To woo buyers, StanChart ready to ‘slice’ building
Jan 18, 2014
Source : The Hindu

MUMBAI: Failing to find a buyer for its entire office building in suburban Mumbai for Rs 315 crore over the last six months, Standard Chartered Bank is now offering the option of partial sale on a floor-wise basis to woo buyers.

The building is located on a plot measuring 76,279 square feet in Goregaon East.

As part of the tweaked deal, the London headquartered bank is offering a minimum space of about 20,000 square feet available on a single floor in the six-storey building.

This option has been added along with the earlier option of buying the entire building comprising a saleable area of 215,447 square feet valued at Rs 14,620 per square feet.

Apart from seven floors, the building deal includes two basement levels, independent club house and the underlying land. It is to be sold on an as-is-where-is-basis along with furniture, fittings and equipment.

The deal is part of the foreign bank’s consolidation efforts to relocate excess staff to its other large offices in Fort and BKC area of Mumbai.

According to sources in the know, the bank is looking at three months to conclude the deal on an open private treaty and negotiated basis.

There will be no bid process followed by the bank which is listed on the domestic bourses through an Indian Depository Receipt. When contacted the bank spokesperson declined to comment. According to industry experts, though the building’s market value is about Rs 250-275 crore, opening up the partial sale option on floor basis will make it easier for the bank to find takers and close the deal.

Latest Realty News

Pune sees increase in addition & absorption of office space
Jan 18, 2014
PUNE: While the residential real estate market of Pune is going through a definite slowdown, the office space market is experiencing a veritable windfall. As per the latest reports of CBRE Commercial Real Estate Services, of the 7.3 million sq ft of office space supply in the Indian market in the fourth quarter of 2013, Pune saw an addition of 2 million sq ft.
Branded homes: The new symbols of ‘arrival’
Jan 18, 2014
MUMBAi: In India, the concept of branded luxury homes is only two or three years old. Growth of this segment could be pegged at roughly 5-6 per cent per annum, owing to the fact that it is a very exclusive niche category with a restricted number of buyers.
Builders woo buyers with discounts, gifts
Jan 18, 2014
THANE: With a view to cash in the property market fluctuations, developers in Thane are going all out to entice buyers. Anticipating high demand, many developers have either launched or announced new projects, along with discounts and gifts.
To buy or not to buy in Ulwe
Jan 18, 2014
MUMBAI: Inspite of all the infrastructural delays in Ulwe, there seems to be a golden opportunity in this climate of subdued sentiments. Let me try to substantiate the rationale behind this line of reasoning:
NMC property tax dept hit by assessment scam
Jan 17, 2014
NAGPUR: After revenue collection scam, Nagpur Municipal Corporation (NMC) property tax department has been hit by an assessment scandal. Of total 26 units, the officials of NMC Dharampeth Zone assessed only three units 10 years ago, forgetting to assess the sprawling Naivedyam Hall and 22 shops in Nagpur Improvement Trust (NIT) complex at Ambazari. Now, the property tax of only the hall has been assessed at Rs 1.09 crore, with the process of assessing the remaining shops in progress.
Major industrial house moves to develop its land
Jan 17, 2014
THANE: The Thane real estate industry has finally something to cheer about. The Thane Municipal Corporation (TMC) has at last received a project proposal from one of the many defunct industries that has been lying idle for over a decade.
Stakeholders keen to contribute to tourism growth
Jan 16, 2014
NASHIK: Stakeholders in Nashik's tourism business, like tour operators and builders, have offered their cooperation in the growth of tourism in the district.
NMC plans new tax for ads on private properties
Jan 16, 2014
NASHIK: The Nashik Muncipal Corporation (NMC) is planning to impose a new tax on advertisement displayed on private properties and on vehicles. The issue is to come up for decision at the general body meeting (GBM) on Friday.
Boom in Mumbai realty rates unsustainable: Study F
Jan 16, 2014
MUMBAI: An international research firm has stated that the city's property prices, which have increased nearly fourfold in the last decade, are unsustainable.
Unitech eyes close to Rs 1,000 crore from land, 2 NCR hotels
Jan 16, 2014
DELHI: Delhi-based real estate developer Unitech is looking at selling two hotel properties in the national capital region (NCR) and around 30 acres of land parcels in south India, which totally could fetch the company close to R1,000 crore, said an industry source.

Latest Realty News Of State

Realty Talk's