PNT Reporter

16 May 2023

Ajmera Realty & Infra India (ARIIL) has reported a 7.85 percent increase in its net consolidated profit for the fourth quarter of the financial year 2022-2023. The company has also decreased its debt by 7 percent and procured property worth approximately Rs 550 crore for development purposes. The board of directors has proposed a final dividend of Rs 3 for each equity share with a face value of Rs 10, pertaining to the fiscal year concluding on March 31, 2023. Despite a decline of 35.85 percent in its net consolidated total income from operations, ARIIL's sales volume and valuation have surged in FY2023.Read more

16 May 2023

The Nexus Select Trust's IPO was subscribed 5.45 times on the final day of subscription. The offer to sell shares worth Rs 3,200 crore received bids for 101.03 crore units compared to the 18.52 crore units available for sale. The REIT is financially backed by Blackstone and owns 17 functional shopping centres, including Delhi's Select City Walk, in 14 cities covering 9.8 million square feet. Blackstone's ownership stake in Nexus Select Trust will decrease from 60 percent to 43 percent following the IPO.Read more

PNT Reporter

16 May 2023

The Quelossim village panchayat has updated its house tax rates, which had not been changed for over 25 years. The revision was approved smoothly during the gram sabha gathering, and houses made of mud that have been in existence since 1996 will be charged Rs 100 annually. Houses constructed with cement, bricks, stones, or Mangalore tiles will be charged Rs 200 annually. Houses constructed with slabs made of reinforced cement concrete are obligated to bear a fee of Rs 5 for every square metre, and individuals requesting occupancy certificates will be required to remit a fee of Rs 8 for every square metre.Read more

PNT Reporter

16 May 2023

The joint venture between the Allianz Group and the Shapoorji Pallonji Group has announced plans to sell Waverock, a large IT SEZ in Hyderabad, which is home to several major tech companies. The property was originally purchased in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. The property has attracted interest from institutional investors and has a capacity of up to 20,000 professionals.Read more

PNT Reporter

15 May 2023

The ASK Property Fund, a real estate private equity division of the ASK Group, has successfully closed its sixth fund with over Rs 1,500 crore. The primary goal of the fund will be to invest in mid-income and affordable residential development projects in India's top five cities, including Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.Read more

15 May 2023

Mindspace Business Parks REIT announced a net loss after tax of Rs. 339 million in Q4 FY23, compared to a profit of Rs. 1336 million in the same period the previous year. However, the net consolidated income increased by 19.9% to Rs. 5,723 million. The REIT approved a pay out of Rs. 4.81 per unit, totalling Rs. 2,852 million. The NOI increased by 9.2% YoY to Rs. 4,364 million in Q4 FY23 and in FY23 by 13.2% YoY to Rs. 17,101 million. The REIT obtained Rs. 5.5 billion through green bond issuance and raised a total of Rs. 15.4 billion through NCDs.Read more

15 May 2023

The Panvel Municipal Corporation collected a significant amount of Rs 165 crore from property taxes during the financial year 2022-23. As a result, PMC has decided to offer property owners a 5 percent reduction in the current property tax bill until May 31, 2023. The local administration also promoted the use of digital payment methods for property tax and provided incentives to proprietors of solar energy and rainwater harvesting societies.Read more

PNT Reporter

15 May 2023

The Municipal Corporation of Delhi (MCD) has received consent from the Delhi government to increase the transfer fee on property sales by 1 percent for properties valued over Rs 25 lakh. This proposal has been endorsed by the special officer and municipal commissioner and forwarded to the Delhi government for approval. The increase in transfer fee is expected to generate revenue and enhance the financial status of MCD after the unification process. The registration fee in Delhi is also discussed as an important payment required for property registration.Read more

PNT Reporter

12 May 2023

Brookfield Asset Management and Tata Group are in talks to invest in Nexus Malls ahead of its planned IPO. The Blackstone-owned real estate investment trust is valued at around $3 billion and aims to raise $390 million through the share sale. Nexus Malls owns 17 commercial assets across 13 Indian cities and has seen a significant reduction in losses in the fiscal year ending March 2022. The IPO is set to begin trading on May 19, with lead book-running managers including Axis Capital, IIFL Securities, and BofA Securities India.Read more

PNT Reporter

12 May 2023

In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.Read more