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Time of India
24-06-2025
- Health
- Time of India
Narayana Hrudayalaya expands Bengaluru presence with Rs 246 cr land deal on Bannerghatta Road
Hospital network Narayana Health has acquired prime land parcels worth Rs 246 crore on Bannerghatta Main Road, a rapidly emerging healthcare corridor in Bengaluru, marking one of the most significant institutional healthcare real estate transactions of 2025. The acquisition, executed through three separate sale deeds dated February 3, 2025, was transacted with members of the same family—Thomas Markose, Neelu Markose and their partnership firm Kelachandra Veneer Industries—according to registration documents accessed via Propstack. The largest of the three transactions involved a payment of Rs 177.7 crore for land covering 93,500 sq ft, including approximately 10,000 sq ft of dilapidated built-up area. The sellers were Kelachandra Veneer Industries, represented by Thomas and Neelu Markose. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Separately, 17,424 sq ft was purchased from Neelu Markose for Rs 33.1 crore, and another 18,513 sq ft was acquired from Thomas Markose for Rs 35.17 crore. In total, Narayana Health, earlier known as Narayana Hrudayalayay, now controls about 120,000 sq ft, or about 3 acres, in Hulimavu, a neighbourhood strategically located along one of the city's busiest medical zones, said the sales document. Live Events This purchase builds on Narayana Health's aggressive land acquisition strategy in the city. In March 2024, the hospital chain had acquired 1.2 acres of land for Rs 169 crore in Begur Hobli, also in southern Bengaluru, according to data from Propstack. That deal involved 52,272 sq ft purchased from Venture Projects Bangalore Private Limited. Founded by cardiac surgeon Dr. Devi Shetty in 2000, Narayana Health has established itself as a significant player in the Indian healthcare landscape, driven by its model of providing affordable, high-quality care. Narayana Health operates a network of approximately 19 hospitals and three heart centres across India, along with an overseas presence in the Cayman Islands. It boasts of over 5,860 operational beds and a capacity for over 6,160 beds across its facilities. Sources said the newly acquired land on Bannerghatta Road could be used to build a super-specialty unit, a healthcare training institute, or a medical research centre, as part of its long-term infrastructure expansion strategy. A senior healthcare consultant familiar with the deal said, 'This move reflects Narayana Hrudayalaya 's continued commitment to strengthening its presence in Bengaluru and scaling infrastructure to meet rising demand for super-specialty and research-oriented care.' Bannerghatta Road has evolved into a vital healthcare and residential corridor, with several leading hospitals, diagnostics labs and medical colleges already established. Infrastructure upgrades, including the expansion of metro connectivity, are boosting land value in the area. 'The Hulimavu acquisition not only offers strategic adjacency to existing Narayana Hrudayalaya operations but also positions the group for long-term growth amid increasing urban healthcare needs,' he said. Meanwhile, Bengaluru has seen a sharp rise in high-value land transactions, including notable residential and institutional asset purchases by prominent healthcare professionals such as Dr. Anesh Shetty and Dr. Devi Prasad Shetty of Narayana Health. The super-luxury residential and large land parcel segments are witnessing robust demand across major Indian metros. According to Knight Frank India, the number of ultra-high-net-worth individuals (UHNWIs) in India — defined as those with a net worth exceeding $30 million — is expected to grow by 58.4% in the next five years, reaching 19,119 by 2027, up from 12,069 in 2022. India's billionaire count is projected to increase from 161 in 2022 to 195 by 2027, fueling demand for prime real estate in the healthcare, residential, and institutional segments.
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Business Standard
19-06-2025
- Business
- Business Standard
Wipro inks 10-year lease for office space in MMR's Mindspace Business Park
Wipro has leased 3.87 lakh square feet (sq ft) of office space at Mindspace Business Park in the Mumbai Metropolitan Region (MMR) for a tenure of 10 years, according to lease-related documents provided by Propstack, a real estate data analytics firm. The Indian multinational technology firm will pay a monthly rent of almost Rs 2.5 crore, which translates to Rs 64 per sq ft per month. The rent will escalate by 5 per cent every year. The company has already paid a security deposit of Rs 14.86 crore. The office space is located in building no. 2 of the Mindspace Business Park and is spread across floors 4, 8, 9, 10 and 11. The carpet area of the leased space is around 2.71 lakh sq ft. Along with the office space, Wipro will get car parking for 194 cars, according to the lease deed. The fresh lease commenced on July 31, 2024. However, the transaction was registered on May 21, 2025, with the relevant administrative authorities. The transaction incurred a registration fee of Rs 30,000 and a stamp duty of Rs 7.91 lakh. This space is an extension of Wipro's Navi Mumbai footprint, as it has already leased 3.45 lakh sq ft of office space in building no. 7 of the Mindspace Business Park. The business park is located in Kalwa Trans Thane Creek (TTC), Maharashtra Industrial Development Corporation (MIDC) industrial area in the registration sub-district of Thane, a part of MMR.
Hindustan Times
19-06-2025
- Business
- Hindustan Times
Wipro expands presence in Navi Mumbai, leases 3.87 lakh sq ft at Mindspace Airoli for ₹2.47 crore monthly rent
IT major Wipro Limited has expanded its presence by leasing 3.87 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, near Mumbai, at a monthly rent of ₹2.47 crore, according to property registration documents accessed by Propstack. The new lease expands Wipro's existing footprint in the business park, where it currently occupies 3.45 lakh sq ft. The agreement, signed with Mindspace Business Parks Private Limited, commenced on July 31, 2024, and is valid for 10 years (120 months), according to the documents. According to the documents, Wipro will occupy eight floors (4th to 11th) in the building, with a carpet area of 270,949 sq ft and a chargeable area of 387,072 sq ft. Also Read: HDFC Bank leases 4 lakh sq ft in Mindspace Business Parks building in Navi Mumbai for 10 years, to pay ₹320 crore rent Documents show that the lease has been locked in at a monthly rental rate of Rs. 64 per sq ft, bringing the total monthly rent to approximately ₹2.48 crore. A security deposit of Rs. 14.86 crore and an annual rental escalation of 5% are also included. Also Read: Princeton Digital Leases 1 million sq ft in Airoli Knowledge Park near Mumbai for ₹10.42 crore monthly rent The lease agreement in the form of two transactions was registered on May 21, 2025, for which a stamp duty of nearly ₹13 lakh was paid and a registration fee of ₹60,000, the documents show. An email query has been sent to Mindspace Business Parks REIT and Wipro Limited. If a response is received, the story will be updated. Mindspace Business Parks in Airoli, Navi Mumbai, is home to several prominent domestic and international companies in sectors like IT, consulting, healthcare tech, and financial services. Also Read: Mindspace REIT acquires 1.82 mn sq ft office complex in Hyderabad for ₹2038 crore enterprise value Some of the key occupiers include Wipro, L&T Infotech (LTI), LTI–Mindtree, Accenture, Cognizant, IBM India, CRISIL (a subsidiary of S&P Global), Axis Bank, Capgemini India, among several others.
Hindustan Times
10-06-2025
- Business
- Hindustan Times
Infosys leases over 1 lakh sq ft office space in GIFT City for ₹57.26 lakh monthly rent. Here's all we know
Tech giant Infosys Limited has leased 1.03 lakh sq ft office space in Gujarat's GIFT City for a monthly rent of ₹57.26 lakh for 10 years, lease documents accessed by Propstack showed. Real estate experts say the deal is expected to boost the commercial real estate market in the area. Infosys has leased office space in the PRAGYA-2 building, located in Gandhinagar, Gujarat. The development centre spans four contiguous floors (14 to 17) and is designed to accommodate up to 1,000 employees. Real estate experts say this move marks a significant expansion of the IT major's footprint in India's only operational International Financial Services Centre (IFSC). According to the lease documents, the rental agreement commenced in October 2024 and is valid for 10 years. Infosys is paying ₹55 per sq ft per month on the chargeable area of 1.03 lakh sq ft and ₹108 per sq ft per month on the carpet area, which measures 53,020 sq ft. The lease includes an annual rent escalation of 5%. Infosys has paid a security deposit of ₹3.43 crore to the landlord, Savvy Realty Creators LLP. The agreement also provides for 71 dedicated car parking slots, with the option to lease additional spaces at ₹2,000 per slot per month. The lease carries a lock-in period of three years, documents showed. The office space was officially inaugurated on June 7. "It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients. Its services will span critical domains including digital banking, regulatory affairs, trade finance, capital markets, cards and payments, as well as risk and compliance management," Infosys said in a regulatory filing. The new development centre was inaugurated by the Chief Minister of Gujarat, Bhupendrabhai Patel, on June 7. Jayesh Sanghrajka, Infosys's chief financial officer, was quoted as saying, 'Setting up our Development Centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India's foremost international financial hub. GIFT City offers a robust, future-ready environment that enables digital transformation through cutting-edge technologies such as AI, Gen AI, cloud, and blockchain. This presence not only strengthens our global delivery model but also reinforces our long-term commitment to the region's economic development and digital evolution.' Email queries have been sent to Infosys and Savvy Realty Creators. If a response is received, the copy will be updated. Also Read: GIFT City in Gujarat: Here's what you should know about India's first IFSC and a global financial hub Located between Ahmedabad and Gandhinagar, Gujarat International Finance Tec-City, better known as GIFT City, sprawls over 880 acres along the Sabarmati River. The city is structured into two key zones: a Special Economic Zone (SEZ) tailored for export-oriented businesses, and a domestic area designed to support residential and commercial activity. About 30% of the city is currently developed and operational, with another 30% designated for upcoming housing and community spaces. Real estate experts said that the Special Economic Zone (SEZ) area within GIFT City exhibits negligible vacancy in commercial Grade A assets, indicating high demand. "The SEZ micro-market demonstrates minimal vacancy levels, recorded at 1.46% and strong annual net absorption of 0.5 million square feet in 2024. While the current supply is tight, new commercial inventory is anticipated by the end of 2025. The rentals for Grade A buildings are on an upward trajectory, reaching north of ₹70 per sq ft per month," Samantak Das, executive director and head of research and REIS, JLL India, told Experts pointed out that the robust commercial ecosystem is further strengthened by the presence of major financial and IT companies, including Infosys, Cognizant, Infineon Technologies, Accenture, Wipro, Bank of America, Morgan Stanley, and JP Morgan. On the residential front, Das said over 14 million sq ft (about 23%) of the city's total construction allocation is dedicated to residential development and 6 million sq ft (about 10%) to social development. Also Read: GIFT City liquor permit rules eased; Real estate developers say move to attract investments Real estate experts say investors can expect a return on investment (ROI) in the range of 7% to 8% in Gift City, which is considered healthy given the market conditions and the city's rapid development trajectory. "Investors should first understand the distinction between the Domestic Tariff Area (DTA) and the International Financial Services Centre (IFSC), as both zones offer distinct advantages. GIFT City has gained attention on the global stage, drawing interest from international investors due to its phenomenal growth story. Whether investing in residential or commercial assets, GIFT City presents a promising opportunity," Rumit Parikh, senior director of occupier strategy and solutions at Knight Frank India, said. Additionally, there is no Goods and Services Tax (GST) on services received by an Indian Financial System Code (IFSC). "Similarly, transactions conducted on IFSC exchanges are also exempt from GST. Investors continue to benefit from exemptions on Securities Transaction Tax (STT), Commodities Transaction Tax (CTT), and stamp duty for transactions carried out on IFSC exchanges," Das said.
Hindustan Times
09-06-2025
- Business
- Hindustan Times
JM Financial acquires 1.4 lakh sq ft commercial space in Mumbai's Mulund from Prestige Estates
JM Financial Products Ltd has acquired ownership of 1.4 lakh sq ft of commercial space in the Prestige Trade Centre located in Mulund, Mumbai, as per property registration documents accessed by Propstack. The market value of the transferred space is estimated at ₹149 crore. The transfer was part of a court settlement and is linked to the restructuring deal when Prestige Estates Projects Ltd took over the project from Aristo Realty, according to Propstack. The commercial space has a carpet area of 88,873 sq ft, and its chargeable area is 1.42 lakh sq ft, the documents showed. The agreement for the transaction was registered on April 4, 2025, with a stamp duty of ₹8.94 crore and registration fees of ₹30,000, according to the documents. Also Read: Gauri Khan rents apartment in Mumbai's Khar West for her staff at ₹1.35 lakh per month The commercial units are situated on the 40th, 41st, 42nd, and 44th floors of the building. Queries have been emailed to Prestige Estates and JM Financial. If they respond, the story will be updated. Prestige Estates won the bid in 2021 during Ariisto's Corporate Insolvency Resolution Process (CIRP), approved by the NCLT Mumbai Bench. As part of the resolution plan, Prestige initially infused ₹2 lakh as upfront capital to formalise the takeover and subsequently paid ₹370 crore to lenders, including several major financiers. In addition to the cash settlement, Prestige was to allocate 800,000 sq ft of commercial space to lenders under the approved plan. As per media reports, the overall project spans 7.5 million sq ft of mixed-use residential and commercial development in Mumbai's Mulund area. Also Read: Godrej's Tanya Dubash buys ₹226 crore duplex in Mumbai's Worli On May 30, Prestige Estates Projects Ltd announced partnering with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area. According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. Also Read: Mumbai Apple India deal: 5 key facts about the brand's upcoming 12,616 sq ft store in Borivali As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project.
