02 Jul 2024

Sobha Ltd. is launching a rights issue to raise INR 2,000 crore, aimed at reducing debt and financing new projects. The issue, from June 30th to July 4th, offers 6 new shares for every 47 held, priced at INR 1,651 each. The funds will be used for land acquisition, equipment purchase (INR 210 crore), construction costs (INR 212.35 crore), and debt repayment (INR 905 crore). Sobha plans to expand beyond South India and Delhi-NCR, entering Mumbai's luxury market with projects worth INR 658.58 crore. The initiative supports Sobha's goal of increasing annual sales bookings to INR 30,000 crore in five years.Read more

02 Jul 2024

A recent Magicbricks Propindex report reveals a 15.2% surge in prices for under-construction properties across 13 major Indian cities during the June quarter (April-June 2024). This increase surpasses the rise in ready-to-move-in property prices, indicating growing buyer confidence in the real estate market's long-term potential. Notably, cities like Gurugram, Delhi, and Noida saw substantial demand growth. The report also highlights an 11.7% increase in the supply of under-construction properties, the fastest growth in residential supply in the past 24 months. Prospective buyers should conduct thorough research and consult reputable agents to navigate this dynamic market effectively.Read more

01 Jul 2024

The GST Council's recent decision to waive Goods and Services Tax (GST) on rentals below INR 20,000 per month is set to ease financial burdens for tenants in apartments and co-living spaces. Effective for stays exceeding 90 days, this exemption clarifies tax obligations and is expected to stimulate demand in the co-living sector. Experts anticipate reduced rental costs will benefit tenants and spur growth in student housing and co-living segments. While stakeholders applaud the move, they advocate for broader exemptions to further bolster affordability in India's urban rental markets, potentially fostering a more dynamic housing ecosystem across cities.Read more

01 Jul 2024

The Ahmedabad Municipal Corporation (AMC) saw a surge in land demand during an online auction, with four out of six plots surpassing their base prices. The sales totaled INR 60.34 crore, significantly higher than the combined starting price of INR 37.32 crore. Notably, a commercial plot in Isanpur sold for INR 10.03 crore at INR 1.57 lakh per square meter, exceeding its base price of INR 60,000 per square meter, while a prime plot in Motera sold for INR 9.73 crore. This auction is part of AMC's broader land sale, which has generated INR 997 crore from 10 out of 22 plots over four days, reflecting strong market demand.Read more

01 Jul 2024

Gurgaon's office market sees a substantial boost with Daibiru Corporation's landmark INR 1,000 crore investment in the Atrium Place office complex, marking their debut in India. This investment, backed by Hines and spanning 2.88 million sq ft, underscores Gurgaon's emergence as a prime destination for global investors. The move reflects growing confidence in India's real estate sector, driven by robust economic growth and improved market transparency. Experts predict increased investment momentum in 2024, propelled by favorable global economic conditions and heightened investor interest following significant exits in 2023. Daibiru's entry sets a promising precedent for future foreign investments in India's commercial real estate.Read more

01 Jul 2024

The Indian real estate market is poised for a major boost, driven by a surge in debt financing opportunities. A report by JLL India and Propstack reveals that between 2018 and 2023, the sector saw INR 9.63 lakh crore in debt sanctions, averaging INR 1.61 lakh crore annually. Looking ahead, the market is predicted to see INR 14 lakh crore (USD 170 billion) in debt financing from 2024 to 2026. Mumbai, Delhi-NCR, and Bangalore are key beneficiaries, receiving 80% of past debt. Despite challenges like the IL&FS crisis and COVID-19, the sector's strong resurgence since 2021 indicates a promising future.Read more

28 Jun 2024

Investors in PNB Housing Finance, a housing finance sector serving over 6 million customers, may soon see a significant shift as US-based investment firms General Atlantic and Asia Opportunities V (Mauritius) plan to sell a combined INR 830 crore stake. This sale, facilitated by BNP Paribas and UBS Securities, represents 4.16% of the company's equity, valued at over INR 20,000 crore. Each firm aims to offload around 1.08 crore shares, potentially impacting the share price on the National Stock Exchange (NSE), where PNB Housing Finance currently trades at approximately INR 840 per share.Read more

28 Jun 2024

Maharashtra's property market is thriving, with a notable increase in registrations and revenue in the first quarter of FY 2024-25. Despite unchanged ready reckoner (RR) rates, registrations rose slightly from 3.34 lakh in April 2023 to 3.35 lakh in April 2024, while revenue surged from INR 2,876.40 crore to INR 3,767.12 crore. This upward trend continued in May and June, driven by stable RR rates and higher average transaction values. Analysts credit the surge to increased demand for luxury properties. Data from Anarock indicates a 21% share for luxury homes in 2024, up from 4% in 2019, reflecting shifting buyer preferences.Read more

28 Jun 2024

The Hinduja Group has initiated a substantial fundraising endeavour amounting to INR 7300 crore through the issuance of non-convertible debentures (NCDs), marking a critical milestone in their acquisition bid for Reliance Capital. 360 One, a prominent wealth and asset management firm, has been tasked with arranging INR 5000 crore worth of NCDs, underscoring their pivotal role in the financial services sector. Barclays will arrange the remaining INR 2300 crore. The NCDs, offering an attractive 16% per annum interest rate over a four-year period, aim to attract diverse investors and bolster financial flexibility amid the complex acquisition landscape.Read more

28 Jun 2024

Infosys, India's second-largest IT firm, reveals in its latest ESG report a significant shift towards remote work. With 84% of employees opting for flexible work options in FY24; up from 75% in FY23 and peaking at 97% during FY22; the company emphasises a commitment to adapt to evolving work cultures. By 2030, Infosys aims for 33% of work to be remote or flexible, reducing environmental impact and enhancing accessibility for talent in tier-2 cities. Strategic expansions in Visakhapatnam and Coimbatore further support this initiative, aligning Infosys with a progressive workplace model that prioritises employee well-being and operational efficiency.Read more