29 Aug 2024

Awfis Space Solutions, a flexible workspace provider, reported a net consolidated profit after tax of INR 2.78 crore for Q1 FY25, alongside a total income of INR 267.87 crore. The company completed its initial public offering (IPO) during the quarter, issuing 15,639,638 equity shares, with total offer expenses of INR 509.83 million. Awfis surpassed 100,000 operational seats and 169 centres as of 30 June 2024, adding 5,368 seats and nine new centres in the quarter. With an exit month occupancy rate of 71% and a strong focus on its asset-light managed aggregation (MA) model, Awfis continues to strengthen its market presence.Read more

29 Aug 2024

In Pune, 2 lakh out of 4.5 lakh property owners have failed to submit the mandatory PT3 forms required for a 40% property tax discount on self-occupied homes. Despite multiple extensions and a final deadline of August 15, only 2.5 lakh forms were submitted. Many properties without submitted forms were found to be locked or rented, potentially disqualifying owners from the discount. To address this, the Pune Municipal Corporation (PMC) is conducting city-wide surveys and collaborating with local housing societies to ensure accurate property occupancy records and encourage compliance among property owners.Read more

28 Aug 2024

Shapoorji Pallonji Group has launched Shapoorji Pallonji Real Estate (SPRE) to consolidate its vast real estate assets, valued at USD 6 billion (INR 50,000 crore). With 2,000 acres of land and 140 million square feet of development potential, SPRE aims to enhance operational efficiency and access to funding. The group plans to raise USD 800-900 million in an initial public offering, with future fundraising potentially reaching USD 2 billion. This strategic move positions SPRE to play a pivotal role in India's real estate sector, focusing on both luxury and affordable housing projects.Read more

28 Aug 2024

Managed workspace provider Table Space has announced a major investment of INR 840 crore (USD 100 million) to expand its office portfolio in India. The company has recently secured a INR 450 crore deal with Panchshil Realty for 900,000 square feet of space in Pune and is in talks to acquire an additional 1.2 million square feet from the same developer. Table Space plans to gradually shift its lease-to-ownership ratio from 80:20 to 60:40, aiming to have 40% of its assets owned. The company, which raised USD 325 million in 2022, is actively seeking more acquisitions to strengthen its presence in key urban centers across the country.Read more

28 Aug 2024

SEBI has introduced new borrowing rules for Category I and II alternative investment funds (AIFs), allowing loans for up to 30 days, four times a year, capped at 10% of investable assets. AIFs can borrow to cover short-term cash flow needs, but only under strict conditions outlined in the fund's Private Placement Memorandum. Borrowing is discouraged except as a last resort, with stringent disclosure requirements and cost-sharing among defaulting investors. SEBI also set guidelines for Large Value Funds, requiring compliance by November 18 to extend investment terms by up to five years.Read more

28 Aug 2024

In Q1 FY24, India's four major REITs - Brookfield India, Embassy Office Parks, Mindspace Business Parks, and Nexus Select Trust - distributed INR 1,371 crore to unit holders, reflecting the sector's growing strength. With assets exceeding INR 1.4 lakh crore, these REITs have returned over INR 18,000 crore to more than 2,45,000 investors since inception. Recent regulatory changes, such as the reduced holding period for long-term capital gains, have boosted investor interest. As urbanisation and infrastructure development continue, Indian REITs are poised for sustained growth, offering stable returns and diversification.Read more

28 Aug 2024

Axis Ecorp has ventured into fractional ownership, partnering with FOIC and Moneytree Realty to offer investment opportunities in North Goa's real estate market. The company aims to generate INR 100 crore in revenue this fiscal year, starting with a selection of suites in a prime tourist location. This initiative lowers the financial barrier for real estate investors and is expected to boost the local economy through job creation in property management and tourism. Axis Ecorp plans to expand with three more offerings in the coming months, further tapping into this growing market.Read more

28 Aug 2024

Ansal Housing reported a net consolidated profit after tax of INR 41.59 crore for the quarter ended 30 June 2024, a notable recovery from a INR 4.33 crore loss in the same quarter last year. The company's total income for Q1 FY25 rose by 59.16% to INR 125.48 crore. The board has approved Kushagr Ansal's appointment as Managing Director & CEO, effective 15 October 2024, for three years. During the quarter, Suraksha ARC restructured INR 151.04 crore of borrowings, resulting in an exceptional income of INR 83.04 crore due to interest-free terms.Read more

27 Aug 2024

CVC Capital Partners has emerged as the highest bidder to acquire a 52.47% stake in Aavas Financiers for INR 7,089 crore. This move follows Kedaara Capital and Partners Group's decision to exit their 26.47% joint investment, achieving a 6x return. The acquisition highlights CVC's strategy to capitalise on India's growing demand for affordable housing. Aavas, with an AUM of INR 17,313 crore in FY24, has shown strong growth in the housing finance sector, despite facing challenges from RBI's tightened norms.Read more

27 Aug 2024

The Reserve Bank of India's (RBI) revised regulations for deposit-taking housing finance companies (HFCs), effective 12 August 2024. HFCs must gradually raise their liquid asset requirements from 13% to 15% by mid-2025, reduce the maximum public deposit holdings to 1.5 times their net owned funds, and limit deposit tenures to five years. While most HFCs are already compliant, some may need to improve liquidity and adjust deposit ratios. These changes are part of the RBI's broader effort to align HFC regulations with those of non-banking financial companies (NBFCs), aiming to strengthen the sector's financial stability.Read more