12 Jan 2023

HDFC Capital has raised USD 376 million in its third round of funding for its affordable real estate fund H-Care 3. The real estate private equity arm of the HDFC Bank has raised over USD 3 billion through the H-Care schemes since its launch in 2016, making it one of the biggest private finance platforms in the world focused on affordable housing development. The fund intends to use the money raised to meet growing demand for early-stage financing of housing projects in India.Read more

11 Jan 2023

Godrej Properties sold more than 1 million square feet of space during the opening of a new phase Celeste in its Ahmedabad township Godrej Garden City. Since Celeste's inception in October 2022, the company has sold 870 properties with a booking value of roughly Rs 435 crore. Celeste is a 2.3-hectare development that has 8 buildings and provides a variety of housing options and retail establishments. This phase includes a wide range of cutting-edge amenities as part of the integrated offering that caters to the social, health, and leisure needs of all age groups enabling residents to live more fully and comfortably.Read more

10 Jan 2023

The Yamuna Expressway Industrial Development Authority is set to develop a FinTech hub on 700 acres of land in sector 7 of Noida. FinTech hubs are aimed at providing financial services which have a backbone based on information technology. Whether the project will be a single allottee, multiple allottees or public private partnership model is yet to be decided. The Indian FinTech industry grew nearly 282% between 2013 and 2014 with a net worth of 450 million USD. This market is projected to reach 76219 million USD by 2025. As a result, the country has seen increased investments in the sector, including the development of FinTech hubs.Read more

09 Jan 2023

On 6th January 2023, the Chandigarh Housing Board began an e-auction for approximately 49 freehold residential units and 91 leasehold commercial properties. The auction will continue until 24th January 2023. The properties are in multiple locations across the city. About 17 properties are in Kajheri and 59 properties are in Manimajra, 10 in Sector 40A and 3 in Sector 38W. The remaining properties are in and around Sectors 26E, 51A, 49, and 63. The prices of these properties range between Rs 18 lacs to Rs 3 crores.Read more

09 Jan 2023

The Hyderabad Metropolitan Development Authority (HDMA) has announced it would be conducting an of auction of 38 open plots, located at the periphery of the city via sessions scheduled for 18th January 2023. The pre-bid meeting was held earlier this month which was attended by over 100 prospective bidders. The plot sizes range from 252 square meters to 800 square meters and have a total revenue potential over almost Rs 1,000 crores. The plots are in areas such as Nallagandla, Isnapur, Ameenpur, Patelguda, Sultanpur, Bachupally and Moosapet to name a few.Read more

06 Jan 2023

On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.Read more

06 Jan 2023

In 2022 the Reserve Bank of India increased the repo rate five times, amounting to a total increase by 2.25 percent. As a result, the average home loan interest rate is said to have gone up from 7 percent to 9.25 percent, thereby impacting home loan borrowers most severely. The easiest way to reduce exposure, in our opinion, is to consider partial repayment of your current loan as most home loans are usually taken on floating interest rates and do not usually invite penalties for partial or early repayments.Read more

05 Jan 2023

India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.Read more

05 Jan 2023

The Securities and Exchange Board of India (SEBI) has asked Oravel Stays, the parent company of hospitality chain Oyo Hotels to refile its draft red herring prospectus (DRHP) with revisions. According to the SEBI website, the offer document was returned on 30th December 2022 with advice to re-file with applicable updates and revisions. The company has reported a revenue of Rs 4,900 crores for the financial year 2021-22, indicating an 18 percent YoY growth from the previous year. It is also claims to have reduced its losses by almost half in FY 21-22. The company first filed its DRHP in September 2021.Read more

04 Jan 2023

After the demolition of the Holy Faith H20 building in Kochi in January last year, revenue officials are now gearing up to auction off assets of the builder to compensate customers. The Supreme Court directed officials to go ahead with the auction as the builder has failed to remit money owned to individuals who had purchased property in the now demolished building. This decision comes in lieu of a 13 year long tussle initiated in 2006 by the Maradu Panchayat who issued show cause notices to Holy Faith Builders and three other developers for constructing buildings along the banks of the Vembanad lake, which was in violation of the Coastal Regulation Zone rules of the area.Read more