Torbit Spotlight

India’ Largest Luxe Mall is Here!

With the opening of the Reliance Group’s 7.5 lakh square feet Jio World Plaza, Mumbai gets the distinction of housing India’s largest luxury mall of India. After Jio World Drive, this is the second high-end shopping destination at Bandra-Kurla Complex (BKC)

Inspired by the lotus flower and elements of Nature and boasting of vast marble floors below high vaulted ceilings, the Jio World Plaza, designed jointly by a US architectural firm TVS and the Reliance team, stands out as an architectural marvel. It is designed exclusively as a hub for retail, leisure and dining spread across four levels.

Jio World Plaza opens with the aim of bringing the best global brands. The level 1 of the shopping mall has Gucci, Bottega, veneta, Jimmy Choo, Balenciaga, Burberry, Tory Burch, Dior and Carrier among others. The level 2 has brands such as Muji, Samsung and Pottery Barn. Currently, the mall houses 24 brands and by March it will add another 44 brands to have a total of 66 brands

The Jio World Plaza will have renowned designers like Manish Malhotra, Abu Jani-Sandeep Khosla, Rahul Mishra, Falguni and Shane Peacock and Ritu Kumar among others. Also on offer will be a variety of services like VIP concierge, personal shoppers, hands-free shopping, butler and porter services. With all these exclusive offerings, Jio World Plaza promises to be among the world’s best luxury malls- The Dubai Mall, The Landmark, Hongkong and Mall of the Emirates, UAE.

Macrotech’s  Potential Revenue For New Projects to Top Rs 17500 Crore

Mumbai’s leading real estate developer Lodha, listed as Macrotech Developers, is well on its track to exceed Rs 17500 crore of gross development value (GDV) for new project additions in FY24. Significantly, the company has already added projects with development value of Rs 14300 crore in the first half of the financial year.

In the June quarter, Macrotech added 5 projects with a potential value of Rs 12000 crore to its portfolio. This was followed by the addition of two more projects with 1.2 million square feet area worth Rs 2300 crore. During the first half of FY 24, the company recorded its best-ever first half pre-sales of Rs 6890 crore despite no new launches. As Microtech has tied up with a large number of projects in several micro markets, it is confident of crossing its full year guidance of Rs 17500 crore.

Mindspace REIT to Develop Mega Mixed-Use Project in Navi Mumbai

K Raheja Corp-backed Mindspace Business Parks REIT will be developing a large mixed-use project spread over 8 lakh square feet in its existing business park in Navi Mumbai. This will include an office development across 5.3 lakh square feet and a luxury hotel spread over 2.8 lakh square feet.

Mindspace REIT has a construction pipeline of 2.9 million square feet. It is undertaking redevelopment of two buildings in Madhapur, Hyderabad, with new construction spreading over 1.6 million square feet. The construction of a data centre on behalf of Princeton Digital Group is also in the pipeline.

Meanwhile Mindspace Business Parks REIT has recorded gross leasing of nearly 800,000 square feet, taking its cumulative leasing to 1.1 million square feet in the first half of the current financial year. During the September quarter, it concluded the acquisition of 240000 square feet of leasable area in Chennai for Rs 182 crore.

Max Estates Takes Listing Route, to Scale Portfolio Beyond 8 million Sqft 

Delhi-NCR’s leading real estate entity-Max Estates Limited (MEL) has achieved the distinction of a listed real estate company. It has achieved the conclusion of the reverse merger of Max Ventures and Industries Limited (MVIL) into Max Estates Limited . The merger would provide clarity and simplify the corporate structure, with real estate as the only focus of the company.

Over the last few years, Max Estates has strategically curated a development portfolio encompassing 8 million square feet , aligning with its strategy of ,’ One region, multiple asset classes’. This portfolio represents a well- rounded diversity within the Delhi-NCR , encompassing various geographical locations, asset categories (both commercial and residential) and risk profiles which encompass completed projects , nearing completion projects  and those in the design phase.

According to Sahil Vachani, MD & CEO, Max Estates, ” As a 100% real estate focused listed entity, Max Estates aims to bring Max Group’s values of service, excellence, and credibility to the Indian real estate sector with the purpose of enhancing quality of life through spaces it creates. We endeavour to scale the portfolio beyond 8 million square feet by adding at least 1 million square feet per year on an average to each of residential and commercial asset classes while maintaining our distinctive source of differentiation which is design and hospitality led consumer experience.