Suraj Park View, an Epitome of Luxury Homes at Shivaji Park – Dadar

 

Mumbai, Maharashtra, India – 

•  Exclusive Shivaji Park-view homes 1 and 2 BHK luxury apartments in heart of Dadar

•   Host of lifestyle project amenities, proximity to south Mumbai and suburbs

Suraj Estate Developers Ltd., a major South-Central Mumbai real estate developer known for its marquee spaces, has recently launched Suraj Park View, a luxury residential tower in Shivaji Park. Well-planned luxury homes in both 1 and 2 BHK configurations in the project promise an experience of a lifestyle like none other.
  
Situated in the legendary grandeur of the neighbourhood, with Shivaji Park at a distance of just 350 mtr, Suraj Park View carries a different emotion while offering a luxury living experience. Each apartment is thoughtfully designed to encourage natural interactions between residents, by creating a community where everyone feels at home. Suraj Park View opens up endless possibilities by bringing healing, calm, and joy into each home.

Suraj Park View provides its residents with constant access to everything they need, including round-the-clock security, elevators, mechanised tower parking, attractive interiors, and more. The project features high-end interior and exterior amenities. Branded vitrified tiles in all the rooms, CP, and sanitary fittings of reputed brands, premium quality granite kitchen platform, premium anodised aluminium, windows with powder coated finish and black granite/ marble sills make the homes stand apart.
  
Residents of Suraj Park View will also have access to a Crossfit Area, an Artificial Lawn that can be used for play or parties, a grand entrance lobby, mechanised tower parking, 24-hour security, firefighting equipment, a RO water system, a rainwater harvesting system, a power backup facility, and an earthquake resistant structure.

Shivaji Park is a tree-lined neighbourhood with a great history attached, where one can feel the breeze flow uninterrupted as one walks the lanes of heritage all around. The locality in Dadar West offers proximity to a host of places of worship with Siddhivinayak Temple and Portuguese Church, entertainment and recreational space, educational institutions, hospitals and shopping. Suraj Park View also offers great access to public transport, the Mumbai local trains and the metro. 

Suraj Estate Developers Ltd. has become a household name in the field of real estate construction, with 36 years of experience and counting. Suraj has been able to bring the world's finest to the area's most discerning inhabitants thanks to its landmark real estate developments offering premium quality across budgets and requirements, as well as its famous connections and memberships.

The company has created over 42 residential and commercial projects in some of Mumbai's most historic neighbourhoods, focusing on quality and innovation. Suraj has created unique areas for renowned businesses like the National Stock Exchange, Union Bank of India, and Clearing Corporation of India. The Palette, Ocean Star, and Mangirish are residential projects that are revolutionising city living and changing the landscape of Mumbai. 

“Suraj Park View is a project that ensures emotions and unique attachment that the surroundings of Shivaji Park offer are felt. There are numerous benefits to being a part of Suraj Park View. The area and its cultural landmarks, community areas like Shivaji Park, and upscale shopping, restaurants, and nightlife make it a very desirable place to be in. It resounds with tales of bravery, determination, and revolutionary creativity. There's a breath of fresh air in the city's originally planned suburbs, where so many historical moments and sporting greats have occurred. Suraj is proud to present this development, which features premium 1, 2 BHK apartments in a unique neighbourhood,” says Mr. Rahul Thomas, Whole-time Director - Suraj Estate Developers Ltd. 

Suraj Park View - Dadar is registered under MahaRERA No. P51900047891.

About Suraj Estate Developers Ltd.
 
Suraj Estate Developers Ltd. was founded on a mission to revolutionise the property development industry through unwavering dedication to excellence and client satisfaction. Suraj has been contributing to the skyline of Mumbai with its residential and commercial constructions since 1986, a span of 35 years. Its efforts are directed toward enhancing the lives of its clientele, staff, and other stakeholders, as well as the communities in which Suraj operates. As part of this endeavour, the company developed over 10 lakh square feet of land in some of Mumbai's most prestigious areas and built out bespoke offices for some of India's most prestigious institutions, such as the National Stock Exchange of India, the Union Bank of India, and the Clearing Corporation of India. Suraj’s best-in-class associations bring the world’s finest to its most discerning residents. The company's promoters are dedicated to improving the quality of life for all people, not just their consumers, and that belief has led to a commitment to social responsibility and a concentration on community development. In 2020, the CNN-News18 Real Estate & Business Excellence Awards in Mumbai, India, named Suraj Estate Developers Ltd. the Best Developer of the Year - Residential.

Real Estate Expert Hirav Shah predicting his top 5 investment picks for 2023

 New Delhi (India), February 1: A well-known property investment expert and business strategist, Hirav, has built a kingdom from the scratch. With his knowledge and experience of so many years, he has shared some significant insights on his investment strategy for 2023.

The work of Mr. Hirav Shah, originally from Vadodara which is a city in Gujarat, is not only restricted to India but also various foreign countries including the United Arab Emirates and Canada. He has helped numerous businesses achieve success. If we consider his clients, he stays true to the trust of his satisfied customer and the contentment a client or customer experiences with the products or services they provide to the company. 

Mr Hirav is a pioneer in commencing the solution to find out the Estimate Business Exposure and Sizing depending on the project and business size by taking into consideration of the Business Evaluation and the Need for Public demand. 

He is also a pioneer in finding out the Sales Timeline for Real Estate Projects. Also when developers and investors can get an estimation of the maximum price then they can strategically plan more efficiently and in a better way. It is a very helpful tool for any real estate developer, investor and individual land owner. 

Mr Hirav gives his prediction every new year on the Economy, stock market, dollar rupee, Gold, Silver price range, Fashion trends, Real estate trends, housing space, commercial space and lands in India and USA. His auguries are always bang on, some of which are In politics - the 2014 Lok sabha election, 2019 Lok sabha election, Delhi election, UP election, Gujarat election, US Presidential election and many more predictions were successful based on Statistics and parameters. His predictions on the Top five cities to invest in Real estate housing space for 2022 were also on point. 

The year 2023 has come. Real Estate Investors and Developers Traders want to know the tips and tricks to make a profit in their business. Mr Hirav Shah has made the journey easier for those Realtors who are interested in the housing business, He believes that if you follow these 5 cities and do buy houses in districts or do the business of housing, then you will not be in a reclining position. Today we are going to let you know the Top 5 Cities in India to invest in and how to make profitable outsourcing through it. 

The Real Estate Predictor Hirav Shah’s top 5 picks for cities to invest in India for 2023 - Housing Space are- 

Thane is a district sticking to Mumbai, where there are many such places which give relief from the hustle and bustle of Mumbai. That is the reason why people are coming here as well as the giant builders are making their projects here because the future in Thane is predicted better as compared to Mumbai. Thane is a potential city, taking into consideration being an industrial hub, and many more, due to which Thane is a profitable deal for the people. 

Lucknow is the capital of Uttar Pradesh and talking about the film industry, today comparatively more films are being shot in Lucknow than in Mumbai. Apart from being a clean city, Lucknow is also a developing city, new industries are reaching there, and education is becoming more modern and efficient. Healthcare facilities in Lucknow are growing drastically and even it is becoming a hub of real estate. If seen from this point of view, Lucknow will also give you profit. 

Hirav Shah goes further by explaining that Gurgaon is great for the housing business and real estate business today. If someone is planning to shift here in 2023 or wants to invest in real estate, then Gurgaon can be a profitable option too. If someone is confused regarding this matter, then Hirav Shah is always up to share his insights.  

Coimbatore is a very beautiful city in the state of Tamil Nadu. The city is famous for its history and ancient sites. Coimbatore is the second largest city in the state of Tamil Nadu by area. The city is considered the industrial centre of the country. For this reason, it is also called Manchester of South India. This place is a better option for living, as well as for the housing business because of the development graph of this city which is only going at the top.  

Hyderabad is a historical place, and there is a lot of potential in terms of business, which is why the real estate business in this city can never be a loss-making deal. There are various shooting sites including Dunn Street, Hollywood signage, Japanese gardens, airports, hospitals, landscapes and buildings as well as laboratories. Ramoji Film City which is the world’s biggest film city has something to do for people of all ages, with a variety of restaurants, a children's park, a light show, and several venues for shopping. 

Hirav Shah is a name today who wants India to be financially strong with the help of his astrology. With his understanding, knowledge and experience, Hirav is ready to walk with his client step by step to fly their business in the skies. Many big personalities, celebrities, businessmen, leaders, politicians, and influencers are getting success in INDIA and across the world with the help of Hirav. It is very necessary to have a consultant with specific knowledge and the implementation tactics to help people grow.

Pune's Emerging Business District Gets a Crown Jewel from Horizon Developers

Pune, Maharashtra, India 

One of Pune's leading developers, Horizon has created spaces that exude luxury and excellence for over 25 years. Horizon Developers ensure customer delight by maximizing the efficiency of living spaces along with an emphasis on aesthetic value. 

Horizon Highgroves at Koregaon Park Annexe is Horizon's latest high-end, luxury development that is set to become a future landmark with the most luxurious amenities, aesthetic features, elegant design and overall superior quality of homes. 

With 50% of the project completed on time, Horizon Highgroves is all set to become the Koregaon Park and Pune's centre of attention with a host of luxury amenities that give every home the feel and ambience of a grand hotel rather than an apartment complex. Live in the lap of luxury in these quintessential 3, 4 & 5 BHK homes with amenities such as:

•  Decks for stunning skyline views

•  A 11000 Sq. ft. landscaped rooftop terrace with top of the line recreational amenities

•  A rooftop infinity swimming pool

•  A 3000 Sq. ft. air-conditioned & Wi-Fi enabled multipurpose hall 

•  An opulent lounge in the lobby with 4 high-speed elevators

•  A business centre with seamless Wi-Fi connectivity 

One feature however, stands apart from the rest, the location. With easy access to business districts, industrial estates and highways, daily commutes to and from Horizon Highgroves are an easy breeze. Surrounded by neighborhoods at the forefront of culture, the finest hospitality, dining, shopping and entertainment that the city has to offer are within reach at all times. 

From upscale Koregaon Park to corporate Kharadi, hipster Mundhwa and hotspot Kalyani Nagar, everywhere that's anywhere is just a few minutes away from Horizon Highgroves. 

So what exactly lies in store for incumbent home buyers who wish to move into their dream luxury home at Horizon Highgroves? 

Spacious 3, 4 & 5 BHK Luxury Apartments
Horizon Highgroves' 3, 4 & 5 BHK homes are spacious enough to provide plenty of room for residents to grow and thrive in an environment of luxury and ease. 

Minimum Wastage of Floor Space
Every home at Horizon Highgroves is not just luxurious for the sake of it. The emphasis is on functional luxury and that means a smart layout which makes the most of the available space for the features and amenities that really matter. 

Customisable Homes
Every home at Horizon Highgroves is fully customisable with a range of options available for fit-outs and furnishings with the option to also combine two homes into one large dwelling. 

Optimised Furniture Layout
The furniture layout in each home is optimised to allow ease of movement with minimum hindrance to foot traffic.

50% Complete 
The project is well underway with 50% of the work completed and the rest underway. This means there will be no delays in possession. 

Come experience a new form of luxury in the heart of Koregaon Park Annexe and book your dream home today.

Rustomjee Crown: Luxury Homes in the Upscale Southern Neighbourhood of Mumbai, Prabhadevi

Mumbai, Maharashtra, India –

Located in the heart of South Mumbai - Prabhadevi, Rustomjee Crown is suitable for buyers looking for super-premium homes in that part of the city. The project that recorded a significant percentage of sales across South Mumbai & has further strengthened its position as a highly sought-after property. Demanding a premium rate of Rs.72,829 per sq. ft. (source: Zapkey), this project is among the premium offerings by Rustomjee.
 
Spread across 5.75 acres, Rustomjee Crown offers three high-rise towers with lavish 3, 4 & 5 bedroom residences.
 
While the Eden Residences overlook the lush green landscape, the Oceanscape Residences offer serene views of the Arabian Sea as they rise as high as 68 floors. With over 60 amenities spread over 2.5 acres of landscaped podium namely a solitude forest, a viewing deck, an all-weather pool, a lagoon pool, a leisure pool, a floating lounge and many more, one would find it hard to step out from their home.
 
This festive season, Rustomjee Crown has introduced an opportunity called The Limited Period Plan wherein one has to pay just 20% of the apartment value to book a residence.
 
The remaining payment has been spaced out from the date of the first payment till receipt of Occupation Certificate of the property. Talking about the recent sales and new offerings, Mr. Rakesh Setia – Chief Sales Officer, Rustomjee said, “Rustomjee Crown redefines luxury. From the views of the Arabian sea to access to 60+ amenities, this project has everything that a discerning buyer needs. The Limited Period Plan, will surely be a boon to buyers across the spectrum.”
 
Situated in Prabhadevi, a quiet, upscale Southern neighbourhood of Mumbai, Rustomjee Crown is located in proximity to the high street retail destinations, fine dining restaurants and business districts. 

Projected to be handed over in 2023-24, Rustomjee Crown is emerging as a highly sought-after project in Prabhadevi.

About Rustomjee

Rustomjee Group has carved a niche in the ever-growing real estate sector, with a development portfolio of 20 million square feet of completed projects spanning across the Mumbai Metropolitan Region.
 
Rustomjee Group's portfolio includes two township developments in Thane and Virar, as well as large residential developments, commercial spaces, retail, and educational institutions spread across Mumbai City in Prabhadevi, BKC Annexe, Bandra (E), Khar, Andheri, Borivali and Bhandup.
 
Rustomjee Group is committed to adding value to the lives of the homeowners through its core business, corporate social responsibility initiatives and philanthropy. Rustomjee Group ensures that every development blueprint includes child-friendly spaces, parks, playgrounds and learning rooms and thereby encouraging families to spend quality time.

MahaRERA Registration No. Rustomjee Crown Phase 1 - P51900003268, Phase 2 - P51900006367. Listed on the website: http://maharera.mahaonline.gov.in/

Office Sector Leasing Records a 66 Percent Rise, Crosses 42 mn. sq. ft. in 9M 2022

India –

CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, today announced the findings of its latest office report, ‘CBRE India Office Figures Q3 2022’. As per the report findings, the office sector in India witnessed gross absorption of 42.1 mn. sq. ft. during 9M 2022, registering a growth of 66% (Y-o-Y). Supply grew by 4% to 35.6 mn. sq. ft. (Y-o-Y). As per the report, Bangalore, Delhi-NCR and Chennai led the space absorption, together accounting for 62% of the total transaction activity in 9M 2022. 

City Highlights:   Bangalore emerged as the frontrunner in overall office leasing in Q3 2022 •  Non-SEZ buildings led overall supply and absorption. •  Key sectors driving absorption included technology corporates (37%) and flexible space operators (35%) followed by engineering & manufacturing (17%) firms.  Hyderabad’s office leasing led by technology corporates •  Space take-up was witnessed mainly across IT segments with a share of 74%. •  Key sectors driving absorption included technology (44%), followed by engineering & manufacturing (23%) and flexible space operators (16%).  Delhi-NCR witnessed sustained occupier traction, led by flex and technology players •  Medium-sized deals dominated the absorption. •  Key sectors driving absorption included flexible space operators (19%), technology (13%), and BFSI (13%).  Mumbai’s absorption was led by several large sized deals by BFSI players •  Space take-up was witnessed across IT and non-IT segments with a share of 43% and 57%, respectively. •  Key sectors driving absorption included BFSI firms (58%), engineering & manufacturing (16%) and flexible space operators (7%).  Chennai’s absorption outpaced supply •  Space take-up was witnessed across IT and SEZ segments with a share of 53% and 39%, respectively. •  Key sectors driving absorption included BFSI (28%), technology (23%), and flexible space operators (18%).  Pune’s absorption led by research, consulting & analytics firms, technology and flex players •  Space take-up was witnessed mainly across IT segments with a share of 72%. •  Key sectors driving absorption included Research, consulting & analytics (36%), technology (26%) and flexible space operators (22%)  Kolkata saw technology firms leading quarterly absorption •  Space take-up was mainly led by IT assets with a share of 89%. •  Key sectors driving absorption included technology firms (37%), media and marketing (18%) and BFSI (13%) companies.  Kochi Quarterly absorption led by tech players •  Leasing activity was primarily witnessed in SEZ spaces. •  Technology firms drove 100% absorption in the city.  Ahmedabad BFSI and flex drive quarterly leasing •  Non-IT spaces accounted for 100% share of supply and 72% of absorption. •  Key sectors driving absorption included BFSI (50%), flexible space operators (46%) and technology corporates (2%).

 

On a quarterly basis, technology corporates continued to drive leasing with a share of

24%, followed by flexible space operators (23%), BFSI players (20%), engineering & manufacturing companies (13%), research, consulting & analytics (5%) and life sciences (3%) firms. The cumulative share of flexible space operators and BFSI firms grew from 22% in Q2 to 43% in Q3 2022. The non-SEZ segment continued to dominate development completions during Q3 2022, as its share rose to 93% from 62% in the previous quarter.

The report points out that small- (less than 10,000 sq. ft.) to medium-sized (10,000 – 50,000 sq. ft.) transactions drove leasing activity with a share of 85%, which was largely stable on a Q-o-Q basis. The share of large-sized deals (more than 100,000 sq. ft.) increased marginally to 7% from 6% in Q2 2022. Bangalore followed by Mumbai, Delhi-NCR, and Hyderabad dominated large-sized deal closures during Q3 2022, while a few such deals were also reported in Pune, Chennai, and Ahmedabad.

With sustained recovery in leasing, moderating vacancy levels and persistent demand for investment-grade assets, the rental recovery continued across cities as multiple micro-markets across Delhi-NCR, Mumbai, Chennai, Pune and NBD Manyata in Bangalore witnessed a rental growth of 1-6% on a quarterly basis.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “Compared to 9M 2021, the office sector witnessed a phenomenal recovery in leasing activity in 9M 2022 with the easing of COVID-19 restrictions, a gradual acceleration of return to office (RTO), expansion by occupiers and the release of post-pandemic pent-up demand.
 
The improvement in occupiers’ sentiments was reflected in a pick-up in tenant enquiries and tour requests - in September 2022, the APAC leasing market sentiment index for India continued to be the highest amongst major APAC markets. Though growth in hiring and technology spending is expected to moderate in the short- to medium-term after witnessing an increase post the pandemic, long-term fundamentals are expected to be resilient.”

Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said, “The technology sector would continue to drive leasing activity during the remaining period of 2022. Space take-up by sectors such as BFSI, flexible spaces, engineering & manufacturing, and life sciences is also anticipated to grow on an annual basis. We also expect the supply pipeline to remain strong and rental values to remain range-bound or witness some growth towards the close of 2022.”

Outlook and other observations 

•  Cautious expansion by occupiers to continue in 2022 

​As inflation persists across most major economies, aggressive monetary tightening by central banks worldwide is expected to continue; therefore, we anticipate a mild economic downturn in several economies in the times to come. The impact of this economic downturn on global corporates’ leasing in India is yet to be determined - as for some these factors may slightly weigh on leasing activity towards the end of the year or in 2023, while for others India may continue to remain an attractive, cost-effective option. 

•  Supply pipeline to remain strong: The supply pipeline remains strong as high-quality, investment-grade supply by leading developers and institutional owners in prime locations would continue to draw flight-to-quality space take-up. Bangalore, Hyderabad and Delhi-NCR are anticipated to continue to dominate supply in the coming quarters. Non-SEZ buildings would drive development completions, while the share of SEZ supply is likely to decline going forward. Moreover, a strong leasing performance in 2022 is likely to cause vacancy rates to dip marginally or remain range-bound across cities by the end of the year. 

•  RTO to pick up amidst hybrid working arrangements: With pandemic restrictions completely lifted across cities, RTO is likely to continue to pick up as varying occupancies are currently observed across offices. Hybrid working would also enable occupiers to strengthen portfolio agility and shield themselves from economic fluctuations. 

•  Rising fit-out and construction costs: Inflationary pressures caused by demand-supply imbalances and supply chain disruptions post COVID-19 led to an escalation in raw material and labor costs this year – leading to increase in new fit-out, construction and operating costs. To mitigate these challenges, occupiers may also adopt strategies such as re-evaluating their CapEx plans with respect to fit-out and other capital-intensive programmes; develop budgets in advance to account for RTO and cost inflation; consider ownership as a hedge against inflation; attract and retain facilities management staff and vendors; reduce energy costs; automate basic manual tasks through smart building technologies and proactively manage supply chain risks. 

•  Technology, wellness, and sustainability to be high on occupiers’ agenda: Occupancy sensors to track space utilization and enhanced video conferencing to optimize the meeting experience are some of the tools that the occupiers are likely to adopt to ensure the smooth functioning of hybrid working models. Also, with the rising awareness about wellness and sustainability in the workplace, several occupiers are considering initiatives such as enhancing indoor air quality, integrating touchless technologies, fitness facilities, etc. to improve employee health & well-being.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
 
CBRE was the first International Property Consultancy to set up an office in India in 1994. Since then, the operations have grown to include more than 10,000 professionals across 15 offices with a presence in over 80 cities in India. As a leading international property consultancy, CBRE provides clients with a wide range of real estate solutions, including Strategic Consulting, Valuations/Appraisals, Capital Markets, Agency Services, and Project Management. The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines. Please visit our website at https://www.cbre.co.in/

Pre-Leased Property Investment Is Hot Right Now – The Safest Bet At The Moment!

Counted as one of the important capital appreciation avenues, real estate investment has emerged as a stable, smart, and profitable choice for many, offering varied forms of diversification. When it comes to the commercial real estate segment, commercial spaces including retail and office, are high in demand for investment providing a secondary form of income.

Owing to its hefty investment, commercial real estate can be considered an expensive affair, meant specifically for UHNIs, HNIs, or corporates. But this is not the case. Over the years, property investment has gained prominence and also captured the attention of professionals equally and this investment is definitely within their reach. As compared to a residential space, the most conventional form of investment, rents and lease both are much higher and longer in a commercial space. Thus, initial investment and returns too are much more than the former counterpart. Not to forget, factors, such as stable returns, tax benefits, and ownership of property, adds to the popularity of a commercial space situated at a prime location.

Finding the right tenant with a profitable income is one plaguing question in everyone’s mind as this impacts significantly one’s loan repayment plans and other financial decisions. This is where pre-leased commercial properties come into the picture. At the time of buying the asset, the investor is assured of consistent income from Day 1 itself with all acquired documentation in place.

Providing more stability and medium to low risk to investors, pre-rented commercial properties are the safest and most secure investment. With quick saleable routes available, the demand for Grade-A properties is all-time high with pre-leased properties offering an average of 12-18 per cent return, combining capital appreciation and rental increase. The demand for pre-leased commercial properties is also expected set to surge within one year.

The responsibility of maintaining the property also lies with the tenant. Pre-leased properties give one an option of securing rental with a minimum 3-year lock-in period to well-known companies. With our country demonstrating economic growth, demand for commercial space will rise and so will the ROI of investors.

Investment in a commercial property is a safe and lucrative avenue providing multiple advantages, such as capital appreciation, regular income, secured property, and compliance information, and a trusted consultant plays a vital role in taking commercial investment decisions ranging from a single property to curated collection of many assets, besides strategic support through all the phases of transactions, including legalities, documentation and transfer process. Realistic Realtors is India’s leading and eminent commercial real estate advisory firm that has etched its indelible footprint in over 425 cities. Backed by its 2-decade experience in real estate and market intelligence, it offers a complete spectrum of personalized and end-to-end Investment Advisory services to its patrons.

Embassy REIT Announces Q2 FY2023 Results, Delivers Another Strong Quarter With 1.6 Million Square Feet Total Leases

Bangalore, Karnataka, India –

•  Leased 1.6 msf at 22% leasing spreads, including 0.6 msf new leases and 0.5 msf pre-commitment to ANZ(1)

•  Launched 2.5 msf new and redevelopment projects, highest ever active development pipeline of 7.1 msf

•  Grew net operating income by 13% YoY; strong balance sheet with 66% of total debt at fixed rates​

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results for the second quarter ended September 30, 2022. The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs. 5,175 million or Rs. 5.46 per unit for Q2 FY2023. The record date for the Q2 FY2023 distribution is November 1, 2022, and the distribution will be paid on or before November 4, 2022.
 
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said, “We are pleased to deliver another excellent quarter of 1.6 msf of total leasing and remain on track to meet our FY2023 guidance. Despite recessionary concerns globally, the world’s best companies continue to partner with institutional landlords like Embassy REIT to capitalize on India’s structural advantages as a scalable and cost-efficient tech talent hub. With 7.1 msf of best-in-class development, a fortress balance sheet with low leverage, and debt at attractive 7.1% cost with majority at fixed rates, we are well positioned to deliver the next phase of growth.”
 
Business Highlights 

•  Leased 1.6 msf across 27 deals, including 0.6 msf of new leasing and 0.5 msf pre-commitment by ANZ (1) at Embassy Manyata

•  Added 15 new high-growth occupiers; achieved 22% positive leasing spreads on 1.6 msf and 14% rent escalations on 2.7 msf

•  Received 5-star ratings for entire portfolio from GRESB and the British Safety Council, both globally renowned ESG and wellness certifications 

Financial Highlights 

•  Grew Net Operating Income by 13% YoY to Rs. 7,038 million with operating margin of 82%

•  Grew Net Asset Value by 3% YoY to Rs. 400.71 per unit; announced distributions of Rs. 5,175 million or Rs. 5.46 per unit

•  Maintained strong balance sheet with low leverage of 26% and Rs. 112 billion proforma debt headroom

•  Refinanced Rs. 7.5 billion debt resulting in 7.1% interest cost for Rs. 136 billion debt book, with 66% at fixed rate for 2.3 years 

Growth Highlights 

•  Launched 1.2 msf office block redevelopment at Embassy Manyata, Bangalore, at attractive 22% yield on cost

•  Kickstarted 1.3 msf new office developments at Embassy Manyata, taking our active development pipeline to 7.1 msf with total capital investments of Rs. 32 billion and over 80% in Bangalore, India’s top-performing office market

•  Signed non-binding offer letters for the potential acquisition of two high-quality office properties in Bangalore and Chennai from Embassy Sponsor and its affiliates; properties total 7.1 msf of leasable area, of which 3.7 msf is completed or nearing completion 

Investor Materials and Quarterly Investor Call Details
 
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) reviewed condensed consolidated and reviewed condensed standalone financial statements for the quarter and half ended September 30, 2022, (ii) an earnings presentation covering Q2 FY2023 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at www.embassyofficeparks.com.
 
Embassy REIT will host a conference call on October 21, 2022, at 11:30 hours Indian Standard Time to discuss the Q2 FY2023 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com.

About Embassy REIT
 
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 43.2 msf portfolio of eight infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio comprises 33.4 msf completed operating area and is home to over 200 of the world’s leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants. For more information, please visit www.embassyofficeparks.com.

Disclaimer
 
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
 
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
 
This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT's financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments. Actual legal entity name of occupiers may differ. The non-binding offer letters are subject to diligence, entry into definitive agreements and obtain approvals, including from third parties, unitholders and regulatory authorities to the extent applicable. There is no assurance that any transactions will be entered pursuant to the offer letters or the terms and timing of any such transactions.