31 Jul 2023

Mindspace Business Parks REIT (Mindspace REIT) reported a 6.62 percent growth in net profit during Q1 FY24. The profit after tax stood at Rs 136.90 crore, with a total income of Rs 601.70 crore, a 24.01 percent increase from the previous year. The net operating income grew by 13.8 percent YoY to Rs 4,570 million. The board approved the distribution of Rs. 2846 million, including dividends and interest. They also approved the acquisition of 0.24 million square feet of leasable area in Chennai. Mindspace REIT's focus on growth and customer service has positioned it as a prominent player in the real estate industry.Read more

31 Jul 2023

Ajmera Realty & Infra India Ltd. reported a remarkable 96 percent quarter-on-quarter sales growth in Q1 FY24, driven by premium residence projects in Ghatkopar and Bengaluru. YoY revenue surged by 113 percent, reaching Rs 118 crore, with an 82 percent increase in PAT to Rs 21 crore. Efficient debt management led to a reduced cost of debt and improved financial performance. The company aims for a five-fold increase in sales by 2025, focusing on timely project delivery and strategic new launches. With a robust revenue visibility of Rs 3,960 crore, Ajmera Realty plans to explore new micro-markets in H2 FY24, tapping into emerging opportunities.Read more

29 Jul 2023

During the first half of 2023, India's industrial and warehousing sector experienced stable demand, leasing around 11 million sqft across the top five cities. Delhi NCR and Mumbai led the demand with 25.0% and 24.6% shares respectively. Notably, Mumbai witnessed a significant 28% YoY increase, primarily driven by 3PL sector expansion. Despite global economic challenges, rising capital investments, manufacturing output, and supportive government policies fuelled steady growth in the sector.3PL operators accounted for 37% of total leasing, followed by FMCG and Engineering firms.Read more

29 Jul 2023

Incofin India Progress Fund, a private equity fund focused on promoting growth equity capital for entrepreneurs, has invested $4.3 million (Rs 35 crore) in Varashakti Housing Finance (VHF). VHF, with its emphasis on providing affordable housing finance in rural India, aims to expand its business and positively impact the lives of underserved communities. The funding marks a significant boost for VHF's mission, while also highlighting the increasing importance of impact investing in driving financial inclusion in the country. As impact investing gains momentum, VHF's experienced team and strong technology platform position them for success in achieving their growth targets.Read more

29 Jul 2023

Geographic Information System (GIS) mapping in 14 important cities of Uttar Pradesh is expected to almost double the number of establishments liable to pay property taxes, soaring from 27.16 lakh to 45.88 lakh. This initiative will likely generate an additional annual revenue of Rs 500 crore for the urban development department. Mathura, Agra, Firozabad, and Ghaziabad are set to benefit the most, with property counts rising significantly. The GIS mapping accurately identifies properties that were previously missed due to rapid urbanization. With streamlined tax assessment, this project is set to enhance property tax revenue in the state.Read more

28 Jul 2023

Marubeni Corporation, a pioneering Japanese conglomerate, plans to invest Rs 10,800 crore in a high-tech industrial park on 720 acres in the Kolar district. The project aims to boost Karnataka's economy by $2 billion and create 40,000 jobs. The company presented its visionary blueprint to the State's Industries Minister, and discussions are underway to move the project forward. Marubeni already operates similar industrial parks in other countries and is exploring investments in Indonesia, Myanmar, and Vietnam. With diverse exposure across industries, Marubeni continues to inspire innovation and redefine progress on a global scale.Read more

27 Jul 2023

Aditya Birla Finance, a subsidiary of Aditya Birla Capital, extends Rs 40 crore debt to Agami Realty's premium residential project near Mumbai's BKC. The project covers a quarter-acre of land with a development potential of 1 lakh sq. ft and a free-sale component of 45,000 sq. ft. The revenue potential is estimated at over Rs 225 crore. Prashant Khandelwal, CEO of Agami Realty, expresses confidence in the funding. Aditya Birla Capital recently raised Rs 3,000 crore through QIP with a robust investor response. Designed by Reza Kabul, the project offers 2.5 and 3-bed residences with sky-decks, priced from Rs 4 crore onwards.Read more

26 Jul 2023

Billionaire Ravi Ruia's family office acquired the prestigious Hanover Lodge mansion overlooking Regent's Park for £113 million (around Rs 1,200 crore). The opulent property, linked to Russian investor Andrey Goncharenko, stands as one of London's most significant residential deals. The purchase underscores the allure and secrecy of the city's ultra-prime property market. Despite efforts for transparency, London's luxury homes continue to change hands discreetly. The acquisition exemplifies the capital's timeless appeal as a haven for the wealthy. Ravi Ruia's successful deal reflects the astute navigation of London's captivating world of high-end real estate.Read more

25 Jul 2023

Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.Read more

25 Jul 2023

RLDA invites bids for residential development on a 90,304 sqm railway land in Belanganj, Agra. The 99-year lease awaits visionary developers to shape the city's skyline. The pre-bid meeting saw participation from local and national developers, sparking creativity. The prime location near iconic landmarks enhances the land's allure. With a reserved price of Rs 213 crore, the canvas awaits transformative innovation. The last date for e-Bid submissions is August 3, 2023.Read more