PNB Housing Finance sees major investment from Singapore and Goldman Sachs
The government of Singapore, the Monetary Authority of Singapore, and Goldman Sachs recently increased their stakes in PNB Housing Finance, investing a total of INR 178 crore through open market transactions. According to the National Stock Exchange (NSE), the government of Singapore acquired 13,16,000 shares, the Monetary Authority of Singapore bought 213,000 shares, and Goldman Sachs purchased 92,000 shares at an average price of INR 1,097.30 each. Meanwhile, Asia Opportunities V (Mauritius) sold 1.622 million shares, reducing its stake to 4.57 percent. These transactions highlight active market dynamics and investor confidence in PNB Housing Finance's potential....
The Lucknow Municipal Corporation (LMC) has implemented significant changes, including capping the mutation fee at INR 10,000 and withdrawing extra charges from 20 business sectors, benefiting over 200,000 business owners. Plans are underway to survey and cover open drains after a recent tragedy, and sewer issues in Munshipulia will be addressed. Additional projects include disaster relief equipment procurement, upgrading municipal schools with smart screens, constructing entry gateways to the city, and organising street vending zones for Diwali. The LMC is also set to replace an old municipal school with modern infrastructure, including underground parking....
Bangalore Development Authority introduces e-Khata to improve property transparency
Beginning 13th September, the Bangalore Development Authority (BDA) has mandated a shift to e-khata for all properties, replacing the paper-based system. This transition, impacting over 2 lakh properties, enhances transparency in property transactions and helps prevent fraud such as double registrations and illegal dealings. The e-khata, integrated with the Kaveri-2 software, assigns a unique ID to each property, enabling buyers to verify legality and ownership. While properties with existing khatas remain valid, new transactions require e-khata registration. This move strengthens accountability and will soon cover Bruhat Bengaluru Mahanagara Palike (BBMP) properties....
hBits launches new Grade A commercial asset in Bengaluru's Vaswani Centropolis
hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors....
Century textiles acquires full ownership of Mumbai Land in INR 1,100 crore deal
The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion....
Golden Growth Fund raises INR 25 crore in initial funding round
Golden Growth Fund (GGF), a Category II Alternate Investment Fund, raised INR 25 crore in its initial funding round, which closed in mid-August. This capital will finance the acquisition of a prime land parcel in South Delhi, marking the start of GGF's plan to develop luxury residential properties. With support from Grovy India Limited, GGF focuses on brownfield projects, offering a faster turnaround of 15-18 months compared to greenfield projects. GGF aims to reshape the luxury real estate market in Delhi, with further funding rounds planned to support ongoing and future projects....
Bank of Baroda approves Supertech's Dehradun project, clearing path for 600 homebuyers
Bank of Baroda has sanctioned Supertech Group's resolution plan for its Dehradun project, allowing the delivery of over 600 homes. The bank has also approved the inclusion of a co-developer, with Supertech partnering with a local firm to restart the project. Additionally, Kotak Investment Advisors Ltd (KIAL) is investing INR 450 crore in Supertech's 'Supernova' project in Noida, which is halfway complete and projected to generate over INR 7,000 crore in revenue. Supertech, which needs to deliver over 15,000 homes and has liabilities of INR 8,000 crore, is selling land to pay off lenders and accelerate construction....
Visakhapatnam Municipal Corporation targets 10,000 unassessed properties for taxation in FY25
The Greater Visakhapatnam Municipal Corporation (GVMC) aims to bring 10,000 unassessed properties into the tax system this financial year, having already identified 4,600 such properties. It also found 877 underassessed properties and collected INR 135 crore through early bird property tax incentives, surpassing last year's INR 118 crore. GVMC's total property tax collection for 2023-24 stands at INR 457 crore, exceeding its target of INR 420 crore. The GVMC focuses on addressing unassessed and underassessed properties to boost revenue and has proposed enforcement teams to remove unauthorised constructions and encroachments while improving vacant land tax collection....
Bajaj Housing Finance shares launched on September 16 at INR 150, reflecting a 114% premium over its IPO price of INR 70. The IPO attracted overwhelming interest, raising INR 6,560 crore with subscriptions totaling INR 3.23 lakh crore. Following strong market performance, the shares reached INR 164.99, boosting market capitalization beyond INR 1.1 lakh crore. Analysts praise the company's robust fundamentals and positive outlook for housing finance. The IPO was launched to comply with RBI regulations, and proceeds will enhance the company's capital to support future growth....
Godrej Properties raises INR 64.6 crore via debenture issuance to investors
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....
Sundaram Home Finance expands with second branch in Madhya Pradesh
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....
Ghaziabad's 15% circle rate hike intensifies housing affordability crisis
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....
Awfis sells its facility management division to SMS IFS for INR 27.5 crore
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....
Awfis sells its facility management division to SMS IFS for INR 27.5 crore
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....
Axis Ecorp enters fractional ownership market with luxury suites in North Goa
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....
Government to auction unsold flats and plots across Telangana
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....
Analjit Singh's family office clears INR 5,500-6,000 crore KKR debt
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....
Chennai, Ahmedabad, and Kolkata lead as India's most affordable housing markets in 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....
Goa raises land prices by 130% in Bardez and Pernem amid development surge
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....
Arnya RealEstates raises INR 375 crore in first close of maiden Real Estate fund
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....
Greater Noida auction surpasses expectations with INR 521 crore in residential plot sales
The Greater Noida Industrial Development Authority (GNIDA) recently auctioned three residential plots for INR 521 crore, exceeding the reserve price of INR 262 crore. Eldeco Infrastructure, Prasu Infrabuild with Divyansh Infraheight, and Purvanchal Projects secured these plots. This follows a successful e-auction where GNIDA sold five land parcels for INR 1,500 crore. Eldeco has been particularly active, acquiring multiple land parcels in Noida, Gurgaon, and Sonipat. The company recently secured INR 350 crore in funding from HDFC Capital Advisors, bringing their joint platform's corpus to INR 850 crore. Eldeco Group has completed 200 projects and currently has 30 more in various stages of development....
Arka Investment Advisory and Rohan Builders partner for INR 500 crore Real Estate Fund
Arka Investment Advisory Services Private Limited (AIASPL) has introduced its second Alternative Investment Fund, the Arka Hreem Real Estate Opportunities Fund, targeting INR 500 crores with a green shoe option of INR 250 crores. Rohan Builders joins as the Operating Partner through its financial services arm, Hreem. Focused on Tier 1 cities and Grade A developers, the Fund aims to capitalise on the residential real estate sector's growth potential. This launch follows the successful close of Arka's first private credit fund....
Brigade Enterprises to strengthen market position with INR 1,500 crore QIP
Brigade Enterprises, a prominent Bengaluru-based real estate developer, has launched a Qualified Institutional Placement (QIP) issue to raise up to INR 1,500 crore, following shareholder approval in March. The QIP, initiated on September 2, aims to expand the business by selling equity shares to investors. The committee of directors authorised the issue's opening and set a floor price of INR 1,164.70/share, while the share-price closed at INR 1,239.80 on the BSE, giving the company a market capitalisation exceeding INR 28,000 crore. Brigade reported a significant profit increase in Q1 FY25, with net profit doubling to INR 83.72 crore....
Commercial real estate credit grows to INR 4.85 lakh crore
As of July 26, 2024, bank credit to India's commercial real estate sector reached INR 4.85 lakh crore, up from INR 4.38 lakh crore last year, reflecting a recovery from the pandemic. Though the growth rate slowed to 10.6% from 44.9%, office leasing remains robust, with 29 million square feet leased in the first half of 2024, marking a 19% year-over-year increase. Major cities report a 50% rise in leasing activity. The sector also sees rising interest in warehousing, data centers, and retail spaces, with projections for data center capacity to triple and warehousing stock to increase by 50% by 2027....
BBMP intensifies seizures as over 200 lac property tax payments remain pending
The Bruhat Bengaluru Mahanagara Palike (BBMP) has intensified efforts to recover unpaid property taxes, aggressively attaching properties and sealing non-residential buildings. Despite these measures, 66,8% of property owners remain defaulters. The East Zone leads enforcement by sealing 1.317 properties, followed by the West Zone. In property attachments, the West Zone tops the list with 9.088 properties. Mahadevapura, although the highest tax-paying zone, also has the most defaulters. Meanwhile, Deputy Chief Minister DK Shivakumar launched an online building plan approval system to streamline procedures and enforce regulations, particularly in areas adjacent to Rajakaluves, where significant infrastructure development is underway....
Max Estates aims to raise INR 800 crore through equity placement
Max Estates, a prominent real estate firm in India, plans to raise INR 800 crore by selling equity shares to institutional investors through a Qualified Institutional Placement (QIP) issue. The company's Investment and Finance Committee has approved the launch of the QIP, setting the floor price at INR 628.74 per share. The funds raised will be used to acquire land in the Delhi-NCR region, where Max Estates is one of the leading real estate developers. The company cites growth opportunities in its existing business as the rationale for this capital raise....
Prestige Estates launches INR 5000 crore QIP to fuel growth and expansion
Prestige Estates Projects Ltd., a leading Indian real estate developer, has launched a Qualified Institutional Placement (QIP) to raise up to INR 5,000 crore from institutional investors. The company has set the floor price for the QIP at INR 1,755.09 per share, with the indicative issue price expected at a 5% discount. The funds raised will be used to repay existing borrowings, acquire land or land development rights, invest in subsidiaries and joint ventures, and for general corporate purposes. Prestige Estates is also monetizing assets from its hospitality segment through a share issue by its wholly-owned subsidiary. The move aims to strengthen the company's financial position and fuel its ambitious growth plans in the real estate market....
Jio Finance expands into home loans and diversifies financial offerings
Jio Finance Ltd, the NBFC arm of the Jio Financial Services, is advancing its financial offerings, including home loans, which are currently in the Beta mode. The MD and CEO, Hitesh Sethia, revealed plans to introduce products like Loan Against Property and Loan on Securities. Jio Finance has already launched secured lending products such as supply chain financing and loans on mutual funds. A joint venture with BlackRock will expand into wealth management and broking services. The JioFinance app, launched in May 2024, has over 1 million downloads and offers various financial services, including digital banking and insurance....
Indian office market set for record 80 million sq. ft. leasing in 2024
The Indian office market is set for a record year in 2024, with expected leasing exceeding 80 million square feet across the top eight cities, according to Cushman & Wakefield. The first half of 2024 alone saw 41.9 million square feet leased, marking a 56% share of 2023's total leasing volume. Bengaluru, a key player, contributed significantly, with Global Capability Centers driving 26% of leasing. The second quarter saw a 27% increase in leasing year-on-year. The market is buoyed by strong demand from multinational firms and new supply, indicating continued growth and confidence in India's commercial real estate sector....
Luxury Housing spurs 62% growth in loan disbursements despite falling demand in Gujarat
Gujarat's real estate market is grappling with a liquidity crunch, as evidenced by a drop in housing loan applications from 150,000 to 101,000 in Q1 FY 2025. Despite this decline, housing loan disbursements surged by 62%, rising from INR 8,307 crore to INR 13,433 crore. The increase in loan amounts suggests a shift towards more expensive, luxury properties, driven by higher jantri rates and a market dominated by financially resilient buyers. The upcoming festival season may offer a boost, potentially revitalizing the market and balancing current trends....
Bajaj Housing Finance to launch INR 6,560 crore IPO on September 9, 2024
Bajaj Housing Finance is set to launch its INR 6,560 crore IPO on September 9, 2024, with the offering closing on September 11. The IPO features a fresh issue of equity shares worth up to INR 3,560 crore and an offer for sale of INR 3,000 crore from parent company Bajaj Finance. This move is aimed at meeting the Reserve Bank of India's mandate for public listing of upper-layer NBFCs by September 2025. With a strong fiscal performance, including a 38% increase in net profit to INR 1,731 crore for FY 2023-24, the IPO is expected to bolster the company's financial position and support future growth....
NBCC to issue bonus shares at 1:2 ratio, drawing from INR 90 crore reserves
NBCC (India) Ltd. has approved a bonus share issuance of 1:2, granting one additional share for every two held, using INR 90 crore from its reserves. The record date is October 7, 2024, with approximately 90 crore bonus shares set to be issued. This decision reflects the company's strong performance, including record turnover and profit for FY 2023-2024. With a reserves balance of INR 1,959 crore, NBCC aims to reward shareholders and attract new investors. This move, the first since 2017, underscores NBCC's robust financial health and commitment to growth....
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