PNT Reporter

02 Apr 2024

Indiabulls Housing Finance, a prominent Indian mortgage lender, has raised USD 350 million through its first overseas bond issuance in over four years. The bonds, with a 39-month maturity and a fixed interest rate of 9.70%, attracted strong investor demand, exceeding three times the offering size. Labelled as "social bonds," the funds will support affordable housing initiatives and small businesses, aligning with India's needs. With over 100 global investors, including major financial institutions, the successful issuance signifies Indiabulls' strategic shift towards diversifying funding sources and fueling growth, coinciding with its rebranding to Samman Capital. This move reflects renewed investor confidence in the company's strategy and its commitment to societal impact alongside financial stability.Read more

PNT Reporter

01 Apr 2024

Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.Read more

01 Apr 2024

In India, Global Capability Centres (GCCs) - internal branches of multinational companies (MNCs) - are reshaping the office space landscape. Colliers reports record leasing by GCCs in 2023, marking a significant shift from pre-pandemic dominance by IT firms. GCC leasing dipped in 2021 but surged to 21.1 million sq. ft in 2023, comprising 37% of India's total office space. With over 1,600 GCCs in India, they're outpacing IT firms in job creation. Reports from Cushman & Wakefield and Knight Frank affirm GCCs as a driving force in commercial real estate growth, with a shift towards flexible workspaces anticipated.Read more

PNT Reporter

01 Apr 2024

The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.Read more

PNT Reporter

29 Mar 2024

Twenty-Five Downtown Realty secured INR 250 crore from Oaktree amid a dispute involving DLF and Shapoorji Group, alleging collusion to gain control. Denying allegations, Hubtown, PNB Housing, and Omkara ARC are embroiled in a legal battle. The funds, raised through secured non-convertible debentures, aim for general corporate use and project costs. Bonds are backed by Hubtown promoters. The controversy centers on ownership, with Twenty-Five Downtown allegedly controlled by Hubtown. It won a significant slum rehabilitation project but defaulted on loans, leading to Omkara ARC acquiring shares. Despite objections, shares were transferred to Twenty-Five South Realty, with ongoing court proceedings.Read more

PNT Reporter

29 Mar 2024

The Indore Municipal Corporation (IMC) is aggressively tackling property tax defaulters by auctioning off a sizable plot of land to recover overdue dues, aiming to fill an INR 100 crore revenue gap before the fiscal year's end. The 18,000 square meter plot, owned by Sahara City Homes, owes INR 22.94 crore in unpaid taxes. IMC's auction, with a minimum bid of INR 31.80 crore, has garnered interest from multiple parties, potentially aiding revenue targets. IMC is also contacting other defaulters and reviewing records for additional dues, showcasing a commitment to fiscal responsibility and essential service investment for Indore residents.Read more

PNT Reporter

28 Mar 2024

Knight Frank India's Prime Global Cities Index Q4 2023 unveils significant shifts in real estate dynamics. Mumbai soars to third globally, with prime residential prices surging 10% year-on-year, driven by affluent buyers seeking upscale living amid economic strength. Conversely, Bengaluru slips to 27th place despite a 2.2% price growth, prompting scrutiny of its competitiveness. Meanwhile, the National Capital Region rises to 16th, reflecting resilience and investor appeal. Globally, the index records a robust 3.7% uptick, with Manila leading at 26.3%, Dubai at 15.1%, and Shanghai at 8.6%. As a crucial benchmark, the index guides stakeholders in navigating dynamic real estate landscapes worldwide.Read more

28 Mar 2024

The Shapoorji Pallonji Group (SP Group) is actively seeking a substantial fund infusion of around INR 20,000 crore, engaging with entities like Power Finance Corporation and global investment firms Davidson Kempner Capital Management and Cerberus Capital Management. This initiative, expected to launch within the next seven to ten days, aims to address impending debt repayments, leveraging SP Group's stake in Tata Sons. Sterling and Wilson, an SP Group subsidiary, are also exploring divesting stakes in its data center business, aiming to raise INR 700 crore by carving out the division into a separate entity. With negotiations underway and interest from various lenders, including state-run Power Finance Corporation, SP Group maneuvers to alleviate debt pressures and streamline its financial portfolio.`Read more

27 Mar 2024

Lucknow plans to merge water and house taxes, simplifying payments with distinct identification numbers. Early house tax payments by March 31st offer a 15% discount, promoting timely contributions. The executive committee approved audits of sewer lines and procured stainless steel tankers for summer water supply. Infrastructure dedications, like renaming a flyover and railway station, honour the city's heritage. These decisions reflect Lucknow's commitment to efficient tax collection and community involvement.Read more

27 Mar 2024

The Indian REITs Association (IRA), established under SEBI and the Ministry of Finance, is actively pursuing Reserve Bank of India (RBI) approval for bank borrowing, aiming to broaden funding avenues for growth. Aravind Maiya, CEO of Embassy Office Parks REIT and IRA chairman, revealed discussions with the RBI but awaits a response. Currently, REITs access capital markets via bonds and equities but lack direct bank borrowing, unlike Infrastructure Investment Trusts (InvITs). Maiya stresses the necessity of bank loans for REITs' asset-heavy nature, emphasizing a balanced funding mix. With assets exceeding INR 1.3 lakh crore, REITs eye RBI approval to diversify funding and propel sustained real estate investment growth in India.Read more