Advertisement
Godrej Properties (GPL) has increased its ownership in Godrej Home Constructions (GHCL) from 74% to 100% by acquiring an additional equity share capital. The acquisition was made for a total amount of Rs 14.98 crore. GHCL, a subsidiary of GPL, is primarily involved in the construction, development, and marketing of residential projects in India. In a separate acquisition, GHCL has also acquired the remaining 26% stake in Wonder City Buildcon (WCBL), making it a wholly owned subsidiary. The acquisition of WCBL shares was carried out according to a share-purchasing contract established between the companies. Godrej Properties, a division of the Godrej Group, is a real estate company operating in multiple municipalities with a focus on residential, commercial, and township structures.Read more
The Panchkula Municipal Corporation (MC) is taking strict action against property tax defaulters, both commercial and government-owned properties, in an effort to collect outstanding dues. A total of Rs 38.66 crore is due from various commercial establishments, including well-known hotels and schools, while government properties owe Rs 32.19 crore. Notices have been issued, and a 15-day deadline has been given to settle the dues. Non-payers risk having their properties sealed. The commissioner has also directed the publication of defaulters' names on the MC website to hold them accountable.Read more
Bajaj Electricals, a prominent consumer electronics manufacturer, has secured a long-term lease for an entire floor of office space in Mumbai's business district. The lease agreement was made with Nucleus Office Parks, and Bajaj Electricals will pay a total rent of nearly 70 crores over five years. The company has the option to extend the lease for an additional 15 years. The senior management of Bajaj Electricals will conduct their business operations from this new office space, with plans to move in by September or October. The company is also in negotiations for additional space and a potential lease extension.Read more
Brookfield India's real estate investment trust (REIT), BROF.NS, has chosen eight investment banks to manage an equity-raising venture of approximately $400 million. The REIT aims to conclude the transaction by July to finance the purchase of office spaces in India. Brookfield oversees a vast portfolio of office spaces in major Indian cities and has prominent tenants such as Accenture, Amazon, and Samsung Electronics. The REIT plans to secure funds through a qualified institutional placement, with notable banks like Morgan Stanley, Citigroup, and Bank of America among those mandated.Read more
The Municipal Corporation (MC) of Chandigarh has collected a sum of Rs 42.47 crore as property tax within the duration of two months during which the rebate period took place. About 1.42 lakh taxpayers are present in the city, out of which 64,000 individuals who possess residential properties and 16,000 individuals who have commercial properties have made their tax payments during the months of April and May. As the rebate period expires, property owners will be subject to a 25 percent penalty and an annual interest rate of 12 percent from the issuance date of the bill until the payment is made.Read more
Advertisement
Despite rising mortgage rates and property prices, Mumbai's real estate market achieved a record-breaking stamp duty collection in May. This resilience in demand has been spurred by robust transactions involving mid-income and high-end properties. Notably, South Mumbai observed a doubling in sales registrations compared to last year. Market experts attribute this demand stability to the pandemic-driven shift in home-buying preferences and strategic property features.Read more
L&T Finance, a subsidiary of Larsen & Toubro, has initiated a bidding process to sell off bad debts amounting to Rs 3,022 crore to asset reconstruction firms. These debts are spread across ten accounts, with Nirmal Lifestyle Developers holding the largest debt of Rs 790 crore, followed by Supertech with Rs 515 crore and Nirmal Lifestyle Malls with Rs 251 crore. L&T Finance aims to reduce its wholesale finance portfolio, which includes real estate and infrastructure finance. The company had previously planned to collaborate with a private equity partner for its real estate ventures but did not receive regulatory approval.Read more
Amazon Development Centre India has chosen to extend its rental agreement for approximately 500,000 square feet of office space in Chennai. The lease extension, which spans 36 months, signifies Amazon's commitment to the Indian market. This decision comes after the company recently signed two significant renewals, including a lease on a 650,000-square-foot area near Bengaluru. While Amazon is downsizing globally and reducing its workforce in India, it continues to make substantial investments in the country.Read more
Real Estate Investment Trusts (REITs) in India have gained significant popularity, attracting renowned institutional and anchor investors. India's growing office market and the diversification brought by retail asset-led REIT IPOs have paved the way for more REITs across different asset classes. REITs offer retail investors an opportunity to invest in real estate with smaller denominations, organized platforms, cost savings, tax benefits, liquidity, and expert guidance. According to data from JLL, India has over 393.7 million square feet of Grade A office space that generates rental income and is valued at over $61 billion, making it suitable for listing on REITs in the future.Read more
The Maharashtra State Cooperative (MSC) Bank has announced a loan offering to support established housing societies in undertaking self-improvement projects. With a whopping Rs 1,950 crore earmarked for this purpose, the bank aims to disburse the funds during the 2023-24 fiscal year. Eligibility guidelines for obtaining these loans will be revealed soon, benefiting approximately 50 old housing societies. As the largest co-operative bank in India, MSC Bank plays a vital role in balancing the resources of cooperatives in Maharashtra and promoting their growth.Read more
Advertisement
