01 Aug 2024

The Securities and Exchange Board of India (SEBI) has introduced a new unit-based employee benefit scheme for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), effective July 12, 2024. Instead of cash bonuses, employees will receive units in their respective trusts, with their value tied to market performance. The scheme will include a dedicated Employee Benefit Trust (EBT) to manage these units, which must come from existing units, not new issuances. This move aims to align employee interests with the trust's performance, enhancing both attraction and retention of talent. SEBI has set rules to ensure transparency and prevent insider trading.Read more

01 Aug 2024

Altem Capital has unveiled the JIRAAF AU INDIA REAL ESTATE FUND - I (IREF I), targeting INR 250 crore (about USD 30 million) to support India's real estate sector, with a greenshoe option for an additional INR 100 crore (around USD 12 million). The fund aims to invest in plotted developments and provide last-mile funding up to INR 100 crore for developers nearing project completion. As a Category II Alternative Investment Fund (AIF), IREF I offers investors access to diverse real estate opportunities with a four-year investment horizon.Read more

01 Aug 2024

India's real estate sector is witnessing a notable shift in investment trends. According to Knight Frank, private equity (PE) investments in real estate surged by 15% in the first half of 2024, reaching nearly USD 3 billion (INR 23,400 crore). Residential properties have seen a significant increase in investment, totaling USD 854 million (INR 6,650 crore), compared to USD 277 million (INR 2,150 crore) in H1 2023. Despite this shift, commercial real estate, particularly office space, remains robust with USD 579 million (INR 4,500 crore) in PE investments. Analysts predict that total PE investments could exceed the 2021 high of USD 6.2 billion (INR 48,600 crore) by year-end. Alternative Investment Funds (AIFs) also play a growing role, with USD 2 billion (INR 15,600 crore) still available for investment. Challenges such as high global interest rates may impact future investments, but overall, the market shows strong recovery signs and a shift towards residential assets.Read more

01 Aug 2024

Japanese conglomerate Shinryo Corporation is entering the Indian market by acquiring an 85% stake in Mumbai-based GMP Technical Solutions for an equity valuation of INR 185 crore (USD 22 million). This move aims to capitalise on the growing demand for clean room technology in India's electronics and pharmaceutical sectors. Clean rooms, crucial for manufacturing sensitive products, require controlled environments. GMP, India's second-largest clean room equipment maker, specialises in partitions and will benefit from Shinryo's HVAC expertise. This acquisition is driven by India's booming electronics and pharmaceutical industries, valued at USD 70 billion and USD 45 billion in 2023, respectively.Read more

31 Jul 2024

Incuspaze, a flexible workspace provider, has raised USD 8 million (INR 67 crore) in its inaugural funding round, led by the India Inflection Opportunity Fund (IIOF) and other financial institutions. This investment aims to enhance Incuspaze's ability to deliver top-tier workspace solutions for enterprises, MSMEs, and startups. The company, with a portfolio of 3 million square feet across 44 locations in 18 cities, is poised for significant growth. Experts anticipate that the flexible workspace market in India will expand from 55 million square feet in 2024 to 100-140 million square feet by 2030, driven by increasing demand across various sectors.Read more

31 Jul 2024

Schindler, the global elevator giant, plans to expand its presence in India by doubling its workforce from 6,000 to 10,000 employees. This expansion, driven by India's rapid urbanization and growing population of over 1.4 billion, contrasts with China's struggling real estate market. Schindler aims to match its staffing level in China and emphasizes local production for efficiency. The company will also enhance its training facilities, adding to the three existing centers. This strategic move is expected to create around 10,000 new jobs in manufacturing, installation, and maintenance, supporting India's dynamic market and Schindler's long-term vision for success.Read more

31 Jul 2024

A delegation from the Kolhapur Municipal Corporation (KMC), led by Commissioner Manjulekshmi, visited the Bruhat Bengaluru Mahanagara Palike (BBMP) to study its property tax software, which serves millions of properties. Known for its user-friendly interface and online payment options, BBMP's system streamlines tax collection. KMC officials, including system manager Yashpal Rajput and tax assessor Sudhakar Challewad, observed the digitisation process firsthand at BBMP East Zone. This visit aims to facilitate the implementation of a similar system in Kolhapur, potentially enhancing tax payment ease for residents, improving municipal record-keeping, and increasing tax collection efficiency.Read more

31 Jul 2024

India's stock market is seeing increased activity with retail investors now owning more Indian markets than foreign investors. In FY24, retail investors made up nearly 36% of the equity cash segment turnover. However, the Economic Survey 2023-24 highlights risks for these new investors, especially in the futures and options (F&O) market, where over 90% are facing losses. Experts urge for enhanced investor education and regulatory measures to ensure informed trading decisions. SEBI and financial institutions are encouraged to conduct educational campaigns, while considering tax structure adjustments and limits on derivatives trading to protect retail investors and promote sustainable market growth.Read more

30 Jul 2024

The Pune Municipal Corporation (PMC) is launching an initiative to identify unreported rental properties and recover lost revenue from property taxes. Previously, PMC offered a 40% discount on property tax for self-occupied properties, but many rented properties continued to claim this discount, causing significant revenue loss. Out of 4.5 lakh required submissions, 3.5 lakh homeowners failed to provide self-occupancy affidavits. A pilot project revealed many properties wrongly enjoying the discount. By collaborating with housing societies to identify rentals, PMC aims to generate an estimated INR 100 crore (approximately USD 1.2 million) in additional revenue.Read more

30 Jul 2024

The Rail Land Development Authority (RLDA) has invited bids for the redevelopment of the Boulevard Road Railway Colony in North Delhi's Civil Lines area. Spanning approximately 2.15 hectares (21,568 sq metres), the land will be leased for 99 years, with a reserve price of INR 318 crore (approximately USD 3.8 million). The prime location along GT Karnal Road offers easy city access, close to Tis Hazari Metro Station and Rani Jhansi Flyover. Designated as a Residential Bungalow Zone, the project aims to create new housing options, optimising underutilised railway land.Read more