The Lucknow Development Authority (LDA) achieved a significant milestone in real estate with a highly successful e-auction, garnering over INR 675 crore for commercial plots. Various plots, including those for group housing, schools, health centres/nursing homes, and mixed-use purposes, attracted enthusiastic buyers. Noteworthy transactions included the sale of a Central Business District Scheme plot for INR 180 crore and a health-centric space in Gomti Nagar Extension Scheme for over INR 50 crore. The LDA's proactive embrace of e-auctions, with another round valued at INR 2,500 crore, underscores its commitment to a dynamic and thriving real estate market in Lucknow.Read more

In a meticulously executed three-day online auction series from January 29 to 31, the Ahmedabad Municipal Corporation (AMC) achieved a remarkable revenue of INR 298.65 crore by selling prime plots across the city, surpassing the previous record set in May 2021. The highlight was the Bodakdev plot opposite the Rajpath Club, fetching a record-breaking INR 148 crore and setting a new per-square-meter rate record at INR 3.20 lakh. The success continued with prime plots in Vatva and Makarba on the first day, followed by commercial plots in Makarba Town Planning Scheme 26 and Saipur Bogha Town Planning Scheme 48 on the second day. The AMC's adaptive strategy positions it favorably for future developments in Ahmedabad.Read more

Tata Capital Housing Finance plans to raise INR 8,000 crore through debt, focusing on subordinated debentures, to fortify its position in the evolving housing finance market. The average home loan size has surged by 22% as the industry shifts from affordable to larger residences. The Tata Group eyes financial services growth, intending to list Tata Capital Financial Services by 2025. Agratas Energy Storage Solutions, another Tata entity, contemplates a $500 million green loan. Tata Group entities have successfully raised $660 million in international debt, aligning with increased product demand. The group's strategic financial moves anticipate market opportunities.Read more

Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.Read more

The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.Read more

The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.Read more

Backed by Blackstone, Aadhar Housing Finance is actively pursuing a USD 600-650 million IPO in India. This marks Aadhar's second attempt, with a USD 1 billion plan in 2022 which was shelved due to market volatility. The filing is anticipated within two weeks, aligning with private equity trends amidst India's booming stock markets. Aadhar's USD 2 billion loan portfolio, expanding branches, and robust financial performance enhance its market presence. Blackstone seeks to capitalize on market conditions, gradually divesting its stake in the entity.Read more

According to a recently released report by Anarock India, in response to a rising demand for larger homes in India's major cities, real estate builders have increased the average size of flats by 11% across seven key cities. The analysis of 2023's housing supply showed a notable surge from 1,175 to 1,300 square feet. While Mumbai and Kolkata experienced declines, other cities like Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai saw significant increases. The luxury home sector, particularly in Delhi-NCR, witnessed a 37% rise in average size. The data reflects a dynamic shift in homebuyer preferences, emphasizing the real estate sector's adaptability to evolving demands in India's urban landscape.Read more

Indiabulls Housing Finance has revealed plans to strengthen its financial position through a INR 3,693 crore rights issue. The board approved the initiative on January 17 which involved the issuance of 24.62 crore equity shares at INR 150 each, providing a 24.6% discount to the recent closing price. Shareholders can apply at INR 50 per equity share, with the outstanding amount due within a year of allotment. The record date is February 1, 2024, and the rights issue is open from February 7 to February 13, 2024, with an on-market renunciation period from February 7 to February 8.Read more

The Kolhapur Municipal Corporation (KMC) has introduced a relief measure for property tax defaulters by offering a 30-50% waiver on fines for the current and previous years. Civic chief K Manjulekshmi announced the waiver, with a 50% reduction for payments before February 15, gradually decreasing to 30% until March 15. The civic body imposed a 2% monthly fine on defaulters, who collectively owe around INR 100 crore. The initiative aims to boost compliance. Failure to make the overdue payments would lead to property seals and restrictions on property transactions and loans. Last year, a similar scheme had significantly increased revenue collection.Read more