PNT Reporter

11 Dec 2024

Microsoft Corporation (India) Pvt Ltd has acquired a prime land parcel near Hyderabad for INR 181.25 crore from Natco Pharma Ltd, adding to its recent land acquisitions in the region. The 121,000 square yard plot, located in Nandigama village, Telangana, is expected to support Microsoft's plans to expand its data centre operations. This follows previous land acquisitions in Hyderabad and Maharashtra, including the purchase of a 48-acre plot for INR 267 crore in May. The company's India Development Center in Hyderabad plays a key role in the development of Microsoft's technological services. Additionally, Microsoft has been increasing its presence in the flexible office space sector.Read more

PNT Reporter

10 Dec 2024

The 42nd NAREDCO-Knight Frank Real Estate Sentiment Index for Q3 2024 shows steady optimism in India's real estate sector. While the Current Sentiment Score dipped slightly to 64, the Future Sentiment Score rose to 67, reflecting confidence in upcoming prospects. Residential markets remain robust, with 62% expecting price increases and 40% foreseeing higher sales. The office market is equally strong, with 76% predicting improved leasing and 73% anticipating rent hikes. Developers' optimism grew, with their Future Sentiment Score rising to 65, while financial institutions maintained a steady 68. The sector benefits from stable interest rates and GDP growth projections of 7.2%, reinforcing long-term growth potential.Read more

PNT Reporter

10 Dec 2024

PropShare Platina's IPO, India's first Small and Medium Real Estate Investment Trust (SM REIT) scheme, will be listed on the Bombay Stock Exchange (BSE) Today. The IPO was subscribed 1.2 times, with strong demand from non-institutional investors. The funds raised will be used to acquire the Prestige Tech Platina office building in Bengaluru, offering a stable lease agreement with a US-based tech company. The listing marks a significant step for the REIT sector in India, expected to offer new investment opportunities and capital growth potential.Read more

PNT Reporter

10 Dec 2024

The Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5% during its 5th bi-monthly meeting for FY25, marking the 11th consecutive pause. The RBI adopted a neutral stance to control inflation while supporting economic growth. Along with this decision, the Cash Reserve Ratio (CRR) was reduced to 4%, injecting INR 1.16 lakh crore into the banking system. Real estate industry leaders welcomed the move, highlighting its positive impact on buyer confidence, home loan rates, and project funding, while urging further government incentives and infrastructure measures.Read more

PNT Reporter

09 Dec 2024

Flexible workspace provider Smartworks has secured SEBI approval to launch an IPO, including a fresh issue worth INR 550 crore and an OFS of 6.76 million shares. Operating 41 centres across 13 cities with 8 million sq ft and 180,000 seats, the company reported FY24 revenue of INR 1,039 crore, a 46% YoY growth. Long-term investor Keppel Ltd. has invested USD 29 million since 2019. Smartworks plans to use IPO proceeds for loan repayments and corporate purposes, alongside a potential INR 110 crore pre-IPO placement. This move supports its expansion, including a new 35,000 sq ft centre in Singapore.Read more

PNT Reporter

09 Dec 2024

SEBI has approved Murali Malayappan, CMD of Shriram Properties, to indirectly acquire a 70.86% stake in Shriram Properties Holdings Pvt. Ltd. (SPHPL), raising his holding in SPHPL from 20% to 91.19%. Currently, Malayappan holds 0.08% in Shriram Properties, while SPHPL owns 27.72% of the small-cap firm with a market cap of INR 1,874 crore. SEBI exempted the acquisition from open offer requirements, as it does not change the company's control or affect public shareholders. Post-approval, Shriram Properties' shares rose 2.41% to close at INR 110 on the NSE.Read more

PNT Reporter

09 Dec 2024

SEBI is set to establish a self-regulatory organisation (SRO) for small and medium real estate investment trusts (SM REITs), distinct from the Indian REITs Association. SM REITs, including Property Share Investment Trust, Impact R SM REIT, and Emberstone SM REIT, focus on commercial real estate with a mutual fund-like scheme structure. The sector's trajectory hinges on the success of PropShare Platina, India's first SM REIT IPO, aiming to raise INR 353 crore. While initial subscription has been slow, SEBI's initiative reflects efforts to support the unique requirements of SM REITs, positioning them as key players in India's real estate market.Read more

PNT Reporter

06 Dec 2024

In the first half of FY25, India's real estate sector emerged as the top beneficiary of Alternative Investment Funds (AIFs), attracting INR 75,468 crore, or 17% of total AIF investments. This marks a 10% rise from FY24. Additionally, the sector raised INR 12,801 crore through Qualified Institutional Placements (QIPs), reinforcing investor confidence driven by strong demand and declining unsold inventory. A growing reliance on Category II AIFs, including real estate funds and private equity, underscores their transformative role in reshaping the sector. With foreign and domestic investors boosting capital, AIFs play a crucial role in shaping India's urban infrastructure.Read more

PNT Reporter

06 Dec 2024

The BBMP reported a property tax collection of INR 4,284 crore between April and November 2024, with INR 700 crore recovered from arrears. Nearly 88% of the total was collected via online payments, indicating the growing popularity of digital transactions. Mahadevapura was the highest contributor, while Dasarahalli recorded the lowest. Special Commissioner Munish Moudgil credited enhanced tax systems and outreach efforts for the achievement but acknowledged challenges, including arrears of INR 400-450 crore and inefficiencies in low-performing zones. BBMP aims to reach INR 5,200 crore in property tax collections by March 2025.Read more

PNT Reporter

06 Dec 2024

Earlier this week, the promoters of Home First Finance, an affordable housing finance company, divested a combined 19.6% stake in the company for INR 1,728 crore through open market transactions. The sellers included Aether Mauritius Ltd, True North Fund VLLP, and Orange Clove Investments BV, an affiliate of Warburg Pincus. The bulk deal data revealed that Orange Clove sold 10.6% of shares, True North Fund sold 5.4%, and Aether Mauritius sold 3.6%. After the sale, the holding of Warburg Pincus, True North, and Aether Mauritius reduced significantly. Several large investors, including HDFC Mutual Fund and Goldman Sachs, acquired a 12.6% stake in Home First Finance. The share price rose by 2.10%, closing at INR 1,074.55 on the BSE.Read more