Indiabulls fund buys Phoenix Trivium, Hyderabad
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.
World Trade Centres are instruments of international trade expansion