12 Sep 2024

As of July 26, 2024, bank credit to India's commercial real estate sector reached INR 4.85 lakh crore, up from INR 4.38 lakh crore last year, reflecting a recovery from the pandemic. Though the growth rate slowed to 10.6% from 44.9%, office leasing remains robust, with 29 million square feet leased in the first half of 2024, marking a 19% year-over-year increase. Major cities report a 50% rise in leasing activity. The sector also sees rising interest in warehousing, data centers, and retail spaces, with projections for data center capacity to triple and warehousing stock to increase by 50% by 2027.Read more

12 Sep 2024

Brigade Enterprises, a prominent Bengaluru-based real estate developer, has launched a Qualified Institutional Placement (QIP) issue to raise up to INR 1,500 crore, following shareholder approval in March. The QIP, initiated on September 2, aims to expand the business by selling equity shares to investors. The committee of directors authorised the issue's opening and set a floor price of INR 1,164.70/share, while the share-price closed at INR 1,239.80 on the BSE, giving the company a market capitalisation exceeding INR 28,000 crore. Brigade reported a significant profit increase in Q1 FY25, with net profit doubling to INR 83.72 crore.Read more

12 Sep 2024

Arka Investment Advisory Services Private Limited (AIASPL) has introduced its second Alternative Investment Fund, the Arka Hreem Real Estate Opportunities Fund, targeting INR 500 crores with a green shoe option of INR 250 crores. Rohan Builders joins as the Operating Partner through its financial services arm, Hreem. Focused on Tier 1 cities and Grade A developers, the Fund aims to capitalise on the residential real estate sector's growth potential. This launch follows the successful close of Arka's first private credit fund.Read more

11 Sep 2024

Max Estates, a prominent real estate firm in India, plans to raise INR 800 crore by selling equity shares to institutional investors through a Qualified Institutional Placement (QIP) issue. The company's Investment and Finance Committee has approved the launch of the QIP, setting the floor price at INR 628.74 per share. The funds raised will be used to acquire land in the Delhi-NCR region, where Max Estates is one of the leading real estate developers. The company cites growth opportunities in its existing business as the rationale for this capital raise.Read more

11 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has intensified efforts to recover unpaid property taxes, aggressively attaching properties and sealing non-residential buildings. Despite these measures, 66,8% of property owners remain defaulters. The East Zone leads enforcement by sealing 1.317 properties, followed by the West Zone. In property attachments, the West Zone tops the list with 9.088 properties. Mahadevapura, although the highest tax-paying zone, also has the most defaulters. Meanwhile, Deputy Chief Minister DK Shivakumar launched an online building plan approval system to streamline procedures and enforce regulations, particularly in areas adjacent to Rajakaluves, where significant infrastructure development is underway.Read more

10 Sep 2024

The Indian office market is set for a record year in 2024, with expected leasing exceeding 80 million square feet across the top eight cities, according to Cushman & Wakefield. The first half of 2024 alone saw 41.9 million square feet leased, marking a 56% share of 2023's total leasing volume. Bengaluru, a key player, contributed significantly, with Global Capability Centers driving 26% of leasing. The second quarter saw a 27% increase in leasing year-on-year. The market is buoyed by strong demand from multinational firms and new supply, indicating continued growth and confidence in India's commercial real estate sector.Read more

10 Sep 2024

Prestige Estates Projects Ltd., a leading Indian real estate developer, has launched a Qualified Institutional Placement (QIP) to raise up to INR 5,000 crore from institutional investors. The company has set the floor price for the QIP at INR 1,755.09 per share, with the indicative issue price expected at a 5% discount. The funds raised will be used to repay existing borrowings, acquire land or land development rights, invest in subsidiaries and joint ventures, and for general corporate purposes. Prestige Estates is also monetizing assets from its hospitality segment through a share issue by its wholly-owned subsidiary. The move aims to strengthen the company's financial position and fuel its ambitious growth plans in the real estate market.Read more

10 Sep 2024

Jio Finance Ltd, the NBFC arm of the Jio Financial Services, is advancing its financial offerings, including home loans, which are currently in the Beta mode. The MD and CEO, Hitesh Sethia, revealed plans to introduce products like Loan Against Property and Loan on Securities. Jio Finance has already launched secured lending products such as supply chain financing and loans on mutual funds. A joint venture with BlackRock will expand into wealth management and broking services. The JioFinance app, launched in May 2024, has over 1 million downloads and offers various financial services, including digital banking and insurance.Read more

09 Sep 2024

Gujarat's real estate market is grappling with a liquidity crunch, as evidenced by a drop in housing loan applications from 150,000 to 101,000 in Q1 FY 2025. Despite this decline, housing loan disbursements surged by 62%, rising from INR 8,307 crore to INR 13,433 crore. The increase in loan amounts suggests a shift towards more expensive, luxury properties, driven by higher jantri rates and a market dominated by financially resilient buyers. The upcoming festival season may offer a boost, potentially revitalizing the market and balancing current trends.Read more

09 Sep 2024

Bajaj Housing Finance is set to launch its INR 6,560 crore IPO on September 9, 2024, with the offering closing on September 11. The IPO features a fresh issue of equity shares worth up to INR 3,560 crore and an offer for sale of INR 3,000 crore from parent company Bajaj Finance. This move is aimed at meeting the Reserve Bank of India's mandate for public listing of upper-layer NBFCs by September 2025. With a strong fiscal performance, including a 38% increase in net profit to INR 1,731 crore for FY 2023-24, the IPO is expected to bolster the company's financial position and support future growth.Read more