11 Oct 2023

The Reserve Bank of India (RBI) has decided to keep the policy rate unchanged for the fourth consecutive time, with the repo rate remaining at 6.5 percent. This decision, made by the Monetary Policy Committee (MPC), underscores the RBI's commitment to closely monitoring inflation. The central bank has maintained its growth projection for the current fiscal year at 6.5 percent, with balanced risks. This decision reflects the RBI's cautious optimism amid ongoing economic challenges. The central bank's previous series of rate hikes was aimed at curbing inflation, and this pause indicates their belief that these measures have had an impact on inflation.Read more

11 Oct 2023

Indian proptech startup Alt Drx has introduced the First Square Feet Opportunity (FSO), offering fractional property ownership. This platform allows users to invest in fractional shares of residential real estate, starting from as little as one square foot, with a minimum investment of Rs 7,500 (about $90 US). FSO aligns with the Reserve Bank of India's (RBI) Know Your Customer (KYC) compliance regulations and leverages blockchain technology for security and transparency. Alt Drx also plans to launch TradeX, providing an exit route for investors. This innovative approach opens up real estate investment opportunities to a wider range of investors in India.Read more

10 Oct 2023

SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Company, has entered into a strategic partnership with Fullerton Financial Holdings (FFH) to lease 194,000 square feet of prime office space in Mumbai. This move consolidates SMFG India Credit's offices in Powai and Andheri into a centralized workspace for over 2000 employees, focusing on back and mid-office functions. The office space is located in Embassy 247, a premium Grade-A office park in Vikhroli, Mumbai, known for attracting prestigious names in the BFSI sector. The initiative aims to provide an advanced work environment and foster growth in the Indian market. SMFG India Credit's corporate headquarters will remain in Bandra-Kurla Complex (BKC) in Mumbai.Read more

10 Oct 2023

Office leasing activity in nine major Indian cities rose by 33 percent year-on-year, reaching 15.8 million sq. ft. in Q3 2023, according to CBRE South Asia Pvt. Ltd. The BFSI sector accounted for 29 percent of total office leasing during the quarter. Major cities like Mumbai, Bangalore, and Hyderabad led the leasing activity, representing 60 percent of transactions. The share of BFSI firms in leasing increased from 16 percent in Q2 2023 to 29 percent in Q3 2023. The tech sector accounted for 23 percent of leasing, while engineering and manufacturing comprised 10 percent. Office space supply rose 94 percent YoY to 19.3 million sq. ft.Read more

10 Oct 2023

Justo Realfintech, led by Pushpmitra Das, plans to launch an Alternative Investment Fund (AIF) to support property developers, aiming to raise up to $80 million. The company intends to partner with an experienced entity for project cash flow management and fund deployment. This initiative aligns with a growing trend in the market, with various firms raising property funds to aid developers, totalling approximately Rs 6,000 crore. Justo Realfintech aims to file the necessary paperwork with SEBI by December 2023 for regulatory approval, with the AIF expected to provide financial assistance ranging from Rs 20 crore to Rs 40 crore per project, specifically targeting mid-sized developers.Read more

07 Oct 2023

Arkade Developers, a prominent player in the real estate sector, has successfully acquired a prime industrial plot spanning approximately three acres in Bhandup West, Mumbai, from Copper Rollers for a total value of Rs. 103.88 crore. The company has also received a letter of intent for forthcoming redevelopment projects in the Mumbai Metropolitan Region. Arkade Developers is actively working on five ongoing projects covering approximately 1.8 million square feet and plans to launch two upcoming projects in Vile Parle East and Malad West. Additionally, the company has submitted a draft red herring prospectus (DRHP) to SEBI for an IPO to raise up to Rs. 430 crore, signalling its strategic efforts for growth and expansion in the real estate market.Read more

07 Oct 2023

Capri Global Holdings has recently sold a significant stake in Indiabulls Housing Finance Ltd, as per data from the National Stock Exchange (NSE). The transaction involved the sale of 25 lakh shares, equivalent to a 0.53 percent ownership interest in the company. This move signals Capri Global Holdings' strategic realignment of its investment portfolio, with the value of the shares sold amounting to a substantial sum. The sale underscores the dynamic nature of the financial markets and the strategic decisions being made by prominent players in the industry.Read more

07 Oct 2023

In a significant shift in India's real estate market, sales of premium homes priced above Rs 1 crore have surpassed those in the affordable segment below Rs 50 lakh for the first time, according to Knight Frank's Q3 2023 report. The quarter saw a six-year high in sales with 82,612 units sold, a 12% increase compared to the same period last year. The mid-income range, priced between Rs 50 lakh and Rs 1 crore, dominated with 29,827 units sold, constituting 36% of the market share, while the high-end segment above Rs 1 crore experienced a 39% surge to reach 28,642 units. This shift is attributed to rising interest rates and prices impacting the affordable housing sector, prompting the need for interventions to boost demand and viability.Read more

07 Oct 2023

Raymond, the prominent textile and apparel company, is set to invest up to Rs. 301 crore in Ten X Realty (TXRL), its wholly-owned subsidiary. This investment includes Rs. 125 crore in redeemable preference shares and Rs. 176 crore via an Inter Corporate Deposit (ICD). TXRL is currently involved in redeveloping a housing society in Mumbai's Bandra locality under a joint development agreement. This strategic investment reflects Raymond's commitment to its real estate ventures.Read more

07 Oct 2023

The Ahmedabad real estate market is witnessing a resurgence in redevelopment deals following a significant increase in jantri rates. Over 30 redevelopment agreements have been finalized in the past three months, with approximately 500 housing societies in active negotiations with developers. What's intriguing is that even relatively young societies are exploring redevelopment options. However, developers are grappling with floor space index (FSI) limitations that make many projects economically unfeasible. Despite these challenges, the drive to rejuvenate older societies remains strong, with hope for more feasible solutions in Transit Oriented Zones (TOZs).Read more