Hyper-hybrid business park in New Chandigarh

Omaxe Limited, announced the launch of region’s first hyper-hybrid business park — Beacon Street — in New Chandigarh on Friday. The business park will be a futuristic business hub, complete with a glass and chrome skyline and amenities such as retail, offices, living, dining and entertainment spaces.

The new mixed-use project is being planned over a 7.5-acre area. It will be a part of Omaxe’s commercial projects, namely, India Trade Tower, International Trade Tower and Holiday Inn and will be located along a 200-ft stretch on Madhya Marg extension road, just opposite MediCity and next to transport terminal.  Speaking on the launch Bhupinder Singh, Business Head – Chandigarh, Omaxe Limited, said, “New Chandigarh is a modern city and this hyper-hybrid hub will offer multiple experiences under one roof. With a 500 ft frontal area facing the highway, the business park will have Palika Bazar in the first lower basement, a Bespoke Boulevard abetting the retail outlets, CentrePoint as the shopping mall, a Gourmet Gallery,  Court Cullinaire, Funderland, Megaplex, Odeon, Uni-Suites, Serviced Apartments, 7-screen multiplex cinemas.” Besides commercial units, there will also be 250 serviced apartments and 250 Unisuites to cater to demand from students, millennials and NRIs. The cost of these units will be Rs 6,750 per sq ft onwards and the area will be 680 sq ft. According to Manoj Suri, AVP, Sales and Marketing, “The project will be completed in five years time”. 

Sunteck Realty to invest Rs 5,000 cr  in 4 yrs 

Mumbai-based luxury real estate development company Sunteck Realty is gearing to create a portfolio of commercial and retail properties with an investment of Rs 5,000 crore over the next four years. “Sunteck is now focusing on building a premium commercial and retail portfolio of 3 million sq ft (approximately) in Oshiwara District Centre (ODC), about 1.5-2 million sq ft in and around BKC, and around 1 million sq ft in Naigaon — a total of over 6 million sq ft,” it said in a BSE filing.   

PE investment surges by 26 pc

Private equity investment in real estate rose 26 per cent in the first half of this year to $3.9 billion (nearly Rs 28,000 crore) driven by higher inflow in commercial and warehousing projects, according to property consultant Colliers. PE inflows from foreign investors increased 28 per cent during the first six months of the 2019 calendar year. “During the first six months of 2019, the real estate sector witnessed private-equity (PE) inflows of $ 3.9 billion (Rs 27,767 crore), eclipsing the first halves of previous years,” Colliers International said in a report.