Godrej Properties is aiming to launch 15 new projects, including one in Noida, and sell its completed commercial assets worth Rs 1,500 crore during this fiscal as the realty firm seeks to achieve higher growth. Godrej Properties achieved a record sales bookings of Rs 5,038 crore in 2015-16 fiscal, up 88 per cent from previous year,… Read More »
Distressed office assets are emerging across cities, throwing up opportunities for large developers backed by private equity (PE) funds to buy into incomplete or stalled office projects, special development enclaves or undeveloped land, a trend that has played out in the residential sector in recent years. Bengaluru-based Embassy Group is buying out a 60% stake in… Read More »
Having failed once to sell the Kingfisher House for recovering their loans, banks have begun a fresh valuation process for auctioning the headquarters of the Vijay Mallya’s long defunct Kingfisher Airlines. “A revaluation process has begun and will be over by the next week. The property will put on the block again at the earliest,” a… Read More »
Bullish on the rising demand for commercial real estate, Mumbai-based developer K Raheja Corp. is planning to invest around Rs.2,000 crore in acquiring land and building 6 million sq. ft of commercial space in the next two-and-a-half years in Navi Mumbai. The company currently operates three information technology (IT) parks in Navi Mumbai under the brand… Read More »
Realty firms K Raheja Corp and Gera Developments have partnered to construct an IT-SEZ in Pune at an investment of about Rs 1,000 crore over the next four years. Property consultant JLL India has facilitated the deal between the Mumbai-based K Raheja Corp and Pune’s Gera Developments for the development and operation of the prime 30-acre… Read More »
Embassy Group has partially acquired a stalled SEZ project in Chennai from SNP Infrastructure for an undisclosed amount, two people aware of the development said. The 26-acre property on Thoraipakkam-Pallavaram road is close to the airport. Land on Pallavaram road costs about Rs 20 crore per acre. “The special economic zone project was shelved in 2008… Read More »
After bulge bracket mall deals by Blackstone and GIC in Mumbai, global investors Canada Pension Plan Investment Board (CPPIB) and Macquarie are looking to buy malls in the country, said executives involved in the talks. “CPPIB has started talking to mall owners while Macquarie has shown interest in buying malls. All these investors prefer fixed yields.… Read More »
The absorption of commercial real estate including outright purchases and leasing of office space in India’s top seven markets increased to 5.8 million square feet during the first quarter of 2016, up 8% from that a year ago, according to commercial data information and analytics firm Propstack. This signals continuation of the strong revival seen… Read More »
American PE fund Blackstone is in talks to acquire two commercial office towers in central Delhi from Parsvnath Developers and PE fund Red Fort Capital for Rs 550 crore, said two people with knowledge of the development. The two towers on Bhai Veer Singh Marg, which is near Connaught Place, have around 300,000 sq ft of… Read More »
The government to increase ready reckoner rates by an average 7%, effective from 1st April, 2016 which means buying and developing properties in Mumbai and rest of Maharashtra is set to become costlier. The stamp duty on property transactions, calculated on the basis of RR rates, would go up as a result. Revenue minister Eknath Khadse made… Read More »
