15 Oct 2024

Embassy Office Parks REIT, the largest office REIT in Asia by area, successfully raised INR 2,000 crore through debt issuance, attracting an interest rate of 7.95%. This capital infusion will facilitate the repayment of non-convertible debentures maturing in October 2024. Institutional investors, especially mutual funds and insurance companies, exhibited strong demand, leading to an oversubscription of three times the initial offering. Additionally, Embassy REIT issued INR 900 crore in Series XI NCDs at a 7.87% interest rate. This strategic refinancing not only enhances the company's financial stability but also positions it to effectively seize future opportunities in the capital markets.Read more

15 Oct 2024

Private equity (PE) investment in India's real estate sector increased significantly. It reached USD 3.9 billion (INR 329 billion) from January to September 2024. This growth shows that investors are confident in the real estate market. A recent report from Savills India gives insight into these trends and highlights how different segments of the industry are performing. In the third quarter of 2024, inflows were USD 2.2 billion (INR 186 billion). This represents a remarkable 93% increase from the previous quarter and more than double the investment from the same time last year.Read more

15 Oct 2024

US-based private equity firm Bain Capital and real estate developer Sattva Group are teaming up to create a co-living platform, with a built-to-suit model, backed by an investment of USD 100 million (approximately INR 840 crore). The platform will be managed by Colive, a property management company, marking the largest funding received by an alternative fund for the development of a built-to-suit co-living asset. The platform will be co-owned by Bain Capital and the Bengaluru-based Sattva Group, with Bain Capital holding the majority stake. Colive will oversee the platform's management and operations.Read more

14 Oct 2024

The Securities Appellate Tribunal (SAT) stayed a Securities and Exchange Board of India (SEBI) order barring Omaxe and its top executives from the securities market for two years due to financial misrepresentation. The stay allows Omaxe to raise capital and continue operations. SEBI's initial ruling included a penalty of INR47 lakh for Omaxe and several individuals involved in a fraudulent scheme, which misrepresented financial activities over three fiscal years.Read more

14 Oct 2024

Larsen and Toubro Limited (L&T) has approached the Bombay High Court to contest the bidding process by the Mumbai Metropolitan Region Development Authority (MMRDA) for two major projects valued at INR 16,577 crore. L&T claims the Notice Inviting Tender lacked essential geotechnical data, making it impossible to prepare bids adequately. The firm argues that the rushed timeline is arbitrary, seeking relief for fair consideration in the tendering process.Read more

14 Oct 2024

Gurugram's real estate market has seen a remarkable 76% rise in property prices over the last two years, with a 15.5% quarter-on-quarter increase between July and September 2024, according to Magicbricks' PropIndex Report. This price surge is largely attributed to the completion of key infrastructure projects like the Dwarka Expressway, enhancing the city's connectivity and appeal. Despite moderate demand growth, supply has increased due to new project launches. Emerging sectors, such as Dwarka Expressway, New Gurgaon, and Golf Course Extension, are attracting buyers with relatively affordable rates.Read more

11 Oct 2024

Institutional investments in Indian real estate surged by 45 per cent to nearly USD 1.15 billion during the July to September period, driven by high demand for premium homes and offices, as reported by Colliers. The office segment alone attracted USD 616.3 million, significantly outperforming last year's figures. The residential sector also saw a 40 per cent increase in investments, while the industrial and warehousing sectors faced a sharp decline. Domestic investments remained robust at USD 0.5 billion, with consistent institutional flows indicating strong investor confidence in the market.Read more

11 Oct 2024

Piramal Capital & Housing Finance (PCHFL), a subsidiary of Piramal Enterprises, recently sold its immovable property in Santacruz East, Mumbai, for INR 187 crore to Shoquba Realty. The company also raised USD 150 million through a global bond sale, with a yield of 7.80 per cent due for repayment in 3.32 years. Earlier this week, PCHFL secured USD 300 million from a sustainability bond issuance, achieving a 0.87 per cent improvement in pricing compared to previous bonds issued in July 2024. These moves highlight PCHFL's focus on optimising its asset portfolio and sustainable financing.Read more

11 Oct 2024

A recent CBRE report forecasts that the office leasing market will reach 70 million square feet in 2024 across nine major cities in India. From January to September, these cities saw a gross absorption of 53.8 million square feet, a 19% year-over-year increase. Bengaluru led in absorption at 30%, followed by Delhi-NCR and Hyderabad at 14% each. Supply additions were primarily driven by Bengaluru, Hyderabad, and Pune, contributing 63% of the total. In the third quarter alone, leasing hit 19 million square feet, with 15.3 million square feet of new developments completed, primarily from Hyderabad, Bengaluru, and Kochi.Read more

11 Oct 2024

M3M Group, a leading luxury real estate developer, has successfully repaid INR 2,473 crore of its debt between April 2023 and August 2024, showcasing its strong financial discipline and commitment to maintaining a healthy balance sheet. The group has repaid a significant portion of its accumulated debt to lenders, leading to a substantial reduction in its outstanding debt from INR 3,726 crore to INR 1,302 crore as of August 2024. This achievement was made possible through successful project deliveries, efficient cost management, and robust sales momentum, which have enabled the company to generate sufficient cash flows to repay its debts. With 56 projects across various segments, the group has already delivered all projects launched before 2019, and construction is progressing swiftly on the remaining projects.Read more