27 Jun 2023

Afcons, a unit of the Shapoorji Pallonji group, is in talks with banks for an IPO to monetize assets and fulfil loan commitments, sources said. The company is also considering a strategic sale to Middle Eastern-based firms. These initiatives aim to raise funds and alleviate debt pressure on operating companies within the group. SP Group plans to raise Rs 5,000–6,000 crore through Afcons' monetization. The flagship company, SPCPL, has restructured around $3 billion of debt under a Covid relief scheme. Afcons has executed notable projects like the Ahmedabad Metro and Atal Tunnel. The Mistry family has raised significant debt using Tata Sons shares as collateral.Read more

27 Jun 2023

Paranjape Schemes, a leading real estate developer, has secured funding of over Rs 230 crore from private equity funds such as ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These investments will be utilized for residential projects in Mumbai and Pune. Notably, Paranjape Athena in Mumbai's Bandra, Forest Trails in Pune's Bhugaon, Trident in Wakad, and Paranjape Aspire in Andheri are among the projects. The company aims to complete construction by 2027, with a projected revenue of Rs 1,100 crore. Paranjape Schemes is also recognized for its senior living developments and plans to create a residential project for families with autistic children.Read more

27 Jun 2023

Suhana Khan, soon-to-debut actress and daughter of Shah Rukh Khan has bought a 1.5-acre property in Alibaug's Thal village for INR 12.91 crore. The purchase includes three traditional cottages previously owned by descendants of actor Durga Khote. Amid Alibaug's growing urbanization and associated challenges, like water shortage and waste management, Khan's acquisition spotlights the need for sustainable planning. Notably, many Mumbai-based celebrities are turning to Alibaug for real estate investments.Read more

26 Jun 2023

In a move that could further impact the cost of living in Ahmedabad, the Ahmedabad Urban Development Authority (AUDA) has recently announced its decision to raise development charges by a significant margin. The proposed increase would see development charges surge by 15-20 times the current rates, potentially burdening property owners and developers alike. With development charges being a crucial factor in the overall cost of construction projects, this move is expected to have far-reaching implications for the real estate sector and urban development in Ahmedabad.Read more

26 Jun 2023

Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.Read more

26 Jun 2023

Ludhiana's municipal corporation is turning to digital technology to identify property tax defaulters. A new mobile application utilizing Geographical Information System (GIS) mapping allows officials to color-code properties and assign unique identification numbers. This will facilitate the tracking of defaulters and improve operational efficiency. The initiative, which includes live location tracking for field staff and text reminders to defaulters, is part of an aggressive push to achieve this year's property tax target of Rs 130 crore.Read more

26 Jun 2023

Reliance Retail Ventures (RRVL), along with six other companies, has expressed interest in acquiring Future Supply Chain (FSC), the logistics and warehousing management arm of Future Group, which is facing bankruptcy. FSC has played a crucial role in managing Future Group's warehousing and logistics requirements. RRVL had previously made an unsuccessful offer to acquire the entire Future Group business. The bidding process for FSC will determine its future and have broader implications for the Future Group and the Indian retail industry.Read more

23 Jun 2023

MCG suffered significant revenue losses of Rs 461.7 crore over a 12-year period due to the inability to collect property tax from institutional property owners. An audit revealed missing owner names in MCG's records for zones 1 and 4. The audit report highlighted the lack of effort from zonal taxation officers to locate these records. This led to a loss of property and a fire tax amounting to Rs 461.7 crore. MCG aims to recover the amount owed, but rectifying the property ID data and updating records will take time and effort.Read more

23 Jun 2023

Bhagirath Realty Private Ltd has been served a cease-and-desist order by the Nagpur Municipal Corporation (NMC) for proceeding with construction of a commercial complex without appropriate permits. The unsanctioned construction on a disputed 40,000 sq ft plot, previously held by the Nag Vidarbha Chamber of Commerce, is currently under multiple investigations. The builder faces potential legal consequences for violation of the Maharashtra Regional and Town Planning Act, and possible implications from breach of environmental and mineral excavation norms.Read more

23 Jun 2023

A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.Read more