30 Aug 2024

Kolkata's housing market has seen a significant decline in home sale registrations, ending five months of growth. In July, registrations dropped by 18% from June and 13% year-over-year, with only 3,506 properties registered compared to 4,292 in June and 6,709 in July 2022. This downturn follows the withdrawal of state government incentives, including a 2% stamp duty reduction and a 10% cut in circle rates, which had previously bolstered the market. Mid-sized homes (501-1,000 sq. ft.) accounted for 47% of sales, while large apartments over 1,000 sq. ft. saw a sharp decline. CREDAI Bengal has urged the state to reconsider these policy changes to stimulate sales. Experts anticipate market adjustments, with potential recovery during the upcoming festive season.Read more

29 Aug 2024

Nishkala Healthcare has acquired Suasth Healthcare Foundation's 400-bed multi-speciality hospital in Kalamboli, Navi Mumbai, for INR 189 crore under the Insolvency and Bankruptcy Code (IBC). The acquisition is financed through a mix of debt and equity, with promoters infusing INR 73 crore in equity. The hospital spans 500,000 sq ft and includes 63 ICU beds, neonatal units, and specialised operating theatres. The Kolkata bench of the National Company Law Tribunal (NCLT) approved a INR180 crore resolution plan against INR 628 crore in creditor claims. Yes Bank and Axis Bank, major lenders, hold voting rights, with J C Flower ARC acquiring Yes Bank's stressed loans.Read more

29 Aug 2024

Embassy Office Parks REIT has leased 800,000 square feet of premium office space to the Commonwealth Bank of Australia (CBA) in Bengaluru, with an option to expand by 600,000 square feet. This space, part of the Embassy Manyata project, will be a built-to-suit facility, expected for delivery by Q4 2026. Located in North Bengaluru, Embassy Manyata is one of Asia's largest business parks. This deal marks Embassy REIT's largest built-to-suit project and highlights Bengaluru's growing significance as a hub for global financial services.Read more

29 Aug 2024

Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its operations across India, targeting over 20 million square feet of industrial space within five years. Currently, Greenbase has invested INR 2,000 crore, delivering 5.5 million square feet of built-to-suit spaces. A significant portion of the new investment, INR 1,500 crore, will be directed towards expanding their Oragadam project near Chennai, which is expected to contribute 40% of their portfolio. Greenbase's focus on customised industrial infrastructure positions it as a key player in India's growing logistics sector.Read more

29 Aug 2024

Hyundai Motor India Ltd (HMIL) has announced an INR 180 crore investment to establish a 65,000 square-foot hydrogen innovation centre at IIT Madras' Thaiyur campus in Chennai, in collaboration with the Indian Institute of Technology Madras and Guidance Tamil Nadu. Supported by the Tamil Nadu government, the centre, set to open by 2026, will focus on green hydrogen development and fuel cell technology. This initiative underscores Tamil Nadu's growing role in sustainable automotive innovation, aligning with global shifts towards eco-friendly transportation and bolstering the state's position as a leader in the sector.Read more

29 Aug 2024

Awfis Space Solutions, a flexible workspace provider, reported a net consolidated profit after tax of INR 2.78 crore for Q1 FY25, alongside a total income of INR 267.87 crore. The company completed its initial public offering (IPO) during the quarter, issuing 15,639,638 equity shares, with total offer expenses of INR 509.83 million. Awfis surpassed 100,000 operational seats and 169 centres as of 30 June 2024, adding 5,368 seats and nine new centres in the quarter. With an exit month occupancy rate of 71% and a strong focus on its asset-light managed aggregation (MA) model, Awfis continues to strengthen its market presence.Read more

29 Aug 2024

In Pune, 2 lakh out of 4.5 lakh property owners have failed to submit the mandatory PT3 forms required for a 40% property tax discount on self-occupied homes. Despite multiple extensions and a final deadline of August 15, only 2.5 lakh forms were submitted. Many properties without submitted forms were found to be locked or rented, potentially disqualifying owners from the discount. To address this, the Pune Municipal Corporation (PMC) is conducting city-wide surveys and collaborating with local housing societies to ensure accurate property occupancy records and encourage compliance among property owners.Read more

28 Aug 2024

Shapoorji Pallonji Group has launched Shapoorji Pallonji Real Estate (SPRE) to consolidate its vast real estate assets, valued at USD 6 billion (INR 50,000 crore). With 2,000 acres of land and 140 million square feet of development potential, SPRE aims to enhance operational efficiency and access to funding. The group plans to raise USD 800-900 million in an initial public offering, with future fundraising potentially reaching USD 2 billion. This strategic move positions SPRE to play a pivotal role in India's real estate sector, focusing on both luxury and affordable housing projects.Read more

28 Aug 2024

Managed workspace provider Table Space has announced a major investment of INR 840 crore (USD 100 million) to expand its office portfolio in India. The company has recently secured a INR 450 crore deal with Panchshil Realty for 900,000 square feet of space in Pune and is in talks to acquire an additional 1.2 million square feet from the same developer. Table Space plans to gradually shift its lease-to-ownership ratio from 80:20 to 60:40, aiming to have 40% of its assets owned. The company, which raised USD 325 million in 2022, is actively seeking more acquisitions to strengthen its presence in key urban centers across the country.Read more

28 Aug 2024

SEBI has introduced new borrowing rules for Category I and II alternative investment funds (AIFs), allowing loans for up to 30 days, four times a year, capped at 10% of investable assets. AIFs can borrow to cover short-term cash flow needs, but only under strict conditions outlined in the fund's Private Placement Memorandum. Borrowing is discouraged except as a last resort, with stringent disclosure requirements and cost-sharing among defaulting investors. SEBI also set guidelines for Large Value Funds, requiring compliance by November 18 to extend investment terms by up to five years.Read more