PNT Reporter

20 Mar 2024

DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.Read more

19 Mar 2024

Under the leadership of Ashish Khandelia, Certus Capital intends to invest INR 1,000 crore in India's real estate sector over the next year, with a focus on its secured bond platform, Earnnest.me. With INR 400 crore already invested, the firm aims to exceed INR 500 crore by year-end. They advocate for the development of India's bond markets and aim to become a market maker for real estate debt capital markets. Recent investments include INR 130 crore in commercial projects in Pune. Certus aims to achieve fixed returns of approximately 15%, with robust principal coverage backing them. They emphasise democratising access to institutional-quality investments.Read more

PNT Reporter

19 Mar 2024

Global investors are turning to India's thriving real estate market, fuelled by its projected 5.7% GDP growth in 2024 and investor-friendly policies like Real Estate Investment Trusts (REITs). With demand for office, residential, and industrial spaces exceeding 3.6 billion sq. ft., India presents lucrative opportunities. Compared to other Asia Pacific markets, Indian real estate offers attractive pricing, better valuations, and higher yields, attracting a diverse range of investors. Foreign investment surged 20% in 2023, reaching USD 3.6 billion, with growing interest from countries like Singapore and South Korea. With a focus on sustainability, India's real estate sector anticipates continued growth in 2024, offering dynamic investment prospects.Read more

PNT Reporter

18 Mar 2024

Dadar, a vibrant locality in Mumbai, witnessed a bustling real estate market in January, with 26 apartments sold across 17 buildings. Resale transactions dominated, comprising over half of the sales, while developer sales accounted for nearly one-third. Ruparel Luminare and Bombay Realty Island City Center (ICC) led sales, each closing three deals. The most expensive apartment, sold in ICC, fetched INR 8.35 crores, while the most affordable option was in Mohan Naik CHS at INR 32.5 lakhs. Apartments ranged from 160 to 2,072 square feet, with rates per square foot varying from INR 12,000 to INR 52,200. Approximately 46% of flats sold were in the 1-500 square feet range, with significant sales in other size categories. One-third of sales were below INR 1 crore, 42% fell between INR 1 crore and INR 5 crore, and 23% were in the 5 crores to 10 crores range.Read more

PNT Reporter

15 Mar 2024

Chennai's office market is booming, with global firms leasing over half of its 87 million sq. ft office space. STEM talent and competitive rates drive its appeal, with E&M sector leaders like American semiconductor firms and European oil companies. BFSI leasing, mainly by American firms, is on the rise. Modern developments and strong public transport facilitate even office distribution, notably in OMR Zones. 2023 saw record leasing of 10 million sq. ft, with 6.4 million sq. ft new supply, 38% green-certified. Top developers like DLF and Xander Group drive large-scale developments exceeding 1 million sq. ft, bolstering Chennai's position in India's office market.Read more

PNT Reporter

15 Mar 2024

Prime Minister Narendra Modi recently inaugurated the 29-kilometer Dwarka Expressway, focusing on the Gurugram section to ease Delhi-Gurugram traffic. The eight-lane elevated expressway connects Dwarka in Delhi to Gurugram's Kherki Daula toll plaza, promising reduced travel time. Analysts foresee a 10-15% property price surge along the corridor, attracting developers and buyers. Well-connected to key areas, the expressway is anticipated to spur economic growth with over 51,500 units launched between 2013 and Q1 2023. With its potential to alleviate congestion and boost connectivity, the Dwarka Expressway signifies a significant infrastructural leap for Delhi-NCR.Read more

14 Mar 2024

Jaiprakash Associates Limited (JAL), burdened with INR 17,700 crore debt, saw potential relief as the National Asset Reconstruction Company of India (NARCL) proposes acquiring INR 10,000 crore of its debt from banks. This could lead to NARCL taking over JAL's core businesses. With the State Bank of India (SBI) as the largest lender, the resolution could streamline the ongoing legal process, including pending insolvency proceedings. However, success hinges on the lender and Jaypee Group's cooperation. If accomplished, it could restore operations, set a precedent for NARCL, and accelerate the banking sector's cleanup, bringing hope for JAL's stability.Read more

14 Mar 2024

The Central Government has directed banks to compile and share details of stalled housing projects eligible for the SWAMIH fund. Procedural delays were identified as a key reason for lower exposure of public sector bank projects in the fund. Lenders will share feasibility reports with the fund, which aims to complete stressed projects by providing finance. Over 25% of capital has been returned and more than 26,000 homes completed so far. Banks have also approached RBI seeking exemption from 2023 guidelines which restricted regulated entities' investments in funds like SWAMIH, to ensure its continued operations.Read more

13 Mar 2024

SEBI introduced new regulations for Small and Medium REITs, making real estate investment more accessible. With a lower minimum asset value of INR 50 crore, these trusts offer diverse property investment opportunities. Investors can participate with smaller initial investments, enjoy fractional ownership, and benefit from professional management. While SM REITs aim to generate income through rents, investors should conduct thorough research and consider risks such as limited track records and minimum investment amounts. Overall, SEBI's move expands the real estate investment landscape, offering potential benefits and requiring careful consideration before investing.Read more

12 Mar 2024

The board of directors at Macrotech Developers has approved the issue price for equity shares designated for qualified institutional buyers, with a floor price set at INR 1,129.48 per share. The company's robust performance, highlighted by a total consolidated income of INR 6,385.60 crore and a net profit of INR 887.20 crore for the nine months ending December 31, 2023, enhances investor confidence. Strategic allocation of bonus equity shares and a dividend payout of INR 2 per share reflect the company's commitment to optimizing capital structure and enhancing shareholder value. As Macrotech Developers moves forward with its strategic initiatives, the approval of the issue price marks a crucial milestone, positioning the company favorably in the real estate sector.Read more