18 Nov 2023

Curated Living Solutions (CLSPL) has acquired a 766-bed student housing facility in Durgapur, West Bengal, marking its entry into brownfield ventures in student housing. Facilitated by real estate consultancy firm JLL, the acquisition adds substantial capacity, bringing CLSPL's portfolio to around 10,000 beds. The strategic move aligns with their growth strategy, combining greenfield developments and brownfield acquisitions across India. CLSPL's partnerships with educational institutions underscore their commitment to tailored student housing solutions, addressing the country's pressing demand, estimated at around 12 million students in need of hostel facilities.Read more

18 Nov 2023

Residential rental values are surging in India's top 7 cities, particularly in IT hubs like Bengaluru, Hyderabad, and Pune, according to ANAROCK Research. Bengaluru's Whitefield witnessed a remarkable 31% growth in rents for a standard 2BHK flat in the first nine months of 2023, leading the trend. Hyderabad and Pune followed with up to 24% and 17% growth, respectively, in key localities. However, rental values may stabilize in the current quarter before potentially rising again in early 2024. Bengaluru boasts the highest rental yield at 4.35%, drawing renewed interest from investors in the housing market.Read more

18 Nov 2023

Panjab University (PU) has contested a municipal corporation (MC) demand for Rs 25 crore in property tax, arguing that certain campus areas categorized as commercial actually fall under the residential segment. A meeting has been scheduled by the civic body to address PU's objections, considering records and surveys. The outcome of this case may set a precedent for how similar matters are handled in the future, impacting the financial dynamics between municipal bodies and autonomous entities. As the meeting approaches, stakeholders eagerly await a resolution that balances the financial interests of the municipal corporation and the perceived tax obligations of Panjab University.Read more

17 Nov 2023

WeWork India, resilient amid WeWork Inc.'s global challenges, seeks to repurchase its 27% stake held by the parent company after the latter filed for bankruptcy. The Embassy Group, the majority owner of WeWork India, remains in talks with WeWork Inc. despite the initial rejection by WeWork. WeWork India, valued at over $500 million in 2020, reported robust financials, targeting a Rs 1,800 crore revenue in FY24. The flexible office space sector, witnessing a resurgence, reflects the changing dynamics of workspace preferences. WeWork India's growth plans include adding 1.5-2 million sq ft annually, emphasizing its independent trajectory in India's co-working landscape.Read more

17 Nov 2023

Warburg Pincus, a global private equity major, has exited its joint realty development platform with Runwal Group, with over Rs 600 crore. The joint venture, initiated in 2019 for retail-led mixed-use properties, involved the development of shopping malls in key Indian cities. Warburg Pincus, which had infused Rs 250 crore in equity capital, achieved superior returns through the exit. Runwal Group has now taken full ownership, acquiring the 50% stake held by Warburg Pincus. The joint platform has commenced projects in Mumbai and Pune, and Runwal is expected to proceed independently with their construction.Read more

16 Nov 2023

IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.Read more

16 Nov 2023

Peak XV Partners, previously known as Sequoia Capital India & SEA, divested a 1.5 percent stake in Aptus Value Housing Finance India for Rs 213 crore through open market transactions. This strategic move on the National Stock Exchange involved selling 74,35,937 shares at a median price of Rs 287, reducing Peak XV Partners' shareholding from 2.61 percent to 1.11 percent. Concurrently, SBI Mutual Fund and Blue Diamond Properties acquired shares, contributing to a 1.2 percent and 0.3 percent stake, respectively. The shares' identical purchase price led to a 5.98 percent surge in Aptus Value Housing Finance India's stock, closing at Rs 303.20 per share.Read more

16 Nov 2023

CapitaLand India Trust (CLINT) secures a significant INR 13 billion loan from J.P. Morgan for its Navi Mumbai data centre project, signalling a turning point in India's digital evolution. The move reflects CLINT's commitment to astute capital management and diversification. With a robust real estate portfolio and proactive entry into the data centre sector, CLINT emerges as a key player shaping India's digital and real estate future. Stakeholders anticipate how these strategic moves will contribute to the evolving narrative of India's transformation.Read more

16 Nov 2023

The recent disclosure that over 60% of Thane's total property tax collections come from just three affluent wards—Majiwada, Vartak Nagar, and Naupada-Kopri—raises concerns about the city's economic disparities. The underdeveloped suburbs like Mumbra, Diva, and Wagle Estate contribute the least, with experts attributing delayed payments to municipal neglect in these areas. Residents in both affluent and neglected zones face various challenges, from traffic congestion to poor infrastructure. The situation calls for a re-evaluation of municipal priorities to ensure equitable development across all parts of the city.Read more

16 Nov 2023

The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.Read more