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Asset management firm MPowered, which recently raised $ 21 mn in a pre-series A round from US-based investors, has acquired 100,000 sq ft of commercial space in Gurgaon.

Apart from the acquisition cost, the company has invested Rs 12-15 crore in refurbishing the building into a Grade A asset.

“We have converted this B-grade property into a marketable asset. We plan to operate 500,000 sq ft under this model and will soon acquire 200,000 sq ft in Noida,” said Sudeep Singh, MPowered Founder & CEO.

The company has taken the Gurgaon building at 9+9 years lease.

“This is the right time to acquire an asset and even large PE funds are looking at assets in prime locations. We won’t go for big assets and will acquire Grade B assets in the range of 100,000 sq ft to 300,000 sq ft,” Singh said.

The firm helps property owners convert their real estate investments into chic profit-generating ventures for long-term use.

Under the new service vertical for large companies “Reverse Officing”, MPowered caters to large corporates which are downsizing due to Covid-19.

Company said that the idea is to help these businesses retain their original office address without having to absorb the rental cost for the entire area.

The department of town and country planning has identified properties in licensed colonies of Uppal Southend on Sohna Road and Palam Vihar that have been running commercial activities from residential buildings.

GURUGRAM: Over 30 residential properties have been served showcause notices for running commercial activities on their premises, violating building norms.

The department of town and country planning has identified properties in licensed colonies of Uppal Southend on Sohna Road and Palam Vihar that have been running commercial activities from residential buildings.

The department has warned the owners of the identified buildings to either take mandatory permissions, which is applicable in case of non-nuisance activities in the permitted area, or to shut down the activities with immediate effect.

District town planner RS Batth said the property owners have been directed to submit their replies before his office failing which process of sealing will be initiated against them.

Another official said the 10 building owners in Uppal Southend on Sohna Road were served notices as the property owners were running dental clinics, CA offices, beauty salons and guest houses from the residential premises. Apart from this, there are gates installed on internal roads of the society and a resident has filed a complaint against it at the CM window, on the basis of which notices have been served to concerned persons.

Similarly 22 property owners in Palam Vihar were also served notices for running commercial activities. As per the norms, no commercial activities can be operated from the residential buildings. Batth said there are few activities, which fall under non-nuisance category, for which the property owners can seek permission from the department.

Source -realty. economictimes. indiatimes. com/