Latest news with #Propstack
Hindustan Times
12 hours ago
- Business
- Hindustan Times
Infosys leases over 1 lakh sq ft office space in GIFT City for ₹57.26 lakh monthly rent. Here's all we know
Tech giant Infosys Limited has leased 1.03 lakh sq ft office space in Gujarat's GIFT City for a monthly rent of ₹57.26 lakh for 10 years, lease documents accessed by Propstack showed. Real estate experts say the deal is expected to boost the commercial real estate market in the area. Infosys has leased office space in the PRAGYA-2 building, located in Gandhinagar, Gujarat. The development centre spans four contiguous floors (14 to 17) and is designed to accommodate up to 1,000 employees. Real estate experts say this move marks a significant expansion of the IT major's footprint in India's only operational International Financial Services Centre (IFSC). According to the lease documents, the rental agreement commenced in October 2024 and is valid for 10 years. Infosys is paying ₹55 per sq ft per month on the chargeable area of 1.03 lakh sq ft and ₹108 per sq ft per month on the carpet area, which measures 53,020 sq ft. The lease includes an annual rent escalation of 5%. Infosys has paid a security deposit of ₹3.43 crore to the landlord, Savvy Realty Creators LLP. The agreement also provides for 71 dedicated car parking slots, with the option to lease additional spaces at ₹2,000 per slot per month. The lease carries a lock-in period of three years, documents showed. The office space was officially inaugurated on June 7. "It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients. Its services will span critical domains including digital banking, regulatory affairs, trade finance, capital markets, cards and payments, as well as risk and compliance management," Infosys said in a regulatory filing. The new development centre was inaugurated by the Chief Minister of Gujarat, Bhupendrabhai Patel, on June 7. Jayesh Sanghrajka, Infosys's chief financial officer, was quoted as saying, 'Setting up our Development Centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India's foremost international financial hub. GIFT City offers a robust, future-ready environment that enables digital transformation through cutting-edge technologies such as AI, Gen AI, cloud, and blockchain. This presence not only strengthens our global delivery model but also reinforces our long-term commitment to the region's economic development and digital evolution.' Email queries have been sent to Infosys and Savvy Realty Creators. If a response is received, the copy will be updated. Also Read: GIFT City in Gujarat: Here's what you should know about India's first IFSC and a global financial hub Located between Ahmedabad and Gandhinagar, Gujarat International Finance Tec-City, better known as GIFT City, sprawls over 880 acres along the Sabarmati River. The city is structured into two key zones: a Special Economic Zone (SEZ) tailored for export-oriented businesses, and a domestic area designed to support residential and commercial activity. About 30% of the city is currently developed and operational, with another 30% designated for upcoming housing and community spaces. Real estate experts said that the Special Economic Zone (SEZ) area within GIFT City exhibits negligible vacancy in commercial Grade A assets, indicating high demand. "The SEZ micro-market demonstrates minimal vacancy levels, recorded at 1.46% and strong annual net absorption of 0.5 million square feet in 2024. While the current supply is tight, new commercial inventory is anticipated by the end of 2025. The rentals for Grade A buildings are on an upward trajectory, reaching north of ₹70 per sq ft per month," Samantak Das, executive director and head of research and REIS, JLL India, told Experts pointed out that the robust commercial ecosystem is further strengthened by the presence of major financial and IT companies, including Infosys, Cognizant, Infineon Technologies, Accenture, Wipro, Bank of America, Morgan Stanley, and JP Morgan. On the residential front, Das said over 14 million sq ft (about 23%) of the city's total construction allocation is dedicated to residential development and 6 million sq ft (about 10%) to social development. Also Read: GIFT City liquor permit rules eased; Real estate developers say move to attract investments Real estate experts say investors can expect a return on investment (ROI) in the range of 7% to 8% in Gift City, which is considered healthy given the market conditions and the city's rapid development trajectory. "Investors should first understand the distinction between the Domestic Tariff Area (DTA) and the International Financial Services Centre (IFSC), as both zones offer distinct advantages. GIFT City has gained attention on the global stage, drawing interest from international investors due to its phenomenal growth story. Whether investing in residential or commercial assets, GIFT City presents a promising opportunity," Rumit Parikh, senior director of occupier strategy and solutions at Knight Frank India, said. Additionally, there is no Goods and Services Tax (GST) on services received by an Indian Financial System Code (IFSC). "Similarly, transactions conducted on IFSC exchanges are also exempt from GST. Investors continue to benefit from exemptions on Securities Transaction Tax (STT), Commodities Transaction Tax (CTT), and stamp duty for transactions carried out on IFSC exchanges," Das said.
Hindustan Times
2 days ago
- Business
- Hindustan Times
JM Financial acquires 1.4 lakh sq ft commercial space in Mumbai's Mulund from Prestige Estates
JM Financial Products Ltd has acquired ownership of 1.4 lakh sq ft of commercial space in the Prestige Trade Centre located in Mulund, Mumbai, as per property registration documents accessed by Propstack. The market value of the transferred space is estimated at ₹149 crore. The transfer was part of a court settlement and is linked to the restructuring deal when Prestige Estates Projects Ltd took over the project from Aristo Realty, according to Propstack. The commercial space has a carpet area of 88,873 sq ft, and its chargeable area is 1.42 lakh sq ft, the documents showed. The agreement for the transaction was registered on April 4, 2025, with a stamp duty of ₹8.94 crore and registration fees of ₹30,000, according to the documents. Also Read: Gauri Khan rents apartment in Mumbai's Khar West for her staff at ₹1.35 lakh per month The commercial units are situated on the 40th, 41st, 42nd, and 44th floors of the building. Queries have been emailed to Prestige Estates and JM Financial. If they respond, the story will be updated. Prestige Estates won the bid in 2021 during Ariisto's Corporate Insolvency Resolution Process (CIRP), approved by the NCLT Mumbai Bench. As part of the resolution plan, Prestige initially infused ₹2 lakh as upfront capital to formalise the takeover and subsequently paid ₹370 crore to lenders, including several major financiers. In addition to the cash settlement, Prestige was to allocate 800,000 sq ft of commercial space to lenders under the approved plan. As per media reports, the overall project spans 7.5 million sq ft of mixed-use residential and commercial development in Mumbai's Mulund area. Also Read: Godrej's Tanya Dubash buys ₹226 crore duplex in Mumbai's Worli On May 30, Prestige Estates Projects Ltd announced partnering with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area. According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. Also Read: Mumbai Apple India deal: 5 key facts about the brand's upcoming 12,616 sq ft store in Borivali As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project.
Time of India
2 days ago
- Business
- Time of India
ARM Embedded Technologies leases over four lakh sq ft with Bagmane in Bengaluru
ARM Embedded Technologies Pvt Ltd, the India arm of UK-based semiconductor and software design giant ARM Holdings, has leased over 4 lakh sq ft of Grade-A office space in Bagmane Constellation Business Park of the city to expand its operation. The space is in Taurus 4 (North Tower) block of the park, developed by Bagmane Constructions Pvt Ltd, and represents a fresh lease agreement, not a renewal or consolidation, said people aware of the development. According to the registered lease document shared by Propstack, a data analytic firm, the lease term spans 15 years, with a structured 15% rent escalation every three years, indicating ARM's long-term expansion strategy in India. The monthly rental is pegged at Rs102 per sq ft, translating to a monthly rent of approximately Rs 4.17 crore, or Rs 50 crore annually. Over the full 15-year lease term, ARM is expected to commit close to Rs1,000 crore in total rental payments, marking this as one of the most high-value, long-duration commercial leases signed in the country in recent quarters, said Propstack. The lease covers multiple levels within the building, which includes three basement levels, a ground floor, and 11 upper floors, providing ARM with space for current operations and future growth. The security deposit has been recorded at Rs 20.59 crore, reflecting the scale and seriousness of the engagement. Bagmane Constellation Business Park, located in the CBD-adjacent to the KR Puram-Marathahalli stretch, is a premium IT SEZ that has consistently attracted top-tier global tenants including Amazon, Boeing, and PwC. According to real estate experts, the deal underscores the growing institutional commitment to India by global technology firms, particularly in the semiconductor and embedded systems domain. As ARM plays a pivotal role in enabling global AI, IoT, and mobile computing technologies, this expansion points to increasing R&D and engineering activity being channelled through its India operations. 'This deal is significant not only in terms of size but also the tenure and financial commitment involved. A 15-year lease of over Rs 1,000 crore in value reflects clear confidence in India's innovation ecosystem and the long-term stability of Bengaluru 's commercial office market,' said a senior executive in the office leasing space. The lease comes at a time when the Indian commercial office market is witnessing strong absorption trends, especially from global capability centres (GCCs) in tech and life sciences. With new supply in Bengaluru expected to remain tight in the next few quarters, such large pre-commitments signal robust demand for quality real estate, particularly in core locations. With this deal, ARM joins a growing list of global technology firms committing long-term capital to India's innovation corridor, reinforcing the country's position as a critical node in the world's digital and semiconductor economy. It also aligns with India's growing importance in global semiconductor strategy. As nations diversify supply chains and invest in design-led innovation, companies like ARM are looking to deepen their talent presence in engineering hotspots like Bengaluru.
Time of India
3 days ago
- Business
- Time of India
UK-based firm, ARM embedded leases over 4 lakh sqft with Bagmane at Bangalore
ARM Embedded Technologies Pvt Ltd, the India arm of UK-based semiconductor and software design giant ARM Holdings, has leased over 4 lakh sq ft of Grade-A office space in Bagmane Constellation Business Park of the city to expand its operation. The space is in Taurus 4 (North Tower) block of the park, developed by Bagmane Constructions Pvt Ltd, and represents a fresh lease agreement, not a renewal or consolidation, said people aware of the development. According to the registered lease document shared by Propstack, a data analytic firm, the lease term spans 15 years, with a structured 15% rent escalation every three years, indicating ARM's long-term expansion strategy in India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tepluhi: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo The monthly rental is pegged at Rs102 per sq ft, translating to a monthly rent of approximately Rs 4.17 crore, or Rs 50 crore annually. Over the full 15-year lease term, ARM is expected to commit close to Rs1,000 crore in total rental payments, marking this as one of the most high-value, long-duration commercial leases signed in the country in recent quarters, said Propstack. The lease covers multiple levels within the building, which includes three basement levels, a ground floor, and 11 upper floors, providing ARM with space for current operations and future growth. The security deposit has been recorded at Rs 20.59 crore, reflecting the scale and seriousness of the engagement. Live Events Bagmane Constellation Business Park, located in the CBD-adjacent to the KR Puram-Marathahalli stretch, is a premium IT SEZ that has consistently attracted top-tier global tenants including Amazon, Boeing, and PwC. According to real estate experts, the deal underscores the growing institutional commitment to India by global technology firms , particularly in the semiconductor and embedded systems domain. As ARM plays a pivotal role in enabling global AI, IoT, and mobile computing technologies, this expansion points to increasing R&D and engineering activity being channelled through its India operations. 'This deal is significant not only in terms of size but also the tenure and financial commitment involved. A 15-year lease of over Rs 1,000 crore in value reflects clear confidence in India's innovation ecosystem and the long-term stability of Bengaluru's commercial office market,' said a senior executive in the office leasing space. The lease comes at a time when the Indian commercial office market is witnessing strong absorption trends, especially from global capability centres (GCCs) in tech and life sciences. With new supply in Bengaluru expected to remain tight in the next few quarters, such large pre-commitments signal robust demand for quality real estate, particularly in core locations. With this deal, ARM joins a growing list of global technology firms committing long-term capital to India's innovation corridor, reinforcing the country's position as a critical node in the world's digital and semiconductor economy. It also aligns with India's growing importance in global semiconductor strategy. As nations diversify supply chains and invest in design-led innovation, companies like ARM are looking to deepen their talent presence in engineering hotspots like Bengaluru.
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Business Standard
5 days ago
- Business
- Business Standard
Apple leases retail space in Borivali for Rs 2.08 crore annual rent
Apple has leased retail space in Oberoi Sky City Mall, Borivali — a Mumbai suburb — for an annual rent of Rs 2.08 crore (Rs 17.35 lakh per month), according to lease documents provided by Propstack, a real estate data analytics firm. This will be the US-based technology giant's second store in Mumbai after its first store in India at Jio Mall in Bandra Kurla Complex, and its fourth overall following stores in Saket, Delhi, and Batrayanpura, Bengaluru. The space covers a carpet area of about 12,616 square feet (sq ft), making Apple an anchor tenant. The store is located on the ground floor of the mall. Apple will also have access to a storage area of 150 square metres and parking for five cars. Apple has leased the space from Incline Realty, an Oberoi Realty affiliate, for a tenure of 10 years and 10 months. As per the lease agreement, rent will escalate by 15 per cent every three years. Additionally, Apple will share 2 per cent of its revenue for the first 42 months of the lease and 2.5 per cent thereafter. The lease commenced on May 8, 2025, and the company has paid a security deposit of Rs 1.04 crore. Earlier, Apple's head of retail had mentioned plans to open more stores in India, targeting likely locations such as Bengaluru and Pune, besides Delhi-NCR and Mumbai. Apple CEO Tim Cook, during the company's quarterly earnings call in May, said, 'In retail, in addition to the two stores we opened during the quarter, we're also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year.' This development comes amid Apple's shift of iPhone manufacturing from China to India to tap into the growing Indian smartphone market and to export from India to the US amid changing tariffs. US President Donald Trump had warned Apple of a 25 per cent tariff on iPhones sold in the US if they were not manufactured domestically. Apple's retail stores are part of its broader India strategy, where it began manufacturing iPhones in 2017 and now produces the latest models, including the iPhone 16 Pro and iPhone 16 Pro Max, domestically. According to a recent Bloomberg report, Apple plans to double iPhone production in India to 80 million units to meet the expected US demand of 60 million iPhones by 2026. The company also intends to increase exports to select countries worldwide. Cook noted that most US-bound iPhones in the June quarter will be manufactured in India. 'For the June quarter, we do expect the majority of iPhones sold in the US will have India as their country of origin,' he said during the earnings call. For its Bandra Kurla Complex (BKC) retail space of 20,806 sq ft, Apple signed an 11-year lease with an annual rent of Rs 5.04 crore (Rs 42 lakh per month), including a 2 per cent revenue share for the first three years and 2.5 per cent thereafter. Rent will escalate by 15 per cent every three years. In Delhi, the Saket store occupies 8,400 sq ft leased for 10 years at an annual rent of Rs 4.8 crore (Rs 40 lakh per month), with a 15 per cent rent escalation every three years but no revenue share. Last month, Apple leased 8,000 sq ft in Bengaluru for 10 years at an annual rent of Rs 2.09 crore (Rs 17.4 lakh per month), with a 15 per cent rent escalation every three years and a 2 per cent revenue share for the first three years, increasing to 2.5 per cent thereafter. Under the lease terms, Apple has provided the lessor with a list of competitors. The lessor is prohibited from leasing any space to companies that compete with Apple's retail business for retailing, advertising, selling, offering, displaying, and merchandising products and services within the mall's exclusivity zone.
