Torbit Spotlight 9th June 2023

Lulu Group’s Mega Rs 10000 Crore Investment Plan

UAE-based Lulu Group has unveiled its plan to invest Rs 10000 crore  in India on its various ongoing projects over the next three years. This will be additional investment to Rs 20000 crore of investment already made by the conglomerate

The Group has committed  Rs 3500 crore of investments in Telangana over the next 5 years. on various projects. The destination malls planned by the Lulu Group in various cities of Telangana will involve an investment of Rs 3000 crore. These destination malls will have the USP of offbeat merchandise and special pricing to lure the shoppers. A brand new Lulu Mall in Hyderabad spanning 5 lakh sq ft and constructed with a total investment of Rs 300 crore  is scheduled to be opened in August this year.

After successfully establishing its footprint with shopping malls in Kochi, Trivandrum, Bengaluru and Lucknow, Lulu  Group’s expansion plans are on track with new shopping malls and hypermarkets in Gujarat  , Uttar Pradeshand TamilNadu. Recently, Lulu Group, one of the world’s fastest growing retail chains  with more than 245 hypermarkets, supermarkets and shopping malls , signed an MoU with the Uttar Pradesh government. As part of this MoU, Lulu will open six shopping malls and hypermarkets in Noida, Varanasi, Gorakhpur, Ayodhya, Kanpur and Prayagraj with a total investment of Rs 4500 crore. The shopping mall project in Sector 108 Noida will also have a five star hotel.

Lulu Group has forayed into Gujarat to develop a large shopping  mall at Ahmedabad  involving an investment of Rs 3000 crore. On the hospitality front, after the launch of five star hotels – Grand Hyatt in Kochi , Hyatt Regency in Thrissur and Thiruvananthapuram  , the capital city of Kerala  , the group has announced its upcoming hotel  project – Hyatt Regency hotel in Kozhikode.

Gaurs Group Forays Into Solar Energy

NCR’s leading real estate developer, Gaurs Group with a record delivery of 65 projects and 65000 units  spread over 60 million sq ft , has successfully diversified into solar energy with the commissioning of a mega project in Gwalior.

The newly constructed solar power plant  is spread over 50 acres  in Mahoba near Gwalior. The 15 MW project has been built at a cost of Rs 80 crore.

Flex Space Providers in Expansion Mode

Vinod Behl

Amidst the established trend of hybrid working, as more and more corporates are adopting cost-effective solutions, the demand for flexible and collaborative office space has gone up significantly, accounting for their ’10-12%’ real estate portfolio. This has provided a strong foothold to co-work space provider companies to embark on expansion plans.

As part of its expansion strategy, The Executive Centre has invested Rs 100 crore in H1 2023, signing over 8 new centres across Bengaluru, Delhi, Gurugram, Hyderabad and Mumbai.  These centres are strategically located in grade A office spaces, adding 2 lakh sq ft and 2200 workstations to the company’s existing portfolio.

AltF Coworking, which provides managed office space , mainly to startups and SMEs,  has recently expanded its operations in the NCR by adding one centre each in Gurugram and Noida, with 1600 office desks.  With this, the company has now a total of 10 centres in Delhi- NCR, with maximum number (six) centres in Gurugram. The company has signed up 1.5 lakh sq ft area in an office building at Sector 142 Noida, having a total capacity of around 3000 desks.. The new coworking centre on Golf Course Road, Gurugram , comprises 600 seats , spread over 25380 sq ft.

We Work India, a leading flex space provider is doubling down on its long-term growth and expansion with the upcoming project- Raheja Mindspace in Hyderabad. Spread over 100,000 plus sq ft with a desk capacity  of more than  1500, the workspace is set to open in August 2023. With the recent addition of Raheja Mindspace to its Hyderabad portfolio, WeWork India aims to provide exceptional flexible workspaces to a larger number of professionals and entrepreneurs across the country. We Work has already signed 6.5 million sq ft of assets acros 45 locations in NCR, Mumbai, Bengaluru, Pune and Hyderabad.  Following its growth trajectory, the company is expanding its presence in multiple cities, establishing itself as a one-stop flexible workspace provider for all.

CBRE Achieves Record 1 Billion Square Feet of Project Management Portfolio

India’s leading real estate consultancy -CBRE has achieved a feat of surpassing total portfolio by one billion sq ft area under its Project Management business division(PJM) in 2022, with total capital managed touching USD 14 billion across all  service and service sector categories.

The top five sectors that witnessed the highest capital spend managed by the project management division  include Residential (USD 5.8 billion) , Mixed Use (USD 3.57 billion) , Office (USD 1.88 billion), Industrial & Logistics (USD 1.19 billion) and Education ( USD 0.13 billion). The other sectors include healthcare, retail, data centres and hotels.  The PJM  business division has executed marquee projects  for leading companies in IT/ITES, BFSI, manufacturing, logistics and warehousing among others. It has been associated with top occupiers, developers and investors.

CBRE’s PJM Business team has a footprint across 120 cities and plans to expand its services in tier 2 cities like Kochi, Indore, Chandigarh, Lucknow, Coimbatore, Jaipur. In 2023, the PJM business division plans to increase manpower by 30-40% in its new servicelines , besides expanding in geographical locations.