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International property consultant JLL India’s residential services division has joined hands with Indian e-commerce giant <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> to market residential real estate in India. With this alliance, they will offer brokerage-free buyer services in primary sales properties, as per the company’s release. 
 
<a href="http://www.businessinsider.in/Now-buyProperty-on-Sale-from-Snapdeal/articleshow/50589572.cms">People who buy properties on Snapdeal</a> will now be able to avail on-ground advisory and transaction services from JLL. JLL will also organise guided site visits, help clients negotiate with developers and assist with documentation and mortgages, while Snapdeal will provide the customers with online real estate platform to enable home searches. 
 
Off lately, Snapdeal has been making a lot of alliances to enrich its customers’ experience. It had recently partnered with <a href="http://www.businessinsider.in/You-can-now-use-the-Snapdeal-app-to-book-tickets-and-order-food-online/articleshow/51340726.cms">Zomato, RedBus and ClearTrip</a>. 
 
"Ecommerce is evolving rapidly and proving to be a major disruptor of traditional marketplaces. In November 2015, India's internet user base was around 402 million - today, it stands at just over 462 million. There is no ignoring the power of the Internet and the online marketplace, and we will leave no stone unturned to leverage this power. This partnership underscores our mission to remain future-ready and ahead of the curve," said <a href="http://www.businessinsider.in/This-real-estate-CEO-told-us-which-specific-part-of-Indias-property-market-is-going-to-take-a-beating/articleshow/50700686.cms">Anuj Puri</a>, Chairman &amp; Country Head, JLL India. 
 
Also read: <a href="http://www.businessinsider.in/You-can-soon-book-an-Uber-using-your-Snapdeal-app/articleshow/51454572.cms">You can soon book an Uber using your Snapdeal app</a> 
 
For homebuyers, this partnership will get them everything ranging from home search to purchasing the house without paying brokerage on deals in the primary sales space, i.e. on buying properties from developers. 
 
"The real estate category on Snapdeal has grown rapidly since its launch in August 2014. We have forged alliances with some of the most trusted names in the real estate industry to offer a range of housing options for our ever-expanding customer base in a hassle-free and transparent manner. Our partnership with JLL India's Residential Services agency will further enhance purchase experience for our real estate customers," said Tony Navin, Senior Vice President, Partnerships and Strategic Initiatives, Snapdeal. 
 
<a href="http://www.housingwire.com/ext/resources/images/editorial/A-New-Big-Images/houses/For-Sale/Computer-keyboard-house-for-sale-copy.jpg?1453763363">Image source</a>

Buy houses on Snapdeal without any brokerage fees

Popular domestic e-tailer <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> on Sunday agreed to take 3 million sq ft of prime office space in Bangalore from realty firm <keyword id="252055" type="COMPANY" weightage="100" keywordseo="Embassy-Group">Embassy group</keyword> at an annual rent of Rs 300 crore. This is the largest <keyword id="2564331" type="UNKNOWN" weightage="80" keywordseo="office-leasing-deal">office leasing deal</keyword>. 
 
In order to beef up support and technology operations, the Rs 300-crore deal is a part of Flipkart's expansion plans as the Bangalore-based firm will hire 12,000 people this year. 
 
With an aim to take on rivals like Snapdeal and Amazon, Flipkart has chalked out an ambitious expansion plan to grab a lion's share of the estimated over $3 billion e-commerce market in India. 
 According to <keyword id="6420759" type="PERSON" weightage="60" keywordseo="Anuj-Puri">Anuj Puri</keyword>, real estate firm <keyword id="150310" type="CITY" weightage="60" keywordseo="Jones-Lang-LaSalle">Jones Lang LaSalle</keyword> (<keyword id="6370127" type="ORGANIZATION" weightage="60" keywordseo="JLL">JLL</keyword>) India country head and chairman, "Flipkart has signed an irrevocable letter of intent with Embassy Group for leasing 3 million sq ft office space. The final agreement will be signed within 90 days." 
 
JLL India helped Flipkart in securing the office space in the Silicon Valley of India. "It is the biggest single occupier leased transaction, in terms of space volume, in India which demonstrates the beginning of Indian real estate office market recovery," added Puri. 
 
"The 3 million sq ft of office space will be leased to Flipkart in phases. We have won this transaction because of our reputation and experience of having dealings with large MNCs like Microsoft and IBM," said Jitu Virwani, Embassy Group chairman and managing director. 
 
The rental will be around Rs 90 per sq ft per month for fully furnished office space, added Virwani. 
 
As per Virwani, the office space located at Outer Ring Road, Bangalore is part of Embassy Group's commercial project 'Embassy Office Park' in joint venture with private equity firm Blackstone. 
 
However, Flipkart declined to comment. 
 
"This is the largest ever office leasing transaction in India. It has taken over a year of thorough due diligence and process led by JLL India. We are proud to partner with an Indian company that is leading the technology business in the country," said Juggy Marwaha, managing director, south India for JLL. 
 
JLL had shortlisted over 10 developers and Embassy was selected after a long due and rigorous process, concluded Marwaha. 
Image: indiatimes

Flipkart Inks Largest Office Lease Deal With Realty Firm Embassy For Rs 300 Crore

New Delhi, May 13 () Channelising a major chunk of the stimulus package for vulnerable segments like micro, small and medium enterprises (MSMEs) and non-bank lenders will go a long way in protecting jobs and reviving country's economic growth, experts said on Wednesday. Measures like emergency credit line of collateral-free Rs 3 lakh crore from banks and non-banking financial companies (NBFCs) and a Fund of Funds with a corpus of Rs 10,000 crore will help the sector protect jobs and revive country's economic growth which is impacted the lockdown imposed to contain the spread of COVID-19 disease, . Experts also said that reduction of TDS/TCS rates by 25 per cent for non-salary payments to residents will leave more money in the hands of professionals and businesses. Deloitte India Partner, Leader (Government and Public Sector) Arindam Guha said, "Channelising a significant part of the government financing support for vulnerable segments like MSMEs and NBFCs/ housing finance companies (HFCs) in the form of credit or investment guarantees to achieve a multiplier effect and also limit the actual outflow to the extent of default." He said there is a clear focus on structural reforms and ease of doing business as it is evident from the measures around increasing the investment and turnover thresholds for MSMEs to enable them to grow bigger. Guha also lauded steps like advising the state governments and Real Estate Regulatory Authorities to leverage force majeure provisions for providing an additional 6 months to real estate companies and exempting them from the need to obtain a fresh registration certificate or renegotiate contracts with their buyers. Another significant measure was allowing contractors involved in highway/infrastructure construction to avail a standstill period of 6 months without any penalties, he added. JLL CEO and Country Head (India) Ramesh Nair said that the fundamental of any economy is employment generation and the Government of India has made the right interventions by providing the requisite support to MSMEs. The revitalisation of MSMEs will play a major role in the overall revival of the economy, he said adding, this in turn is expected to have a positive impact on the consumer sentiment, which has an important bearing on the real estate sector. "These measures provided to MSMEs will also go a long way in protecting jobs and ensuring income continuity. This in turn will have a positive bearing for potential homebuyers especially in the affordable and mid segments," Nair said. Snapdeal co-founder and CEO Kunal Bahl said these measures will help the MSMEs get back on their feet as additional collateral and guarantee-free loans, equity funding options, better access to government procurement, e-market linkage and higher thresholds are strong enablers. KPMG in India Chairman and CEO Arun Kumar said MSMEs are critical for employment preservation and growth and firing up the MSME sector is the surest way to accelerate job creation. "The finance minister's schemes announced today will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow. Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome," Kumar said. The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs (micro-finance institutions) and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers, he said adding that the measures to ease liquidity for lenders and businesses will make a tangible difference. Finance Minister Nirmala Sitharaman on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. The minister also announced cut in tax rate on non-salary payments by 25 per cent, support to companies to meet statutory liability on employees' retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects. Shardul Amarchand Mangaldas &amp; Co Partner Pooja Ramchandani said PF contribution is calculated at 12 per cent of basic wages + dearness allowance + retaining allowance. "The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10 per cent. Prior to this, the rate of 10 per cent was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed networth, jute, beedi, brick, coir and gum industries," she said. PwC India Chairman Shyamal Mukherjee said the profound measures to boost liquidity and enable MSMEs to take centre stage in making India self-reliant and play a significant role in the government's vision of Make in India. Nangia Andersen LLP Director Sandeep Jhunjhunwala said the reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors and help increase liquidity in the economy. This reduction is estimated to release about Rs 50,000 crore in the hands of people, he said. Consulting firm AKM Global tax Partner Amit Maheshwari said the TDS rate reduction will leave more money in the hands of deductees, especially professionals where the TDS rate is as high as 10 per cent. Kotak Institutional Equities VP and Senior Economist Suvodeep Rakshit said the fiscal measures announced draws strongly upon the aim of providing liquidity and easing the functioning of key sectors. JD MKJ

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Buy houses on Snapdeal without any brokerage fees

BI India Bureau

Flipkart Inks Largest Office Lease Deal With Realty Firm Embassy For Rs 300 Crore

BI India Bureau

Steps on MSMEs, NBFCs to help protect jobs, revive economy: Experts

PTI

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