A joint platform was formed recently between Tata Realty and Infrastructure Ltd and Standard Chartered Private Equity to acquire commercial assets in top micro markets of India. Tata Realty has made a commitment of Rs 1,800 crore toward the platform while StanChart PE has committed Rs 800 crore.
The commercial land parcel is located on Golf Course Extension Road in Gurgaon and is spread over almost 24 acres. The asset could be valued around Rs 500 crore, it is learnt.
The first project under the platform will be sealed either in Mumbai or NCR apart from looking at projects in Bangalore, Hyderabad and Pune. In Mumbai, it has bid for a 30-acre land parcel along the Thane-Belapur road.
The real estate arm of Tata Group is ramping up its commercial development and the infrastructure vertical that covers road projects, ropeways and light rail developments.
M3M hit headlines in late 2014 when it bought a 185-acre land parcel in Gurgaon from trouble-laden Sahara Group for Rs 1,211 crore.  SCB PE recently committed capital toward a platform along with World Bank’s IFC arm and Asian Development Bank for affordable housing to be developed by Shapoorji Pallonji.  It also has a platform with Mahindra Lifespaces to develop residential projects.
Developers and investors have shown renewed interest towards commercial development on the back of strong momentum in leasing and acquisition in office space. More than 38 million sq ft of office space was taken up in 2015, up 18 per cent from last year.
Stronger economic growth will drive office space take-up in 2016 as well and the focus of occupiers will continue in peripheral markets of top cities.