Latest news with #ThreeSixtyWest
Hindustan Times
21-05-2025
- Business
- Hindustan Times
German IT firm Nagarro leases 7 lakh sq ft of office space in Gurugram at a monthly rent of ₹2.90 crore
Nagarro Enterprise Services Pvt Ltd, a German IT services firm, has leased more than seven lakh sq ft in Gurugram's Sector 18 for a monthly rent of ₹2.90 crore, according to property registration documents accessed by Propstack. Documents show that the commercial space has been leased in the Udyog Vihar area of Gurugram, Sector 18, in a property constructed by Chimera Developers LLP. According to the documents, the property leased is spread across the basement, five parking floors, and from the sixth floor to the 14th floor. The lease commencement date is January 1, 2025, and the total lease period is 12 years. According to the documents, the lock-in period for the lease agreement is three years. The security deposit paid for the property measuring a total of 7.06 lakh sq ft is ₹10 crore, the documents showed. Also Read: Gurugram real estate: Oberoi Realty set to make its debut in Delhi-NCR with luxury project inspired by Three Sixty West The transaction was completed on April 17, with a stamp duty payment of ₹2.49 crore. The agreement includes a clause for a 12% rent escalation every three years. Queries have been sent to Nagarro Enterprise Services Pvt Ltd. The story will be updated if a response is received. Chimera Developers LLP could not be reached for comment. Also Read: DLF expects to launch its Mumbai project in Q1 FY26, Goa project in the second half of the year Office rentals across India's top seven cities recorded a year-on-year increase of 4% to 8% in 2024, reflecting strong demand in the commercial real estate segment, according to a report released in April 2025 by real estate consultancy Vestian. The report attributes the surge in rentals to India's robust economic performance, growing urbanisation, and an expanding base of global companies seeking high-quality office spaces. On the other hand, eight key global office markets showed a mixed trend in rental movement during the same period. Also Read: India's top 7 cities record 4% to 8% rental surge in office rents in 2024, global markets show mixed trends: report In India, Delhi registered the highest annual increase in office rent among major cities, rising 8.2% to $ 0.9 per sq ft per month. According to the report, Mumbai followed Delhi with a 6.7% jump to $1.6 per sq ft. Chennai saw a 7.7% hike to $0.8 per sq ft, while Bengaluru posted a 4.7% increase to $1.1 per sq ft. Among international markets, office rents declined in several major cities. New York saw a 1.3% dip in average office rent, settling at $7.5 per sq ft per month.
Hindustan Times
20-05-2025
- Business
- Hindustan Times
Gurugram real estate: Oberoi Realty to enter Gurugram with high-end luxury project inspired by Three Sixty West
Mumbai-based Oberoi Realty is set to enter the Gurugram real estate market with a high-end luxury project, featuring apartments ranging from 5,000 to 8,000 sq ft, according to Vikas Oberoi, CMD of Oberoi Realty. Oberoi said the Gurugram project will be modeled after the company's flagship luxury development, Three Sixty West, located in Mumbai's Worli. There, apartments are priced at ₹1.50 lakh per sq ft. During an investment call last week, Oberoi mentioned that the company is focusing on the high-end luxury segment for its Gurugram venture. "It is very similar to what we are doing, maybe a smaller version of Three Sixty West. It will start with 5,000 (sq ft) or so, and will go up to 7,500, 8,000 (sq ft). So it's literally that sort of product, it's high-end, high-quality, and it's very well designed," said Oberoi. "Approval-wise, we constantly keep getting approval (for the Gurugram project), so there is really no challenge. We have got a few approvals in the past, maybe a few weeks ago, and the rest of them are also in place, so we are on a good wicket there,' he said. Oberoi Realty plans to launch its high-end luxury project in Gurugram in the second half of the current financial year. In November 2023, the company announced the acquisition of 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore. According to the company, the land has the potential to develop up to 2.6 million sq ft of floor area. Also Read: Oberoi Realty forays into NCR, acquires 14.8 acre land for luxury project "Over the past three years, Gurgaon has seen the highest sales value in Delhi NCR, making it a highly attractive market. With limited established local players, Mumbai developers see a clear opportunity to tap into the demand," said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative at JLL India, a real estate consultancy firm. According to Mehta, "For Oberoi Realty, entering the Gurugram market is a strategic move to diversify geographically and establish a presence in a high-growth, premium-driven zone. The city's evolving buyer profile and robust infrastructure development further enhance its appeal." In December 2024, Oberoi Realty announced its acquisition of 81 acres of land in the coastal town of Alibaug near Mumbai. The company plans to develop a luxury hotel and branded residence villas as part of the project. Speaking about the project launch, Oberoi stated that it could take place by the end of this year. "We would try to do it in, maybe the second half of this year also. But here we want to first do the sample villa. We want to do a restaurant, this is the Ritz-Carlton Hotel, and villas. So, we want to do a restaurant managed by Ritz, and then do a show villa, and then call people and all that give them a complete feel and flavour of what they will be buying into," Oberoi said. Also Read: Should you buy a home near the Metro station or a suburban local train station in Mumbai? Oberoi Realty has secured rental deals for space in the Borivali Sky City Mall at a rate of ₹1,000 per sq ft, according to the company. "We have rentals up to Rs1,000 a square foot on carpet area. So, between Rs400 and Rs1,000, it's something like that. So, it all depends on who is coming in, we have got a very nice gold souk, a kind of special area where we have got all the jewellers there. We have got very high-end watches in one segment, so they are very interesting. This is literally one of the best malls I would say in the country, the way it is designed, and the feedback that we get, it's really, really nice. And these are the deals signed at Rs1,000 carpet," said Vikas Oberoi. In March 2025, Oberoi Realty held a soft launch for its Sky City Mall in Borivali, marking its second mall in Mumbai after Oberoi Mall in Goregaon East. Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi Sky City Mall, part of the 25-acre mixed-use development named 'Sky City,' features a gross leasable area (GLA) of approximately 12.07 lakh sq ft, with a leasable carpet area of around 7.24 lakh sq ft.
Mint
22-04-2025
- Business
- Mint
For Oberoi Realty, timely launches and leaner inventory key catalysts in FY26
Oberoi Realty Ltd's March quarter (Q4FY25) was dull. Pre-sales or bookings at ₹ 853 crore fell over 50% sequentially as well as year-on-year, according to provisional data. The reading is below some analysts' estimates. For instance, Antique Stock Broking was pencilling in Q4 pre-sales of ₹ 1,000 crore. The lack of new project launches played spoilsport for the Mumbai-focused real estate developer. Thus, it could sell 78 units in Q4 versus 554 units in Q3FY25 and 227 in Q4FY24. Recall that the launch of The Jardin project at Pokhran Road in Thane and the launch of a new tower in the Elysian project at Goregaon had buoyed Q3FY25 and Q4FY24 pre-sales, respectively. To be sure, FY25 ended on a decent note for Oberoi with pre-sales growth of about 32% year-on-year to ₹ 5,266 crore. This came from selling 1.3 million square feet across 928 units. In FY24, it had sold 705 units. Oberoi added many new projects during the year, including redevelopment projects across various micro-markets in the Mumbai Metropolitan Region. This gave FY25 pre-sales a boost. Also Read | Oberoi Realty: Why investors have little room for optimism Oberoi steps into FY26 with the much-anticipated foray in the Gurugram market which is crucial for maintaining pre-sales momentum and diversifying its geographical mix. Projects at Adarsh Nagar, Worli, and Tardeo in Mumbai are expected to be launched in FY26. Apart from timely new project launches, inventory liquidation at existing projects is another crucial factor to determine outlook on pre-sales and realisations. 'Average realisations surged 58% year-on-year/114% sequentially to ₹ 62,117/sq ft in Q4FY25, indicating larger contribution from the Worli project, whereas the average ticket size was up 41% year-on-year/216% sequentially to ₹ 10.9 crore," said a Nuvama Research report dated 21 April. Oberoi managed to book only two units in the high-ticket marquee project Three Sixty West, located at Worli in Mumbai, in Q3FY25, much lower than the run rate of six units in the previous two quarters. Also Read: Realty's FY25 pre-sales goal hinges on H2 delivery Meanwhile, a comforting factor is that Oberoi's balance sheet is in good stead aided by fundraise and robust cash collections. These have helped ease the debt burden and provide Oberoi's ability to pursue new business development opportunities. Oberoi's shares have gained 19% in the past year, versus negative returns of the sectoral Nifty Realty index. But Nuvama cautions that the weakness in housing volumes has led to concerns about future sales growth, compelling the brokerage house to slash net asset value (a valuation metric for realty stocks) premium for the Oberoi stock to 35% from 60% earlier. Also Read: Realtors eye new addresses in tier-2 cities
