Thane.

15th MCHI-CREDAI property expo

MCHI-CREDAI’s property shows are something to look forward to every year. The 15^th edition promises to be better and on a much larger scale than before. The exhibition is scheduled from 15^th to 18^th of January at Highland Gardens, Dhokali in Thane west once again.

“Act before it is too late” is the tagline of this year’s expo. This theme has been chosen to highlight four aspects of the burgeoning Thane city – the amazing growth story, global office culture, mall mania and clean & green outdoor.

In these four days of 2016, real estate enthusiasts will be able to look at a broad range of properties across Thane as well as some areas in the periphery. The event will showcase luxury and affordable homes, Over 40 developers with more than 300 projects and nearly 20 banks and home finance institutions.

Excited about the scale of the expo this time, MCHI President went on to say that he plans to promote the city globally. A conclave is being organized during the exhibition where international property consultants have been invited to encourage investment in Thane at an international level.

“Thane is not just a dormitory city now, developers are endorsing it as an IT hub,” adding that “Tata Consultancy Services has already acquired 2 million sq ft of office space and others will follow suit. Good schools, world class hospitals and other utilities are the need of the hour and we are striving to equip Thane with all this.”

You can order your tickets for the 15^th real estate & housing finance Thane property expo on bookmyshow.com.