03 Jan 2023

The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.Read more

03 Jan 2023

As a result of a meeting held last week, the current revenue minister of Maharashtra Radhakrisha Vikhe-Patil has agreed to reduce the Nazul Lands’ freehold charges from 5percent to 2percent of the ready reckoner value. Other significant decisions taken during the meeting include the reduction of penal charges levied, further clarification on premium lease holder charges and further reduction of the existing charges to be paid after renewal of lease. Officials have been directed to prepare detailed policies regarding the same for review.Read more

03 Jan 2023

Dismissing several petitions and the consequent GO challenging the recent hike in property tax in Chennai and Coimbatore, the Madras High Court has directed that the amendments recommended by the councils be implemented and effective from 1st April 2023. The decision to raise property tax rates was initiated by a need for augmented funds. Additionally, a mandate cast by the 15th central finance commission for availing grants and entry level conditions for receiving funds under various schemes offered by the central government.Read more

02 Jan 2023

CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.Read more

02 Jan 2023

One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.Read more

30 Dec 2022

The real estate arm of ASK Group, ASK Property Fund has exited the Eldeco Group’s South Delhi commercial project called Eldeco Centre, have generated an IRR of 21% on its investment of Rs 120 crores. In September this year the fund exited another investment in Gulshan Homz for their Gulshan One 29 project in Noida after two years, having achieved an IRR of 21% on their investment. The fund recently collaborated with Sriram Properties Limited to set up a co-investment platform to develop ‘Golden Ira’ a plotted development project in Bengaluru. Both companies intend to infuse capital to the tune of Rs 125 crores and re-launch the project under the name ‘Shriram Pristine Estates’.Read more

29 Dec 2022

The Brihanmumbai Municipal Corporation (BMC) is set to pay a sum of approximately Rs 470 crores to the Airport Authority of India (AAI) for land owned by them in the Dahisar region of Mumbai Suburban. The land parcel is said to be around 58acres large. In exchange for this plot, the AAI will receive 40acres of government land in Gorai. The BMC intends to create a 10acre public park within the plot, akin to the Azad Maidan and Oval Maidan in South Mumbai. The redevelopment and rehabilitation of structures present within the land parcel allegedly have a development potential worth over Rs 50,000 crores.Read more

28 Dec 2022

Canadian Property Management Fund Brookfield is looking to sell three of the company's assets in Mumbai and Gurugram. The properties are said to be collectively worth USD 2 billion. The company intends to sell only a portion of these assets to outside investors and the remaining half to its publicly traded Brookfield REIT. Earlier this year the Brookfield REIT reported a forty eight percent rise in income to 240 crore rupees for the quarter ending September. Its net operating income stood at 162 crore rupees for the same period last fiscal year.Read more

27 Dec 2022

As per official records released, The Bruhat Bengaluru Mahangara Palike (BBMP) has been able to collect only Rs 2641 crore of its intended goal of Rs 4000 crore in property tax for this fiscal year. This discrepancy is being largely attributed to the shift in focus towards electoral duties in the recent months. The civic body however is confident of achieving its goal by early 2023 if not sooner. In the last 4 years the Palike has collected more than Rs 11,000 crore in property tax, with the highest collections being made from non-residential properties in the city.Read more

26 Dec 2022

Mantri Serenity, a stalled residential project located on Kanakapura Road in Bengaluru will be the first project in the city to be completed with funding from the government initiated Special Window for Affordable and Mid-Income Housing Fund (SWAMIH Fund). The project was launched in 2012 but shut down midway in 2018 due to insufficient funds. SWAMIH Investment Fund provided undisclosed funding to the project in October 2020. Towers 4 & 5 of the project have already received Occupancy Certificates (OC) from the Bengaluru Development Authority.Read more