Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.Read more

Eqaro Guarantees has joined forces with Maxemo Capital, an NBFC-ND firm specializing in customized MSME loans and working capital financing, marking a transformative moment in India's co-living sector. This partnership enables small co-living operators to access short-term liquidity through advanced capital against rent receivables backed by guarantees. Collateral-free loans are also extended, boosting operators' expansion efforts. The innovative alliance aims to bridge the credit gap in the co-living landscape, redefining growth prospects and financial stability while empowering underserved segments. This strategic synergy propels the co-living industry into a new era of agility and success.Read more

Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.Read more

The Margao Municipal Council (MMC) has chosen caution over immediacy in deciding on revised plinth area rates, which are crucial in calculating construction license fees for buildings. The MMC deferred discussions on the proposed rates, which were met with resistance due to significant fee increases. The Shadow Council for Margao and real estate developers expressed opposition to the surge in fees ranging from 38% to 45%. The cautious approach indicates responsiveness to public sentiment and stakeholder concerns. While this deferral may be temporary, it offers an opportunity for deeper deliberation on potential implications before reaching a conclusive resolution.Read more

Embassy Office Parks REIT, managed by Embassy Office Parks Management Services, plans to raise Rs 500 crore through debentures for debt refinancing. The debenture committee approved the allocation of 50,000 Series VIII NCDs on a private placement basis. These NCDs will have a 60-month tenure with an 8.10 percent coupon rate per year. Embassy REIT aims to list them in BSE's Wholesale Debt Market Segment. The company received Rs 500.15 crore against the principal amount. In Q1 of the current fiscal year, Embassy REIT reported a 9 percent increase in net operating income to Rs 737.6 crore and distributed Rs 510 crore to unitholders.Read more

IndoStar Capital Finance has successfully sold distressed loans worth Rs 790 crore from Puranik Builders and Kanakia Spaces Realty to Phoenix ARC, achieving an impressive 86 percent recovery from the outstanding loan of Rs 915 crore. This recovery rate is notable as the loans were 60 days overdue. Phoenix ARC, in collaboration with IndoStar and backed by Kotak Mahindra Bank, will oversee the real estate projects of Puranik Builders and Kanakia Spaces Realty, partially funding their completion. The transaction enhances IndoStar's retail loan portfolio from 85 percent to around 95 percent, reflecting its strategic focus on asset quality improvement.Read more

Indiabulls Housing Finance has successfully repaid ?2,232 crore of external commercial borrowings (ECBs) raised in 2018 from various international banks, effectively clearing all its $3 billion foreign currency borrowings. The repayment marks the culmination of a deleveraging process initiated after the IL&FS crisis in 2018. CEO Gagan Banga noted that the company would now focus on growing its assets under management (AUM), with debt repayments of ?400 crore to ?700 crore per month, comfortably covered by loan portfolio repayments. The company aims for steady AUM growth and mid-teen return on equity by FY26, while pursuing an asset-light approach through co-lending partnerships.Read more

Reliance Capital executes a strategic move by divesting 45% stake worth Rs 54 crore in Reliance Home Finance, boosting recovery prospects for lenders. Amid corporate insolvency proceedings, Reliance Capital retains a mere 2.5% ownership in the subsidiary. Authum Investment & Infrastructure leads an innovative resolution process for both Reliance Home Finance and Reliance Commercial Finance, securing significant debt for a fraction of the value. Authum's decision for voluntary liquidation adds a twist, while a sequential share sale strategy aims to maximize lenders' recovery potential. The episode highlights regulatory effectiveness and the importance of protecting retail investors' interests.Read more

Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.Read more

A home project that is now under construction in Chennai has received a total investment of Rs. 206 crores from Shriram Properties and ASK Property Fund. The project, known as "Shriram 122 West," is situated in Mangadu close to IT hubs and the future metro corridor. It spans 1.9 million square feet across two phases and has a projected five-year revenue potential of Rs. 1,200 crores. The partnership demonstrates the strategic skill of both parties and their dedication to improving the real estate market. With this agreement, Chennai will take another step toward producing high-quality residential areas and leveraging the city's expanding real estate market.Read more