Sundaram Alternates Assets plans to raise Rs 1,500 crore through its fourth real estate credit fund. The fund will focus on secured real estate investments, particularly self-liquidating residential projects. The fund will allocate 70–75 percent towards South India micro-markets and 25–30 percent for tactical investments. It targets deals below Rs 100 crore, with expected returns of 18–22 percent.Read more

In an innovative move, Real Estate Investment Trust (REIT) firms in India are contemplating establishing a dedicated industry association. This planned collective, akin to the Association of Mutual Funds in India (AMFI), aims to represent and bolster the burgeoning REIT sector. Along with raising awareness, the association intends to set industry standards and promote transparency, thereby encouraging investors to tap into this largely unexplored investment avenue. As the REIT landscape is still in its infancy in India, this development is seen as a significant step towards a mature and transparent real estate investment environment.Read more

Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.Read more

Housing Development Finance Corporation (HDFC) and HDFC Bank are set to complete their merger by July 1. The record date for share swapping is expected to be July 13. These dates are tentative and subject to formalities. Once finalized, HDFC Bank will be 100 percent publicly owned. Shareholders in HDFC will receive 42 shares of the bank for every 25 shares held, giving them 41 percent ownership. The merger has received approval from regulatory bodies and is projected to create the world's 10th-largest bank with a market cap of $145 billion.Read more

The ITAT Mumbai bench ruled in favour of a non-resident taxpayer, stating that the difference between the agreement and the stamp duty value of a flat at registration is not taxable. The ITAT accepted the booking form as evidence and acknowledged that payments were made through banking channels, exceeding the prevailing stamp duty value. The taxpayer initially did not file a return but later declared a taxable income of Rs 58,940. The income tax officer sought to tax the difference of Rs 55.9 lakh, but the ITAT dismissed the addition based on Section 56(2)(vii)(b) as the dispute was resolved.Read more

The Securities and Exchange Board of India (SEBI) has introduced disclosure formats for compliance reports on governance and annual secretarial requirements for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These formats, to be implemented from the fiscal year 2024, mandate the disclosure of crucial information such as investment managers' details, board and committee compositions, and meeting schedules. Investment managers are also required to submit quarterly compliance reports and an annual secretarial compliance report. The objective is to improve transparency, accountability, and regulatory compliance in the operations of REITs and InvITs, contributing to the overall development of Indian capital markets.Read more

Major banking institutions are set to relinquish their first rights over assets and cash flows to new financiers, aiming to jumpstart stalled housing projects nationwide. The shift, discussed by bank CEOs and industry insiders last week, reflects a growing realisation that clinging to first rights impedes project progress. This move could bring relief to millions of potential homeowners affected by these stalled projects, predominantly concentrated in the Mumbai Metropolitan Region and National Capital Region. This transformative strategy follows the Supreme Court's judgement on the Amrapali case and the subsequent launch of the SWAMIH Fund.Read more

Intel, the renowned tech giant, plans to sell its expansive office space in Bangalore, aiming to unlock the value of its real estate assets. The deal, expected to exceed Rs 450 crore, follows a three-year lease-sell model with a one-year lock-up period. Builders have shown keen interest in the property, and the transaction is set to be finalized soon. This move aligns with the industry trend of optimizing space utilization and reducing costs through hybrid working models. By consolidating offices in Bangalore, Intel strives for efficiency and collaboration. Amidst the economic slowdown, Intel takes strategic steps to thrive in the dynamic tech landscape.Read more

California-based tech provider KLA Tencor has leased a substantial 320,000-square-foot office space in Chennai's DLF Downtown Taramani. The deal, one of the city's largest, highlights the company's expansion plans. The financial details weren't disclosed, but sources say the move will happen within three months. CBRE served as the transaction advisor. DLF's rental arm, DCCDL, reported a 19 percent YoY revenue increase. Chennai's office space absorption rose by 63 percent in 2022, and leasing activity surged by 19 percent in Q1 2023. DLF is confident in leasing the remaining space before project completion.Read more

The state government of Maharashtra has announced a one-time 50 percent concession on stamp duty for developers of integrated township projects, excluding Mumbai City, Lonavla, and eco-sensitive areas. This progressive initiative aims to encourage new proposals and urge developers to avail themselves of the concession for their upcoming projects. The concession can be utilized during land purchases or unit sales, but not both. It applies retrospectively from 2018 to authorized projects.Read more