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Mumbai, Jan 30 () Bengaluru-based realty player RMZ Corp on Thursday said it has formed a joint venture of USD 1 billion (around Rs 7,100 crore) with Tokyo-headquartered Mitsui Fudosan (Asia) for developing commercial projects across India.
 The investment by Mitsui Fudosan (Asia), a subsidiary of Mitsui Fudosan, marks its foray in the Indian real estate market.
 "The 50:50 joint venture of USD 1 billion has been forged to augment RMZ Corps' future of space landscape in the country with a focus on cities like Mumbai and Delhi NCR along with Bengaluru," the company said in a statement.
 To begin with, the joint venture will develop 3.5 million sq ft office space 'RMZ Ecoworld 30' in Bengaluru. The first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022.
 This venture is in line with the company's vision of developing 85 million sqft of assets under management, the company said.
 RMZ currently has 67 million sqft of real estate assets across cities including Bengaluru, Mumbai, NCR, Chennai, Hyderabad and Pune.
 "RMZ Corp continues to expand its distribution channels and national footprint. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan," RMZ Corporate Chairman Manoj Menda said.
 Commenting on the partnership, Mitsui Fudosan Executive Managing Officer Akihiko Funaoka said, "We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. This partnership is in line with Mitsui Fudosan Group's strategy to achieve exponential growth of our global business."
 Mitsui Fudosan (Asia) MD Tetsuya Matsufuji said Ecoworld 30 marks its first collaboration with RMZ Corp, as it looks forward to enhancing its portfolio in India.
 "Mitsui Fudosan, along with RMZ Corp is looking to redefine commercial assets that are bolstered with technology, well curated ecologically and sustainability conscious spaces," Matsufuji added. PSK MR
MR

RMZ Corp forms JV with Japanese firm for commercial projects

<a href="http://www.businessinsider.in/searchresult.cms?query=coworking+space&amp;sortorder=effectivedate">Coworking spaces</a> are the toast of the town at the moment what with it being the era of <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> in the country. Taking it a notch higher, is <a href="http://www.businessinsider.in/searchresult.cms?query=bengaluru&amp;sortorder=effectivedate">Bengaluru</a>-based <keyword id="3267341" type="UNKNOWN" weightage="100" keywordseo="coworking-space">coworking space</keyword>, <keyword id="3564780" type="UNKNOWN" weightage="100" keywordseo="CoWrks">CoWrks</keyword> which was launched in August this year by <keyword id="3567294" type="UNKNOWN" weightage="100" keywordseo="Sidharth-Menda">Sidharth Menda</keyword>, who also serves as its CEO. 
 
Calling itself a co-working community venture, CoWrks has opened its doors to a homogenous mix of people from Fortune 500 companies, small scale enterprises, <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startups</a> to a pool of freelancers, independent professionals and entrepreneurs at its 1.6 lakh square feet facility that can house over 3000 members, making it the largest coworking space in India. 
 
At CoWrks, Sidharth brings together the best of both worlds - With the foresight to understand how coming generations work, he has created a balance between work and play. 
 
The members of the coworking space get to grow within a collaborative network. Completing the member experience, is an exhaustive host of amenities that one can pick and choose from, in accordance with their needs. 
 
The visual landscape of CoWrks is vibrant, diverse and witty. By developing its own unique design language that draws inspiration from pop and local culture, it strikes the right chord with members across a varied demographic, especially the millennials who will account for half the global workforce by 2020. 
 
Moreover, CoWrks is also gearing up for the launch of the next center at RMZ Infinity in Bangalore, after which centres in Gurgaon and Mumbai will follow by early 2017. 
 
Join us as we give you a sneak-peak of India's newest and largest coworking space.

This is India's largest coworking space for startups and freelancers

Global energy giant <keyword id="46532" type="COMPANY" weightage="80" keywordseo="Shell">Shell</keyword> has chosen <keyword id="6354321" type="CITY" weightage="80" keywordseo="Bengaluru">Bengaluru</keyword> for setting up its largest captive unit or global offshore delivery centre. The unit would provide more than 5,000 jobs in the Silicon Valley. 
 

	As per an Economic Times report, the new in-house global information technology centre, The Shell IT Centre Bengaluru, would be used to provide IT services to Shell's businesses including upstream oil and gas production, marketing and other projects. 
	 

	"The company has a large IT set-up in Malaysia, US and UK and will be moving all its global IT jobs to Bengaluru," said two people in direct knowledge of the development. 
	 

	In an email response the company confirmed the move and said: "We believe that India's significant IT talent will improve our ability to provide top-quality IT project delivery and selected operations support around the world.” 
	 

	Shell further added: "We anticipate no direct impact to Shell staff in 2015 as a result of this proposed change. Beyond then, given our strategic intent, it is expected that some impact on staff is likely as a result of this activity. We do not yet know the extent of this impact." Shell would acquire a 3, 50,000 sq. ft. space in <keyword id="1083300" type="ORGANIZATION" weightage="80" keywordseo="RMZ">RMZ</keyword> Eco World in the first phase. Finally, the energy giant plans take up 8, 00,000 sq. ft by 2018 to provide IT support to all its business verticals. "The deal between RMZ and Shell was closed on Thursday, <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> services firm, <keyword id="6376943" type="COMPANY" weightage="80" keywordseo="CBRE">CBRE</keyword>, was running the transaction. The proposed special economic zone building is currently under construction," said one of the persons. RMZ Eco World houses multinational companies like <keyword id="50041" type="CITY" weightage="80" keywordseo="KPMG">KPMG</keyword>, SAP, <keyword id="48670" type="CITY" weightage="80" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, ANZ and <keyword id="43706" type="COMPANY" weightage="80" keywordseo="Honeywell">Honeywell</keyword>, among others. It is located on Bengaluru's Sarjapur outer ring road. 
	 

	Meanwhile, the offshore delivery centers of multinational companies (MNCs) act as technology and business process centers for their global operations. 
	 

	Shell, the largest oil &amp; gas company in the world also operates a Business Operations Centre in Chennai that provide financial and business support to its companies worldwide. It has over 2,000 people working in Chennai. According to experts, Bengaluru has become the favourable center for global in-house centres (GIC) or captive centers for brands like Victoria's Secret lingerie, Lowe and <keyword id="159044" type="COMPANY" weightage="80" keywordseo="Baxter-International">Baxter International</keyword>. The city recorded highest increase in absorption of office space at 3.2 million ft, a 510% increase year-on-year for January to March quarter of 2015. 
	(Image: Reuters)

Coming up! The Shell IT Centre Bengaluru

Nearly 90 per cent of respondents feel that their decision to buy residential properties will be significantly impacted if <keyword id="19979912" type="General" weightage="100" keywordseo="mortgage-rates" source="keywords">mortgage rates</keyword> exceed 9 per cent, according to a survey conducted by <keyword id="20126006" type="General" weightage="20" keywordseo="FICCI" source="keywords" meta.keywordsubtype="org" meta.entityname="FICCI" meta.hostid="261" meta.entityid="FICCI">FICCI</keyword> and Anarock. Industry body FICCI and <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> consultant Anarock on Friday released their joint '<keyword id="23563125" type="General" weightage="20" keywordseo="homebuyer-sentiment" source="keywords">Homebuyer Sentiment</keyword> Survey', with a sample size of 7,615 people, at a real estate conference here. "In a recent survey, over 71 per cent of respondents indicated that their home-buying decisions would remain unaffected if rates stay below 8.5 per cent. However, if rates exceed 9 per cent, then it will have a significant impact on over 87 per cent of respondents. For rates between 8.5 per cent and 9 per cent, about 54 per cent expect a moderate influence on their choice," the report said. Among other findings, the survey found that real estate is the most preferred asset class for investment for over 59 per cent of respondents. The <keyword id="23597323" type="General" weightage="20" keywordseo="Indian-residential-market" source="keywords">Indian residential market</keyword> continues to be predominantly driven by end-users, with over 67 per cent of survey participants buying properties for self-use. The survey revealed that the budget range of Rs 45-90 lakh continues to be the most favoured option for over 35 per cent of prospective homebuyers. Currently, over 28 per cent of survey respondents stated their preference for homes priced between Rs 90 lakh and Rs 1.5 crore. Top homebuyer demands are timely project completion (98 per cent), improved construction quality (93 per cent), and well-ventilated homes (72 per cent). Addressing a FIICI event, Pramod Rao, Executive Director, <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, underscored the importance of regulatory frameworks in driving sustainable growth in the real estate sector. "Investor confidence is vital for the industry's long-term success, and SEBI's focus on transparency and governance has been key in building this trust," Rao said, according to a FICCI statement. Rao emphasised that strong compliance and better disclosures will be crucial in attracting institutional investments. He also highlighted SEBI's initiatives, including a single dashboard data bank to streamline processes and efforts to convert real estate investments into tradable financial instruments, boosting liquidity and accessibility. Sandip Somany, Past President, FICCI and Mentor, FICCI Committee on Urban Development and Real Estate, and CMD, Somany Impresa Group, said, "The Indian real estate sector has shown remarkable evolution. The significant shift in consumer preferences away from ready-to-move homes towards under-construction properties indicates growing confidence in developers and the regulatory environment." This trend reflects a maturing market and the positive impact of regulatory measures like RERA, he added. Raj Menda, Chairman, FICCI Committee on Urban Development and Real Estate and Chairman of the Supervisory Board, RMZ Corporation, said, "India's economic growth is driving rapid expansion in the real estate sector, with the residential market projected to reach USD 1.04 trillion by 2029, growing at a 25.6 per cent CAGR. This growth is fuelled by rising demand for ultra-luxury properties and significant investments." The commercial real estate sector is also thriving, supported by 1,600 Global Capability Centers and emerging secondary markets, Menda said. Anarock Chairman Anuj Puri said the consumer sentiment survey is timely and important, as it gauges contemporary homebuyers' preferences in the current market environment and highlights currently significant trends in Indian residential real estate. Sanjay Dutt, Managing Director and CEO of Tata Realty and Infrastructure, highlighted the significant evolution of the real estate sector, particularly with the shift from traditional REITs to smaller-scale REITs (SM REITs). He emphasised the advantages of fractional ownership, noting how it allows investors to access high-quality assets with lower capital commitments, democratising <keyword id="21263843" type="General" weightage="20" keywordseo="real-estate-investment" source="keywords">real estate investment</keyword>. Gaurav Pandey, Co-Chairman of the FICCI Committee on Urban Development and Real Estate and Managing Director and CEO of Godrej Properties, stated, "<keyword id="20383235" type="General" weightage="20" keywordseo="institutional-investors" source="keywords">Institutional investors</keyword> are increasingly focused on wealth creation through the development of better-quality products in the real estate sector." He highlighted the distinct growth stories of various cities, noting that Pune stands out as a frontrunner in this regard. Pandey emphasised that sustainability has become a critical priority for all large developers, reflecting a collective commitment to responsible and eco-friendly practices that will shape the industry's future." In his address, Vipul Roongta, Co-Chairman of the FICCI Committee on Urban Development and Real Estate and Managing Director and CEO of HDFC Capital Advisors Ltd emphasized on the critical importance of investing in skilled labour and workforce development to drive progress. Additionally, Roongta underscored the essential role of the private sector in creating impactful, scalable solutions to meet the growing demand in the industry.

Homebuying decision may be impacted if mortgage rates cross 9%: FICCI-Anarock survey

<ul><li>Domestic AIFs saw tepid activity as residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> debt witnessed lower demand.</li><li>Large deals dominated the PE investment in real estate in the first nine months of FY24.</li><li>Commercial real estate continued to attract large fund flows, and PE investors favour equity vs debt. </li></ul>A sharp rise in home sales as well rising office occupancies might be the talk of the town. Yet, private equity investments in the sector remained muted. In the first nine months of FY24, i.e. April to December 2023, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the sector registered a 26% decline, says a report by Anarock. Investor activity remained tepid due to geopolitical uncertainties as well as a high interest rate environment. The size of domestic investments however declined to 14% of total capital flows to $360 million as compared to $717 million in the same period last year. "Domestic alternate investment funds (AIFs) have seen lower activity levels as their favoured asset class — residential real estate debt – witnessed lower demand for high-cost funds. Strong residential pre-sales and an accommodative stance by state-owned banks have led to reduced demand for capital from the more expensive AIFs," said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. The average ticket size marginally increased to $95 million from $91 million in the same time last year. This is largely due to a mega $1.4 billion deal in which Brookfield India Real Estate Trust REIT and Singapore’s GIC together acquired two commercial assets in Mumbai and Gurugram. The deal also aided the sharp rise in multi-city transactions. Otherwise, Mumbai Metropolitan Region led the transaction league tables in city-specific transactions. The region saw investments flows to the tune of $694 million. Top 5 real estate PE deals in 9MFY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recipient </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield RE Trust REIT &amp; GIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CPP Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$325 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakhhyat Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$85 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blackstone </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allcargo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$76 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Data Center Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sify Infinit Spaces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data Center </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$73 mn </td></tr></tbody></table>Source: Anarock Office spaces dominate Most of the PE investment flows for the fiscal year flew into office spaces which dominated the big ticket deals. Data centers also became an emerging new asset class for investors. Domestic debt funds also showed interest in commercial projects. Varde Partners had invested $91 million in a Hyderabad based project by Phoenix Group. “The sector’s reliance on IT/ITeS diminished, with manufacturing, BFSI, and co-working spaces contributing to resilient demand. Anticipated growth in the IT/ITES sector is expected as more employees shift to working from offices for 3-4 days weekly,” said Anarock. Residential real estate was also one of the key sectors which saw large deals in 9M FY24. HDFC Capital as well as PAG invested over $60 million in CCI Projects and Kalpataru Group respectively. In times when overall flows softened, large deals dominated the scene. Top ten deals accounted for 87% of the total value of PE investments. In the same period last year, they accounted for 76%. While debt capital also flowed in, equity investments are preferred route for PE investors, which is visibly healthy at 84% of total deals.

Real estate hit its highs in 2023 but slipping PE investments a worry

<ul><li>Only three of the top 10 richest <keyword id="17493701" type="General" weightage="20" keywordseo="real-estate-billionaires" source="Orion">real estate billionaires</keyword> from India saw their wealth rise in the last one year. </li><li>Commercial real estate entrepreneurs from the list cumulatively added ₹3,000 crore of new wealth. </li><li>Almost 40% of the new entrants in the Grohe-Hurun India Real Estate <keyword id="470320" type="General" weightage="20" keywordseo="rich-list" source="Orion">Rich List</keyword> 2023 hail from Tier-2 cities. </li></ul>With a personal wealth of ₹59,030 crore, DLF’s <keyword id="136173" type="General" weightage="20" keywordseo="rajiv-singh" source="Orion">Rajiv Singh</keyword> is India’s richest real estate billionaire despite losing 4% of his wealth in the last one year, as per Hurun latest list released on Tuesday. <keyword id="875899" type="General" weightage="20" keywordseo="mangal-prabhat-lodha" source="Orion">Mangal Prabhat Lodha</keyword> and family takes the second spot on the Grohe-Hurun India Real Estate Rich List 2023 even after losing 20% in one year. In fact, only three of the top 10 richest real estate billionaires from India saw their wealth rise in the last one year — Chandru Raheja and family, Niranjan Hiranandani and Vikas Oberoi. The entire list has 100 individuals from 67 companies and 61% of them saw their wealth increase in the last one year. The cumulative wealth of the entrepreneurs featured in the Grohe-Hurun India Real Estate Rich List 2023 has witnessed a 4% increase compared to an 18% decline in the BSE Realty Index. The real estate sector, which has seen its ups and down before and after the pandemic — has had an effect on the wealth of billionaires in the sector. The entry point to the top 10 surged from ₹3,350 crore in 2017 to a staggering ₹15,000 crore now. Similarly, the threshold to make it to the top 50 has risen from ₹660 crore in 2017 to ₹1,300 crore at present. Top 10 real estate billionaires of India <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top billionaires </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajiv Singh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹59,030 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mangal Prabhat Lodha &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹42,270 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arjun Menda &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹37,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chandru Raheja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,620 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">K Raheja </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niranjan Hiranandani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiranandani Communities </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jitendra Virwani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,100 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Embassy Office Parks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vikas Oberoi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,970 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basant Bansal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,110 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M3M India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raja Bagmane &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,100 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bagmane Developers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gavva Amarender Reddy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAR Corporation </td></tr></tbody></table> Source: Grohe-Hurun India Real Estate Rich List 2023 The Tier-2 story The real estate sector has been creating wealth and churning out new billionaires — a quarter of the list comprises new entrants. Anas Rahman Junaid, Hurun India managing director and chief researcher, said that the stories about real estate tracked through the list indicate the dynamic nature of the sector “A quarter of the list has been purged and replaced over the last year. Moreover, since its inception (in 2017), an astounding 50% of the list has witnessed the emergence of fresh faces, reflecting the ever-evolving landscape of this thriving industry,” said Junaid. New sectors have also been emerging with immense growth in the office, retail and commercial real estate segments. In the list, commercial real estate entrepreneurs cumulatively added ₹3,000 crore of new wealth, indicating the resurgence of the sector in India. Also, wealth in real estate is also moving beyond Tier-1 cities. Entrepreneurs hailing from Tier-2 cities are forging some of the most impactful real estate enterprises in the nation. “Almost 40% of the new entrants in Grohe-Hurun Real Estate Rich List 2023 hail from Tier-2 cities. This highlights the fact that geographic boundaries no longer limit the rise of influential real estate players in India. Notably, a staggering 60% of the list entrants have already expanded beyond their primary locations, to build pan-India real estate brands," said Junaid. A lot of the <keyword id="6062679" type="General" weightage="20" keywordseo="real-estate-wealth" source="Orion">real estate wealth</keyword> also comes from the West – Maharashtra and Gujarat account for 40% of the cumulative wealth of the list. This is followed by all the five Southern states, which account for 34%. The North region consisting of Delhi, Haryana and Punjab are third with a 25% share. Real estate wealth creation, however, is not a young person’s game. The average age of billionaires on the list is 63. The youngest on the list is 45-year-old KV Satish of DS Max Properties, and the oldest is 94-year-old Prithvi Raj Singh Oberoi of East India Hotels.

The West side story: Maharashtra, Gujarat account for 40% of wealth on Hurun India’s real estate rich list

<ul><li><keyword id="48032" type="CITY" weightage="20" keywordseo="Blackstone">Blackstone</keyword> Group is partnering with <keyword id="44145" type="PERSON" weightage="20" keywordseo="embassy">Embassy</keyword> Group to list their <keyword id="168019" type="ORGANIZATION" weightage="20" keywordseo="REIT">REIT</keyword>, which will be operated through their joint venture- Embassy Office Parks. </li><li>An REIT functions like a mutual fund and distributes income earned from various <keyword id="6354516" type="UNKNOWN" weightage="20" keywordseo="property">property</keyword> assets. It is expected to increase the flow of funding to India’s <keyword id="6543013" type="UNKNOWN" weightage="20" keywordseo="real-estate-sector">real estate sector</keyword>. </li><li>The listing comes four years after the Securities and Exchange Board of India (SEBI) released regulations for the structuring and operation of real estate investment trusts. </li></ul>It was in September 2014 when the Securities and Exchange Board of India (SEBI) first released regulations for the domestic listing and operation of real estate investment trusts (REIT). The move was a response to the growth of India’s real estate sector and the need for a specialised investment vehicle for the financing of commercial real estate transactions. An REIT, which functions like a mutual fund and distributes income earned from various property assets, is such an investment vehicle. And now, four years later, India is all set to witness the listing of its first REIT. Blackstone Group, a US private equity firm, is partnering with Embassy Group, a Bengaluru-based real estate developer, to list their REIT, which will be operated through their joint venture- Embassy Office Parks. The companies are expecting to raise a little over ₹50 billion from investors for the trust, which was first registered in 2016, sources told ET. The REIT will comprise 33 million sq ft of commercial space, making it one of the largest in Asia by portfolio area and is expected to record around ₹20 billion in annual revenues. The portfolio includes nearly 70 buildings and office parks in India’s major cities - Delhi, Bengaluru and Mumbai - some of which are owned by Blackstone. Around 95% of the property under the trust is already under occupation from the likes of companies like Google, IBM, Microsoft and JPMorgan, while the remaining property is still being constructed. The launch of REIT will increase the flow of funding to India’s real estate sector, which has experienced a protracted downturn in the recent past. It will allow institutional investors - domestic and foreign - to easily make their bets on commercial property assets and give India’s real estate developers an additional source of capital. Blackstone has fast become one of the largest private equity <keyword id="6368449" type="UNKNOWN" weightage="20" keywordseo="investor">investor</keyword>s in India’s real estate landscape, with a number of well-known commercial assets like Express Towers in Mumbai’s Nariman Point, the Blue Ridge SEZ in Pune and Noida’s Galaxy Business Park. Given the high rate of annual growth on office rental space, the REIT is expected to met with strong investor demand. While the Blackstone-Embassy REIT will be the first one, it won’t be the only one in the near term. In June, IIFL Holdings, a Mumbai-based diversified financial services firm, registered its own REIT with the SEBI. RMZ Corp, a real estate developer in South India, is also said to be planning an REIT of its own.

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