PNT Reporter

03 Apr 2024

DLF Ltd, India's largest real estate developer, is raising INR 600 crore through non-convertible debentures (NCDs) via its subsidiary DLF Home Developers Ltd. The funds will refinance existing debts. The allotment of 60,000 NCDs, each with a face value of INR 1 lakh, has been approved. While the specific utilization of funds was not disclosed, sources suggest DLF will refinance existing debts. DLF Group boasts a significant development potential of 215 million square feet across residential and commercial segments. Sales for the 2022-23 fiscal exceeded INR 15,000 crore. DLF plans to launch projects worth approximately INR 80,000 crore over the next 3-4 years to meet increasing demand for housing and commercial ventures.Read more

03 Apr 2024

Blackstone, a leading global investment firm, announces a significant bet on India, planning to invest an additional USD 25 billion in Indian businesses over the next five years. This substantial investment underscores growing confidence in the Indian economy among international investors. Blackstone aims to expand its operations in India by doubling its office space in Mumbai and hiring 20 more investment professionals. Focusing on sectors with high growth potential, such as data centers, renewable energy, and infrastructure, Blackstone aims to support India's ambitious goals while actively aiding Indian businesses' growth. Despite challenges like the depreciating rupee, Blackstone remains optimistic, buoyed by India's promising stock market and abundant available capital.Read more

PNT Reporter

03 Apr 2024

The Kanodia Group, an established business entity, ventures into the Indian real estate sector, diversifying from its cement, hygiene, and building solutions domains. Their expansion aims to deliver innovative residential and commercial projects, initially focusing on the National Capital Region (NCR) to address rising demand. With a commitment to sustainability and quality, Kanodia Group plans significant investments, exceeding INR 5,000 crore by 2028, to develop projects. Leveraging their expertise and experience, notably in cement production, Kanodia Group aims to set new standards in the Indian real estate market, poised to become a major player in the sector.Read more

PNT Reporter

02 Apr 2024

The Indian Association of REITs aims to reclassify Real Estate Investment Trusts (REITs) as equities, urging SEBI for the change. This move could revolutionize India's REIT market, currently limited to four trusts focused on office and retail space. SEBI Chairperson Madhabi Puri forecasts potential expansion into sectors like hotels and data centers, attracting more investors. Equity classification could bring advantages like inclusion in stock indices, enhancing liquidity and tax benefits. Despite regulatory hurdles, this push reflects industry commitment to growth, offering investors diverse real estate opportunities beyond traditional assets.Read more

PNT Reporter

02 Apr 2024

Google is set to acquire a vast 22.5-acre plot in Navi Mumbai for INR 850 crores, signaling its plan to establish its inaugural captive data centre in India. Unlike leased facilities, this centre would be wholly owned and operated by Google, ensuring enhanced data security and service reliability. Strategically located, Navi Mumbai offers robust connectivity to major global hubs, making it an ideal choice. With India's digital growth surging, driven by factors like 5G and e-commerce, Google's investment underscores its commitment to meet the nation's escalating data demands. This move aligns with industry trends as tech giants vie to tap into India's burgeoning market, cementing their position in the global data centre arena.Read more

PNT Reporter

02 Apr 2024

Indiabulls Housing Finance, a prominent Indian mortgage lender, has raised USD 350 million through its first overseas bond issuance in over four years. The bonds, with a 39-month maturity and a fixed interest rate of 9.70%, attracted strong investor demand, exceeding three times the offering size. Labelled as "social bonds," the funds will support affordable housing initiatives and small businesses, aligning with India's needs. With over 100 global investors, including major financial institutions, the successful issuance signifies Indiabulls' strategic shift towards diversifying funding sources and fueling growth, coinciding with its rebranding to Samman Capital. This move reflects renewed investor confidence in the company's strategy and its commitment to societal impact alongside financial stability.Read more

PNT Reporter

01 Apr 2024

Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.Read more

01 Apr 2024

In India, Global Capability Centres (GCCs) - internal branches of multinational companies (MNCs) - are reshaping the office space landscape. Colliers reports record leasing by GCCs in 2023, marking a significant shift from pre-pandemic dominance by IT firms. GCC leasing dipped in 2021 but surged to 21.1 million sq. ft in 2023, comprising 37% of India's total office space. With over 1,600 GCCs in India, they're outpacing IT firms in job creation. Reports from Cushman & Wakefield and Knight Frank affirm GCCs as a driving force in commercial real estate growth, with a shift towards flexible workspaces anticipated.Read more

PNT Reporter

01 Apr 2024

The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.Read more

PNT Reporter

29 Mar 2024

Twenty-Five Downtown Realty secured INR 250 crore from Oaktree amid a dispute involving DLF and Shapoorji Group, alleging collusion to gain control. Denying allegations, Hubtown, PNB Housing, and Omkara ARC are embroiled in a legal battle. The funds, raised through secured non-convertible debentures, aim for general corporate use and project costs. Bonds are backed by Hubtown promoters. The controversy centers on ownership, with Twenty-Five Downtown allegedly controlled by Hubtown. It won a significant slum rehabilitation project but defaulted on loans, leading to Omkara ARC acquiring shares. Despite objections, shares were transferred to Twenty-Five South Realty, with ongoing court proceedings.Read more