It is reported that an investor from Kolkata
has acquired recently as much as two
lakh-odd square feet of commercial space
from Embassy Property Developments in
Bangalore for Rs 140+ crore at Embassy
Paragon in Bangalore's IT suburb at Brookefields
now occupied by Intel.
The city’s real estate scene has seen a spate of
transactions in which high net-worth investors
(HNIs) have picked up fixed rental
income assets. It is stated that realty start-up
Citrus Ventures backed by HNIs is likely to
acquire IDEB's Grand Mall on the city's
Outer Ring Road for Rs 60 crore. This deal
involves attracting a Rs-300 crore debt from
banks as non-convertible bonds. Another
HNI group was in action to buy Jewels de
Paragon, a city centre commercial property,
which is now up for sale.
Developers like Embassy and Prestige have
tapped HNI investors to create liquidity at a
high interest. But these developers are
known for selling commercial space with
high yields to rich individual investors or
business families, who perceive the market
in Bangalore to be a stable one. Traditional
business families from Kolkata and UP,
which in the past financed developers in
cities like Chennai, have invested capital
here now. Commercial property prices in
Bangalore are more affordable compared to
those in NCR and Mumbai. Tenants here are stable and reliable given the dominance of
the IT industry..
It is felt that Bangalore may now be the top
metro in terms of HNI transactions by
volume even though Mumbai and NCR will
outstrip it by value. Big financial institutions
are pushing Bangalore's commercial real
estate story to their private banking clients
and often syndicating deals on their behalf
for 10% to12% annualized return.
Source: NIMMA BENGALURU
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