16 Oct 2024

Real estate firm NeoLiv has made a significant move in the Mumbai Metropolitan Region (MMR) by acquiring a prime 12-acre plot in Alibaug, a coastal town near Mumbai, for the development of a luxury housing project. The project is estimated to have a sales potential of approximately INR 400 crore. However, the company has not disclosed the exact value of the land deal or the identity of the seller.Read more

16 Oct 2024

As Maharashtra gears up for upcoming assembly elections, real estate developers have proposed a significant reduction in stamp duty, urging the state government to lower the current 5% rate to 3%. The move, according to industry experts, aims to stimulate the real estate sector and boost property transactions across the state, offering a potential boost to government revenue while making homeownership more accessible, especially for first-time buyers. Developer associations, including CREDAI (Confederation of Real Estate Developers Associations of India), have formally written to Housing Minister Atul Save and Chief Minister Eknath Shinde, outlining their proposal.Read more

16 Oct 2024

DevX has filed a draft with SEBI to launch an Initial Public Offering (IPO) aimed at raising INR 125 crore through a fresh issue of 2.47 crore equity shares with a face value of INR 2. The IPO will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). A significant portion of the funds, INR 68.95 crore, will be allocated for fit-outs in new centres and security deposits. Additionally, INR 30 crore will go towards repaying borrowings, while the remaining amount will support general corporate purposes, facilitating expansion into key cities.Read more

16 Oct 2024

India's banking sector is set for major growth, driven by higher return on equity (RoE), better asset quality, and large opportunities in infrastructure financing under projects like the National Infrastructure Pipeline (NIP) and Gati Shakti. The housing finance market, which grew by 25% annually between FY22 and FY24, is expected to increase at a compound annual growth rate (CAGR) of 15-20% by 2030. With decreasing non-performing assets (NPAs) and greater use of digital tools, Indian banks are well-positioned for further growth, supported by strong credit demand from India's expanding middle class and rising consumption.Read more

15 Oct 2024

Housing finance companies (HFCs) are calling on the government to revitalize the Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) by increasing the home loan guarantee cover from INR 75 lakh to INR 1.25 crore. They propose up to 75% guarantees on loans of INR 2.25 crore, aiming to attract a wider low-income demographic across 124 districts. The suggested overhaul includes replacing the current scheme, which has seen little uptake since its inception in 2012, and accommodating loan amounts of up to INR 25 lakh. Recommendations also involve annual guarantee cover fees for mortgage lenders.Read more

15 Oct 2024

CBRE South Asia has forged a strategic alliance with NetApp to provide integrated facilities management services for a vast portfolio of 1.07 million square feet of office space across India. This three-year, USD 3 million contract encompasses NetApp's Bengaluru campus and its sales offices in Bengaluru, Mumbai, and New Delhi. The services include account management, finance and budget management, procurement, transport management, and food and beverage management. Through this collaboration, CBRE aims to optimise operational efficiency and enhance employee experiences, aligning with NetApp's long-term business objectives.Read more

15 Oct 2024

Embassy Office Parks REIT, the largest office REIT in Asia by area, successfully raised INR 2,000 crore through debt issuance, attracting an interest rate of 7.95%. This capital infusion will facilitate the repayment of non-convertible debentures maturing in October 2024. Institutional investors, especially mutual funds and insurance companies, exhibited strong demand, leading to an oversubscription of three times the initial offering. Additionally, Embassy REIT issued INR 900 crore in Series XI NCDs at a 7.87% interest rate. This strategic refinancing not only enhances the company's financial stability but also positions it to effectively seize future opportunities in the capital markets.Read more

15 Oct 2024

Private equity (PE) investment in India's real estate sector increased significantly. It reached USD 3.9 billion (INR 329 billion) from January to September 2024. This growth shows that investors are confident in the real estate market. A recent report from Savills India gives insight into these trends and highlights how different segments of the industry are performing. In the third quarter of 2024, inflows were USD 2.2 billion (INR 186 billion). This represents a remarkable 93% increase from the previous quarter and more than double the investment from the same time last year.Read more

15 Oct 2024

US-based private equity firm Bain Capital and real estate developer Sattva Group are teaming up to create a co-living platform, with a built-to-suit model, backed by an investment of USD 100 million (approximately INR 840 crore). The platform will be managed by Colive, a property management company, marking the largest funding received by an alternative fund for the development of a built-to-suit co-living asset. The platform will be co-owned by Bain Capital and the Bengaluru-based Sattva Group, with Bain Capital holding the majority stake. Colive will oversee the platform's management and operations.Read more

14 Oct 2024

The Securities Appellate Tribunal (SAT) stayed a Securities and Exchange Board of India (SEBI) order barring Omaxe and its top executives from the securities market for two years due to financial misrepresentation. The stay allows Omaxe to raise capital and continue operations. SEBI's initial ruling included a penalty of INR47 lakh for Omaxe and several individuals involved in a fraudulent scheme, which misrepresented financial activities over three fiscal years.Read more