17 Sep 2024

Godrej Properties has raised INR 64.6 crore through a private placement of 6,460 non-convertible debentures (NCDs), each valued at INR 1 lakh. These NCDs, with a five-year term, carry an 8.50% annual coupon rate, offering interest payments both annually and at maturity. The company's board approved the issuance to select investors. Over the past year, the company has delivered a 44% return to investors, significantly outperforming the Nifty50 index, which saw a 15% growth during the same period.Read more

17 Sep 2024

Sundaram Home Finance is expanding its operations beyond South India with a particular focus on Madhya Pradesh. The company has recently opened its second branch in Indore and aims to disburse INR 225 crore in the state this year, marking a 50% increase compared to the previous year. Managing Director D Lakshminarayanan highlighted that Indore has exceeded expectations in terms of growth and ongoing real estate development. Additionally, Sundaram Home Finance plans to open three more branches in Madhya Pradesh within the next 12-18 months. For the April-June 2024 quarter, the company reported a net profit of INR 66 crore and disbursed INR 1,353 crore.Read more

17 Sep 2024

Ghaziabad has hiked circle rates for properties by up to 15%, with significant increases in key areas like Wave City, Aditya World City, and Indirapuram. Residential plot rates in Wave City rise from INR 17,300 to INR 35,000 per sqm, while Indirapuram's circle rate jumps from INR 58,000 to INR 95,000 per sqm. Commercial and agricultural properties see similar hikes, with rates increasing by 10%. The rise follows infrastructural developments, including metro and expressway expansions. The stamp and registration department aims to boost revenues from INR 125 crore mid-year to the fiscal target of INR 3,104 crore.Read more

16 Sep 2024

Axis Ecorp has partnered with the Fraction Ownership Investment Community (FOIC) and Moneytree Realty to venture into the fractional ownership market. This new initiative offers investors the chance to buy shares in luxury suites located in North Goa's rapidly developing MOPA region. The offering is exclusive to the first 200 buyers. FOIC will manage the properties, while Moneytree Realty will handle subscriptions. Fractional ownership is growing in popularity as a cost-effective way to own high-value assets in India. With this move, Axis Ecorp aims to generate up to 100 crore rupees this year and plans to launch more properties soon.Read more

16 Sep 2024

Awfis Space Solutions has sold its facility management division, Awfis Care, to SMS Integrated Facility Services, a Samara Capital company, for INR 27.50 crore. The transaction, expected to close in 120 days, allows Awfis to focus on expanding its flexible workspace offerings while enhancing its financial position. Awfis aims to leverage the liquidity gained to invest in growth and innovation, optimising its return on capital. Leveraging its extensive expertise in facilities management, SMS IFS will take over the division, allowing Awfis to optimise its operations and focus on creating value for its primary stakeholders.Read more

16 Sep 2024

The Telangana government aims to raise a sum of INR 30 billion by auctioning the completed and incomplete flats, towers, and plots under the Rajiv Swagruha Scheme. These properties, located in areas like Nagole, Pocharam, and Khammam, were originally built to provide affordable housing to the middle class but have remained unsold since the scheme's 2007 launch. Two price categories are being considered: one for middle-class buyers and another for developers. A total of 760 flats, 36 incomplete towers, and various open plots are available for auction. Chief Minister A Revanth Reddy will soon decide on the pricing structure.Read more

16 Sep 2024

Analjit Singh's family office has repaid debts worth INR 5,500-6,000 crore that were taken from KKR & Co about a decade ago. The loans were used to fund investments in property and hospitality ventures. The family office is said to have repaid the final tranche of these loans, which dated back to 2011, by utilizing funds generated from the sale of a 3.2% stake in Max Financial. The Singh family's strategic debt repayment and asset restructuring demonstrate their prudent financial management.Read more

13 Sep 2024

Goa's state cabinet has approved a 130% hike in the minimum land prices in Bardez and Pernem talukas, raising rates from INR 3,000 to INR 8,000 per sqm, primarily affecting commercial property buyers. Chief Minister Pramod Sawant assured that ordinary citizens buying small plots for homes would continue to pay the previous rates. The price increase is driven by high demand and aims to boost government revenue while promoting balanced development across the state. As Bardez urbanises and Pernem grows due to the Mopa Airport, this move is expected to influence land prices and real estate investment in other regions of Goa.Read more

13 Sep 2024

The latest report from Magicbricks reveals a significant increase in the property price to annual household income ratio in India, rising from 6.6 in 2020 to 7.5 in 2024. The EMI-to-monthly income ratio has also surged, from 46 per cent in 2020 to 61 per cent in 2024, highlighting growing affordability concerns, particularly in metropolitan areas like the Mumbai Metropolitan Region and New Delhi. While cities like Chennai, Ahmedabad, and Kolkata remain more affordable, the rising costs present new challenges for homebuyers across the country.Read more

13 Sep 2024

Arnya RealEstates Fund Advisors has raised INR 375 crore in the first close of its maiden real estate fund, Arnya Real Estate Fund - Debt, launched in April. The fund targets INR 1,000 crore with an additional INR 1,000 crore green-shoe option, to be raised by March 2025. The fund will focus on structured debt investments in residential projects across India's top eight cities, aiming for returns over 20%. Arnya was founded by Sharad Mittal, leveraging his extensive real estate experience. This move aligns with the residential real estate sector's resurgence, driven by rising demand and developers' need for capital.Read more