12 Jul 2024

Japanese shipping giant Mitsui O.S.K. Lines (MOL), through its subsidiary Daibiru Corporation, is venturing into Indian real estate with a USD 123.5 million (approximately INR 988 crore) investment in the Atrium Place Project near Delhi. This marks Daibiru's first Indian venture, aligning with MOL's "BLUE ACTION 2035" plan to diversify beyond shipping. The project features four Grade A+ office buildings in Gurugram, set for completion in 2025. India's robust economic growth and MOL's existing network make it a strategic market. Future investments in other key cities are anticipated as part of MOL's broader global real estate ambitions.Read more

11 Jul 2024

Delhi-NCR (National Capital Region) stands out as the lone metro city experiencing a surge in housing sales, with a notable 6% increase in Q2 2024 compared to the previous quarter, according to Anarock Property Consultants. New project launches in the region skyrocketed by 134% in the same period, introducing approximately 17,030 units, 82% of which are luxury homes priced above INR 1.5 crore. Despite a 10% quarterly rise in property prices, reaching an average of INR 1,20,000 per square meter, NCR witnessed a robust 25% year-on-year increase. This growth underscores strong buyer demand, supported by developers focusing on quality and diverse housing options catering to various budgets and preferences.Read more

11 Jul 2024

RMZ Corp has agreed to sell One Paramount tech park in Chennai to Singapore's Keppel for INR 2,100 crore. The deal boasts an 8.6 per cent cap rate, the highest recently. The 2.4 million sq ft complex, jointly owned by RMZ Corp and CPP Investments, was 66 percent leased last year. This sale aligns with Keppel's focus on emerging markets like India. In 2023, foreign investors contributed INR 3.6 billion to India's real estate, accounting for 67 per cent of total inflows. The transaction highlights India's appeal in the commercial office sector, attracting Asian financial institutions and sovereign wealth funds for income-yielding assets and development partnerships.Read more

11 Jul 2024

The National Highways Authority of India's Infrastructure Investment Trust plans to raise INR 2,000-3,000 crore through bonds for highway acquisitions. This follows NHIT's INR 1,500 crore bond issue in October 2022. NHIT aims to acquire road assets worth INR 15,000-20,000 crore in 2024-25, building on its INR 16,200 crore acquisition last year. The trust now manages 15 toll roads spanning 1,525 km across nine states. NHAI has identified 33 road stretches totalling 2,741 km for monetisation in 2024-25, with a potential value of INR 53,000-60,000 crore according to Icra. This initiative underscores India's ongoing focus on infrastructure development and efficient asset management.Read more

11 Jul 2024

Purplle, backed by investors like Premji Invest and Manipal Group's Ranjan Pai, has raised significant funding, boosting its valuation to USD 1.3 billion. CEO Manish Taneja plans to use the primary capital for technology and offline retail experiments to expand operations. The funding round reflects a trend of large investments this fiscal year, signalling a recovery for fast-growing firms after limited funding periods. Insiders hint at potential additional funding, pending finalisation. Purplle's success underscores growing investor confidence in the consumer sector and highlights its strategic focus on tech-driven retail expansion in Tier II and III cities.Read more

10 Jul 2024

Gujarat International Finance Tec-City (GIFT City) in India plans to launch real-time dollar settlement for financial transactions by early 2025. This innovation aims to eliminate delays currently caused by differing time zones and banking systems, enhancing business efficiency and attractiveness for foreign investors. GIFT City, established in 2015 by Prime Minister Narendra Modi, aims to rival global financial centers by offering streamlined transactions. This move coincides with rising foreign interest in India, bolstered by potential inclusion of Indian sovereign bonds in JPMorgan Chase & Co's index. The initiative aligns with global trends towards faster cross-border payments, promising significant economic benefits for India.Read more

10 Jul 2024

Demand for Grade-A office space in India has risen sharply, with leasing activity reaching 84.1 million square feet in FY24, up 7% from previous years. Global Capability Centers (GCCs) are driving this surge, leasing 22.5 million square feet as of FY24, with projections to hit 40-45 million square feet by 2025. Despite initial challenges, including a 14.5% vacancy rate and increasing office space supply, Real Estate Investment Trusts (REITs) remain optimistic, aiming for over 90% occupancy in their portfolios. Analysts foresee potential growth, buoyed by a recovering IT sector and government policies favoring commercial space conversions from SEZs.Read more

10 Jul 2024

Mumbai's real estate market recorded its highest property registrations in 12 years, with 11,443 properties registered in June 2024, contributing over INR 986 crore to the state treasury, as reported by Knight Frank India. This represents an 11% year-on-year increase in registrations and a 15% rise in revenue compared to June 2023. A notable shift in buyer preferences emerged, with 46% of registrations for apartments between 500 and 1,000 sq ft. The central suburbs gained popularity, capturing 42% of the market share. This growth reflects strong buyer confidence and Mumbai's resilient real estate market.Read more

10 Jul 2024

Piramal Capital and Housing Finance Limited (Piramal Housing Finance) has received its first investment grade rating of Ba3 from Moody's Investors Service, reflecting moderate creditworthiness and financial health. Since acquiring Dewan Housing Finance in 2021, Piramal Housing Finance has significantly diversified its loan portfolio. As of March 2024, retail loans, including mortgages, loans against property, and car financing, represent 79% of their assets under management (AUM), up from 34% in March 2022. With an estimated total AUM of INR 1,00,000 crore, retail loans account for INR 79,000 crore, while legacy real estate investments make up 21%. The company aims to further reduce real estate exposure and enhance profitability.Read more

09 Jul 2024

In 2024, Bangalore's rental market, particularly in areas like Whitefield, Koramangala, and BTM Layout, showed signs of cooling after a surge earlier in the year. This slowdown in rental growth is attributed to a substantial increase in new apartment completions, totaling nearly 8,850 units launched in Q1 2024. Whitefield alone accounted for about 35% of these launches. The influx of new rental options has stabilised prices, providing renters with more choices. Experts suggest this trend may lead to a rental correction, potentially lowering rents in specific parts of the city, although the full impact remains to be seen as the market continues to adjust.Read more