18 Jan 2024

Blackstone-backed Nexus Select Trust is set to acquire three 'Hyderabad Next Galleria Malls' from Larsen & Toubro for $300-350 million, strengthening its retail portfolio. The malls are strategically located near metro stations which cover 1 million sq ft with an 84% occupancy rate. The deal includes e-Galleria, Next Galleria Mall, and Premia. This acquisition will boost Nexus' retail portfolio to 11 million sq ft. Blackstone previously acquired Seawoods mall from L&T in 2017. Nexus Select Trust's retail portfolio's gross asset value was Rs 21,924 crore in September 2023, with a 97% occupancy rate.Read more

18 Jan 2024

The recent surge in home loan interest rates has resulted in a sluggish quarter-on-quarter growth of 2.7%, the slowest since September 2021, with outstanding home loans reaching Rs 19.9 trillion by June 2023. Experts attribute this slowdown to relentless interest rate hikes, pushing the weighted average lending rate on home loans to 9.12%, a five-year peak. Sensitivity to interest rate fluctuations has led borrowers to curb demand, impacting the sector. Banks attribute these hikes to the Reserve Bank of India's repo rate increments, totaling 250 basis points since May 2022. Experts foresee a continued rise in interest rates, with a potential decline in the second half of the current calendar year expected to boost home loan demand.Read more

17 Jan 2024

In 2023, Delhi-NCR's real estate market experienced a remarkable turnaround, witnessing a 23% YoY decline in unsold housing inventory, reaching a decade-low of approximately 94,803 units. This reduction, the highest among the top 7 cities, was attributed to robust sales (65,625 units) and a strategic slowdown in new supply (36,735 units launched). The region's unsold stock dropped below one lakh units for the first time in ten years, surpassing other major cities like Pune and Hyderabad. Gurugram led with 37,575 units, reflecting a 27% YoY decline. The trend signifies a focus on project completions and market resilience.Read more

17 Jan 2024

SEBI plans to auction 16 properties from eight companies, including Vibgyor Group and Pailan Group, on January 30 to recover funds collected illegally from investors. The other firms involved are Kolkata Weir Industries, Tower Infotech, GBC Industrial Corp, Teachers' Welfare Credit and Holding, Hahnemann Herbal, and Annex Infrastructure India Ltd. SEBI initiated the asset sale process following orders from the Calcutta High Court. Justice Sailendra Prasad Talukdar will oversee the liquidation. The auction, with a reserve price of Rs 47.75 crore, will be facilitated by Quikr Realty. The move aims to fulfill SEBI's commitment to recovering investors' money from companies that violated regulatory norms.Read more

17 Jan 2024

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more

16 Jan 2024

SEBI (Securities and Exchange Board of India) has proposed measures to enhance transparency and fairness in the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) sector. The proposals include limiting the number of subordinate units issued by REITs and InvITs, ensuring uniformity in the rights granted to these units, and imposing a ceiling on the extent of subordinate units that can be issued. SEBI aims to foster a more balanced and standardized market environment by introducing these measures. The regulator has invited insights and feedback from market participants and stakeholders on these proposals until January 31.Read more

16 Jan 2024

The Haryana sports department in Panchkula showcased proactive measures, clearing dues of Rs 2.2 crore to secure key sports facilities and capitalise on property tax rebates. Mayor Kulbhushan Goyal hailed a record-breaking property tax collection of Rs 17.05 crore, attributing success to a well-executed campaign. Despite outstanding dues, the MC emphasised resident participation, extending operational hours and urging timely tax payments for ongoing city development. Initiatives targeting defaulters reflect an ongoing commitment to streamline tax collection, ensuring sustained city growth.Read more

15 Jan 2024

Maruti Suzuki and Tata Group are set to make significant investments in Gujarat, boosting the region's stature in business and technology. These announcements were made at the Vibrant Gujarat Global Summit. Maruti Suzuki is planning to double its output by 2031, investing Rs 38,200 crore to establish a new plant for 1 million units annually, with an additional Rs 3,200 crore for electric vehicle production. Tata Group plans for a semiconductor plant and a 20-gigawatt lithium-ion battery factory. These ventures are expected to create jobs and stimulate the economy, solidifying Gujarat as a hub for innovation and reinforcing India's global leadership in automotive and electronics.Read more

15 Jan 2024

Dilip Bhikhalal Desai, Chairman of DHC Advisory LLP, bought a luxurious sea-view duplex in Peninsula Bishopsgate, Breach Candy for a whopping Rs 85 crore. He chose the 10th and 11th floor of the tower. This 5,874 sq ft home sets a new standard with rates at nearly Rs 1.45 lakh per sq ft. The deal includes five parking slots, with stamp duty alone at Rs 5.10 crore. The Peninsula Bishopsgate project is a luxury project that adds to the prominence of Breach Candy. This deal shows soaring demand for premium real estate in Mumbai.Read more

15 Jan 2024

In a six-day Income Tax (I-T) raid on six real estate companies in Delhi-NCR, officials uncovered cash transactions exceeding Rs 600 crore, allegedly conducted to evade taxes. The companies are accused of selling units in residential and commercial projects in cash. I-T teams seized cash and jewelry worth over Rs 16 crore during the operations. Authorities are examining company documents and financial transactions to trace the money trail, with ongoing investigations aiming to reveal deeper irregularities and undisclosed financial dealings.Read more