logo
Sumadhura Group forays into managed office spaces, to lease 1 mn sq ft of space in next 3 years

Sumadhura Group forays into managed office spaces, to lease 1 mn sq ft of space in next 3 years

Hindustan Times27-05-2025

Bengaluru-based real estate developer Sumadhura Group has entered the managed office space (MOS) segment with the launch of Workship. The company aims to lease over 1 million square feet of flexible office space, offering more than 10,000 seats over the next three years.
Workship is located within Sumadhura's commercial property, Capitol Towers, in Whitefield, Bengaluru. Spanning 1.22 lakh square feet, it currently offers over 3,000 seats.
Since its launch, Workship has delivered more than 50,000 square feet of managed office space—comprising over 1,500 seats—within just three months. Buoyed by strong demand, the company plans to add another 1,500 seats in the same development by August 2025.
Also Read: Sumadhura Group acquires 40 acres of land in Bengaluru for ₹800 crore; to develop four housing projects
'Our goal of reaching one million square feet of managed office space over the next three years reflects our confidence in this growth trajectory. Looking ahead, we plan to expand Workship in Hyderabad by 2027, recognising its growing prominence as a key GCC hub and a high-potential premium office space market," Madhusudhan G, chairman and managing director, Sumadhura Group, said.
Workship offers a premium range of amenities, including an arrival lounge, collaborative zones, private offices, a podcast studio, and wellness areas.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why Chinas auto, tech giants threaten Tesla's self-driving future
Why Chinas auto, tech giants threaten Tesla's self-driving future

Mint

time14 minutes ago

  • Mint

Why Chinas auto, tech giants threaten Tesla's self-driving future

Key assisted driving equipment costs 20-40% lower in China: study BYD, others offer advanced driver-assistance as standard feature Tesla charges 64,000 yuan for FSD in China BYD's scale seen as advantage in 'training' assisted driving system AUSTIN, Texas June 10 - Chinese electric-vehicle makers led by BYD beat Tesla in the competition to produce affordable electric vehicles. Now, many of those same fierce competitors are pulling into the passing lane in the global race to produce self-driving cars. BYD shook up China's smart-EV industry earlier this year by offering its 'God's Eye' driver-assistance package for free, undercutting the technology Tesla sells for nearly $9,000 in China. 'With God's Eye, Tesla's strategy starts to fall apart,' said Shenzhen-based BYD investor Taylor Ogan, an American who has owned several Teslas and driven BYD cars with God's Eye, which he called more capable than Tesla's 'Full Self-Driving' . It's not just BYD. Other Chinese auto and tech companies are offering affordable EVs with FSD-like technology for a relative pittance. China's Leapmotor and Xpeng, for instance, offer systems capable of highway and urban driving in $20,000 vehicles. A slew of Chinese firms are chasing the same technology, an industry push backed by China's government. BYD's assisted-driving hardware costs are far lower than Tesla's, according to analyses performed for Reuters by companies that dismantle and analyze vehicles for automakers. The comparisons, which have not been previously reported, show that BYD's costs to procure components and build a system with radar and lidar are about the same as Tesla's FSD, which doesn't have such sensors. That undercuts Tesla's unusual technological approach, which aims to save costs by nixing such sensors and relying solely on cameras and artificial intelligence. The rising competition from Chinese smart-EV players is among the chief problems confronting Tesla CEO Elon Musk after his rocky tenure as a Trump administration advisor as he refocuses on his business empire - as Tesla vehicle sales are tanking globally. The stakes are made higher by a moment-of-truth challenge this month in Tesla's home base of Austin, Texas, where it plans to launch a robotaxi trial with 10 or 20 vehicles after a decade of Musk's unfulfilled promises to deliver self-driving Teslas. Tesla did not respond when reached for comment about its Chinese competitors. Previously, Musk has described Chinese car companies as the most competitive in the world. Chinese competition was one factor driving Tesla's strategic pivot away from mass-market EVs last year, when Reuters reported it had killed plans to build an all-new EV expected to cost $25,000. Musk has since staked Tesla's future instead on self-driving robotaxis, the hopes for which now underpin the vast majority of the automaker's stock-market value of roughly $1 trillion. Now Tesla faces the same stiff competition on vehicle autonomy from many of the same Chinese automakers who undercut its affordable-EV plans. Adding to the challenge are tech firms including Chinese smartphone giant Huawei, which supplies autonomous-driving technology to major Chinese automakers. Short of full autonomy, today's driver-assistance systems offer a critical competitive edge in China, the world's largest car market, where Tesla sales are falling amid a protracted price war among scores of homegrown EV brands. Tesla is further handicapped by China's regulations preventing it from using data collected by Tesla cars in China to train the artificial intelligence underpinning FSD. Tesla has been negotiating with Chinese officials, so far without success, to get permission to transfer such data back to the United States for analysis. Tesla's competitors in China do benefit from subsidies and other forms of policy support from Beijing for advanced assisted driving technology. Their advantages also stem from another consequential factor: cut-throat smart-EV competition that has characterized their industry over the past decade. The resulting EV boom created economies of scale and the industry's tendency to forgo some profit margins to expand new technologies' market penetration quickly, leading to lower manufacturing costs. BYD investor Ogan, of Shenzhen-based Snow Bull Capital, has a front-row seat to China's autonomous-tech battleground. He recently drove several BYD models equipped with God's Eye, he said, and didn't have to take over driving in any of them while traveling the congested streets of Shenzhen, a bustling southern China megalopolis of 18 million people. Another notable smart-EV player in China is Huawei, experts say. Huawei lends its technology and branding to a half dozen automakers including heavyweights Chery, SAIC and Changan, and has lower-profile partnerships with more than a dozen other carmakers, Huawei representatives said. Reuters journalists rode in an Aito M9 — a luxury electric SUV from Seres with Huawei driver-assistance technology — as it navigated Shenzhen roadways in April. With a driver's hands off the wheel, the vehicle exited a highway seamlessly into a congested urban zone, where the M9 proceeded cautiously and slowed to a crawl as a construction worker appeared like he might walk into the roadway. At one point the vehicle turned right and slowly drifted left to avoid two men unloading boxes from a parked truck. The vehicle then parallel parked itself at Huawei's Shenzhen headquarters. Huawei was among several Chinese companies, including automakers Zeekr, Changan and Xpeng, that touted progress towards fully-autonomous cars at April's Shanghai auto show, even as Beijing announced a new marketing crackdown on terms such as 'smart' and 'intelligent' driving in the wake of a deadly crash in a Xiaomi vehicle involving driver-assistance technology. Huawei said it's ready to undergo a new validation regime being developed by Chinese regulators to certify so-called Level 3 driving systems, meaning they are capable enough to allow drivers to look away unless notified by the system to take over. Zeekr, a luxury brand of China auto giant Geely, also plans to soon sell cars with Level 3 systems. Tesla has yet to release such an "unsupervised" version of FSD because its technology needs more training to operate without a driver's hands on the wheel and eyes on the road. Tesla plans to launch self-driving robotaxis in Austin this month. Little is known about its plans. The company has said it aims to initially deploy between 10 and 20 fare-collecting driverless robotaxis in restricted geographic areas of the city, which Tesla has not publicly identified. Chinese EV makers are moving quickly to develop driver-assistance systems in a market where car-buyers are demanding them at a faster pace than in other regions, analysts say. Their ability to do so at lower costs poses the biggest threat to Tesla's new autonomy-based business model. BYD buyers can get an FSD-comparable version of God's Eye as a standard feature in cars priced at about $30,000. The cheapest FSD-equipped Tesla in China is a Model 3 selling for about $41,500. According to an analysis by A2MAC1, a Paris-based tear-down firm that benchmarks components, the mid-level God's Eye version most comparable to Tesla's FSD runs on an Nvidia computing chip with data collected through 12 cameras, five radars, 12 ultrasonic sensors, and one lidar sensor, at a cost of $2,105. That compares to $2,360 for Tesla's FSD, which uses cameras without sensors and two AI chips, the firm estimates. Cameras, radar and ultrasonic sensors are 40% cheaper in China than comparable devices in Europe and the United States, A2MAC1 estimates. Lidar sensors cost about 20% less, the firm says. Sensor costs have fallen because China's EV boom created economies of scale, said A2MAC1 engineer Elena Zhelondz. The fierce competition also pushed carmakers and suppliers to accept lower profits on driver-assistance equipment, she said. BYD's 22% gross margin will likely fall as it gives away God's Eye but it will benefit from a vehicle-sales boost, said Chris McNally, head of global automotive and mobility research for advisory firm Evercore. MORE CARS, MORE MILES, BETTER AI Falling behind the Chinese brands on driver-assistance technology would compound Tesla's challenges in China, where it's already losing market share to rivals including BYD, which sells an entry-level EV for less than $10,000. The growing scale of BYD and others could also provide a technological advantage: Racking up more miles on China roads helps train the AI technology needed to perfect automated-driving systems. BYD has a 'clear and ongoing market-share driving advantage' over Tesla in gathering such on-road data to refine God's Eye, Evercore's McNally said, adding that advantage might only increase as offering God's Eye for free helps sell more BYD vehicles. BYD's scale also helps lower costs by providing uncommon leverage over suppliers. In November, a BYD executive in charge of passenger-vehicle operations wrote to suppliers telling them that the automaker sold 4.2 million vehicles last year because of 'technical innovation, economies of scale, and a low-cost supply chain.' The executive noted the new year would likely bring more growth, but also fiercer competition. Without specifically mentioning God's Eye, he ended the letter by asking the suppliers for an across-the-board 10% price cut on all parts and systems starting on January 1, calling the new year a final 'knockout round.' This article was generated from an automated news agency feed without modifications to text.

JM Financial gets 142,000 sq ft Mumbai office space through CIRP resolution
JM Financial gets 142,000 sq ft Mumbai office space through CIRP resolution

Time of India

time24 minutes ago

  • Time of India

JM Financial gets 142,000 sq ft Mumbai office space through CIRP resolution

In a key transaction stemming from a bankruptcy settlement, non-banking finance company JM Financial Products has acquired ownership of over 142,000 sq ft of office space spread across four floors in an upcoming commercial tower in Mumbai 's eastern suburb Mulund. The acquisition is part of a court-mediated corporate insolvency resolution process (CIRP) connected to takeover of a stalled project formerly promoted by Ariisto Realty . The investment-focussed NBFC has been allotted floors 40, 41, 42 and 44 in the office wing of the project. The ownership transfer was formalised on April 4 and the property's possession is expected by December end. While the transaction was structured as a transfer rather than a direct sale, the office space is pegged at a market value of over Rs 150 crore. This deal is tied to the resolution framework implemented when another realty developer took over a long-delayed Ariisto Realty project in the eastern Mumbai suburb. The underlying land belongs to Avdhut Properties Pvt Ltd (APPL), a company affiliated with Ariisto, showed the registration documents accessed through realty data analytics platform Propstack. 'This is part of a structured settlement reached during the resolution of liabilities involving multiple parties, where built-up commercial real estate was transferred in lieu of financial dues,' said a person familiar with the development. ET's email query to JM Financial remained unanswered until the time of going to press. Ariisto, a Mumbai-based real estate firm with stalled residential and commercial projects in Mulund, entered corporate insolvency in November 2018 due to Rs 2,200-2,500 crore of debt. In March 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved a hybrid resolution plan by a Bengaluru-based developer, under which the company would pay Rs 370 crore in upfront cash and allocate 800,000 sq ft of commercial space to creditors, resolving Rs 1,650 crore of liabilities. The plan, one of Maharashtra's largest real estate resolutions, benefits around 500 homebuyers and ensures project completion within a multi-year timeline while granting creditors both cash and built-up assets. A special purpose vehicle executing the project is currently developing this tower as a commercial component of its larger integrated township in Mulund. The transaction highlights the evolving methods of dispute resolution in Indian real estate, where developers are settling dues through real asset transfers rather than cash payouts. This acquisition also adds a strategic Mumbai asset to JM Financial's growing portfolio, underlining the company's long-term commitment to commercial real estate. Once completed, the high-rise office block is expected to be among the grade A office spaces in Mumbai's eastern suburbs, catering to financial institutions and corporate occupiers.

Stocks to watch on June 10: Wipro, Tech Mahindra, Motilal Oswal, Premier Energies
Stocks to watch on June 10: Wipro, Tech Mahindra, Motilal Oswal, Premier Energies

India Today

time29 minutes ago

  • India Today

Stocks to watch on June 10: Wipro, Tech Mahindra, Motilal Oswal, Premier Energies

Markets started the new week on a positive note, continuing Friday's gains. Sensex and Nifty rose nearly half a percent, driven by favourable trends in both domestic and global are hopeful that the rally will continue. As trading resumes on June 10, here are some of the key stocks to keep an eye on:PROTEAN EGOV TECHNOLOGIESProtean eGov Technologies has bagged a work order worth around Rs 100 crore from the Bima Sugam India Federation (BSIF). The order involves complete development, running, and maintenance of the Bima Sugam Marketplace. The company will also handle all platform integrations and marketplace-related protocols. This is expected to be a major step for Protean in the digital insurance services came into focus after a large block deal. The Azim Premji Trust, which is the promoter entity, sold 20.23 crore shares of the company. The total value of the deal stood at Rs 5,057 crore. This major transaction may impact the stock price in the short ENERGIESAccording to a CNBC-TV18 report, South Asia Growth Fund II Holdings is likely to offload 2.5 crore equity shares of Premier Energies through a block deal. This represents around 5.5% of the company's paid-up capital. The floor price for the sale is expected to be Rs 1,051.50 per OSWAL FINANCIAL SERVICES (MOFSL)Sebi has imposed a fine of Rs 3 lakh on Motilal Oswal Financial Services for breaking certain rules. This penalty follows an investigation into the firm's conduct in capital market operations. The exact nature of the violation has not been disclosed, but this development could attract some investor MAHINDRATech Mahindra announced that Lakshmanan Chidambaram, President of Tech Mahindra Americas – strategic vertical business, will retire on June 30. His exit may affect investor sentiment, especially in the company's US-based GLOBAL CAPITALCapri Global Capital opened its Qualified Institutions Placement (QIP) for subscription on June 9. The floor price is set at Rs 153.93 per share. Reports suggest that the QIP size could go up to Rs 2,000 crore, including a Rs 500 crore upsize option. This move is aimed at raising capital to support business SMALL FINANCE BANKJana Small Finance Bank has applied to the Reserve Bank of India to convert itself into a universal bank. If approved, this would allow the bank to offer a wider range of services. The decision is seen as a step forward in the bank's growth REALTYPankaj Gupta has stepped down as CEO of the Commercial Real Estate division of Oberoi Realty. His resignation took effect on June 9. The company has not announced a replacement PHARMA INDIASanjeev Kumar Panchal, the Managing Director of AstraZeneca Pharma India, has resigned. His last working day will be June 30. AstraZeneca is expected to begin the process of finding a new MD MOTORSForce Motors saw a top-level change as its CFO, Sanjay Kumar Bohra, resigned on June 9. The company has appointed Rishi Luharuka as the new Chief Financial Officer starting June 10. This leadership change may lead to new strategies in the company's financial planning. advertisement

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store