IDBI Federal Life acquires commercial space worth Rs. 111 crore in Lower Parel

In an out-and-out real estate deal, which is the largest so far this year, IDBI Federal Life Insurance Company has bought office space worth over Rs 111 crore at Marathon Futurex complex at Lower Parel in Mumbai, according to sources familiar with the development.

Marathon Realty is developing this eight lakh sq ft office building in three phases, of which two phases up to 26 floors have already been completed. IDBI Federal Life has acquired around 62,000 sq ft space spread over two floors -22nd and 23rd floors -of the 26-storey tower.

The deal works out to approximately Rs 18,000 per sq ft which is within the range of current property rates for outright transactions. Office property rates in Mumbai’s secondary business district of Lower Parel are in the range of Rs 18,000-20,000 per sq ft basis the profile and facilities offered in commercial complexes in the locality.

“The deal is complete and registered last week. This office space can accommodate a total of 450 employees,” said a source.  “We have acquired the property in line with its growth strategy and plan to start operating from the new office in a few months.”

The complex, with multi-level car park, also houses offices of Tata Group’s consulting firm Tata Strategic Management, HDFC, India subsidiary of Paris-based global cosmetics major L’Oreal, and the Consulate General of Israel. The commercial project has already completed two phases of planned development; and the third phase is expected to finish in the next two years, which will take the tower to 38th floor, making it one of the tallest commercial towers in India.

Rs.400 crore to be invested in Goa by Tata Housing

With an aim to develop a mid-income housing project in Goa, Tata Housing will be investing about Rs.400 crore over the next three years. The project is the second housing project in Goa undertaken by the Tata Group firm after developing the luxury project comprising 65 villas about 7-8 years ago.

Under the project, the company will be developing 650 housing units on a 7 acre land in Goa. Tata Housing Managing Director and CEO Brotin Banerjee said, “Global exposure and awareness even among the middle- income group, has led to an increasing demand for second homes. Lately, the concept of affordable yet luxury second home is gaining traction amongst the young consumer who intends to showcase his social standing amongst their peers”. “These (second home) projects give them an opportunity to experience a lifestyle with the latest amenities and technologies, security and lifestyle which may not be possible in a big city” he added. The proposed project in Goa is besides housing projects in Kasauli (Himachal Pradesh), Lonavala (near Mumbai) and Talegaon (near Pune) that are already being developed targeting buyers looking for second home.

With an estimated cost of around Rs.400 crores, the project will have 250 units in the first phase with a starting price of Rs.35 lakhs. The construction is already underway and the company is targeting the completion of the project within a period of 3 years as it would be a low-rise towers.

Tata Housing, established in 1984, is a closely held public limited company and a subsidiary of Tata Sons Ltd. With about 70 million sq ft under various stages of planning & execution, the company also has about an additional 19 million sq ft in the pipeline.

The company  is also planning to enter Noida property market and is in discussions with four local builders, including Logix group and Lotus Greens, to develop 4 projects in Gurgaon as a joint venture.