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Embassy Office Parks REIT (Embassy REIT) has raised INR 1,000 crore through five-year non-convertible debentures (NCDs) at a 7.73% interest rate. The proceeds will be used to refinance existing debt, saving approximately 70 basis points in interest. The offering attracted strong investor participation, including 12 investors, with 55% demand from existing stakeholders and contributions from mutual funds, pensions, and insurance sectors. Rated 'AAA/Stable' by CRISIL and CARE, the NCDs reflect Embassy REIT's financial stability. Talwar Thakore & Associates acted as legal counsel for the transaction, which enhances Embassy REIT's financial flexibility and reinforces its reputation in the investment market.Read more
Airoli, a rapidly growing locality in Navi Mumbai, is set to experience significant real estate growth, with its housing stock expected to exceed 1.85 lakh units by 2030. This increase is driven by ongoing and upcoming infrastructure projects, such as the Airoli-Katai Naka freeway and the Navi Mumbai International Airport, enhancing connectivity and accessibility. The area offers a diverse range of housing options, from affordable to mid-range, making it attractive to both homebuyers and investors. With its proximity to key business hubs, educational institutions, healthcare, and shopping centres, Airoli is becoming a prominent residential and business district in the Mumbai Metropolitan Region.Read more
The Tamil Nadu Vanigar Sangangalin Peramaippu, a traders' federation, has urged the removal of the 18% GST on commercial property rent, citing post-pandemic financial strain on businesses. At a meeting in Trichy, they opposed a 6% annual hike in property taxes and trade license fees, which they say disproportionately affect small traders. The federation passed 14 resolutions, including calls for monthly electricity billing and fairer taxation on readymade garments and solid waste fees. A protest is planned in New Delhi in March 2025, and further discussions will take place on May 5, 2025. Traders demand urgent government action to ease burdens.Read more
The Bangalore Development Authority (BDA) has introduced a new rule requiring flat buyers to pay a one-year maintenance fee upfront, effective December 2024. The fee, set at 1% of the flat's sale price, ensures smoother maintenance of infrastructure in residential complexes until Residents' Welfare Associations (RWAs) are established. If RWAs are not formed within a year, BDA will continue collecting the fees. The policy addresses challenges like unpaid fees and unsold flats, with over 2,000 flats currently affected. Private agencies hired for sales will charge a 3% service fee. The initiative aims to ensure better services and financial stability.Read more
NES, the data centre arm of TCC, leased its 4 MW IT capacity facility in Hinjewadi, Pune, to a leading data centre company. Completed in just four months, the facility supports high-density racks and advanced IT needs, showcasing NES's technological expertise and operational excellence. Its strategic location in Pune's IT hub added to its appeal. Managing Director Umesh Sahay praised the achievement, highlighting the industry trust and NES's commitment to innovation. This milestone marks NES's strong entry into the data centre sector, positioning it as a key player in delivering top-tier, scalable IT solutions for the future.Read more
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Institutional investments in Indian real estate soared by 51% in 2024 to a record USD 8.87 billion, surpassing the 2007 peak, according to JLL India. Foreign investors contributed 63% of inflows, while domestic participation rose to 37%, reflecting growing local interest. The residential segment led with 45% of investments, followed by office spaces (28%) and warehousing (23%). REITs attracted USD 800 million, tripling 2023 levels. Despite a 17% dip in office investments, Qualified Institutional Placements (QIPs) are expected to drive future capital raising. Robust demand and strong economic performance have positioned Indian real estate as a global investment hotspot.Read more
Kalpataru Projects International Ltd (KPIL) successfully raised approximately INR 1,000 crore through the issuance of 83.26 lakh equity shares at INR 1,201 per share on a Qualified Institutions Placement (QIP) basis. Following the allotment of shares, the company's paid-up equity share capital increased from INR 32.49 crore to INR 34.15 crore. The decision to approve the issue was made by the QIP Committee in a meeting earlier this week, which concluded with the allotment of shares to eligible institutional buyers, raising a total of INR 1,000 crore.Read more
The Kerala government plans to develop a 300-acre Phase III Infopark township in the Kunnathunadu constituency, aiming to showcase it at the Invest Kerala Global Summit. Authorities have identified three potential land parcels and will select the final location after completing the concept design. The project will allocate 200 acres for residential and commercial use and 100 acres for IT infrastructure, featuring futuristic designs to attract global corporations. Using a land pooling model, officials will ensure landowners retain a portion of their property. This transformative initiative seeks to drive economic growth and position Kerala as a global technology hub.Read more
The Gujarat government, through its special purpose vehicle Gujarat International Finance Tec-City Company Ltd (GIFTCL), has invited global bids to develop a 754,000 sq ft commercial tower in GIFT City's special economic zone. The selected bidder will act as a co-developer, handling the project's design, financing, construction, operation, and maintenance on a 99-year lease. Eligibility criteria include a strong financial track record and prior experience in large-scale construction projects. Located between Ahmedabad and Gandhinagar, GIFT City has grown into India's leading international financial hub, hosting over 500 entities, including global tech firms and financial institutions.Read more
The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has sealed 10 commercial establishments since December 12 for property tax dues exceeding INR 1 lakh. In a bid to recover INR 500 crore by the fiscal year-end, CSMC urges residents to settle dues promptly via ward offices or the online portal. So far, INR 125 crore has been collected out of the target. Measures include demand notices, public announcements, and stricter enforcement. The funds are crucial for infrastructure and public services. Taxpayers are reminded to comply to avoid penalties and support the municipality's financial health and civic development efforts.Read more
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