30 Sep 2023

Arkade Developers Ltd. has acquired a 3-acre industrial land parcel in Bhandup West, Mumbai, from Copper Rollers Pvt. Ltd. The deal, with a total value of approximately Rs. 103.88 crores, marks Arkade's strategic expansion in the Mumbai Metropolitan Region. The company is actively engaged in the development of five ongoing projects, encompassing a total area of around 1.8 million square feet, with completion dates ranging from 2025 to 2027 as per RERA filings. Arkade is also planning to launch two new projects in Vile Parle East and Malad West, with a combined developable area of 0.4 million square feet.Read more

30 Sep 2023

Oberoi Realty, a leading Indian real estate firm, has embarked on the redevelopment of a prime land parcel in Mumbai's Tardeo area. This strategic move, announced in a regulatory filing, is expected to yield a substantial free-sale component of around 2.5 lakh square feet. The company's decision aligns with its commitment to delivering premium real estate solutions across various sectors, including residential, commercial, and social infrastructure. Oberoi Realty's track record of excellence positions it well to capitalize on lucrative opportunities in sought-after locations, contributing to the transformation of urban landscapes in India.Read more

30 Sep 2023

A recent report by CBRE South Asia Pvt. Ltd. highlights the significant growth of green-certified office spaces in India, reflecting a surge of more than 36% in green-certified office stock since 2019, totalling around 342 million square feet. The top six Indian cities, including Bangalore, Delhi-NCR, and Mumbai, have been at the forefront of this growth, accounting for 68% of the country's green-certified office spaces as of June 2023. The report attributes this expansion to increasing emphasis on sustainability driven by global and domestic ESG regulations, with modern, sustainable office spaces becoming highly sought after by developers and occupiers. This trend underscores the growing importance of sustainability in the Indian real estate sector.Read more

29 Sep 2023

An audit by the office of the Principal Accountant General has uncovered widespread undervaluation of properties registered with the Ernakulam sub-registrar office over the past two years. The audit identified undervaluation in 112 cases, resulting in a revenue deficit of stamp duty amounting to Rs 1.26 crore and registration fees of Rs 33 lakh. The sub-registrar has forwarded details of the undervalued properties to the district registrar for review and potential revision. The audit also revealed issues with valuation certificates issued by approved valuers and called for comprehensive reforms to address undervaluation and revenue loss in property transactions.Read more

29 Sep 2023

The Indian senior living sector, valued at around $10.15 billion in 2022, is poised for robust growth with a projected compound annual growth rate (CAGR) of 10 percent over the next six to eight years, fuelled by the ageing demographic. By 2030, one in every five Indians will be 55 or older, reflecting a substantial market. The Association of Senior Living India (ASLI) is organizing the "ASLI Ageing Fest—Unlocking India's Senior Care Investment Potential" on November 17, highlighting investment opportunities in the senior care sector. This demographic shift has caught the attention of investors and businesses eager to meet the evolving needs of India's ageing population.Read more

29 Sep 2023

L&T Finance is set to sell a distressed-asset loan book worth Rs 4,762 crore to three asset reconstruction companies (ARCs) by the end of this quarter, aiming to clean up its books. Phoenix ARC, backed by Kotak Mahindra Bank, is expected to acquire the majority of the 15 bid-out accounts, followed by CFM ARC and Prudent ARC. The portfolio included 16 accounts with a reserve price of Rs 2,080 crore, but none of the ARCs showed interest in buying the exposure to Delhi-NCR realtor Supertech. L&T Finance has been actively selling distressed asset portfolios to ARCs to enhance its financial position.Read more

29 Sep 2023

Signature Global (India) made a strong stock market debut, with its shares closing 19 percent above the issue price of Rs 385. The stock opened at Rs 445 on the BSE, marking a 15.58 percent rise from the issue price, and reached an intraday high of Rs 473.45, ultimately closing at Rs 458.40, a 19.06 percent gain. On the NSE, it started at Rs 444, rising 15.32 percent, and ended at Rs 456.55, up 18.58 percent. This debut led to a market valuation of Rs 6,441.01 crore. The IPO, worth Rs 730 crore, was subscribed to 11.88 times, demonstrating strong institutional investor interest.Read more

28 Sep 2023

The Municipal Corporation of Delhi (MCD) is contemplating the introduction of "compensatory regulatory charges" in south and east Delhi, a move that may significantly affect residential construction costs in these areas. Previously, this fee was limited to North Delhi. The charges will be based on the built-up area of new residential structures or renovations and will be applied during the building plan approval process. The proposal is set to be discussed in an upcoming house meeting. MCD officials argue that these charges are necessary to support infrastructure development in MCD-governed regions. However, there are suggestions to revise the fee calculation method to correlate with the built-up area, potentially impacting construction costs.Read more

28 Sep 2023

The Mangaluru City Corporation (MCC) is launching an ambitious campaign to bring approximately 30,000 properties into the property tax net, as it has been revealed that 15% of the city's properties have not been contributing to taxes. The MCC will conduct a comprehensive door-to-door survey to identify these non-compliant properties and gather essential documents for taxation. This initiative aims to bolster the city's revenue and ensure all properties are accounted for in the tax system. The MCC's proactive approach promises to set a precedent for efficient governance and financial sustainability, with the survey set to begin this week.Read more

28 Sep 2023

Godrej Fund Management, the real estate arm of the Godrej Group, is on the verge of selling 200,000 square feet of office space in Mumbai's Bandra-Kurla Complex to Max Life Insurance for approximately Rs 900 crore. The deal includes three floors currently leased to prominent tenants, including Carlyle Group, Nayara Energy, and Investcorp. The property is part of the Godrej BKC commercial project. This transaction highlights Godrej Fund Management's commitment to expanding its presence in strategic locations. The deal is expected to conclude soon, with both parties having signed the term sheet and initiated due diligence.Read more