22 Dec 2022

The K Raheja Corp backed Mindspace Business Parks REIT (Mindspace REIT) has become the country's first REIT to issue commercial papers after SEBI gave its approval for the same in September 2022. According to its BSE filing, the company has issued commercial papers worth Rs 100 crores for a tenure of 3 months at an interest rate of 7.2 per cent per annum. The commercial papers issued by Mindspace REIT has received a credit rating of A+ by CRISIL.Read more

22 Dec 2022

In a bid to streamline procedures, remove ambiguity and ensure compliance the Securities and Exchange Board of India (SEBI) is considering proposals to introduce governance norms, akin to those in place for listed companies, for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). In another decision made this year SEBI will allow Alternative Investment Funds (AIFs) to participate in Credit Default Swaps not only as protection buyers but also as protection sellers. By making this allowance SEBI hopes to provide AIFs with greater investment flexibility and facilitate deepening of the domestic corporate bond market.Read more

21 Dec 2022

According to a report published by Knight Frank India, the total number of private equity investments in real estate in 2022 totalled to USD 5.13 billion, indicating a dip of 17 per cent from the USD 5.20 billion registered in 2021. The office sector remained on top, garnering almost 45 per cent while warehousing came in second with a share of 37 per cent. Residential attributed to 12 per cent and retail to the balance 6 per cent. Mumbai led in cities’ race with accounting for 41 per cent of the total investments followed by Delhi NCR at 15 percent and Bengaluru in third place with 14 per cent.Read more

20 Dec 2022

During the 48th GST council meeting, the Finance Ministry announced its intention to create a provision that would allow unregistered buyers who cancel their purchase of an under construction flat or long-term insurance policy, to claim for a GST refund directly from the government. The council advising the ministry has recommended that such amendments be made to the CGST 2017 rules along with issuance of a circular detailing the procedure for filling out an application for refund for unregistered buyers.Read more

19 Dec 2022

Earlier last week, Poonawalla Fincorp, a non-banking division of the Poonawalla Group, announced that it has sold its housing subsidiary Poonawalla Housing Finance to private equity giant TPG for a sum of Rs 3,900 crore. Poonawalla Fincorp was acquired by Magma Fincorp for Rs 3,456 crore in February 2021 and is currently held by Rising Sun Holdings, a business that Adar Poonawalla owns and controls. It offers a variety of loans such as personal loans, loans to professionals, company loans, SME loans, loans against property, and affordable house loans.Read more

19 Dec 2022

‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru has been acquired by Shriram Properties. The project's acquisition and development will require capital contributions of up to Rs 125 crores as part of the transaction. The company is gearing up to re-launch the Project under the name ‘Shriram Pristine Estates.’ This will be the first investment under the recently concluded co-investment platform set up jointly between SPL and the ASK Property Fund.Read more

15 Dec 2022

The Securities and Exchange Board of India (SEBI) is considering lowering the minimum amount of capital required to list a Real Estate Investment Trust (REIT) on the stock market. Currently REITs in India must have upwards of USD 60 million in assets to be eligible for listing. Although no official statement has been released by SEBI rumour are rife regarding this possibility. REITs were first introduced in India in 2019. We currently have four listed REITs on the NSE and BSE.Read more

15 Dec 2022

In a press statement released, Lodha Group (Macrotech Developers) claims to have raised over Rs 3,500 crores by selling 7.2 per cent of its equity share capital via Qualified Institutional Placement (QIP) by way of offer for sale. Entities selling their equity shares include Sambhavnath Infrabuild, Sambhavnath Trust, Hightown Constructions and Homecraft Developers and Farms. According to their BSE filling, the shareholdings of the promoters will be free of all encumbrances having achieved a 25 per cent free float.Read more

15 Dec 2022

Last week, several lenders including Bank of India and HDFC Bank raised their benchmark lending rates, hours after the RBI decided to boost the repo rate by 35 basis points. This action will cause an increase in EMI. The state-owned Bank of India announced on its website that the effective Repo Based Lending Rate (RBLR) as of December 7 is 9.10% based on the revised repo rate (6.25%). According to the HDFC Bank website, the one-year MCLR which serves as the benchmark for many consumer loans has risen by 50 basis points to 8.60%.Read more

14 Dec 2022

The Iranian Zoroastrian Anjuman charitable trust has engaged international property consult Knight Frank to sell its land holdings in Mumbai that sum up to 960 odd acres of land located in the Palghar area of the Mumbai Metropolitan Region. The original landowner Mr Jamshed Khodaram Irani donated more than 2,300 acres to the Charitable Trust in 1928. Since then, several portions of the land were taken back by the government for several purposes, leaving behind only 963 acres. With the sale of the plot, the Trust hopes to use the money to continue its charitable activities in the area to help locals and individuals belonging to the Pari Zoroastrain Community.Read more