31 Dec 2024

Ghaziabad has achieved a 77% recovery rate for recovery certificates (RCs) issued to defaulting developers by UP RERA, marking the lowest pendency rate (23%) in Uttar Pradesh. Of 699 RCs worth INR 204.47 crore, 365 valued at INR 94.31 crore remain pending. In contrast, GB Nagar recovered INR 405.03 crore but faces a 72.21% pendency. Challenges include developers' out-of-district addresses, delaying enforcement. Despite fewer projects than GB Nagar, Ghaziabad's focused efforts benefit homebuyers, setting a benchmark for RC recoveries in the state. Moving forward, the city aims to further reduce pendency and enhance regulatory compliance.Read more

31 Dec 2024

Private equity investments in India's real estate sector reached USD 4.3 billion in 2024, a 10% year-on-year growth, according to Savills India. Foreign institutional investors drove the majority of this growth, contributing 88% of the inflows. The industrial and logistics segment emerged as the primary beneficiary, securing USD 2.3 billion, or 54% of the total investment. Other sectors, including residential and alternative investments like data centres, are also gaining traction. Savills anticipates investments to grow further in 2025, projected to hit USD 4.5-5 billion.Read more

31 Dec 2024

Shapoorji Pallonji Real Estate, the property development arm of the Shapoorji Pallonji Group, is preparing to raise INR 4,000 to 5,000 crore through an initial public offering (IPO). This move follows the success of Afcons Infrastructure's IPO and is part of the group's efforts to streamline its operations and reduce its debt. The funds raised will go towards lowering liabilities within both the real estate arm and the promoter-level debt. With a robust pipeline of projects in major cities like Mumbai, Pune, Bengaluru, and Kolkata, the company is positioning itself for future growth.Read more

30 Dec 2024

The Ludhiana Municipal Corporation (MC) has reminded residents to pay their 2024-25 property tax by December 31 to avoid a 10% penalty. Payments made before the deadline will incur no penalties, while delays beyond March 31 will attract a 20% penalty and 18% annual interest on outstanding amounts. To facilitate timely payments, Suvidha Kendras will remain open on December 28 and 29. The MC is also promoting digital payment options for convenience. Property tax revenues fund essential city services such as waste management, road maintenance, and community projects. Residents are encouraged to act promptly to contribute to Ludhiana's development.Read more

30 Dec 2024

Private equity (PE) investments in Indian real estate reached USD 4.2 billion in 2024, a 32% rise from the previous year, driven by warehousing and residential sectors. Warehousing led with USD 1.9 billion (45% of total), a 136% increase, fueled by e-commerce growth. Residential investments doubled to USD 1.2 billion, showing a 104% rise due to recovering housing demand. Mumbai attracted 50% of PE inflows, with USD 2 billion largely in warehousing. The UAE emerged as the top foreign investor, contributing USD 1.7 billion. Despite a 38% drop in office sector investments, the market shows strong potential across key segments and regions.Read more

30 Dec 2024

IndiQube Spaces, a Bengaluru-based managed workspace provider, has filed its draft red herring prospectus (DRHP) with SEBI for a INR 850 crore IPO. The offering includes a fresh issue of INR 750 crore and an offer for sale (OFS) of INR 100 crore by promoters Rishi Des and Meghna Agarwel. The funds will support expansion plans, with INR 462.6 crore allocated for new centers, INR 100 crore for debt repayment, and the remainder for corporate purposes. Operating 103 centers across 13 cities, IndiQube manages 7.76 million sq ft, catering to hybrid work demands. With FY24 income at INR 867.6 crore, the IPO reflects the rising demand for flexible workspaces. ICICI Securities and JM Financial are the lead managers.Read more

30 Dec 2024

The Hubballi-Dharwad Municipal Corporation (HDMC) has initiated efforts to collect property tax from railway properties following a 2009 Supreme Court ruling affirming their taxability. Spread across four zones, these properties include workshops, hospitals, quarters, and the main railway station. In collaboration with South Western Railways, HDMC plans to assign Property Identification Numbers (PIDs) to assess tax rates based on property usage. With projected revenue of INR 25 crore, this initiative aims to bolster HDMC's finances for infrastructure and public services. The process, set for completion by March, highlights inter-agency coordination to enhance civic administration.Read more

27 Dec 2024

The Ahmedabad Municipal Corporation (AMC) has incurred a INR 45.94 crore cost overrun after blacklisting two firms for failing to complete housing projects in Motera and Thaltej. The Motera-Koteshwar project, originally tendered at INR 67.53 crore, now requires INR 104.36 crore to complete, while the Thaltej project's cost rose from INR 11.75 crore to INR 20.86 crore. New contractors have been appointed, but recovering the additional expenditure from the blacklisted firms remains uncertain. The delays highlight AMC's challenges in contractor accountability and project management, emphasizing the need for stricter monitoring and efficient governance to ensure timely, cost-effective housing development.Read more

27 Dec 2024

Ventive Hospitality, backed by Blackstone, saw overwhelming demand for its INR 1,600 crore IPO, oversubscribed 9.82 times. Investors bid for over 14.17 million shares, with non-institutional investors leading at 13.87 times subscription. Qualified institutional buyers (QIBs) and retail investors subscribed 9.08 and 5.94 times, respectively. The IPO, priced at INR 610, INR 643 per share, raised INR 719 crore from anchor investors. Funds will primarily reduce debt. Ventive owns 11 luxury properties in India and the Maldives, partnering with brands like Marriott and Hilton. This marks a strong recovery in India's hospitality sector, projected to grow over 10% CAGR post-pandemic.Read more

27 Dec 2024

The Asian Development Bank (ADB) has invested USD 70 million (INR 595 crore) in Vastu Housing Finance to enhance affordable home loans for underserved communities in India. Fifteen percent of the funding is allocated for first-time homebuyers, with a focus on empowering women through homeownership. Vastu, founded in 2015, specialises in financing low-income and self-employed individuals in Tier II to IV towns, addressing housing challenges in these segments. This initiative aligns with efforts to bridge India's affordable housing gap and promote inclusivity, marking a significant step toward sustainable development and improved living conditions for economically weaker sections.Read more