09 Aug 2024

Adani Enterprises is bidding up to USD 1 billion for Jaiprakash Associates' real estate assets in NCR, marking its significant entry into one of India's largest property markets. This acquisition could expand Adani's real estate operations fourfold, including high-end properties like the 452-acre Jaypee Greens in Greater Noida and the 1,063-acre Wish Town in Noida. The bid, part of a broader strategy to diversify and strengthen Adani's position in real estate, also includes Jaypee's cement assets, totaling around INR 150,000 million. This move aligns with current trends of consolidation in the recovering real estate sector.Read more

09 Aug 2024

Punjab National Bank (PNB) has increased its marginal cost of funds-based lending rate (MCLR) by 0.05%, effective August 1, 2024. The one-year tenor MCLR now stands at 8.90%, up from 8.85%, while the three-year MCLR rises to 9.20%. Shorter loan tenors are now priced between 8.30% and 8.55%. This adjustment, following a similar move by the Bank of India, reflects broader trends of rising interest rates due to economic factors and inflationary pressures. The hike is expected to increase borrowing costs for personal, auto, and home loans, impacting both consumers and businesses.Read more

09 Aug 2024

The Reserve Bank of India (RBI) has kept the policy repo rate steady at 6.5% for the ninth consecutive time, with a 4-2 vote by the Monetary Policy Committee. This move, aimed at maintaining economic stability amid global uncertainties, has been well-received by real estate industry leaders. Experts believe the unchanged rate will boost consumer confidence, sustain demand, and support growth in the housing market, particularly in the affordable and mid-segment categories. The decision is expected to create a conducive environment for homebuyers and investors, further driving momentum in the sector.Read more

08 Aug 2024

Carlyle Group plans to divest a 6.4% stake in PNB Housing Finance via an open market transaction on Tuesday, aiming to sell 1.66 crore shares at INR 775 each, potentially raising INR 1,256 crore. This floor price is 5% lower than Monday's closing price of INR 794.90. Despite holding a 32.68% stake as of June 30, 2024, PNB Housing Finance's stock has only grown 1.2% this year, underperforming compared to the Sensex's 13% rise. This sale reflects Carlyle's strategic adjustments amid market challenges, impacting investor sentiment in the housing finance sector.Read more

08 Aug 2024

Mindspace Business Parks REIT reported a robust 9% increase in net operating income (NOI) to INR 496 crore for Q1 FY25, alongside an 11% revenue rise to INR 620 crore. The REIT announced a distribution of INR 300 crore to unitholders, marking a 5% year-on-year increase. Notably, the company leased over 1 million square feet and achieved a 91.1% occupancy rate. With ongoing projects and new SEZ space approvals, Mindspace is expanding its footprint, including a 1.5 million square feet addition at Airoli East Park. The REIT also issued INR 650 crore in sustainability-linked bonds, underscoring its commitment to sustainable finance.Read more

08 Aug 2024

From January to June 2024, Millennials and Gen Z accounted for over 60% of property purchases in Bengaluru, marking a significant shift in the real estate market. Data from NoBroker reveals that Gen Z, aged 11-26, made up 16% of these sales, while Millennials, aged 27-42, dominated the rest. Properties ranged from INR 70 lakh to INR 1.1 crore, reflecting young buyers' willingness to invest significantly. Notably, 67% of these buyers are from dual-income households. The trend includes increasing female participation and a preference for under-construction projects, signalling a transformative phase in the housing market driven by younger generations.Read more

08 Aug 2024

Bengaluru tops India's residential real estate market, with JLL Research reporting 18,548 housing units sold and 16,537 new homes launched between April and June 2024. The city represents 21% of national new launches and 23% of home sales. The majority of new launches are in the upper-mid segment, priced between INR 1 - INR 3 crore. Whitefield and areas like Hosur Road have driven much of this activity. The average property price rose by 15%, and unsold inventory dropped by 21% year-on-year. Bengaluru's robust performance underscores its strong demand and dynamic real estate sector.Read more

08 Aug 2024

Nexus Select Trust reported an 8% YoY increase in net operating income for Q1 FY25, reaching INR 412.7 crore. Revenue from operations rose 6% to INR 553.8 crore, driven by rental-escalations and increased retail occupancy. Tenant sales hit INR 3000 crore, with malls' occupancy at 97.4%. The REIT signed term-sheets for two acquisitions totaling 8 lakh square-feet and plans to acquire five more assets, aiming to double its retail NOI by FY29. The board approved raising INR 1700 crore through debt-securities. A distribution of INR 325.3 crore was declared, with a record-date of August 7, 2024.Read more

07 Aug 2024

Embassy Office Parks REIT reported 3% increase in net-operating-income to INR 757.5 crore for Q1 FY25. The board declared a INR 531 crore distribution, or INR 5.60 per-unit. Leasing activity rose 70% YoY, totaling 1.9 million sq. ft. Key areas like Bengaluru, Noida, Chennai show strong demand, driven by Global Capability Centres. The company reaffirmed its NOI guidance of INR 3,210-3,350 crore for FY25. The portfolio includes 51 million sq. ft. across major cities, with strategic amenities like hotels and a solar park. Debt raised totaled INR 1,450 crore at an 8.06% rate.Read more

07 Aug 2024

The WSB Real Estate Partners has raised over INR 700 crore through its fourth SEBI-registered Category II Alternative Investment Fund (AIF) to invest in mid-income and affordable housing projects in tier I and select tier II cities. The fund aims for a INR 1,000 crore corpus, expandable by another INR 1,000 crore. It has a six-year term, extendable by two years. Key investors include family offices, corporates, offshore investors, and HNIs. WSB has initiated two investments and has a strong pipeline. The fund focuses on structured debt, secured by collateral, with an aim to deliver favorable risk-adjusted returns.Read more