Stocks in the news: Coffee Day, UltraTech Cement, Sterling & Wilson, JSW Steel and SpiceJet
Punjab National Bank (PNB) has scrapped its plan to sell shares in its mortgage lending subsidiary PNB Housing Finance.
DLF to invest Rs 5,000 crore to develop 6.8 million sq ft IT park in Chennai
The 27 acre project will be developed by DLF's joint venture fir...
Vatika leases one lakh square feet office space to Dentsu in Gurugram
This standalone commercial building at sector 44, Gurugram is expected ...
Office Properties Drive $6.06 billion Investments into Indian Realty in 2019
Indian real estate attracted over $6.06 billion investments in 2019 led by office segment fetching more than 40% of the total funds deployment. Among the key markets, Mumbai dominated the investments into office sector during the year followed by the National Capital Region (NCR) and Hyderabad.
Varde Partners acquires Wadala office building from Lodha
Built in 2018, the said office building has over 827,000 sq ft of office space spread over 29 floors and forms part of a 22-acre mixed-use development. The project’s anchor tenants include Tata International, GMM Pfaudler and Axis Bank. The five floors in this building purchased by Tata Group in 2019 will continue to be owned by Tata, the investment firm said in a release.
Indiabulls exits three realty projects of investee firms
In the largest of these three transactions, realty developer M3M has repaid Rs 225 crore to the lender after raising funds from the State Bank of India for its residential development project M3M Golf Estate in Gurgaon. The project is spread over 56 acres and includes an executive golf course. Mumbai-based realty developer Mohan Group has also repaid Rs 110 crore to the housing finance company.
Offices, affordable housing keep realty afloat
Liquidity pressure on builders on the back of the NBFC crisis led to a significant rise in consolidation across geographies, paving the way for joint ventures, development agreements and even outright sale of projects.
Commercial realty demand scales new record of 69.4 million sq ft in 2019, up 40%
While registering 40% on-year growth in leasing, preleasing activity also rose to a record level. Vacancy levels stayed low despite robust supply, rentals too increased, and co-working space take-up rose 1.43 times compared to 2018. The year witnessed record-high preleasing activity at 17.2 million sq ft, a 7.2% on-year growth.
SC approves nominations of 7 directors to Unitech board
Unitech promoters Sanjay Chandra and his brother Ajay Chandra are currently lodged in Tihar jail for allegedly siphoning off homebuyers' money.
Banks now wary of lending to office realty developers
Lenders have become selective in choosing projects. They have added extra layers of security by seeking additional documents and collateral as well as reviewing existing limit both on fund and nonfund based lines of credit.
Office realty leasing rises 30%, on track to beat last year high
Tech corporates have driven the demand for commercial property leasing as office spaces touched 47 million sq ft in the first nine months against entire 2018’s performance of 48.9 million sq ft (30% hike), showed data from CBRE South Asia.
Gaurs Group raises rs 450 crore to pare debt, complete mall
The group, which is developing projects in Noida, Greater Noida West, Ghaziabad and Yamuna Expressway, has a debt of Rs 2,000 crore of which Rs 700 crore is Lease Rental Discounting (LRD), while Rs 1,300 crore is from NBFCs and banks. In March 2019, it had raised Rs 500 crore from Kotak Mahindra Bank.
Gaurs Group raises Rs 450 crore to pare debt, complete mall
“Of the amount, Rs 325 crore has been used to repay part of Rs 640-crore funding we had availed from Punjab National Bank Housing Finance (PNBHFL) almost a year back. Rest of the amount will be used for the construction of Gaur City mall in Greater Noida (West),” said Vineet Singhal, group CFO of the Gaurs Group.
Sachin Bansal's Chaitanya India Fin Credit applies for universal banking license
The Reserve Bank, which is very selective about who enters the banking fray, had earlier made universal bank licenses available on tap. If given a license, Chaitanya will be the second microlender after the West Bengal-focused Bandhan to be granted a universal banking license. Other microlenders operate as small finance banks.
Icra maintains negative outlook for residential realty; outlook stable for commercial segment
The performance of the residential segment continues to be muted, owing to the prevailing liquidity crunch.
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