23 Feb 2023

Earlier this week, the Indian Competition Commission gave its approval for Nexus Select Trust to acquire 100% of the shares of fifteen entities and indirectly acquire 100% of the shares of two entities through the manager of the acquirer REIT, Select Infrastructure Pt Ltd and Nexus South Mall Management Put Ltd. ICC also approved the purchaser REIT's (acting through its manager) direct acquisition of 50% of the equity shares of ITIPL from its current owners. The Nexus Select Trust REIT is India’s fourth REIT. Its primary sponsor is Wynford Investments Limited, an affiliate of Blackstone Inc.Read more

23 Feb 2023

MYRE Capital intends to raise Rs 20 crore through a structured debt opportunity that provides qualified investors with senior secured debt that is secured with a loan against property (LAP) via offline distribution channels. The required minimum investment for this offer is Rs 15 lakh with an IRR of 11%. The investment is a four-year structured instrument with monthly interest payments and annual principal repayments of 25%. A SEBI registered debenture trustee will oversee this transaction in its entirety, the company stated.Read more

22 Feb 2023

Last week, the Securities Exchange Board of India (SEBI) announced that it will sell 22 properties owned by MPS Group, Tower Infotech, and four other entities at auction on March 3 for a reserve price of Rs 91 crore to recover investors' money. The regulator has placed the properties of Vibgyor Group, Prayag Group, Multipurpose BIOS India Group, and Waris Finance International Group on block in addition to MPS Group and Tower Infotech. These businesses have obtained money from investors without adhering to legal requirements.Read more

22 Feb 2023

According to a BSE filing from the firm, Embassy Office Parks REIT (Embassy REIT) has secured a term loan from Bajaj Housing Finance, a division of Bajaj Finance for Rs 1,000 crore. The corporation will largely use the money raised from this debt raising to pay down existing construction debt as well as for basic business needs. The long tenor loan aids in extending Embassy REIT's debt maturity profile, and the refinance resulted in interest savings of 60 basis points, according to Embassy REIT.Read more

21 Feb 2023

Axis Commercial Real Estate Fund has announced its first close after raising nearly INR400 crore through a strategic partnership between Axis Asset Management and global real estate firm Tishman Speyer, according to anonymous sources. The fund is a category II alternate investment fund (AIF) that will develop greenfield commercial projects across eight key markets in India, including Chennai, Ahmedabad, Kolkata, Hyderabad, Pune, Mumbai, the National Capital Region, and Bengaluru, with a focus on sustainability, safety, and serviceabilityRead more

17 Feb 2023

CRC Group, a real estate developer located in Noida, disclosed that it would invest Rs 810 crore to build a commercial property in the area. The project, which has the potential to create 9,000 jobs, has already been authorized by the Uttar Pradesh government under the Invest UP programme. The company intends to build over 12 lakh square feet of office space, 3 lakh square feet of retail space, and one lakh square feet (102 units) of service apartments as part of the project.Read more

16 Feb 2023

Taurus Investment Holdings, a Boston-based private equity and development fund, is seeking to develop retail-led, mixed-use properties in India. The firm is targeting tier 1 and high-growth tier 2 cities in the South and West regions of India due to high demand in these markets. The first project, Taurus Downtown, will be located in Trivandrum, with Taurus investing INR 1,000 crore in the 1.3 million square feet development. In addition to Trivandrum, Taurus also plans to focus on secondary cities such as Visakhapatnam, Coimbatore, Bhubaneshwar, and Trichy.Read more

15 Feb 2023

The Government of India has blocked 232 apps run by foreign entities, including those from China, due to their involvement in activities such as betting, gambling, and providing unauthorized loans. According to sources, LazyPay, IndiaBulls Home Loans, and Kissht have been included in the list of websites that have been blocked by the Ministry of Electronics and IT. The Ministry issued the blocking orders on Saturday in response to an emergency request from a nodal officer of the home ministry.Read more

14 Feb 2023

Savvy Group, an Ahmedabad-based real estate developer, is expanding into the Mumbai property market and plans to invest more than INR 2,000 crore ($274 million) over the next few years. To start, Savvy Group will invest around INR 750 crore to develop two projects it has recently acquired: a mixed-use project and a residential redevelopment project in the city's western suburb of Andheri and the central suburb of Ghatkopar, respectively.Read more

14 Feb 2023

Although cost of construction remains high, the Kerala government's most recent financial allocations which include support programmes for affordable housing comes as a huge relief for the poor. The State Budget has set up Rs. 1,436 crores for Life Mission programmes which will enable the completion of 71,861 homes and 30 housing complexes in the upcoming fiscal year. Some of the programs that have received aid are the Grihasree programme of the Kerala State Housing Board and Aswas Rental Housing Scheme.Read more