PNT Reporter

02 Jun 2023

Roche, the multinational pharmaceutical company, has acquired an office property in Pune, India, from Brookfield Properties. The property will serve as the headquarters for Roche Information Solutions India, Roche's healthcare digital subsidiary. The lease agreement spans nine years, with Roche Information Solutions India expected to pay over 210 crores in rent during this period. The acquisition reflects Roche's commitment to expanding its presence in India and leveraging data analytics to enhance patient care. The transaction also highlights the positive trend in the Indian commercial office category, despite global economic uncertainties.Read more

PNT Reporter

02 Jun 2023

The Nashik Municipal Corporation (NMC) in India has experienced a boost in property tax revenue with the inclusion of newly acquired properties. The addition of a minimum of 51,000 newly identified properties has contributed an extra annual revenue of Rs 25 crore. The NMC has been focusing on expanding the range of properties subject to taxation, particularly those without proper building completion certificates. This initiative has led to a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh. The NMC aims to achieve a property tax collection of Rs 210 crore for the current fiscal year.Read more

PNT Reporter

02 Jun 2023

The Mangaluru City Corporation (MCC) is facing concerns from citizens and corporators regarding the increase in property taxes for the fiscal year 2023-24. The amendment to the Karnataka Municipal Corporation Act in 2021 changed the calculation of property taxes based on the property's current guidance value, including unoccupied land. The MCC council members and representatives expressed their concerns about the substantial tax burden on individuals with unoccupied land and the potential difficulties faced by middle-class families to fulfil the tax obligations. Chief Whip Premanand Shetty emphasized the need to bring this matter to the government's attention.Read more

PNT Reporter

01 Jun 2023

Phoenix Mills, India's leading mixed-use project developer, reported impressive financial results for Q4 FY23. Net consolidated profit surged by 149.86%, reaching Rs 293.19 crore, while total income grew by 45.19% to Rs 754.73 crore. A final dividend of Rs 5 per share was proposed. The company's EPS and share price also saw positive trends. With strong demand for residential properties, The Phoenix Mills achieved robust sales growth. As a prominent player in real estate development, the company maintains tangible property investments in various Indian cities.Read more

PNT Reporter

01 Jun 2023

Purvankara, a renowned real estate developer in India, reported a net consolidated profit of Rs. 26.75 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same quarter of the previous fiscal year. The company's total income for Q4 FY23 rose by 39.44% to Rs. 446.39 crore. The exceptional performance can be attributed to recent product releases, advancements in ongoing projects, and substantial collections of Rs. 2,258 crore. Purvankara experienced a year-over-year growth of nearly 21% in sales, selling 1.21 million square feet for Rs. 1,007 crore.Read more

PNT Reporter

01 Jun 2023

Nexus Select Mall Management (NSMMPL), the manager of Nexus Select Trust, has received approval from its board of directors to raise a debt amount of up to Rs. 2,350 Crores. This debt will be utilized for purposes such as refinancing existing debt of Special Purpose Vehicles (SPVs) and general corporate needs. The funds will be raised through a term loan and non-convertible debentures. The subscription for the debt offering was a remarkable success, being subscribed to 5.45 times on the last day of subscription.Read more

PNT Reporter

31 May 2023

Kolte-Patil Developers has reported a substantial increase in its net consolidated profit for the fourth quarter of FY23. With a net income of Rs 120.80 crore, representing a growth of 352.77 percent compared to the previous year, the company has achieved remarkable financial performance. The net consolidated total income also witnessed significant growth, reaching Rs 804.42 crore, a rise of 111.14 percent. The company has undertaken debenture allotments and private placements to secure funds, while also proposing a dividend for the fiscal year.Read more

PNT Reporter

31 May 2023

Adobe Systems India has acquired a 400,000 sq. ft office space in Bengaluru's Prestige Tech Park IV for Rs 505 crore. The purchase includes 640 car parking slots and an undivided share of over 124,000 sq. ft of land. The deal indicates the company's intention to expand its operations in the region, which is known to house major IT and corporate entities such as Google, Amazon, and Microsoft. The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies.Read more

PNT Reporter

31 May 2023

Group 108, a real estate developer, has announced a significant investment of Rs 2000 crore in multiple projects located in Greater Noida West. The company, formerly known as a division of the Bhutani Group, has rebranded itself and is focused on completing their flagship project, Grandthum. This project, spread over 23 acres and featuring two towers with a combined built-up area of 40 lakh square feet, offers a mix of retail outlets, office spaces, and recreational amenities. The investment will be funded through promoters' funds and internal earnings, and negotiations are underway to acquire land for future commercial and residential developments in Noida and Greater Noida.Read more

31 May 2023

Global Net Lease Inc. (GNL) has announced its plan to acquire Necessity Retail REIT Inc. (Necessity) in a stock-for-stock transaction valued at approximately $950 million. Shareholders of Necessity will receive 0.670 shares of GNL for each share of Necessity held, resulting in a total value of $7.08 per share. The newly formed company, GNL, will be led by co-CEOs James Nelson and Michael Weil, with Nelson retiring in April 2024. Necessity Retail REIT, established in 2013, operates 1,039 establishments primarily occupied by single tenants.Read more