Mo­han­das Pai, Ran­jan Pai ac­quire mi­nor­ity stakes in Maia Es­tates

HT Estates - - FRONT PAGE - Mad­hurima Nandy mad­

BEN­GALURU: Ma­ni­pal Global Ed­u­ca­tion Ser­vices Pvt. Ltd chair­man T.V. Mo­han­das Pai, Ma­ni­pal Ed­u­ca­tion and Med­i­cal Group(MEMG) CEORan­janPai, and group cor­po­rate af­fairs ad­vi­sor Ab­hay Jain have jointly ac­quired a mi­nor­ity stake in Maia Es­tates LLP, a new real es­tate de­vel­op­ment firm based in Ben­galuru.

The value of the trans­ac­tion was not dis­closed.

Led by Mayank Ruia, part of the Ruia fam­ily that pro­motes The Phoenix Mills Ltd, Maia Es­tates will launch its first high­end res­i­den­tial project by March-end.

Apart from in­vest­ing in Maia, the three in­vestors have also ex­tended project-level fund­ing.

Phoenix Mills fo­cuses on mixed-use de­vel­op­ment projects, and is known for its shop­ping malls across var­i­ous cities. Ruia stepped down as group di­rec­tor-res­i­den­tial at Phoenix to start his own com­pany.

“We have seen Mayank’s ear­lier work (in Phoenix Mills) in Ben­galuru and he brings high qual­ity and great de­sign to a project. As an en­tre­pre­neur, he will set a high bench­mark in the city in terms of a good prod­uct at a rea­son­able price,” said Mo­han­das Pai, also a for­mer chief fi­nan­cial of­fi­cer at In­fosys Ltd.

Mo­han­das Pai was re­fer­ring to One Ban­ga­lore West by Phoenix Mills, a lux­ury res­i­den­tial project that Ruiaover­sawas­part of the firm’s res­i­den­tial port­fo­lio.

Be­sides Maia Es­tates, Mo­han­das Pai and Ran­jan Pai have also backed Neev As­set Ad­vi­sors LLP, which in­vests in small res­i­den­tial projects through its fund, Neev Cap­i­tal Fund.

Maia Es­tates’ first project, Pel­i­can Grove, is planned on a two-acre par­cel near Jakkur lake in north Ben­galuru, and will have 36 apart­ments and 65,000 sq. ft of open land­scap­ing. The land is be­ing de­vel­oped through a joint de­vel­op­ment agree­ment.

“We wanted long-term part­ners whowould­be­with­usinthis jour­ney. As a de­vel­oper, we would like to be known as some­one who brings ef­fi­ciency into the project (spec­i­fi­ca­tions) with ex­tremely well planned spa­ces and at­ten­tion to de­tail,” Ruia said in an in­ter­view.

The four- bed­room apart­ments in the project are of 5,000 sq. ft saleable area.

Ef­fi­ciency of size and its po­si­tion­ing to be at the top of the mar­ket are two key as­pects of the project, said Ruia, who spends most of his time in Ben­galuru.

Ruia’s en­try into real es­tate comes at a time when In­dia’s prop­erty sec­tor, par­tic­u­larly in the res­i­den­tial space, has been suf­fer­ing from a four-year slow­down.

“Over the next two years, we hope to man­age at least three projects of around2mil­lion sq. ft. We will be ac­tively look­ing at de­vel­op­ing the best pos­si­ble prod­uct in the mid­dle-in­come cat­e­gory as well but what­ev­erwe do will have to make fi­nan­cial sense to us and our share­hold­ers. We are also open to do­ing mixed-use, in­te­grated projects as well,” Ruia said.

A12Marchre­port­byprop­erty ad­vi­sory JLL In­dia said the last quar­ter of 2017 saw a surge in new launches on ac­count of the sta­bi­liz­ing in­flu­ence of the Real Es­tate (Reg­u­la­tion and De­vel­op­ment) Act (RERA) mech­a­nism.

“This is a good time for end users, in­vestors and fence-sit­ters to con­sider their en­try into the res­i­den­tial mar­ket, given that prices have been sta­ble for a sus­tained pe­riod. With lend­ing rates from banks hav­ing sig­nif­i­cantly re­duced since 2015, the sit­u­a­tion pro­vides res­i­den­tial buy­ers a most op­por­tune mo­ment to pur­chase prop­er­ties,” said Ramesh Nair, CEO and coun­try head, JLL In­dia.



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