In­di­a­b­ulls fund buys Phoenix Triv­ium, Hy­der­abad

HT Estates - - FRONT PAGE - Mad­hurima Nandy mad­hurima.n@htlive.com

busi­ness hub will have in­de­pen­dent of­fices with re­tail out­lets, food court, con­fer­ence fa­cil­i­ties, busi­ness cen­tres, art gal­leries, three-lay­ered base­ment park­ing for 8,014 cars and direct con­nec­tiv­ity from air­port, rail­way and metro sta­tions.

Talk about how tall the WTC at New Delhi will be as com­pared to its Amer­i­can coun­ter­part which was known for its height amongst other things, Mit­tal says that the build­ing will not be very tall “due to the project site be­ing in air fun­nel zone, the height of the build­ing will be 10 floors (G +9).”

Ask about the trans­ac­tion of of­fice spa­ces and go­ing rate, as on date, NBCC has al­ready sold nearly 3.4 lakh sqft of­fice space in two of the tow­ers for ap­prox. Rs 1,400 crore to PFC, HDFC, HPCL, SIDBI, En­ergy Ef­fi­ciency Ser­vices, RITES etc. The com­mer­cial space is be­ing sold on free hold ba­sis through e-auction. The re­serve price for e-auction is 37161 Rs/sq ft. The project is likely to be com­pleted by June 2020, con­firms Mit­tal.

An­other thing that WTC is un­for­tu­nately as­so­ci­ated with is the in­fa­mous 9/11 at­tacks on twin tow­ers in US? What all is be­ing done to en­sure safety? Mit­tal says that safety and se­cu­rity will be the top pri­or­ity with lo­ca­tion track­ing be­ing done by mod- ern in­te­grated build­ing man­age­ment sys­tems. There will be boom bar­ri­ers con­trolled by smart tags and dig­i­tal sig­nage to find a way for par­tic­u­lar lo­ca­tion. Lift lob­bies will haveop­ti­cal bar­ri­ers. In­tel­li­gent ad­dress­able de­tec­tors and hoot­ers will be de­ployed to warn peo­ple in case of evac­u­a­tion.

Ac­cess con­trol and el­e­va­tors will be blocked as light­ing and sig­nage di­rec­tions turn on au­to­mat­i­cally.

There will be ro­botic com­mu­ni­ca­tion to po­lice and fire au­thor­i­ties with voice and videos. For smoke ex­trac­tion, win­dows will open au­to­mat­i­cally for 10 per cent of glazed area. Rede­vel­op­ment was also agenda for the dayandVenka­iahNaid­u­also laid the foun­da­tion stone for rede­vel­op­ment of Ne­taji Na­gar on the same day, say­ing that the way for­ward for In­dia is ur­ban re­newal, retrofitting and rede­vel­op­ment.

All this is part of the “new ur­ban re­nais­sance” and In­dia is wit­ness­ing rapid ur­ban­i­sa­tion as mil­lions of peo­ple as­pire to look for bet­ter stan­dards of liv­ing. As a re­sult, cities and towns will un­dergo trans­for­ma­tion in com­ing years. NBCC is im­ple­ment­ing Gov­ern­ment’s plan to re­de­velop seven old Gen­eral Pool Res­i­den­tial Ac­com­mo­da­tion (GPRA) colonies for cen­tral gov- ern­ment em­ploy­ees. Three colonies namely Nau­roji Na­gar, Ne­taji Na­garandSaro­jini Na­gar­will be built at the cost of Rs 32,000 crore and will be com­pleted by 2022. The Ne­taji Na­gar is be­ing re­de­vel­oped as a smart sub city on 110 acre land where 5000 houses haveto be made. This will be a zero waste project, mak­ing use of re­cy­cled water and adopt­ing new tech­nolo­gies for pol­lu­tion con­trol. Equipped with Smart City sus­tain­able fea­tures, the high rise project will have seam­lessly in­te­grated green land­scape with two-level base­ment park­ing for 3,500 cars. There will be shop­ping cen­tres, ef­fi­cient man­age­ment of en­ergy and water re­sources along with cen­tral air con­di­tion­ing and IT-en­abled of­fice en­vi­ron­ment. Saro­jini Na­gar colony shall also be re­de­vel­oped ver­ti­cally as GPRA and shall have com­mer­cial space for sale. Ac­cord­ing to Hardeep S. Puri, Min­is­ter of State (In­de­pen­dent Charge) of the Min­istry of Hous­ing and Ur­ban Af­fairs, “New Delhi could emerge as the world’s most pop­u­lous city by2028. Hence the gov­ern­ment has em­barked upon planned ur­ban­i­sa­tion The WTC in Nau­roji Na­gar and rede­vel­op­ment of GPRA colony in Ne­taji Na­gar are the most pow­er­ful ex­pres­sion of trans­form­ing and green­ing of the na­tional cap­i­tal.” BEN­GALURU: In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund has bought an of­fice com­plex called Phoenix Triv­ium in sub­ur­ban Hy­der­abad, mark­ing the sec­ond trans­ac­tion from the fund. In­di­a­b­ulls did not dis­close the deal amount but a per­son fa­mil­iar with the trans­ac­tion, who did not want to be named, said the trans­ac­tion was val­ued at around Rs470 crore.

Thecom­mer­cialof­fice­as­set in Hafeezpet is be­ing de­vel­oped by Hy­der­abad-basedPhoenixGroup and­has1mil­lionsq. ft of de­vel­opable area. The first phase is con­structedan­dleased, which­willbe fol­lowed by two more phases.

In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund, an al­ter­na­tive in­vest­ment­fund, was launched by In­di­a­b­ulls As­set Man­age­ment Co. Ltd in 2017 to raise around Rs1,500 crore, in­clud­ing Rs500crore­fromco-in­vestors. The fund will in­vest in buy­ing out of­fice as­sets that gen­er­ate a reg­u­lar sta­ble rental in­come, with­cap­i­ta­lap­pre­ci­a­tion on ex­its. In Feb­ru­ary, the fund bough­ta­com­mer­cialof­fice­tower in Gu­ru­gram from re­alty firm Hines In­dia Ltd for Rs200 crore, mark­ing the first deal from the new of­fice fund. In­di­a­b­ulls part­nered with co-in­vestor In­terGlobe Real Es­tate Ven­tures Pvt. Ltd (IGR), the real es­tate arm of In­terGlobe En­ter­prises Pvt. Ltd, for the buy­out. “We firmly be­lieve in­vest­ing in com­mer­cial prop­er­ties pos­sess a strong and sus­tain­able growth per­spec­tive. This in­vest­ment in Phoenix Triv­ium re­flects our con­fi­dence in Hy­der­abad’s con­tin­ued growth an­dreaf­firms our­busi­nessstrat­egy and com­mit­ment to avail such­mar­ke­top­por­tu­ni­tiesinthe long run,” said Am­bar Ma­hesh­wari, chief ex­ec­u­tive (pri­vate eq­uity), In­di­a­b­ulls AMC. Eve­nas In­dia’s res­i­den­tial real es­tate busi­ness con­tin­ues to reel un­der apro­longed­slow­down, in­vestors have been buy­ing of­fice as­sets ag­gres­sively.

In a 16 Feb­ru­ary re­port The Come­back of Hy­der­abad— In­dia’s Orig­i­nal IT Hub Rises Again, prop­erty ad­vi­sory CBRE said the­re­al­ty­mar­ketout­look­for Hy­der­abad looks pos­i­tive.

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