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Symphony IT Park

Chandivali, Mumbai

Project Description

PropsAMC is offering a rare opportunity to invest in 1,26,321 sq. ft. of office space, strategically situated Off Chandivali Farm Road, Chandivali. The entire building is 92% leased.

Reasons to invest in the project Symphony IT Park
  • Check Great Value Buy for Powai (Chandivali)
  • CheckMulti tenanted Commercial - IT Development
  • CheckBalance Lock-In Period approx 3 years
  • CheckTenant Profile - Business Processing Outsourcing
  • Check92% leased building + Unutilized FSI
Investment Terms
Maximum Loan

7.77%

Gross Annual Coupon Rate
Charge

INR 30 Lakhs

Min. Investment Amount
Annual

Flexible payment

4 Installments/ Year
Annual

Payouts

Quarterly
Annual

13.5% -14%

Target XIRR
Annual

6-7 Years

Investment Period
Other Investment Benefits
Maximum Loan

Flexible Payment

Yes
Charge

Loan Available

No
Annual

Lock In

No
Project Information
Total Land Area 5,475.9 Sq.M
Land Zoning Industrial
No. of Wing/Building 02
No. of Floors G+10 (A Wing)
Development Type IT/ITeS
Building Efficiency 97%
Total Built up Area as per Amended Plan (Wing A) 1,26,321 Sq.Ft.
Tenant Overview
Maximum Loan

Concentrix is one of the largest BPO having a global presence in 40+ countries. It has leased approx. 51,518 Sq.Ft. of built-up area on multiple floors in Symphony IT Park.

Charge

Athena is one of the oldest domestic BPOs in India and has 3 operational centres in Mumbai & Bengaluru. It has leased approx. 62,011 Sq.Ft. of built-up area on multiple floors in Symphony IT Park

Annual

Maxx Value Hospitality has a few hotels in the affordable segment. It has leased approx. 12,792 Sq.Ft. of built-up area in Symphony IT Park.

Floors Tenant Name Area Occupied (%) Rent Contr. (%)
1 Athena BPO Pvt. Ltd. 20% 18%
3 Athena BPO Pvt. Ltd. 10% 11%
4 Maxx Value Hotels & Hospitality Pvt. Ltd. 10% 13%
5 Athena BPO Pvt. Ltd. 10% 9%
6 Concentrix Services India Pvt. Ltd. 10% 12%
7* Vacant 9% 0%
8,9,10 Concentrix Services India Pvt. Ltd. 31% 37%
* Advance lease nagotiation ongoing
Note - Present investment are only on fully leased units

Location & Connectivity

Left to invest

Leased Stage

36 Interests

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Frequently asked questions
Fund

Fractional Ownership is an real estate backed investment opportunity, which compulsorily generates periodic income or yield and capital appreciation in long term

Fund

The Investors can invests in fractional ownership in 2 manner: Owning of a share (Equity Shares and/or Debentures- CCDs) of a Special Purpose Vehicle (SPV) or a Company, which directly owns the property OR Owning an allotted area in sqft at a designate floor along with other owners through a registered sale agreement.

Fund

The Asset Manager is appointed by the Investors through an agreement which details the scope of work entrusted to the Asset Manager. The Asset Managers brings in custodian, escrow manager, escrow bank, auditors, valuators, lawyers, property manager, facility manager to manage the property & investment on behalf of the investors in the process to:

  1. purchase of the asset,
  2. distribution of income generated to investors,
  3. expenses to maintain the property & compliances
  4. and finally help in exit of investment through sale or transfer of the property
Fund

Fraction Ownership is only in real estate backed investments. One can invest in an under construction property with fixed returns with security cover, it can be in a ready-rented property which generates rental income, it can be a property which is at a very advance stage of construction with firm commitment from prospective Lessee. The income, expenses and profits from the property are shared by multiple fractional owners managed by the Asset Manager for an annual fixed fee and a fixed performance fee at the time of exit.

Fund

Any resident having joint, savings or current account OR NRI’s with an INR denominated bank account with proper KYC can invest in fractional ownership. NRIs can invest through their NRE / NRO accounts. However, the income and profits generated will be paid in the NRO accounts only. NRIs in India and can be repatriated outside of India as per applicable laws.

Fund

The minimum investment can vary on the specific investment opportunity and the minimum amount could be INR 25 lacs. In some cases, the investors can have the option to pay the investment amount in instalments as well over a period of 12-24 months.

Fund
  1. In case of the property owned by the SPV/ Company-the Company appoints the Custodian or a Trustee to hold the original title documents of the property. The Investors get shares or debenture certificates of the Company proportionate to their investment. The investor appoints the Asset Manager to do overall management of the investment as described above
  2. In case of allotment of property – the developer or seller will execute a registered sale in favor of the investor and the original documents will be kept with investors. The investor appoints the Asset Manager to do overall management of the investment as described above
Fund

All income, expenses and profits are proportionate to the units of the Company or the area in sqft allocated to the Investors. The Asset Manager will publish the pay-outs on quarterly basis along with expenses to each Investor. The Asset Manager will also publish a quarterly Property Monitoring Report (PMR) covering all aspects of the projects including income, expenses and market valuation.

Fund

The Asset Manager will charge a standard fees of 0.5% as Asset Management Fees per annum deductible from the periodic payments and will take 20% of profits on post a performance trigger of 10% per annum on compounded basis. For clarity, if you invest INR 30 Lacs and make INR 50 Lacs from rent/regular income and appreciation in 5 years, there will be no charge till INR 48.31 Lacs. A exit fees will be INR 55 Lacs – INR 48.31 Lacs = INR 1.69 Lacs x 20% = INR 33,800. These calculations will be post asset management fees and pre-tax basis.

Fund

Typical cycle of investment in any real estate opportunity is 6-8 years to unlock its real value. Fractional Ownership is of no different cycle.

Fund

The Asset Manager after a certain point of time (say 5-6 years), based on the property type (rented/ under construction) decides the best form of exit, which may either be through sale of the Company owing the property to another set of investors or exit through REITs (if rented assets). If it’s an under-construction property, lease of the property to a good tenant and then sale to HNI’s for a yield.

Fund

The Asset Manager is in best position to determine the exit price due to the acess of the market intelligence it has. In case of a Company structure, the Asset Manager will publish a market value every 6 months. At the time of exit, the Asset Manager will also communicate the price to all investors, and only of 75% object to the price within a stipulated time, the sale offer will be rejected. As far as the regular income is concerned the yield or coupon will be distributed after the fixed expenses (property tax, asset management fees). The CAM expenses if borne by the property owner (in case the rent is inclusive of CAM) then the yield / coupon will differ month on month on 5-10% basis. This doesn’t account for uncalled contingencies, if any from time to time.

Fund

Typically, the Asset Manager doesn’t charge any annual fees if there is no income. However, the Asset Manager shall be entitled to claim the annual fee for the period when there was no income once the Company owning the property or the allotted Property starts generating income. In case it doesn’t generate income till it is sold then the same calculations will apply as described in Point No. 9 above.

Fund

Unlike where the investor owns the allotted units through a registered sale, the income generated from the Company owning the property cannot be considered as Income from house property since it is an investment in securities of a Company. Further, all income generated attracts applicable TDS and the gains attracts short term and long-term gains in the hand of the Investors. Every product will have its own tax liability. It is advisable to seek advice from a tax expert or request to the Asset Manager for clarification based on your invested product.

Fund

Yes, in case of the fractional ownership is registered in your name, one will be eligible for loan. In case if the investment is in the Company owning the property, then, all shareholders/debenture holders will have to agree on the structure of the loan including distribution on income and expenses.

Fund

  • The Asset Level Risks associated with the under-construction Property includes delay in completion of the Project, delay in receipt of Occupation Certificate & Possession, etc. In this case major (approx. 75%) portion of the Project is completed, thereby reducing the time lag for obtaining the Occupation Certificate & Possession.
  • The Income Risks include non-payment of rent, damage to property or trespassers, or losses due to a pandemic, etc. In this case, the Developer assures a return of 8% per annum paid on a quarterly basis on the amount of the Total Consideration till the receipt of the Occupation Certificate (OC) and the first registered lease. Post receipt of OC the allotted area shall be given out on lease basis by the Developer can generate income to the Allottee.
  • The Liquidity Risks associated with the Property and the Investment which means for an investor to hold/sell the property with or without profit, is mitigated by the fact that the Property is situated in prominent office locations of Telangana with well-existing communities of residents with health facilities, schools, and amenities in the immediate vicinity, thus, tipping the liquidity risks to a moderate side of the scale.
  • The Replacement Cost Risks that a property may become functionally or economically obsolete due to the arrival of newer properties is mitigated by the very fact that the Property is located at Nanakramguda, Khajaguda, Gachibowli, a highly sought-after place & at a strategically prime location offering Grade A+ office and is surrounded by elite companies with massive residential developments in the immediate vicinity.
  • The Structural Risks associated with the Property leading to major repairs due to structural issues including leakages, mechanical, engineering services in the building are mitigated as the Property is a newly constructed Commercial Property and the Developer has ensured that the Construction is of best quality and with high class amenities thus largely reducing the Structural risks associated with the Property.
  • The Governmental Risks such as the Government demanding a portion of land for the construction of public utility places are mitigated as the Property is located is a Commercial Area that seeks in a lot of Tax for the Government thus the Government will most probably not disturb the Commercial Hub for other purposes which may cause disturbance to the Commercial Properties of the City.

Fund

You can connect on [email protected] with any more questions and clarity on the process and documentation for any investment in a fractional ownership in real estate.

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