21 Nov 2023

Edelweiss Alternatives plans to raise Rs 5,000 crore for its rental yield plus fund, targeting high-quality commercial properties in major Indian metros. Subahoo Chordia leads the fund, focusing on southern markets and aiming to build a 10-million-square-foot portfolio in three years. It will invest Rs 400 crore to Rs 2,000 crore per transaction, emphasizing core office assets and value-added older buildings. The second phase explores data centres and warehousing. Chordia highlights a decade of experience, stressing the appeal of the Indian market for private debt and real assets, expecting it to reach $5 trillion by 2027 with evolving regulations benefiting alternative asset managers.Read more

21 Nov 2023

Hyderabad's property market experienced a robust 25% YoY growth in residential property registrations in October 2023, totalling 5,787 properties valued at Rs. 3,170 crore. Notably, higher-value homes saw increased sales, with the Rs. 25 – 50 lakh range dominating registrations. The shift was evident in the reduced share of properties below Rs. 25 lakh. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Medchal-Malkajgiri led in registrations, comprising 43%, followed closely by Rangareddy at 42%. The weighted average prices witnessed a 6.8% YoY increase, and developers prioritized 3 BHK units, reflecting evolving homebuyer preferences for larger living spaces in Hyderabad's real estate landscape.Read more

21 Nov 2023

The Kerela government is facing a financial setback as lease arrears totalling Rs 436 crore remain unrecovered due to legal complications, with 88.90% currently under court-ordered stay. Thrissur, Ernakulam, and Thiruvananthapuram contribute to over 85% of the outstanding amount. An audit by the Comptroller and Auditor General (CAG) revealed irregularities in land assignments and leasing practices, including non-compliance with rules, non-maintenance of land lists, lapses in monitoring leased and assigned land, and a significant monetary loss due to the waiver of lease rent for certain entities. Resolving legal hurdles and streamlining land management practices are crucial for revenue recovery.Read more

18 Nov 2023

A JLL report published recently reveals that India's senior living market, currently at less than 1% penetration, offers substantial growth potential. Southern cities dominate with a 68% share, driven by factors like nuclear families, career mobility, and evolving perceptions. Independent living units hold an 84% market share, with 2 BHK units comprising 43% of current supply. Senior living projects command a 10-15% premium due to tailored amenities. The aging population is expected to double by 2050, making government support vital for market expansion. Key operators include Columbia Pacific, Vedaanta, Ashiana, and few others collectively holding over 50% market share.Read more

18 Nov 2023

Curated Living Solutions (CLSPL) has acquired a 766-bed student housing facility in Durgapur, West Bengal, marking its entry into brownfield ventures in student housing. Facilitated by real estate consultancy firm JLL, the acquisition adds substantial capacity, bringing CLSPL's portfolio to around 10,000 beds. The strategic move aligns with their growth strategy, combining greenfield developments and brownfield acquisitions across India. CLSPL's partnerships with educational institutions underscore their commitment to tailored student housing solutions, addressing the country's pressing demand, estimated at around 12 million students in need of hostel facilities.Read more

18 Nov 2023

Residential rental values are surging in India's top 7 cities, particularly in IT hubs like Bengaluru, Hyderabad, and Pune, according to ANAROCK Research. Bengaluru's Whitefield witnessed a remarkable 31% growth in rents for a standard 2BHK flat in the first nine months of 2023, leading the trend. Hyderabad and Pune followed with up to 24% and 17% growth, respectively, in key localities. However, rental values may stabilize in the current quarter before potentially rising again in early 2024. Bengaluru boasts the highest rental yield at 4.35%, drawing renewed interest from investors in the housing market.Read more

18 Nov 2023

Panjab University (PU) has contested a municipal corporation (MC) demand for Rs 25 crore in property tax, arguing that certain campus areas categorized as commercial actually fall under the residential segment. A meeting has been scheduled by the civic body to address PU's objections, considering records and surveys. The outcome of this case may set a precedent for how similar matters are handled in the future, impacting the financial dynamics between municipal bodies and autonomous entities. As the meeting approaches, stakeholders eagerly await a resolution that balances the financial interests of the municipal corporation and the perceived tax obligations of Panjab University.Read more

17 Nov 2023

WeWork India, resilient amid WeWork Inc.'s global challenges, seeks to repurchase its 27% stake held by the parent company after the latter filed for bankruptcy. The Embassy Group, the majority owner of WeWork India, remains in talks with WeWork Inc. despite the initial rejection by WeWork. WeWork India, valued at over $500 million in 2020, reported robust financials, targeting a Rs 1,800 crore revenue in FY24. The flexible office space sector, witnessing a resurgence, reflects the changing dynamics of workspace preferences. WeWork India's growth plans include adding 1.5-2 million sq ft annually, emphasizing its independent trajectory in India's co-working landscape.Read more

17 Nov 2023

Warburg Pincus, a global private equity major, has exited its joint realty development platform with Runwal Group, with over Rs 600 crore. The joint venture, initiated in 2019 for retail-led mixed-use properties, involved the development of shopping malls in key Indian cities. Warburg Pincus, which had infused Rs 250 crore in equity capital, achieved superior returns through the exit. Runwal Group has now taken full ownership, acquiring the 50% stake held by Warburg Pincus. The joint platform has commenced projects in Mumbai and Pune, and Runwal is expected to proceed independently with their construction.Read more

16 Nov 2023

IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.Read more