Basu to lead strata sale
Mumbai headquartered ANAROCK Group is expanding into office real estate with focus exclusively on strata sale office assets.
Industry veteran Bappaditya Basu has been appointed as Chief Business Officer of ANAROCK Commercial, announced Anuj Puri, Chairman – ANAROCK Group on 28 Jan 2020.
“ANAROCK Commercial was a part of our expansion plan, and its launch is a natural next step after our resounding success in the residential sales market, where we have already captured a 10% market share with over 300 successfully marketed residential project mandates,” said Puri.
“We have fine-tuned our proprietary in-house technology and digital platform to extend seamlessly into the office strata sale market. Our expansion into office real estate is a direct response to our customers’ express request for such options.
“ANAROCK Commercial will assist businesses and investors in making the ultimate profitability move of owning office spaces outright,” said Puri.
The team reports to Santhosh Kumar, Vice Chairman of ANAROCK Group and will operate in all major cities – MMR, NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata.
It has already secured mandates to strata sell three million square feet of office space in MMR and NCR.
Apart from the unmatched business benefits of operating from owned premises, office asset ownership has gained significant traction with investors, including NRIs.
Depending on the exact location and building facilities, the rental yield ranges from 7-9% for Grade A office assets and between 9-10% for non-Grade A spaces.
“By 2019-end, under-construction Grade A office real estate in the top 7 cities was worth more than Rs.2.5 lakh crore,” said Bappaditya Basu.
“25% of this stock (worth over Rs.63,000 crore) is available for strata sale. This accounts only for under-construction office spaces. There are also completed and occupied office space owned by investors to consider.
“For this vertical, we are largely associating with our existing developer clients who have repeatedly asked us to enhance our services beyond residential to sell and market some of their office assets,” said Basu.
Some office project developers now list between 25-40% of their office supply for strata sales to maintain cash flows for expansion and efficiently consolidate their businesses. fiinews.com
