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10 Dec 2024
PropShare Platina's IPO, India's first Small and Medium Real Estate Investment Trust (SM REIT) scheme, will be listed on the Bombay Stock Exchange (BSE) Today. The IPO was subscribed 1.2 times, with strong demand from non-institutional investors. The funds raised will be used to acquire the Prestige Tech Platina office building in Bengaluru, offering a stable lease agreement with a US-based tech company. The listing marks a significant step for the REIT sector in India, expected to offer new investment opportunities and capital growth potential.Read more
10 Dec 2024
The Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5% during its 5th bi-monthly meeting for FY25, marking the 11th consecutive pause. The RBI adopted a neutral stance to control inflation while supporting economic growth. Along with this decision, the Cash Reserve Ratio (CRR) was reduced to 4%, injecting INR 1.16 lakh crore into the banking system. Real estate industry leaders welcomed the move, highlighting its positive impact on buyer confidence, home loan rates, and project funding, while urging further government incentives and infrastructure measures.Read more
09 Dec 2024
Flexible workspace provider Smartworks has secured SEBI approval to launch an IPO, including a fresh issue worth INR 550 crore and an OFS of 6.76 million shares. Operating 41 centres across 13 cities with 8 million sq ft and 180,000 seats, the company reported FY24 revenue of INR 1,039 crore, a 46% YoY growth. Long-term investor Keppel Ltd. has invested USD 29 million since 2019. Smartworks plans to use IPO proceeds for loan repayments and corporate purposes, alongside a potential INR 110 crore pre-IPO placement. This move supports its expansion, including a new 35,000 sq ft centre in Singapore.Read more
09 Dec 2024
SEBI has approved Murali Malayappan, CMD of Shriram Properties, to indirectly acquire a 70.86% stake in Shriram Properties Holdings Pvt. Ltd. (SPHPL), raising his holding in SPHPL from 20% to 91.19%. Currently, Malayappan holds 0.08% in Shriram Properties, while SPHPL owns 27.72% of the small-cap firm with a market cap of INR 1,874 crore. SEBI exempted the acquisition from open offer requirements, as it does not change the company's control or affect public shareholders. Post-approval, Shriram Properties' shares rose 2.41% to close at INR 110 on the NSE.Read more
09 Dec 2024
SEBI is set to establish a self-regulatory organisation (SRO) for small and medium real estate investment trusts (SM REITs), distinct from the Indian REITs Association. SM REITs, including Property Share Investment Trust, Impact R SM REIT, and Emberstone SM REIT, focus on commercial real estate with a mutual fund-like scheme structure. The sector's trajectory hinges on the success of PropShare Platina, India's first SM REIT IPO, aiming to raise INR 353 crore. While initial subscription has been slow, SEBI's initiative reflects efforts to support the unique requirements of SM REITs, positioning them as key players in India's real estate market.Read more
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06 Dec 2024
In the first half of FY25, India's real estate sector emerged as the top beneficiary of Alternative Investment Funds (AIFs), attracting INR 75,468 crore, or 17% of total AIF investments. This marks a 10% rise from FY24. Additionally, the sector raised INR 12,801 crore through Qualified Institutional Placements (QIPs), reinforcing investor confidence driven by strong demand and declining unsold inventory. A growing reliance on Category II AIFs, including real estate funds and private equity, underscores their transformative role in reshaping the sector. With foreign and domestic investors boosting capital, AIFs play a crucial role in shaping India's urban infrastructure.Read more
06 Dec 2024
The BBMP reported a property tax collection of INR 4,284 crore between April and November 2024, with INR 700 crore recovered from arrears. Nearly 88% of the total was collected via online payments, indicating the growing popularity of digital transactions. Mahadevapura was the highest contributor, while Dasarahalli recorded the lowest. Special Commissioner Munish Moudgil credited enhanced tax systems and outreach efforts for the achievement but acknowledged challenges, including arrears of INR 400-450 crore and inefficiencies in low-performing zones. BBMP aims to reach INR 5,200 crore in property tax collections by March 2025.Read more
06 Dec 2024
Earlier this week, the promoters of Home First Finance, an affordable housing finance company, divested a combined 19.6% stake in the company for INR 1,728 crore through open market transactions. The sellers included Aether Mauritius Ltd, True North Fund VLLP, and Orange Clove Investments BV, an affiliate of Warburg Pincus. The bulk deal data revealed that Orange Clove sold 10.6% of shares, True North Fund sold 5.4%, and Aether Mauritius sold 3.6%. After the sale, the holding of Warburg Pincus, True North, and Aether Mauritius reduced significantly. Several large investors, including HDFC Mutual Fund and Goldman Sachs, acquired a 12.6% stake in Home First Finance. The share price rose by 2.10%, closing at INR 1,074.55 on the BSE.Read more
05 Dec 2024
BBMP is set to begin auctioning properties with unpaid tax dues this month, particularly targeting non-residential properties whose owners failed to clear dues despite the One Time Settlement (OTS) scheme. As of November 23, 2.3 lakh property owners still owed INR 365 crore out of a total INR 734 crore. The BBMP began issuing notices from December 2, and wo;; auction only properties not under court orders. Revenue officials also highlighted that over two lakh defaulters remain, while BBMP has collected INR 221 crore from unassessed properties, urging owners without a khata to apply for provisional tax numbers.Read more
05 Dec 2024
The East Zone officials of the Ahmedabad Municipal Corporation (AMC) have sealed 333 properties belonging to tax defaulters, successfully collecting INR 43.25 lakh in overdue property taxes after issuing notices. To prevent property sealing, some defaulters submitted advance cheques totaling INR 45 lakh. In an effort to enhance compliance, the property tax department has implemented stricter measures, placing liens on the revenue records of 176 defaulters. Recently, officials placed liens on 16 properties, with proceedings ongoing for 84 more.Read more
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