19 Dec 2022

Earlier last week, Poonawalla Fincorp, a non-banking division of the Poonawalla Group, announced that it has sold its housing subsidiary Poonawalla Housing Finance to private equity giant TPG for a sum of Rs 3,900 crore. Poonawalla Fincorp was acquired by Magma Fincorp for Rs 3,456 crore in February 2021 and is currently held by Rising Sun Holdings, a business that Adar Poonawalla owns and controls. It offers a variety of loans such as personal loans, loans to professionals, company loans, SME loans, loans against property, and affordable house loans.Read more

19 Dec 2022

‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru has been acquired by Shriram Properties. The project's acquisition and development will require capital contributions of up to Rs 125 crores as part of the transaction. The company is gearing up to re-launch the Project under the name ‘Shriram Pristine Estates.’ This will be the first investment under the recently concluded co-investment platform set up jointly between SPL and the ASK Property Fund.Read more

15 Dec 2022

The Securities and Exchange Board of India (SEBI) is considering lowering the minimum amount of capital required to list a Real Estate Investment Trust (REIT) on the stock market. Currently REITs in India must have upwards of USD 60 million in assets to be eligible for listing. Although no official statement has been released by SEBI rumour are rife regarding this possibility. REITs were first introduced in India in 2019. We currently have four listed REITs on the NSE and BSE.Read more

15 Dec 2022

In a press statement released, Lodha Group (Macrotech Developers) claims to have raised over Rs 3,500 crores by selling 7.2 per cent of its equity share capital via Qualified Institutional Placement (QIP) by way of offer for sale. Entities selling their equity shares include Sambhavnath Infrabuild, Sambhavnath Trust, Hightown Constructions and Homecraft Developers and Farms. According to their BSE filling, the shareholdings of the promoters will be free of all encumbrances having achieved a 25 per cent free float.Read more

15 Dec 2022

Last week, several lenders including Bank of India and HDFC Bank raised their benchmark lending rates, hours after the RBI decided to boost the repo rate by 35 basis points. This action will cause an increase in EMI. The state-owned Bank of India announced on its website that the effective Repo Based Lending Rate (RBLR) as of December 7 is 9.10% based on the revised repo rate (6.25%). According to the HDFC Bank website, the one-year MCLR which serves as the benchmark for many consumer loans has risen by 50 basis points to 8.60%.Read more

14 Dec 2022

The Iranian Zoroastrian Anjuman charitable trust has engaged international property consult Knight Frank to sell its land holdings in Mumbai that sum up to 960 odd acres of land located in the Palghar area of the Mumbai Metropolitan Region. The original landowner Mr Jamshed Khodaram Irani donated more than 2,300 acres to the Charitable Trust in 1928. Since then, several portions of the land were taken back by the government for several purposes, leaving behind only 963 acres. With the sale of the plot, the Trust hopes to use the money to continue its charitable activities in the area to help locals and individuals belonging to the Pari Zoroastrain Community.Read more

13 Dec 2022

Accacia, a proptech start up focused on assisting the real estate and infrastructure sectors in decarbonisation has raised upwards of USD 2.5 million in a seed funding round. The primary investors are B Capital and Accel. Several notable venture capitalist firms such as Good Capital, Blume Ventures, Loyal VC and Rainmatter Fund are said to have participated in the funding round. Acaccia will use the money raised to expand their presence in Southeast Asia while extending their foot to foreign markets in the Middle East, USA and Canada.Read more

13 Dec 2022

The alternative investment arm of the Motilal Oswal Group, Motilal Oswal Alternates has pledged to invest a sum of Rs 450 crores into two projects in Gurugram being developed by Shapoorji Pallonji Real Estate (SPRE). Of the two projects, one is commercial project that has partially completed, leased and operational properties while the other is a residential township project that began construction in 2021.Read more

12 Dec 2022

The Special Window for Affordable and Mid-income Housing (SWAMIH) Investment Fund I has raised a sum of approximately Rs 15,000 crores in its final close on 6 December 2022. The fund has already completed construction of 19,550 homes and is set to deliver another 20,000 for the next three consecutive years. It received a capital infusion, as promised, from the Government of India to the tune of Rs 5,000 crores earlier this year. The additional fund is likely to allow the entity to continue funding ventures until December 2024.Read more

12 Dec 2022

Delhi based tech start up Onsite raised USD 1.5 million in seed funding from Madhumala Ventures and Artha Venture Fund amongst others. The company plans to utilise the money raised towards expanding their market footprint while focusing on product development. Onsite helps small and mid-size construction businesses standardise their procedure to create a better synergy between their site and office teams. Their multi-lingual interface boasts of over 1 lac satisfied customers.Read more