05 Aug 2024

Piramal Capital & Housing Finance is set to issue its first dollar bonds, aiming to raise up to USD 500 million. The initial price guidance for these Regulation-S bonds is 8.25%, with the final coupon rate expected to be finalised this week. The bonds will have a maturity of three and a half years. The funds raised will be used in accordance with the Reserve Bank of India's external commercial borrowing guidelines and the company's sustainable finance framework. Barclays, Deutsche Bank, and Standard Chartered are joint global coordinators, while Axis Bank, Citigroup, and Emirates NBD Bank are joint book-runners.Read more

05 Aug 2024

The BigBloc Construction's board approved a 1:1 bonus share issue in a July 19 meeting, granting one bonus equity share for every existing share, pending shareholder approval at the August 29 AGM. The move, utilising INR 28.31 crore from free reserves, aims to reward shareholders, enhance liquidity, and expand the shareholder base, increasing paid-up share capital to INR 28.31 crore. Additionally, the board declared a final 20% dividend (40 paise per share), with the Promoter Group shareholders waiving their dividend. The shares rose 2.08% to INR 271.75 on the BSE, peaking at INR 284.90.Read more

05 Aug 2024

The Kerala government has announced significant reductions in building permit fees, effective August 1. Houses between 81-300 square meters will see fee cuts of at least 50%, with some areas experiencing up to 60% reductions. This follows last year's exemption for buildings up to 80 square meters. The new rates vary by local administrative zone, with specific reductions outlined for village panchayats, municipalities, and corporations. Despite already having India's lowest permit fees, the government implemented these cuts in response to public demand. Additionally, a 5% rebate will be offered on property tax if paid in full by April 30, marking Kerala's first such tax exemption. These measures aim to make construction more affordable and encourage timely tax payments.Read more

05 Aug 2024

Pune's property market is thriving, with a 60% increase in property registrations in June 2024 compared to June 2023, amounting to over 14,230 properties, as reported by Knight Frank India. Stamp duty collections also rose by 90% year-on-year. The first half of 2024 saw 97,294 property registrations, a 44% rise from the previous year. Factors driving this growth include affordability in the mid-range segment and a preference for larger apartments. Central Pune remains the main hub, but areas like West Pune are emerging as new hotspots. The market shows a strong positive trend for the rest of the year.Read more

05 Aug 2024

Home First Finance Company announced a 27% increase in Q1 profits, rising to INR 88 crore from INR 69 crore last year. The company maintained a stable NPA ratio at 1.7%, showcasing strong risk management. Assets under management grew by 35% year-on-year to INR 10,478 crore, driven by a 30% rise in loan disbursements. Expanding into four new districts and planning 20-25 new branches, the company aims to enhance housing finance access. Emphasizing digital solutions, Home First Finance is set for growth amid strong demand for housing finance and supportive government initiatives.Read more

02 Aug 2024

ASK Property Fund, part of Blackstone-backed ASK Asset & Wealth Management Group, is investing INR 190 crore in a residential project in Mumbai's Borivali (West). This investment will fund the redevelopment of a 6-acre site by Kalpataru Group, creating 310 new residential units across a 6.5 lakh square feet saleable area. The project targets the upper-middle segment and benefits from Borivali West's excellent connectivity to roads, railways, and metro networks, along with robust social infrastructure. This marks ASK Property Fund's second collaboration with Kalpataru Group, reinforcing their strong partnership. The area has seen a property sales increase of 18-20% year-on-year in 2023.Read more

02 Aug 2024

Motilal Oswal Alternates (MO Alts) has allocated INR 190 crore to enhance India's affordable housing sector. The investment is split between Chennai's Radiance Realty (INR 100 crore) and Pune's Mantra Properties (INR 90 crore), supporting land acquisition for new residential projects. This strategy aligns with growing demand due to urbanization and an expanding middle class across major cities like Mumbai, Delhi, and Bengaluru. Part of MO Alts' larger India Realty Excellence Fund VI, which targets INR 2,000 crore, this move underscores confidence in the market's recovery and future growth prospects.Read more

02 Aug 2024

The Mumbai Metropolitan Region saw a 10% year-over-year growth in average registered home sales value in the second quarter of 2024. The analysis conducted by the Square Yards suggests that there is a demand for high valued homes. Developers have observed significant growth of bulk sales in peripheral regions while the suburbs ask for luxury and ultra-luxury projects. The Lodha Group remains on top of the board in total registered transactions and total value sales. Peripheral suburb areas like Kalyan-Dombivali are leading the market while Mumbai's southern micro market dominated the region with the highest record for average sales.Read more

02 Aug 2024

Embassy REIT, India's first listed REIT, is considering the sale of its Quadron office campus in Pune's Hinjawadi suburb as part of a strategic move to optimize its portfolio. The Quadron property has significantly lower occupancy at 54% compared to the REIT's other Pune assets, Embassy Tech Zone and Embassy Qubix, which are performing exceptionally well. The REIT is expected to fetch over INR 1,200 crore for the 1.9 million square feet Quadron asset, which commands standard Grade-A office rents in the area. The planned sale comes as the REIT looks to finance the acquisition of new projects, particularly from its manager, the Embassy Group.Read more

02 Aug 2024

The Union Budget 2024-25 prioritizes urban development under the Viksit Bharat initiative, aiming to enhance infrastructure and reshape urban living. Mumbai's western suburbs are benefiting from significant infrastructure improvements, with these areas accounting for 31% of the city's registered home sales value-INR 14,467 crore out of INR 46,833 crore from April to June 2024. Enhanced connectivity and amenities are driving demand, especially in Borivali, Kandivali, Malad, and Goregaon. CREDAI-MCHI and CRE Matrix report a 13% increase in housing sales but a 35% decline in new launches for FY 2024. Key projects like Metro Line 3 and the Coastal Road are expected to boost property values and attract further investment.Read more