News tracker: March 31, 2024

Ranbir Kapoor to gift new ₹250 cr bungalow to daughter Raha Kapoor

  • Ranbir Kapoor & Alia Bhatt are planning to register Krishna Raj bungalow in Bandra in their daughter’s name
  • The house belonged to Ranbir’s grandparents, Raj Kapoor & Krishna Raj
  • This will make Raha Kapoor the youngest and richest kid in Bollywood
  • Raha’s grandma, Neetu Kapoor, will also be a co-owner of this big house

MahaRERA Only Real Estate Regulator to recover ₹ 125 Crore From Developers

  • MahaRERA has recovered ₹160 cr from 117 projects
  • Of this amount, ₹125 crs was recovered in 2023
  • Highest number of warrants was issued in Mumbai district, totaling 434 warrants for 114 projects to recover ₹ 298 cr
  • Pune is the second highest with actual recovery of ₹39 crores

K Raheja inks pact to jointly develop 2.5-acre land parcel in Mumbai

  • K Raheja will develop a luxury residential project in the 2.5 acre parcel in Worli
  • Development potential of 3 lakh sq ft and revenue potential of ₹2,000 crs
  • Raheja will receive 57% revenue share & remaining 43% will go to the landlord
  • 1/3 of the land parcel is currently occupied by office building spanning 40,000 sq ft of leased space

Brihanmumbai civic body collects property tax of ₹ 2,214 cr

  • The highest chunk of ₹174 crs was collected in the K-West ward in western suburbs, followed by the S-ward ₹171 crs and H-East ward (₹168 crs)
  • 9.51 cr property tax collected from government-owned properties
  • Largest tax bill by a company was ₹49.1 cr in S ward
  • Actual target was ₹4,500 crores for this fiscal year

Macrotech Developers to raise ₹ 125 cr through issue of debenture

  • Regulatory approval has been obtained for the issue
  • Company’s real estate projects are sold under the Lodha brand
  • Recently, Macrotech Developers raised ₹3,300 cr through a Qualified Institutional Placement (QIP), which was oversubscribed 3 times

ED attaches Rs 124 cr of properties related to M3M Group in Religare money laundering case

  • Properties sprawling 430 acres are in the form of land and farmhouses located in “posh” areas of Gurugram & Delhi
  • The ED alleged that M3M India Holdings, inflated the valuation of land owned by RS Infrastructure Pvt Ltd.
  • It also sold the overpriced shares for about ₹726 crs to Lowe Realty Pvt Ltd, currently known as Lowe Infra & Wellness Pvt Ltd.

DLF plans to raise ₹ 600 cr through issue of debentures to investors

  • Funds to be used for refinancing existing debt
  • DLF Group possesses significant development potential, with 215 mn Sq ft across residential and commercial segments
  • Sales bookings for DLF surged in April-Dec to ₹ 13,316 cr
  • Plans to launch properties worth ₹ 80,000 cr over the next few years

Haryana RERA forfeits security deposits of 20 builders for non-compliance with registration norms

  • ₹7 cr forfeited due to non-compliance with registration norms
  • Real estate promoters in Haryana received conditional project registration certificates but failed to meet requirements, resulting in forfeiture
  • Haryana RERA penalized JMS Infra Realty, forfeiting their bank guarantee for not meeting commitments made during registration

Blackstone, Sattva Group and Panchshil Realty to float India’s 4th commercial REIT in FY25

  • The proposal is expected to be submitted to the market regulator in mid-FY25.
  • The proposed REIT would include 1-1.5 mn sq ft of office space
  • Between Bengaluru &Hyderabad, Blackstone & the Sattva Group jointly manage 33 mn sq ft of commercial developments, with equal stakes
  • Blackstone owns and manages a portfolio of45 mn sq ft across Bengaluru, Mumbai, Pune and NCR

Flex-space market size expected to touch 126 mn sq ft by 2028

  • According to a report by Avendus Capital, sectors like IT & ITeS, BFSI, consulting, e-commerce, manufacturing, new-age startups & global captive centers are driving demand
  • Taking up fleix-space can lead to ~15%-20% cost savings for the occupier
  • Flex workspace operators are enjoying 30-35% stable-state

Luxury homes priced above ₹50 crs & above witness a 1.5X y-o-y increase

  • Luxury homes priced ₹50 crore + have seen a surge in sales value from ₹2,859 crs in 2022 to ₹4,319 crs in 2023
  • Mumbai leads with a total of 29 luxury homes sold worth ₹3,031 crs
  • Delhi NCR followed with at 12 units sold worth ₹1,043 crs
  • Out of the 45 luxury homes sold in 2023, 14 homes were ₹100 crore & above with majority (79%) of them in Mumbai.

Prices of under-construction housing properties up 31% in Jan-Mar 2024: Magic bricks

  • Under-construction residential property prices surged annually across 13 major cities
  • Demand rose by 7.8% during January-March 2024 y-o-y
  • Noida (7.1 % QoQ), Greater Noida (6.1 % QoQ), Bengaluru & Mumbai (5.7%) witnessed the most increase
  • Magicbricks offers diverse real estate services with 2 cr monthly visitors & 15 lakh listings

No hike in property tax in Bengaluru from April 1

  • Revision in property tax ruled out for 2024-25
  • Ruling party unlikely to affect any change due to the risk of backlash in the Lok Sabha elections
  • A video claiming property tax increase in Bengaluru had gone viral, but officials have debunked the claims as false

Blackstone plans to add $25 billion in India private equity assets over five years

  • Firm intends to bring on 20 more investment professionals to its asset management business in India and double its office space
  • Focus on building a portfolio based on digital infrastructure, energy transition, key areas of transport, export sectors & electronic manufacturing
  • Blackstone has already invested in various sectors in India, including in IT services, electric-vehicle components, financial services & hospital chains

Adam Neumann bids over $500 mn to buy back WeWork

  • Adam Neumann has made a bid for WeWork, the office-sharing company he co-founded & previously led to a $47 bn valuation
  • It’s unclear how Neumann plans to secure financing for his bid
  • WeWork, which filed for bankruptcy in Nov, received an EoI from Neumann, prompting his bid
  • WeWork scrapped its IPO in 2019 due to investor concerns about its valuation & corporate governance arrangements

Vietnam jails luxury property tycoon over $355 mn bond scam

  • Do Anh Dung, head of the Tan Hoang Minh group which specializes in luxury offices & apartments sentenced to 8 years
  • Accusation of illegally acquiring $355 mn in a bond sale from 6,630 investors
  • In another major fraud case, Chairwoman of Van Thinh Phat property development group faces the death penalty in ongoing trial

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