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

28 Sep 2023

Dalmia Nisus Finance Investment Managers has successfully exited its investment in two prestigious projects by Puranik Builders Limited, achieving an impressive return of over 25 percent IRR in just nine months. The Rs 125 crore investment was executed through the Real Estate Credit Opportunities Fund-I and accelerated the development and sales of Rumah Bali and Tokyo Bay in Thane. This achievement underscores Dalmia Nisus' prowess as an alternative asset manager within the Nisus Finance Group, focusing on structured credit and mezzanine investments in India's residential sector. The fund is set to exit all investments in the next 12 months.Read more

28 Sep 2023

Omaxe Ltd., a prominent real estate developer, has achieved a significant milestone by acquiring over 5 acres of land in Ludhiana through a competitive bidding process with the Rail Land Development Authority (RLDA). The transaction, valued at Rs 220 crore, strategically places this land near Ludhiana's Ghumar Mandi Fountain Chowk in Punjab, offering great potential for residential and commercial development. Omaxe aims to strengthen its presence in key locations near the National Capital Region (NCR), enhancing Ludhiana's real estate market and boosting its own growth. This acquisition aligns with Omaxe's strategy to expand in crucial markets and develop exceptional urban spaces.Read more

27 Sep 2023

The Himachal Pradesh Assembly passed the Indian Stamp (Himachal Pradesh Amendment) Bill, 2023, amidst protests and a walkout by the BJP. The bill introduces revised property registration fees, aiming to rectify gender-based disparities. Women purchasing properties up to Rs 80 lakh will pay a 4 percent registration fee, rising to 8 percent for higher values. Others face a 6 percent fee for properties up to Rs 50 lakh, increasing to 8 percent. The bill marks the first stamp duty revision in a decade. Despite opposition, the government justified these fees as necessary due to the state's substantial Rs 75,000 crore debt burden.Read more

27 Sep 2023

Shriram Housing Finance expects a capital infusion of up to Rs 750 crore from its parent company, Shriram Finance, in early 2024. This anticipated boost in funds, though initially estimated at Rs 500 crore, aims to support Shriram Housing's ambitious asset management goals. The capital infusion is expected in late 2023 or early 2024 and may precede a strategic sale of a 10-20 percent stake or an IPO. Shriram Housing plans to borrow from various sources to fund its growth, including banks, the capital market, and non-convertible debentures.Read more

27 Sep 2023

Fractional ownership in Indian real estate is surging as private companies offer platforms that allow investors to collectively own property. Assets under management have reached Rs 4,000 crore, with a predicted annual growth rate of 25–30 percent over the next few years. Regulatory bodies like SEBI are developing guidelines to bring transparency and accountability to this market, proposing registration as MSM REITs, listing on stock exchanges, and focusing on completed, revenue-generating real estate investments. This trend represents a significant shift in real estate investment dynamics, democratizing access to property ownership and lowering capital requirements for investors.Read more

27 Sep 2023

The Kochi Metro Rail Ltd (KMRL) has initiated the process of leasing 17.43 acres of land within the proposed Bliss City project in Kakkanad. This move is intended to expedite the development of the mixed-use project, which originally included plans for a medical city and entertainment hub. The decision to lease this portion of the land came after investors showed interest in residential development, which did not align with KMRL's vision. The remaining 14 acres of land within Bliss City are under discussion, with the possibility of them being used for IT infrastructure to support Infopark's needs.Read more

27 Sep 2023

Godrej Properties, a prominent real estate developer, has acquired approximately 15 acres of land in Gurugram's Sector 103 for Rs 403 crore from Microtek Infratech. The sale deed was executed in the name of Godrej Vestmark LLP, with a stamp duty of Rs 28.21 crore paid for the transaction. While Godrej confirmed the land acquisition through outright purchase, they did not disclose the revenue potential of the upcoming project on this land. This acquisition follows Godrej's previous land purchases in Noida and Gurugram, demonstrating its commitment to expanding its real estate portfolio in key regions.Read more

27 Sep 2023

Sumitomo Corporation Group secured a momentous long-term lease for a 3-acre land parcel in Mumbai's BKC from the MMRDA, valued at over Rs 2,067 crore. The subsidiary, Goisu Realty, won the bid in 2019, concluding the deal after a four-year journey. This marked MMRDA's first land auction in 12 years. The BKC remains a sought-after business district, with the MMRDA looking to raise Rs 3,000 crore from its land parcels. However, policy clarity regarding floor space index purchases is awaited. Goisu Realty also made a significant acquisition in Worli for Rs 5,200 crore. Land transactions are gaining momentum across key Indian markets.Read more

26 Sep 2023

Property owners in Pune are showing reluctance to submit PT3 forms to avail a 40% property tax discount offered by the Pune Municipal Corporation (PMC) for self-occupying properties. This hesitation may lead to approximately 3 lakh property owners losing out on this rebate. The scheme, initially introduced in 1970, was declared illegal in 2019 but was reintroduced in 2023. Citizens are expressing frustration, suggesting that it should be the civic administration's responsibility to cross-verify occupants rather than burdening taxpayers with complicated compliance procedures. Many are calling for a more user-friendly, online submission process to streamline the application for the tax discount.Read more