06 Feb 2024

Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.Read more

06 Feb 2024

The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.Read more

05 Feb 2024

The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.Read more

05 Feb 2024

Backed by Blackstone, Aadhar Housing Finance is actively pursuing a USD 600-650 million IPO in India. This marks Aadhar's second attempt, with a USD 1 billion plan in 2022 which was shelved due to market volatility. The filing is anticipated within two weeks, aligning with private equity trends amidst India's booming stock markets. Aadhar's USD 2 billion loan portfolio, expanding branches, and robust financial performance enhance its market presence. Blackstone seeks to capitalize on market conditions, gradually divesting its stake in the entity.Read more

02 Feb 2024

According to a recently released report by Anarock India, in response to a rising demand for larger homes in India's major cities, real estate builders have increased the average size of flats by 11% across seven key cities. The analysis of 2023's housing supply showed a notable surge from 1,175 to 1,300 square feet. While Mumbai and Kolkata experienced declines, other cities like Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai saw significant increases. The luxury home sector, particularly in Delhi-NCR, witnessed a 37% rise in average size. The data reflects a dynamic shift in homebuyer preferences, emphasizing the real estate sector's adaptability to evolving demands in India's urban landscape.Read more

02 Feb 2024

Indiabulls Housing Finance has revealed plans to strengthen its financial position through a INR 3,693 crore rights issue. The board approved the initiative on January 17 which involved the issuance of 24.62 crore equity shares at INR 150 each, providing a 24.6% discount to the recent closing price. Shareholders can apply at INR 50 per equity share, with the outstanding amount due within a year of allotment. The record date is February 1, 2024, and the rights issue is open from February 7 to February 13, 2024, with an on-market renunciation period from February 7 to February 8.Read more

01 Feb 2024

The Kolhapur Municipal Corporation (KMC) has introduced a relief measure for property tax defaulters by offering a 30-50% waiver on fines for the current and previous years. Civic chief K Manjulekshmi announced the waiver, with a 50% reduction for payments before February 15, gradually decreasing to 30% until March 15. The civic body imposed a 2% monthly fine on defaulters, who collectively owe around INR 100 crore. The initiative aims to boost compliance. Failure to make the overdue payments would lead to property seals and restrictions on property transactions and loans. Last year, a similar scheme had significantly increased revenue collection.Read more

31 Jan 2024

The 2024 Luxury Outlook Survey by India Sotheby’s International Realty has revealed 79% economic optimism among High-Net-Worth and Ultra High-Net-Worth Individuals. Despite a 40% rise in property prices, 71% plan to invest in real estate in the next 12-24 months, focusing on capital appreciation. India's confident economic trajectory, projected to be the world's third-largest economy by 2027, fuels this trend. With 83% owning multiple luxury properties and diverse assets, the elite showcase confidence in the market's resilience. Digital trends and shifting preferences, like interest in Coorg and the Himalayas, hint at evolving investment ideals. 2024 anticipates unprecedented growth in luxury real estate.Read more

31 Jan 2024

Real estate developers urge increased tax benefits, proposing a higher deduction for home loan principal repayment and revisions to affordable housing definitions. Ahead of the Union Budget, CREDAI seeks the reintroduction of credit-linked subsidy schemes, reduced stamp duty, and streamlined approvals. Boman Irani, CREDAI president, emphasises the sector's importance and advocates for collaboration with the government. Recommendations address issues hindering both demand and supply. CREDAI proposes revisions to the definition of affordable housing, adjusting unit size and cost limits. Additionally, it calls for changes in interest deduction limits on rental income, suggesting exemptions or an increase to Rs 5 lakh.Read more

31 Jan 2024

In recent months, several real estate entities in India have collectively remitted over INR 1,500 crore as Goods and Services Tax (GST) linked to intra-group transactions, specifically related to royalty payments for utilizing brand names. Notices were sent to entities that defaulted on GST obligations concerning their parent entities' brand names. Tax authorities argue that using a brand, including its name and logo, by Special Purpose Vehicles (SPVs) incurs an 18% GST levy. Notable contributors include Tata Realty and Infrastructure, Tata Housing, Jindal Realty, DLF, and Vatika Group. The Directorate General of GST Intelligence issued notices, emphasizing mandatory GST payments for such transactions. The developments highlight increased GST scrutiny in India's real estate sector, emphasizing the need for compliance and financial prudence.Read more