24 Feb 2023

REITs and InvITs in India have approached the government to reconsider the proposal in the Union Budget for 2023-24 to tax income distribution through the mode of repayment of debt. While REITs have emphasized their attractiveness and steady rise in acceptance by retail investors, tax experts believe that the government is attempting to bring parity in taxation of incomes for investors of REIT and InvIT by widening the tax bracket. As India has witnessed robust investor interest in REITs from a diversified investor base, the proposed tax change could have an impact on the growth of the market.Read more

24 Feb 2023

Godrej Fund Management, a private equity firm in the real estate sector that operates under the Godrej Group, has reportedly put up two of its main investee assets for sale. These marquee assets include a total of 200,000 sq ft of office space spread across three floors in the Godrej BKC commercial project, and the G: Corp Tech Park, an information technology park project located in Thane's Ghodbunder Road area. The combined estimated value of these assets is believed to be around Rs 1,500 crore based on the current office property rates in the areas.Read more

23 Feb 2023

The West Bengal government has announced an extension of the existing 2 percent rebate on stamp duty and 10 percent rebate on circle rates of land/property for another six months, until September 30, 2023. The extension of the rebates is intended to benefit homebuyers and stimulate growth in the real estate sector. The reduction of stamp duty and circle rate had resulted in a record number of registrations, particularly by small flat holders, reaching 34,44,070 between July 2021 and December 2022.Read more

23 Feb 2023

The district of Gautam Budh Nagar emerged as the top destination for investors during the Uttar Pradesh Global Investors Summit 2023, attracting approximately one-third of all the proposed investments by value. Companies such as Ikea, the Lulu Group, and Adani Group were among the major players that committed to investing INR 10.3 lakh crore in various projects across the state. More than 60% of the investment proposals are for manufacturing projects, while the remaining ones are for real estate, retail, institutional, logistics, banking, and horticulture, among others.Read more

23 Feb 2023

Earlier this week, the Indian Competition Commission gave its approval for Nexus Select Trust to acquire 100% of the shares of fifteen entities and indirectly acquire 100% of the shares of two entities through the manager of the acquirer REIT, Select Infrastructure Pt Ltd and Nexus South Mall Management Put Ltd. ICC also approved the purchaser REIT's (acting through its manager) direct acquisition of 50% of the equity shares of ITIPL from its current owners. The Nexus Select Trust REIT is India’s fourth REIT. Its primary sponsor is Wynford Investments Limited, an affiliate of Blackstone Inc.Read more

23 Feb 2023

MYRE Capital intends to raise Rs 20 crore through a structured debt opportunity that provides qualified investors with senior secured debt that is secured with a loan against property (LAP) via offline distribution channels. The required minimum investment for this offer is Rs 15 lakh with an IRR of 11%. The investment is a four-year structured instrument with monthly interest payments and annual principal repayments of 25%. A SEBI registered debenture trustee will oversee this transaction in its entirety, the company stated.Read more

22 Feb 2023

Last week, the Securities Exchange Board of India (SEBI) announced that it will sell 22 properties owned by MPS Group, Tower Infotech, and four other entities at auction on March 3 for a reserve price of Rs 91 crore to recover investors' money. The regulator has placed the properties of Vibgyor Group, Prayag Group, Multipurpose BIOS India Group, and Waris Finance International Group on block in addition to MPS Group and Tower Infotech. These businesses have obtained money from investors without adhering to legal requirements.Read more

22 Feb 2023

According to a BSE filing from the firm, Embassy Office Parks REIT (Embassy REIT) has secured a term loan from Bajaj Housing Finance, a division of Bajaj Finance for Rs 1,000 crore. The corporation will largely use the money raised from this debt raising to pay down existing construction debt as well as for basic business needs. The long tenor loan aids in extending Embassy REIT's debt maturity profile, and the refinance resulted in interest savings of 60 basis points, according to Embassy REIT.Read more

21 Feb 2023

Axis Commercial Real Estate Fund has announced its first close after raising nearly INR400 crore through a strategic partnership between Axis Asset Management and global real estate firm Tishman Speyer, according to anonymous sources. The fund is a category II alternate investment fund (AIF) that will develop greenfield commercial projects across eight key markets in India, including Chennai, Ahmedabad, Kolkata, Hyderabad, Pune, Mumbai, the National Capital Region, and Bengaluru, with a focus on sustainability, safety, and serviceabilityRead more

17 Feb 2023

CRC Group, a real estate developer located in Noida, disclosed that it would invest Rs 810 crore to build a commercial property in the area. The project, which has the potential to create 9,000 jobs, has already been authorized by the Uttar Pradesh government under the Invest UP programme. The company intends to build over 12 lakh square feet of office space, 3 lakh square feet of retail space, and one lakh square feet (102 units) of service apartments as part of the project.Read more