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CONSTRUCTION WEWORK STRENGTHENS PRESENCE ACROSS BENGALURU The project now called Tulip Monsella is located in Sector-53 on

AND PUNE
Golf Course road, Gurgaon on an area of 19 acres in TOD (Transit
Oriented development) zone. The investment will be made over
WeWork India has leased over one lakh sq ft and close to
2,000 desks across Pune and Bangalore to expand its footprint.
the period of 5 years and project will be valued at over one billion
The flexible office operator has partnered with developers like
USD. The residences are called Tulip Monsella, which will be one
Panchshil and Embassy REIT for the new properties.
of the tallest development of Golf Course Road, consisting of 10
The workspace at WTC Pune spans over 55,000 sq ft feet, and the
towers at 138m with 40 floors each and a Sky Hub.
newly opened Embassy Sunriver in Bengaluru spread across over
61,000 sq. feet. Both are long term leases for a period of 10 years.
international ‘Mivan construction technology’ where the structure
is 100% R.C.C. (Reinforced cement concrete) and no brickwork is
Under this partnership and deal structure, the entire building fit The construction technology being used by Tulip is the latest
out costs for Pune property will be borne by WeWork, while the used which makes the structure more sustainable, long lasting,
landlord will do the fit out for Bengaluru property. The managed durable, giving impeccable strength and more earthquake
and flexible office provider WeWork is looking to further expand its resistant. The bank had taken possession of the property following
operated office space business model across the country, with default by the developer. Initially, PNB Housing Finance Ltd was
corporate opting for a hybrid work model and demand for flexible trying to auction 19.24 acres of land and 138 unsold units of a
space witnessing high demand. Recently, in the company’s Gurgaon-based project owned by Vipul Ltd with a reserve price
largest operator office deal of `452.58 crore for both assets but failed to get any bidder.
so far, WeWork has entered Vipul’s account was classified as a non-performing asset since
into a partnership with a January 2020, after it failed to pay loan installments.
Noida-based real estate Vipul had approached the Debt Recovery Tribunal (DRT) in Delhi
builder to manage 6.6 Lakh seeking a stay on the auction by PNBHFL. However, on August
sq ft of office space totalling 5, 2020, the tribunal said that no stay or interim relief has been
8500 desks. Earlier this year, granted to Vipul Ltd.
WeWork India turned profitable at the holding company level in the
first quarter of 2022, aided by robust demand over the past year. CBRE APPOINTED AS ADVISOR FOR DEVELOPMENT OF
WeWork India has over 5+ million sq ft of assets acquired in 40 MULTI-MODAL LOGISTICS PARKS IN FIVE CITIES
locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad, CBRE South Asia, has been
since entering the Indian market in 2017. appointed as the advisor for the
Post the pandemic, the demand and growth for spaces have development of Multi-modal
accelerated, and the average occupancy levels are now 70- Logistics Parks across five key
80%. In Q1 2022, flex operators accounted for 15% of the total locations including Mumbai,
leasing, and we see this number only going higher. The company Chennai, Silchar, Coimbatore
plans to expand its portfolio of co-working space by 2 million sq and Hyderabad. These projects are a part of Prime Minister of
ft in 2022 as corporations embrace flexibility in their work models India’s Bharatmala Pariyojana programme launched for the
and demand flexible space soars among firms and established development of world-class infrastructure dedicated to smooth
startups. US-based office space provider WeWork Global has and seamless freight transport across multiple modes of transport.
a 27% stake in WeWork India, a subsidiary of Bengaluru-based The 35 MMLP projects is likely to create over 2 lakh job opportunities
estate developer Embassy Group. The two groups entered into in the coming years and reduce logistics cost by a notable
the partnership in 2017. margin. Currently, more than 70% of the national cargo moves
through roads and national highways causing pollution and
TULIP INFRATECH TO INVEST `3,000 CRORE FOR REVIVING stress on the roads. These MMPLs will help in bringing the logistics
A STUCK PROJECT IN GURGAON costs down from the present 13-14% of India’s GDP to 8-10%, a
Tulip Infratech, a Gurgaon-based real estate developer, will invest benchmark achieved by developed economies such as Japan
`3,000 crore to revive a stuck project and develop about six million and the EU. This initiative aims to transform the Indian infrastructure
sq ft of residential and commercial area on the prime Golf Course and logistics landscape by bringing greater efficiencies and
road on the land it has acquired from PNB Housing Finance Ltd eliminating operational redundancies.
The project will help about 200 homebuyers, who were stuck since CBRE is also assessing pre-feasibility for the development of
2004. The lenders, that have taken over the 19-acre land from MMLPs across multiple other locations. While these MMLPs will
Vipul due to default on payments. PNB had taken possession have excellent connectivity, they will also provide state of art,
of the property, Aarohan Residences on May 20, 2020 after the value-added services such as international grade warehousing,
borrower failed to repay the loan despite repeated reminders. cold storage, packaging and sorting areas, product assembly
The company has planned 10 super luxury residential towers with clusters, a commercial zone, and a dedicated customs window
about 1100 housing units, a commercial tower of 600,000 sq ft to accommodate a wide range of businesses and cargo
and another small commercial tower of 80,000 sq ft. consignments of various sizes. The MMLP will improve the country’s
Tulip has made minor changes in the plan prepared by Vipul logistics sector by lowering overall freight costs and time, optimizing
and has also got consent of two third of the allottees, as per the warehousing costs, reducing vehicular pollution & congestion,
guideline of RERA for reviving a stuck project. and improving the tracking and traceability of consignments.

28 CONSTRUCTION OPPORTUNITIES|JULY 2022