19 Sep 2024

hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors.Read more

18 Sep 2024

The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion.Read more

18 Sep 2024

Golden Growth Fund (GGF), a Category II Alternate Investment Fund, raised INR 25 crore in its initial funding round, which closed in mid-August. This capital will finance the acquisition of a prime land parcel in South Delhi, marking the start of GGF's plan to develop luxury residential properties. With support from Grovy India Limited, GGF focuses on brownfield projects, offering a faster turnaround of 15-18 months compared to greenfield projects. GGF aims to reshape the luxury real estate market in Delhi, with further funding rounds planned to support ongoing and future projects.Read more

18 Sep 2024

Bank of Baroda has sanctioned Supertech Group's resolution plan for its Dehradun project, allowing the delivery of over 600 homes. The bank has also approved the inclusion of a co-developer, with Supertech partnering with a local firm to restart the project. Additionally, Kotak Investment Advisors Ltd (KIAL) is investing INR 450 crore in Supertech's 'Supernova' project in Noida, which is halfway complete and projected to generate over INR 7,000 crore in revenue. Supertech, which needs to deliver over 15,000 homes and has liabilities of INR 8,000 crore, is selling land to pay off lenders and accelerate construction.Read more

18 Sep 2024

The Greater Visakhapatnam Municipal Corporation (GVMC) aims to bring 10,000 unassessed properties into the tax system this financial year, having already identified 4,600 such properties. It also found 877 underassessed properties and collected INR 135 crore through early bird property tax incentives, surpassing last year's INR 118 crore. GVMC's total property tax collection for 2023-24 stands at INR 457 crore, exceeding its target of INR 420 crore. The GVMC focuses on addressing unassessed and underassessed properties to boost revenue and has proposed enforcement teams to remove unauthorised constructions and encroachments while improving vacant land tax collection.Read more

18 Sep 2024

Bajaj Housing Finance shares launched on September 16 at INR 150, reflecting a 114% premium over its IPO price of INR 70. The IPO attracted overwhelming interest, raising INR 6,560 crore with subscriptions totaling INR 3.23 lakh crore. Following strong market performance, the shares reached INR 164.99, boosting market capitalization beyond INR 1.1 lakh crore. Analysts praise the company's robust fundamentals and positive outlook for housing finance. The IPO was launched to comply with RBI regulations, and proceeds will enhance the company's capital to support future growth.Read more

17 Sep 2024

Godrej Properties has raised INR 64.6 crore through a private placement of 6,460 non-convertible debentures (NCDs), each valued at INR 1 lakh. These NCDs, with a five-year term, carry an 8.50% annual coupon rate, offering interest payments both annually and at maturity. The company's board approved the issuance to select investors. Over the past year, the company has delivered a 44% return to investors, significantly outperforming the Nifty50 index, which saw a 15% growth during the same period.Read more

17 Sep 2024

Sundaram Home Finance is expanding its operations beyond South India with a particular focus on Madhya Pradesh. The company has recently opened its second branch in Indore and aims to disburse INR 225 crore in the state this year, marking a 50% increase compared to the previous year. Managing Director D Lakshminarayanan highlighted that Indore has exceeded expectations in terms of growth and ongoing real estate development. Additionally, Sundaram Home Finance plans to open three more branches in Madhya Pradesh within the next 12-18 months. For the April-June 2024 quarter, the company reported a net profit of INR 66 crore and disbursed INR 1,353 crore.Read more

17 Sep 2024

Ghaziabad has hiked circle rates for properties by up to 15%, with significant increases in key areas like Wave City, Aditya World City, and Indirapuram. Residential plot rates in Wave City rise from INR 17,300 to INR 35,000 per sqm, while Indirapuram's circle rate jumps from INR 58,000 to INR 95,000 per sqm. Commercial and agricultural properties see similar hikes, with rates increasing by 10%. The rise follows infrastructural developments, including metro and expressway expansions. The stamp and registration department aims to boost revenues from INR 125 crore mid-year to the fiscal target of INR 3,104 crore.Read more

16 Sep 2024

Axis Ecorp has partnered with the Fraction Ownership Investment Community (FOIC) and Moneytree Realty to venture into the fractional ownership market. This new initiative offers investors the chance to buy shares in luxury suites located in North Goa's rapidly developing MOPA region. The offering is exclusive to the first 200 buyers. FOIC will manage the properties, while Moneytree Realty will handle subscriptions. Fractional ownership is growing in popularity as a cost-effective way to own high-value assets in India. With this move, Axis Ecorp aims to generate up to 100 crore rupees this year and plans to launch more properties soon.Read more