HomeGlobalWeekly Real Estate News Tracker- 13 May 2023
Weekly Real Estate News Tracker- 13 May 2023
May 13, 2023
1. Piramal group seeks buyers for its distressed re portfolio
Piramal Group is seeking buyers for its distressed real estate portfolio comprising loans amounting to Rs 1,812 Crs and outstanding security receipts of Rs 782 Crs. Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHL) have jointly invited bids for their real estate portfolios.
3. MahaRERA may suspend registration of over 500 projects for non-compliance
In a first, the Maharashtra Real Estate Regulatory Authority (MahaRERA) may temporarily suspend registrations of more than 500 real estate development projects registered in the state in January 2023, that have not uploaded the quarterly progress reports (QPR).
Citizens will now be able to register their property documents on weekends too a s the state property registration department has decided to keep its 27 offices, including five in Pune and one in Mumbai, open on Saturdays and Sundays.
1. NCLT declares Supertech Ltd insolvent, 25K home buyers may be affected
The National Company Law Tribunal (NCLT) has declared Noida-headquartered realty major Supertech Ltd as insolvent while admitting a plea filed by the Union Bank of India over non-payment of its dues.The NCLT order is likely to hit over 25,000 homebuyers who have booked their homes with the company for over several years.
1. Luxury housing sales up 151% across major cities in Q1 2023: Report
Luxury housing sales increased by about 151 percent annually in the January-March 2023 quarter, according to India Market Monitor Q1 2023 by real estate consultant CBRE. The report also highlighted a 12 percent quarter-on-quarter as well as annual growth in overall sales of residential units across all segments during the quarter.
2. Kolte Patil signs two residential projects in Pune with topline potential of Rs 1,300 crore
Pune-based listed real estate developer Kolte-Patil Developers Limited on May 10 announced that it has signed two new residential development projects in Pune, with a total estimated saleable area of 1.9 million square feet and a topline potential of Rs 1,300 crore. The projects are located in Wagholi (Nagar Road), and NIBM Road (Kondhwa) in Pune.
3. Nexus Select Trust REIT IPO Day 3: Issue fully subscribed at 1.44x; NIIs oversubscribe 1.63 times
Blackstone-backed Nexus Select Trust REIT’s Rs 3,200 crore IPO has been fully subscribed on Day 3 at 1.44 times. The QIB portion was subscribed 1.27 times, while the NII portion was overbid for 163%. The issue received bids for 26.6 crore units against 18.5 crore units on offer. The IPO will close for subscription on 11 May.
4. Birla Estates acquires 28.6-acre land parcel in Bengaluru, eyes Rs 3,000 crore revenue
Birla Estates Private Limited, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Limited has purchased a 28.6-acre land parcel in eastern Bengaluru with a potential revenue of Rs 3,000 crore, the company said in a regulatory filing.
5. K Raheja Corp, Aditya Shagun Developers to build 3 mn sq ft IT park in Pune
K Raheja Corp and Aditya Shagun Developers plan to develop a 3-million square feet Grade-A integrated IT Park in Pune’s Balewadi area and have completed a land transaction for this. The deal was facilitated by JLL India, a real estate consultancy firm.
6. NCLT-Chandigarh withholds merger of Embassy group firms with Indiabulls Real Estate
National Company Law Tribunal (NCLT)-Chandigarh bench has withheld the merger of NAM Estates and Embassy One Commercial Property Developments (Embassy One) into Indiabulls Real Estate (IBREL), the company informed in a BSE filing.
1. Luxury home sales in LA plummet after ULA tax start date
According to a Multiple Listing Service data analysis, there were only two sales for single-family homes in the city above the $5 million tax threshold during April. This compares to 109 homes in the same price range in the preceding month of March. In April 2022, there were 50 sales.
3.Invesco Real Estate’s US value-add fund closes at $2bn
Invesco Real Estate has closed its US value-add real estate fund at $2bn (€1.8bn), according to the fund manager. The manager said the Invesco Real Estate US Fund VI fund’s total capital commitments at close was $1.98bn. The capital raise exceeded the fund’s $1.5bn target and $1.75bn hard cap.
4. Greater Miami Residential Sales Down 36 Percent Annually in March
The Miami Association of Realtors is reporting this week that greater Miami area total residential sales decreased 36.2% year-over-year in March 2023, from a high of 3,939 total transactions in March 2022 to 2,513 in March 2023.