The Securities and Exchange Board of India (SEBI) has scheduled an online auction of 23 properties from nine firms, including Tower Infotech and Vibgyor Group, to recover funds collected from investors without regulatory compliance. The auction, slated for early February 2025, will feature properties located in West Bengal with a reserve price of INR 55 crore. Justice Sailendra Prasad Talukdar has been appointed to oversee the process, assisted by Adroit Technical Services. The properties, including those owned by GBC Industrial Corporation and others, were acquired using funds raised through non-compliant instruments like debentures.Read more

Ventive Hospitality Ltd. made a strong market debut, listing at INR 718.15 on the BSE, an 11.68% premium to its IPO price of INR 643. The stock surged to INR 748.80, reflecting a 16.45% rise. The IPO, fully subscribed 9.82 times, raised INR 1,600 crore, primarily for debt repayment. A joint venture of Blackstone Group and Panchshil Realty, Ventive operates 11 luxury properties in India and the Maldives. Its premium market debut underscores investor confidence in the recovering hospitality sector, positioning the company for expansion in the luxury segment amid rising travel demand.Read more

The Kerala government has exempted Kochi Metro Rail Limited (KMRL) from property taxes, addressing disputes over station and infrastructure levies and relieving financial strain. This decision follows a request by KMRL and aligns with the Indian Railways Act and a tripartite agreement mandating state support. Backed by the Ministry of Housing and Urban Affairs, the exemption aims to improve KMRL's operational efficiency, bolstering Kochi's eco-friendly urban transport. While supporting metro growth, the move highlights the need to balance local government funding challenges with infrastructure development for sustainable urban progress.Read more

The Securities and Exchange Board of India (SEBI) has introduced stringent rules for SMEs aiming to launch IPOs, mandating a minimum operating profit of INR 1 crore in at least two of the last three fiscal years. These changes, outlined in the Draft Red Herring Prospectus (DRHP), aim to ensure financial stability and safeguard investors. SEBI has also limited existing shareholders to selling a maximum of 20% of IPO shares, restricted IPO proceeds for loan repayment, and implemented stricter lock-in periods for promoters. Enhanced transparency measures include randomized share allocation and caps on related party transactions exceeding INR 50 crore or 10% of annual revenue.Read more

The Securities and Exchange Board of India (SEBI) has announced the auction of 28 properties, collectively valued at INR 28.66 crore, linked to companies involved in unlawful fundraising activities. Key defaulters include the Bishal Group, Sumangal Industries, Mangalam Agro Products, and others, who raised funds through unregistered schemes and non-compliant instruments, affecting thousands of investors. SEBI's auction aims to recover and return funds to investors, emphasizing the need for bidders to conduct due diligence regarding encumbrances or disputes. This proactive step reinforces SEBI's commitment to safeguarding investor interests, ensuring market compliance, and deterring financial misconduct.Read more

Lenders to Mumbai Metro One, which operates the Versova-Ghatkopar line, are nearing an agreement to sell their outstanding debt to the National Asset Reconstruction Company (NARCL), a government-backed bad loan aggregator. NARCL has proposed an offer of INR 1,063 crore to acquire Mumbai Metro One's INR 1,226 crore debt. This offer, which includes 15% in cash and the rest as security receipts, triggered a Swiss challenge auction but has yet to be finalised. The deal excludes foreign currency loans raised by Mumbai Metro One. Meanwhile, the government-backed bad bank is also considering restructuring the debt.Read more

The Nagpur Municipal Corporation (NMC) is urging property owners to take advantage of its property tax rebate scheme before the upcoming deadline. Those who pay their full property tax for FY 2024-25 online will receive a 10% rebate, while offline payments qualify for a 5% rebate. The initiative, introduced under the guidance of Municipal Commissioner Abhijeet Chaudhari, has seen a positive response. Meanwhile, NMC has taken action against defaulters, issuing notices and attaching properties valued at INR 2.75 crore, granting a 21-day window for dues clearance.Read more

Lotus Developers Ltd, founded by Anand Pandit in 2003, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO worth INR 800-1,000 crore. The pre-IPO placement attracted Bollywood icons like Amitabh Bachchan, Shah Rukh Khan, Ajay Devgan, and Hrithik Roshan, alongside investors like Ashish Kacholia. Specialising in ultra-luxury real estate, the company operates in Mumbai's premium markets, focusing on redevelopment and land acquisitions. Known for catering to elite clients, Lotus aims to use IPO proceeds for expansion and operational improvements. Its high-profile investor base underscores strong confidence in its growth and market positioning.Read more

Ghaziabad has achieved a 77% recovery rate for recovery certificates (RCs) issued to defaulting developers by UP RERA, marking the lowest pendency rate (23%) in Uttar Pradesh. Of 699 RCs worth INR 204.47 crore, 365 valued at INR 94.31 crore remain pending. In contrast, GB Nagar recovered INR 405.03 crore but faces a 72.21% pendency. Challenges include developers' out-of-district addresses, delaying enforcement. Despite fewer projects than GB Nagar, Ghaziabad's focused efforts benefit homebuyers, setting a benchmark for RC recoveries in the state. Moving forward, the city aims to further reduce pendency and enhance regulatory compliance.Read more

Private equity investments in India's real estate sector reached USD 4.3 billion in 2024, a 10% year-on-year growth, according to Savills India. Foreign institutional investors drove the majority of this growth, contributing 88% of the inflows. The industrial and logistics segment emerged as the primary beneficiary, securing USD 2.3 billion, or 54% of the total investment. Other sectors, including residential and alternative investments like data centres, are also gaining traction. Savills anticipates investments to grow further in 2025, projected to hit USD 4.5-5 billion.Read more