Portfolio
Commercial Development, Mumbai
1
Project Details:
Asset Class

Development Size
: Commercial
659,000 square feet
Yatra's Commitment : EUR 16.75 million
Location : Mumbai
Development Partner : Parsvnath Developers Limited
Investment Date : April 2008
Equity Stake : 15%

Project

As India's premier business city, Mumbai has been at the forefront of the country's economic growth and is the financial capital of India with almost every major company in India having a substantial presence in the city. Commercial real estate in the city is among the most expensive in the world with capital values being comparable to London and New York.

The joint venture project is being developed on a parcel of land owned by the government-managed Brihanmumbai Electric Supply and Transport ("BEST"). It is located on the site of the Kurla bus depot at the intersection of two arterial roads linking Mumbai's central and western suburbs. The entire site is planned for redevelopment with part of the development handed back to BEST. The remaining portion an office development will be leased out.

Yatra's joint venture partner for the project is a Delhi based developer with a pan-India presence, Parsvnath Developers Limited ("Parsvnath"). The company has more than 17 years experience in developing real estate and has a presence in 48 cities and 17 states across India. To date Parsvnath has completed 12 residential, 12 commercial and seven metro mall projects in Delhi at metro rail stations. Parsvnath is listed on both of India's major stock exchanges, the National Stock Exchange and the Bombay Stock Exchange.

Key Highlights

  • The development site is close to Mumbai's suburban business district, Bandra Kurla Complex (BKC). Major corporations already present at BKC include ICICI Bank, National Stock Exchange (NSE), Securities and Exchange Board of India (SEBI), State Bank of India, British Consulate, Citigroup and Wockhardt.
  • The micro market is witnessing significant letting interest from both Indian and multinational corporations with current vacancy rate at approximately 1.1%.




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