21 Aug 2024

Grihum Housing Finance, formerly Poonawala Housing Finance, reported a 77% increase in net profit after tax, reaching INR 46 crore in the first quarter of FY25. The company's assets under management (AUM) surged 39% year-on-year to INR 8,700 crore, expanding its customer base to over 80,000. The firm added 28 new branches, bringing its total to 210 locations. However, gross non-performing assets stood at 1.296%, highlighting the need for effective risk management. Recent equity infusion of INR 1,098 crore from TPG has bolstered Grihum's net worth to INR 2,390 crore, enhancing its lending capacity amid rising housing demand.Read more

20 Aug 2024

Property Share has received a Small and Medium Real Estate Investment Trust (SM REIT) license from SEBI, marking a major milestone for fractional ownership in India. Registered as Property Share Investment Trust (PSIT), the platform will manage investments under new SM REIT regulations, targeting properties valued between INR 50 crore and INR 500 crore. This move follows SEBI's March 2024 regulations aimed at enhancing transparency and attracting smaller investors. Co-founder Kunal Moktan expressed enthusiasm for the upcoming IPO launch of the first SM REIT scheme, promising greater accessibility and liquidity in the Indian real estate market.Read more

20 Aug 2024

Hyderabad's real estate market is booming, with over 46,000 homes registered in 2024, leading to a 40% revenue increase compared to last year. In July 2024 alone, 7,124 homes were registered, totaling INR 4,266 crore- a 48% year-on-year increase. The surge in home ownership interest has also boosted state revenue from stamp duty, reaching INR 28,578 crore from January to June 2024. The market covers four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, with a growing trend towards luxury homes. In July 2024, demand for properties over INR 1 crore surged by 94%, while interest in larger homes also increased. Buyer preferences are shifting, with more focus on premium and spacious properties.Read more

20 Aug 2024

NDR InvIT Trust, the first perpetual warehousing and industrial parks infrastructure investment trust (InvIT) listed on the National Stock Exchange, reported strong unaudited financial results for Q1 2024. CFO Sandeep Jain announced a distribution of INR 1.75 per unit to unitholders, highlighting the trust's AUM of 16.96 million square feet. The portfolio is well-diversified, with a weighted average lease expiry (WALE) of 11.1 years and a high occupancy rate of 96.48%. Operating in 13 cities with 33 industrial parks and 55 warehouses, NDR InvIT achieved INR 752 million in revenue and INR 657.88 million in EBITDA. The trust maintains its AAA credit rating, focusing on stakeholder value and long-term growth.Read more

20 Aug 2024

Axis Commercial Real Estate Fund, a partnership between Axis Asset Management Company Limited (Axis AMC) and real estate developer Tishman Speyer, has acquired a 1.5-acre land parcel in Chennai's Fintech City. The land, valued at INR 50 crore per acre, has the potential to support the development of a 400,000 sq ft Grade A office building within the next three years. The acquisition was made through a competitive bidding process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). This represents the first investment from the Axis Commercial Real Estate Fund, a Category II AIF with a corpus of approximately INR 550 crore. The fund's strategy involves partnering with Tishman Speyer to participate in the development phase of commercial real estate projects across eight key markets, focusing on creating top-tier office spaces to attract leading tenants.Read more

19 Aug 2024

Unitech Ltd, an Indian real estate company, announced a consolidated net loss of INR 1,206 crore for Q1 FY25, up from INR 702.97 crore last year. Total income dropped to INR 84.04 crore from INR 91.09 crore, reflecting challenges in sales amid a competitive market. The Supreme Court's 2020 intervention, leading to a management overhaul, aimed to stabilize Unitech but has faced legal and operational hurdles. As India's real estate sector recovers, Unitech plans to restructure operations and improve project timelines, exploring partnerships to regain market confidence. The company's adaptability to these challenges will be crucial for future success.Read more

16 Aug 2024

Godrej Properties Ltd. (GPL) has emerged as the highest bidder in an e-auction by the Greater Noida Industrial Development Authority (GNIDA), securing two prime land parcels for INR 842 crore. The acquisitions, totalling approximately 17.5 acres in Sector Sigma III and Sector 12, offer a development potential of 3.75 million square feet. These sites are expected to generate over INR 5,000 crore in revenue from premium residential projects. This move highlights GPL's strategic expansion in the National Capital Region (NCR) and aligns with market trends favoring integrated living environments. The company aims to leverage Greater Noida's growth potential and enhance its presence in the region.Read more

16 Aug 2024

Brookfield India Real Estate Trust (Brookfield India REIT) reported a net profit after tax of INR 37.35 crore for Q1 FY25, reversing last year's loss. The total income rose to INR 590.19 crore, up 84.01% from last year. Adjusted net operating income grew 94%, and operating lease rentals increased by 99%. The trust declared a distribution of INR 2,160 million (INR 4.50 per unit). Brookfield India REIT acquired a 50% stake in a Delhi-NCR commercial portfolio for INR 12,280 million. It achieved gross leasing of 242,000 square feet, targeting 87%-89% occupancy by FY 2025.Read more

15 Aug 2024

Five companies, including Bajaj Housing Finance, Manba Finance, Baazar Style Retail, Diffusion Engineers, and Deepak Builders & Engineers India, received SEBI's approval for IPOs. Bajaj Housing Finance's INR 7,000 crore IPO includes a fresh issue and an OFS by Bajaj Finance. Manba Finance's IPO is a fresh issue of 1.26 crore shares. Baazar Style Retail's IPO includes a INR 148 crore fresh issue and an OFS. Diffusion Engineers' IPO is a fresh issuance, while Deepak Builders' IPO combines fresh and OFS shares. Proceeds will be used for capital base enhancement, debt repayment, and expansion projects.Read more

15 Aug 2024

Ajmera Realty & Infra India Ltd (ARIIL) has announced a strategic demerger, resulting in a marginal gain for its shareholders. The demerger, approved by the National Company Law Tribunal (NCLT), involves the transfer of a 6.5-acre land parcel to a 100% subsidiary, Radha Raman Dev Ventures Pvt Ltd. As part of the Scheme of Arrangement, ARIIL has allotted 1 equity share for every 50 shares held by its shareholders, a 2% monetary gain. The move aims to leverage the growth potential of the mixed-use project planned on the land and bolster ARIIL's overall growth momentum in the thriving real estate sector.Read more