25 Jan 2023

The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement with authorities. The highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores. If approved by the state cabinet, this will be the company’s fourth residential development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-going multi-phase residential project near Joka.Read more

25 Jan 2023

According to a study released by Knight Frank, the Indian cities of Mumbai and Bengaluru have recorded the fastest growth in office property rentals in the entire Asia Pacific region this year. With a 11 percent and 7 percent increase in the fourth quarter of 2022, rentals are expected to be buoyant and grow in a similar trajectory even in the 2023. While rental rates increased in Mumbai and Bengaluru, rentals in the National Capital Region remained steady without any significant rise in yields. NCR recorded the highest occupancy cost as almost $79 per square foot, followed by Mumbai at $71 per square foot and Bengaluru at $37 per square foot.Read more

25 Jan 2023

The government is said to be reviewing a proposal put forth by banks in the country which demands that sale of immoveable property mortgaged to lenders for recovery of bad loans via auction be made exempt from tax deducted at source (TDS). The current laws require sellers to pay 1 percent of the value of properties exceeding Rs 50 lacs towards TDS when sold. It also allows for the loan defaulter to claim benefits of up to 1percent of this sales value. Therefore, the banks recommend that an exception be made with such sales to ensure there is no financial loss for lenders and loan defaulters are made to pay.Read more

24 Jan 2023

According to recent reports, Mt. K Kapital has raised over Rs 350 crore through the initial close of its residential development fund from anchor investors such as State Bank of India, Famy Care, Rustomjee Group, family offices, and high-net-worth individuals. The fund is a category II alternative investment fund registered with the Securities & Exchange Board of India. The fund aims to invest in 8-10 projects in the Mumbai region, with a focus on redevelopment projects.Read more

24 Jan 2023

The Securities and Exchange Board of India (SEBI) has begun permitting investment managers of investment vehicles such as REITs and InvITs to hold unitholder meetings via video conferencing and other audio-visual methods, provided they follow the regulator-mandated protocol while holding these sessions. Among other criteria, the investment managers of InvITs or managers of REITs should keep the recorded transcripts of the meetings conducted through VC or OAVM in their safekeeping and provide the meeting transcripts as soon as feasible after the meetings are over on their respective websites. The facility of remote e-voting must be made available among other things before the meeting's scheduled date.Read more

23 Jan 2023

The Isprava Group, known for creating and managing luxury villas across India has recently raised Rs 160 crores through a round of funding led by Symphony International Holdings and others. The company intends to use the money raised for both brands; Isprava and Lohono Stays to increase their footprint across India and other key countries. They intend to develop and broaden their brand presence and explore the use of technology for product development in the near future. Both brands are said to have witnessed an exponential growth in the last couple of years, more than doubling their operations.Read more

20 Jan 2023

House of Abhinandan Lodha is planning to invest upwards of Rs 11,000 crores to acquire and develop land parcels across the country in the coming three to four years. The company has so far successfully launched and sold plotted development projects in Goa, Dapoli, Anjarle and Neral. The company intends to roll out as many as 11 new projects in the coming financial year, near Alibaug, Goa, Ayodhya, Lonavala and other undisclosed locations in the Konkan region. According to insiders, of the total investment budget planned for the next four years, almost Rs 3,000 crores has been set aside for land acquisition in Uttar Pradesh of which over Rs 1,000 crores will be invested in Ayodhya alone.Read more

19 Jan 2023

In an interview with TOI last week, the state Revenue Minister Radhakrishna Vikhe Patil announced he would be personally looking into the request submitted to scrap non-agricultural (NA) tax payable by several housing societies in Pune and Mumbai that exist on land that falls under the ‘gaothan’ areas as classified by the Collector in accordance with the Maharashtra Land Revenue Code 1960. More than 85,000 societies are said to currently exist on land classified as such.Read more

13 Jan 2023

According to a report published by Colliers India, institutional investments in alternate asset classes in real estate reached a record high of $0.9 billion, indicating a 92 percent YoY hike for the calendar year 2022. These investments accounted for 18 percent of the total inflow for the year and is said to have jumped 4-fold since 2019. Investors have bet on emerging markets such as data centres, life sciences, holiday homes, hospitals, etc. The largest tractions were witnessed in data centres which accounts for roughly 52 percent of the total investments made in alternate assets.Read more

12 Jan 2023

A statutory authority for the Indian Railways, The Rail Land Development Authority (RLDA) has opened bids for leasing out a 124,000 square meter land parcel for a period of 99 years, located in Sector 21, Dwarka, Delhi. The pre-bid meeting was held on 10th January 2023 and the last date for e-bid submission has been declared as 6th February 2023. The reserve price for the land in question is approximately Rs 1190 crores. The land is available for mixed used development, i.e., for residential and commercial structures. The land parcel available for lease is a combination of multiple railway plots located near Indira Gandhi International Airport in the southwest region of New Delhi.Read more