News tracker: February 25, 2024

MUMBAI UPDATES

SRK’s daughter Suhana Khan buys 78,000 sq ft plot in Alibaug for ₹9.50 cr

• Agreement signed with the seller Nozer Rusi Wadia for a 0.73-hectare plot with the built structures, and open land in Thal
• Plot is located 13 km from the Mandwa jetty on the Alibaug-Revas Road
• Earlier in June 1, 2023, Suhana purchased 1.5-acre agricultural land along with 2,218 sq ft of structures on the plot for ₹12.91 cr

Cricketer Yashasvi Jaiswal buys ₹ 5.4 cr flat in Mumbai’s Bandra

• The 1,100 sq ft flat is located in building X in BKC in Bandra East
• The implied price of the flat works out to ₹48,500 per sq ft
• Jaiswal comes from a humble background and pursued his cricketing dreams in Mumbai from a young age
• As a child, he used to live in a tent at Azad Maidan after his parents left for his village in UP

Read more: News tracker: February 25, 2024

Raymond Group announces 1st project in Mumbai real estate market at Bandra

• The project “The Address by GS, Bandra” will be a mix of 2, 3 & 4 BHK apartments
• Estimated revenue potential is over ₹2,000 cr
• This will be 20 storey project on 2.74 acres land parcel
• Until now, Raymond Realty was engaged in developing projects at their 100 acre land bank in Thane

SD Corporation extends bond payment by two months

• Rescheduled coupon payments on its ₹750 cr bonds by 2 months to March 31, 2024
• Additional condition of depositing the coupon in an escrow account a day before the due date
• Under revised terms, interest rate will be 12% instead if 5.5% currently
• SD Corporation is a 50:50 JV between the Shapoorji Pallonji Group & the Dilip Thacker Group

Oberoi Realty signs deal with Marriott International for developing 2 hotels in Mumbai, Thane

• The hotels are expected to be completed by 2027-2028
• Marriott Hotel Sky City Mall in Mumbai’s Borivali is slated to launch in FY 2024-25
• JW Marriott Hotel Thane Garden City will be located in Oberoi Realty’s Garden City project in Thane
• Already has an association with Marriott International for its existing hotels The Westin Mumbai Garden City & The Ritz-Carlton, Mumbai

Godrej Properties & Shelton Infrastructure retain plots as Bombay HC reverse Cidco aborting bids

• These 2 developers had won bids for 2 plots in Sanpada but allotment was later cancelled by CIDCO
• Court rejected Cidco’s plea to cancel allotments, deeming the cancellation “irrational” and “clearly arbitrary”
• The 2 plots were out of 13 in Navi Mumbai which were floated in Feb 21 for residential & commercial use

NCR-UPDATES

TCS leases four lakh sq ft office space in Noida

• Space taken in Assotech Business Cresterra on the Noida expressway in one of the biggest office space transactions in Delhi-NCR
• Assotech Business Cresterra is spread across 2 mn sq ft
• Earlier, Genpact and Celebal Technologies had taken space at the same complex.
• Delhi-NCR saw total leasing volume of 3.7 mn sq ft in Oct-Dec 2023, highest this year.

V-Bazaar’s owner buys apartment in Gurugram for ₹ 95 cr

• Smiti Agarwal, wife of CMD of V-Bazaar Retail, bought a 10,800 sq ft apartment in DLF’s The Camellias project in Gurugram
• The seller is a Singapore-based NRI
• The Camellias project is located in Gurugram’s posh Golf Course Road area.
• Property prices in The Camellias have surged from ₹ 22,500/ sq ft to over ₹ 85,000/sq ft in the last few years

PAG Asia to invest ₹ 400 cr in M3M India’s bonds

• The investment will be in Lavish Buildmart, a 100% subsidiary of M3M India
• Funds to be used to repay ₹360 cr unsecured loans & acquire land for the ‘M3M The Cullinan’ project
• Bond will be for 44 months with 15% interest rate annually
• M3M The Cullinan’ in Noida has incurred ₹713 cr out of ₹4,365 cr cost till date

 INDIA UPDATES

Byju’s vacates four lakh sq ft office space in Bengaluru to cut costs

• Financially troubled Byju’s has downsized its office space in Bengaluru, vacating a 400,000 sq ft property at Prestige Tech Park
• Was paying a rental of ₹ 4 cr/ month for the vacated office space
• Separately, Kalyani Developers sent Byju’s a legal notice for defaulting on rental payments for a 500,000 square feet office space at Kalyani Tech Park in Bengaluru

Kolte-Patil Developers to launch projects worth ₹ 9,000 cr by FY25

• New project launches worth ₹ 6,400 cr will be concentrated in Pune
• New projects to be launched in Mumbai to be around ₹ 2,500 cr
• Envisions sales distribution of 70% from the Pune market, with Mumbai & Bengaluru collectively contributing 30% by FY25
• The sales guidance targets is ₹3,500 cr in FY25 and ₹4,500 cr in FY26

Godrej Properties poised to exceed FY24’s ₹ 15,000-cr project addition guidance

• So far in FY24, has added projects worth ₹ 11,925 cr through 7 acquisitions
• Recently acquired a 12.5-acre land parcel in Hyderabad’s Rajendra Nagar with ₹ 3,500 cr potential revenue.
• Added a group housing project in Bengaluru in 3QFY24 worth potential ₹ 1,250 cr
• Confident of delivering its best ever annual sales booking & collections this year.

Spyre Proptech to raise ₹ 400 cr to invest in 30 startups

• To invest ₹ 2-8 cr in early stages & ₹ 15-40 cr in series A & B rounds
• Venture Catalysts, India’s first multi-stage VC firm, is the seed investor & co-sponsor of Spyre
• CREDAI, the real estate developer’s body is backing this fund
• Over the decades, the team has been backing ventures in the industry including Oyo, Innov8, Planet Smart City, Rentmojo, Homeville.

Gobal updates

US existing home sales rise 3.1% in January

• Existing home sales improved to annualised clip of 4.0 mn, the highest level seen in 5 months
• Sales were down 1.7% year over year
• Home loan rates hit a low of 6.6% in Dec 23 but are back to 7% now
• All four U.S. regions saw price increases & 16% of homes were sold above list price

Dubai Property Frenzy Sees Buyers Queue for Million-Dollar Homes

• Government-backed Nakheel PJSC sold all houses on offer at the Bay Villas development within hours
• 500 homes were on offer, with prices starting at $1.2 mn
• Most expensive properties will cost upwards of $4 mn
• Nakheel, which was at the center of a property crash in 2009 that nearly bankrupted Dubai has turned around