11 Aug 2023

Several global funds, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Canadian giants CPP Investments and OMERS, are in discussions to acquire a 50% stake in India's Panchshil Realty and Salarpuria Sattva Group, currently held by the Blackstone Group. This significant acquisition spans a vast 26 million sq ft of commercial real estate in India, with an estimated deal value between $4.5 to $5.0 billion. The move signals the growing global interest in India's burgeoning real estate sector.Read more

11 Aug 2023

Private equity (PE) investments in India's real estate sector surged by 51% year-on-year to reach Rs 24,680 crore ($2.99 billion) in the first half of 2023, according to Cushman & Wakefield. The second quarter alone saw a 63% increase in PE investments, reaching Rs 15,850 crore ($1.92 billion), driven by a shift towards office spaces and diversification into areas like logistics, industrial zones, and data centres. Equity investments comprised 87% of total inflows, with stable office occupancy rates and strong rental growth in retail assets.Read more

11 Aug 2023

Thiruvananthapuram Corporation has finalized new property tax rates for the upcoming fiscal year. Government office buildings will see a substantial 72.5% reduction in basic tax rates, while larger residential, commercial, and hospitality properties will face increased tax burdens. The proposed revisions, based on existing slabs, await approval in an upcoming civic body council meeting. Additionally, property tax calculations will include a 5% annual increment over five years, following state government directives based on finance commission recommendations.Read more

11 Aug 2023

Kotak Mahindra Asset Management has introduced the Kotak S&P BSE Housing Index Fund, an open-ended scheme tracking the S&P BSE Housing Index to tap into India's housing sector. The fund's transparent approach and alignment with diverse risk profiles underscore Kotak's commitment to empowering investors with opportunities in the real estate domain. As the subscription window opens from August 7th to August 21st, 2023, investors can seize the potential benefits of this innovative thematic index fund.Read more

11 Aug 2023

The state government has chosen not to grant a full property tax waiver to owners of houses under 500 square feet in the Pune Municipal Corporation (PMC) limits, in contrast to exemptions in Mumbai. The decision, made during the state assembly session, aims to avoid significant revenue loss for the civic administration, already providing a 40% tax discount. This move, affecting around 12 lakh properties, comes after a history of fluctuating property tax policies, including a 40% reduction following floods in the 1970s and subsequent discontinuation in 2019.Read more

11 Aug 2023

Chandigarh's building plan approval process is set to become more expensive due to the enforcement of charges under the Construction and Demolition Management Policy 2022, effective from February 1. The UT estate office is collaborating with Chandigarh Smart City Ltd to implement the charges on new and revised building plans via the online system, while also planning a special audit to assess financial impact and recovery from applicants. The policy emphasizes responsible waste management, requiring waste generators to dispose of debris at designated locations.Read more

10 Aug 2023

CapitaLand Investment India plans to invest SGD 7-8 billion in India over 3–4 years, aiming to expand to 50 million square feet in IT Parks and industrial and logistics. CEO Sanjeev Dasgupta sees India as a hub for IT services and data consumption, with data centre growth spurred by hyperscalers. The manufacturing shift to India, cost competitiveness, and the government's PLI scheme drive demand in logistics. The company ventures into renewable energy with a 29-MW solar power plant in Tamil Nadu. CapitaLand's growth targets include real estate lending and touching SGD 7-8 billion in assets.Read more

10 Aug 2023

LIC Housing Finance reported a 42.31% growth in Q1 FY24 net profit at Rs 1,319.04 crore, up from Rs 926.89 crore in the same period last fiscal. The company's consolidated total income grew by 27.47% to Rs 6,759.13 crore. T. Adhikari was appointed as the managing director and CEO. The firm aimed to expand its branch network and observed growth in all segments. As of June 30, 2023, the company's net worth was Rs 25,901.43 crore, with a debt-equity ratio of 9.54. Housing demand is resilient amid higher rates. The RBI has hiked rates by 250 basis points since May 2022, coinciding with a 4.81% inflation rate in June.Read more

10 Aug 2023

Amid delayed bill issuance, Pune's municipal body garnered over Rs 1,300 crore in property tax payments. PMC's Ajit Deshmukh highlighted diverse online and offline contributions, resulting in revenue surpassing Rs 1,300 crore in two months. A bill delay led to a 40% rebate announcement, extending discounted tax rates until July 31. Technical glitches prompted a two-day extension. Civic activists' appeals led to a lottery for compliant taxpayers, while critics urged a focus on defaulters. PMC, with 5.5 lakh properties paid by August 2, targets Rs 2,618.15 crore from property tax, incorporating water tax revenue.Read more

10 Aug 2023

HDFC Bank, a leading private sector bank in India, has secured a significant lease of 1 lakh sq. ft. office space in Mumbai's competitive commercial real estate sector from Blackstone. The five-year agreement at $165 per sq. ft. monthly rent showcases the bank's commitment to expanding its presence in the city's financial hub. With world-class amenities and a strategic location, this collaboration positions HDFC Bank to leverage Mumbai's flourishing financial landscape, cater to growing customer demands, and foster innovation among its workforce. The deal is expected to spur further growth in Mumbai's commercial real estate sector.Read more