HDFC Capital, in partnership with TVS Emerald, is on the brink of finalizing three land acquisitions, covering 45 acres in Chennai and Bengaluru's emerging residential sectors. This move is part of their recent collaboration targeting plotted and low-rise constructions in South India. With a shared vision, the duo aims to develop properties across 250 acres in the region, offering a blend of affordable to mid-tier housing options. This initiative comes amid a growing demand for personalized residential spaces in the post-Covid19 landscape.Read more

Rizin Advisory Private Limited has accomplished a significant transaction within Gurgaon's prestigious Grand View Towers, resulting in a remarkable valuation of Rs 32 crore. This acquisition involves an entire 18,000 square feet floor within the iconic tower, which is part of a mixed-use complex housing the esteemed Grand Hyatt hotel. Notably, the buyer is renowned lawyer Rohit Kochhar from Kochhar & Co. The tower, designed by Foster + Partners, boasts luxury office spaces, upscale shopping, and dining establishments. With its exceptional specifications, prime location, and blend of luxury and functionality, the Grand Hyatt Office Tower exemplifies excellence in commercial real estate.Read more

WeWork is set for a one-for-forty reverse stock split to regain compliance after expressing doubts about its operational viability. Shares have plummeted since a 2021 merger, trading at 12 cents from their $47 billion valuation. With the backing of SoftBank but marked by a 2019 public plan failure, WeWork revealed a 3 percent drop in memberships, citing intensified competition, market volatility, and subdued demand. Amid cost-saving efforts, leadership changes, and debt-cutting, the reverse split aims to restore compliance by consolidating shares. Authorized by shareholders in June, it takes effect on September 1st, potentially indicating capital-raising efforts.Read more

Brookfield India REIT raised Rs 750 crore via commercial papers, as detailed in a BSE filing. The company issued 15,000 dematerialized, rupee-denominated, listed, and rated commercial papers, totalling Rs 750 crore with a Rs 5,00,000 face value each, as per regulatory disclosure. The funds will serve debt repayment, transaction costs, capital expenses, and working capital needs for both Brookfield India REIT and its SPVs. CRISIL rated the papers 'CRISIL A1+'. The acquisition of 50 percent of Candor G1's share capital was informed separately, involving equity shares and compulsory convertible debentures. Brookfield India REIT and GIC affiliates subscribed to unlisted nonconvertible debentures of Candor G1.Read more

Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.Read more

MO Alts, the alternative investment arm of Motilal Oswal Financial Services, is set to raise up to Rs 2,000 crore through its sixth real estate fund, IREF VI. Focusing on mid-income and affordable residential projects across top Indian cities, IREF VI aims to reinforce MO Alts' presence in the real estate sector. The fund is structured as an AIF Category II registered with SEBI, with the first close expected by December 2023. The cumulative AUM under MO Alts surpasses USD 2 billion. The leadership envisions robust growth, propelled by a resurgent real estate sector and strong fundamentals, while a proactive approach underscores the strategy's success.Read more

The Nashik Municipal Corporation town planning department collaborates to scrutinize property tax compliance for buildings with Building Completion Certificates. This effort aims to integrate BCC-holding properties into the tax framework, as many fail to apply for property tax. About 30,000 such properties, with a potential for Rs 15 crore in annual revenue, have been identified. Last fiscal year's target was Rs 185 crore; now it is Rs 210 crore for fiscal year 2023–24. Current collections stand at Rs 115 crore, with Rs 95 crore needed to meet the current fiscal year's target.Read more

The Pune Metropolitan Region Development Authority (PMRDA) is considering implementing a transit-oriented development (TOD) charge similar to Mumbai's MMRDA, targeting new buildings near the Hinjewadi Shivajinagar Metro line to fund urban development. While some stakeholders question additional fees, PMRDA aims to balance developer profits with broader infrastructure enhancement, awaiting the outcome of Mumbai's pilot proposal.Read more

BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.Read more

L&T Metro Rail (Hyderabad) gains approval for the proposed slump sale of Raidurg business operations to Rafferty Developments. This strategic move aims to optimize leased land assets, minimize debt burdens, and embrace financial recalibration. The decision, contingent on transaction fulfilment and approvals, emerged from a pivotal meeting. L&T Metro's plan to lease 15 acres for over Rs 1,200 crore marks a significant alliance with Brookfield Corporation and K Raheja Corp. Ltd. The transformative step reflects prudent financial strategies with a vision to bolster commercial vibrancy through IT office towers and a mall on the land parcel.Read more