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Aishwarya Raj Singh

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Hetero Group acquires 600 acres in Hyderabad from US fund

By
Aishwarya Raj Singh
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“Hetero has a joint development partnership with RMZ Corp and K Raheja Group to develop commercial properties in Hyderabad, totalling 20 acres of land,” said one of the people quoted earlier.

Hetero Group acquires 600 acres in Hyderabad from US fund

Hyderabad-based generic pharmaceutical company Hetero Group has bought around 600 acres of land for over Rs 350 crore from a US-based fund, in one of the largest land deals in the city in recent times. The deal includes the pharma firm buying the entire stake in two subsidiaries that held the land from the US fund.

“The deal has been concluded and the land is located ahead of Shamshabad airport, which commands a Rs 6 lakh per acre price. It has also aggregated some land in the same vicinity,” said a person aware of the deal.

The land was a part of the pre-Lehman investment made by the US fund in Indian real estate.

“Hetero has been very aggressive in buying land in Hyderabad,” said another person aware of the firms’ plans.

In 2017, it bought 20 acres of land from Puravankara Group for Rs 475 crore in the IT belt of Raidurg.

“Hetero has a joint development partnership with RMZ Corp and K Raheja Group to develop commercial properties in Hyderabad, totalling 20 acres of land,” said one of the people quoted earlier.

Hetero Group and CBRE, the advisor to the deal, declined comment on the development.

Fine of Rs 20 lakh on Investcorp India Asset Managers by CCI

By
Aishwarya Raj Singh
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The Competition Commission of India (CCI) has struck a fine of Rs 20 lakh on Investcorp India Asset Managers Pvt Ltd for failing to notify the regulator about its acquisition of real estate fund management and private equity fund management businesses of IDFC Alternatives Ltd.

Fine of Rs 20 lakh on Investcorp India Asset Managers by CCI

The transaction was on a slump sale basis for a lump sum consideration and got completed in February 2019.

For the transaction, Investcorp India was required to give a notice to the fair trade regulator.

However, it failed to do so.

“The Commission concludes that the acquisition of real estate fund management and private equity fund management businesses of IDFC Alternatives by Investcorp India was a combination…and de minimis exemption was not available in relation to the same.

“Accordingly, Investcorp India, being acquirers, failed to give notice to the Commission,” the regulator said.

On the contention of Investcorp India that the investment manager does not enjoy ownership or controlling rights over the assets of any of the funds, the CCI said Investcorp India has become the manager of the concerned venture capital funds and alternative investment fund.

Though the beneficial ownership of these categories of funds lies with unitholders, the control over the operations and management of the fund is entrusted to the investment manager.

The Commission noted that the acquisition of control is one of the forms of combination and accordingly, the acquirer needs to give notice in terms of applicable laws.

“The said requirement of law is not dispensed with only on account of the beneficial interest being vested in person(s) other than the acquirer,” the CCI said.

Investcorp India is required to pay the penalty within 60 days from the date of receipt of this order, as per an order dated December 17, 2021.

IDFC Alternatives was engaged in investment management and offered portfolio and risk management, investment banking and advisory services, the order noted.

Besides, primary business activities of Investcorp India were investment management services and management, operation and supervision of the investment vehicles including alternate investment funds and venture capital funds.

Brookfield leads the race to acquire IL&FS Mumbai headquarters

By
Aishwarya Raj Singh
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Brookfield Asset Management IL&FS has emerged as the front-runner to acquire the coveted 4.5 lakh sq. ft. headquarter at Bandra Kurla Complex in Mumbai. While some others, including private equity firms and real estate companies, had shown interest, none matched Brookfield’s bid.

Brookfield leads the race to acquire IL&FS Mumbai headquarters

The IL&FS board has put the group’s corporate headquarters as part of the resolution process to address the debt of Rs 99,000 crore. Constructed in 2005, the 11-story building was one of the first to be built in the business district. The IL&FS board is seeking to recover Rs 1,000 crore from the sale of assets. However, sources say Brookfield’s bid is slightly lower.

While the target price is in line with the current value of the office complex in the district, the private equity firm has said that the property is around 17 years old and would require additional investment for modernization and renovation. Also, IL&FS has said that it will continue to occupy certain floors for the time being as a tenant. When contacted, IL&FS declined to comment on the deal.

The Canadian alternative investment company made headlines last year with a $2 billion real estate deal to acquire 12 million square feet of office space. RMZ Corp. The company later raised Rs 3,800 crore through its real estate investment trust.

Last year, Yes Bank acquired the 6.95 lakh sq. ft. former headquarters of Anil Ambani’s Reliance Group for Rs 1,200 crore. However, no money changed as the purchase was adjusted against the loan due from the group company.

Earlier, another private equity company Black Stone and Godrej Properties had shown interest in office property. While the IL&FS building is only 11 story’s higher, whereas, the real estate development of BKC’s G-Block has many more floors as relaxation in norms has allowed higher floor space index for offices that use IT.

Hyderabad builders to adopt lakes within 500 meter of all projects

By
Aishwarya Raj Singh
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Real estate developers would henceforth have to take care of any lake or water body within 500 meters of their planned layout or mega projects. This will now be made mandatory while granting permission for ventures in Hyderabad Metropolitan Development Authority (HMDA) region.

Hyderabad builders to adopt lakes within 500 meter of all projects

The new plan by the state government is meant to protect lakes by making developers responsible for it. There are nearly 3,100 lakes in the metropolitan region.

Municipal minister KT Rama Rao, who held a review meeting with officials on Tuesday, directed officials to involve developers for lake protection and improvement of greenery near their ventures. The municipal administration is also planning to rope in all real estate and developers’ associations for protection of lakes in the city.

On Tuesday the special chief secretary (municipal administration) Arvind Kumar told TOI, “The minister advised that CREDAI as well as builders who have projects adjacent to lakes should be asked to maintain them as it leads to improvement in ambience also.”

While for some lakes in HMDA region the full tank level (FTL) was finalized and protection measures such as fencing taken up, many lakes’ FTL was yet to be identified by both revenue and irrigation departments. In GHMC limits, the municipal administration had taken up beautification of lakes in a phased manner. Officials said that this measure would not only ensure protection of lakes, but also lead to beautification of the surrounding areas.

The HMDA said new norms would be applicable to all types of developments and permissions for layouts, multi-storey buildings, gated communities and commercial complexes.

The officials said that in many ventures the sewerage was getting into nearby lakes illegally, which had to be prevented. The developers would be asked to construct walkways and develop greenery, which would also help in improving the water quality of the lakes, Arvind Kumar said.

Housing sales up by 71% in 2021 in residential real estate market

By
Aishwarya Raj Singh
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Residential real estate has staged a dramatic bounce-back across the top seven property markets in India, despite the devastating second wave of Covid-19 that reversed consumer sentiment across sectors, hitting the economy.

Housing sales up by 71% in 2021 in residential real estate market

Home sales rose 71% year-on-year, with 237,000 units sold in 2021, thus reaching 90% of pre-Covid 2019 levels. Mumbai Metropolitan Region (MMR) recorded the highest sales at 76,400 units, followed by the National Capital Region (NCR) with 40,050 units sold, data from Anarock Property Consultants showed.

Property developers have faith that 2022 will script growth, new trends and dynamics in the real estate sector.

Niranjan Hiranandani, managing director, Hiranandani Group said, “The pandemic has accelerated some existing trends that favours greater suburban growth and vitality, digitization in home buying, and rising demand for the hub-and-spoke model in commercial realty.”

He said the accelerated vaccination drive, softening home loan interest rates, a buoyant capital market, liquidity infusion, record FDI (foreign direct investment) and market consolidation were the highlights of 2021, terming it a “year of resiliency.”

Across the top seven cities, over 237,000 units were launched in the calendar year, touching the pre-Covid levels of 2019. Project launches rose 85% in the year. “Despite the pandemic, 2021 was a fantastic year for the Indian housing sector. An equal number of homes were launched and sold,” said Anuj Puri, chairman, Anarock Group.

The mid-segment, priced between ₹40 lakh and ₹80 lakh, had the maximum share of total launches, at 39%, followed by the sub-₹40 lakh affordable segment, with a 26% share. The premium segment – ₹80 lakh to ₹1.5 crore – had a 25% share in the year’s launches.

Court has issued a FIR against Terra Group builder for the delay in handing over the flat

By
Aishwarya Raj Singh
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A developer has been charged with deceitfully deceiving a homebuyer in the direction of a city court. A woman was unable to obtain the flat or refund for the unit booked on her handicapped daughter’s name after ten years.

Court has issued a FIR against Terra Group builder for the delay in handing over the flat

Anu Bala (46), a resident of Roshanpura, has purchased a flat in the residential area Terra Casstle on the Alwar bypass road in Rajasthan’s Bhiwadi district. Terra Group‘s headquarters is on MG Road, and the scheme was developed. She paid Rs 14.17 lakh to the flat.

Anu said, ”I had purchased the property in the name of my daughter, who is handicapped, and had planned to sell it for her daughters’ marriage.” Her daughter was just ten years old at the time of purchasing the property. ”I paid the bill and hoped to use this property at the right time”, she said, referring to the developers’ office for the past two years and requesting that they give the unit to her.

Since she couldn’t be helped, she contacted Gurgaon court in June.  She said, “All I had was this property. I was aiming to sell the house and use the money for my daughters’ marriage. I have been subjected to mental and physical abuse by the developer for the past two years.”

Last week, a Gurgaon court ordered police to file a case for further investigation. A complaint was filed in sector 29 police station under section 406 (fraud), 420 (cheating), 467 (forgery), 468 (forging papers), and 120B (criminal conspiracy) of IPC, following the court’s order. Despite attempts, the programmer was unable to be reached for a comment.

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Political flight over J&K admin’s move to open real estate for citizens

By
Aishwarya Raj Singh
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On Tuesday, the Jammu & Kashmir administration’s decision to open the Union territory to real estate investors triggered a political slugfest with regional parties accusing the Centre of trying to change the demography of the “Muslim majority” region.

Political flight over J&K admin’s move to open real estate for citizens

The administration on Monday opened the Union territory to the country’s real estate investors by signing 39 MoUs worth nearly ₹19,000 crore for the development of housing, hotel and commercial projects.

Mufti tweeted, “J&Ks special status was illegally revoked to dehumanise, dispossess & disempower the only Muslim majority state in India. GOIs brazen loot & sale of our resources shows that the sole motive is to annihilate our identity & change the demography (sic).”

The Hurriyat Conference, too, criticized the move in a statement. “The Government of India wants to change the demographic character of Muslim majority J&K and disempower its residents through such diktats and measures in order to scuttle the final resolution of the long standing international political dispute of Kashmir in accordance with the will and aspirations of its people as promised by the international community, based on principles of justice and international law.”

“Since August 2019 (abrogation of Article 370), in succession one after another authoritarian laws and diktats are being implemented in J&K towards this end and to facilitate the electoral prospects of the ruling party in India as J&K has become its favorite whipping boy,” it added.

The BJP, however, welcomed the move. “There is a dire need to create an optimum congenial atmosphere in this terrorism-infested region for the bright future of our youth… It is after the abrogation of Article 370 that J-K is on the path of unprecedented development after decades of turmoil,” said senior BJP leader and former deputy chief minister Kavinder Gupta.

Omar, Mehbooba smoke over UT administration opening J&K to real estate investors

By
Aishwarya Raj Singh
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At the real estate summit held in Jammu, which was organized by the Union ministry for housing and urban affairs and J&K administration on Monday, LG Manoj Sinha said that similar summit will be held in Srinagar in May next year.

Omar, Mehbooba smoke over UT administration opening J&K to real estate investors

Mainstream political leaders have raised strong concern over putting the land of J&K on “sale” in the name of real estate investment summit.

However, the allocation of land to non-local investors has triggered resentment among mainstream politicians, who have been demanding to safeguard the rights of local’s post-revocation of Article 370.

NC vice-president Omar Abdullah wrote in his tweet, “Once again the true intentions of the government are brought to the fore. While offering to secure the land, jobs, domicile laws & identity of the people of Ladakh, J&K is being put up for sale. People of Jammu should beware, “investors” will buy up land in Jammu long before Kashmir.”

Former J&K chief minister and PDP president Mehbooba Mufti termed the summit “sale of the resources of J&K”.

Mehbooba Mufti said in a tweet, “J&Ks special status was illegally revoked to dehumanise, dispossess & disempower the only muslim majority state in India.GOIs brazen loot & sale of our resources shows that the sole motive is to annihilate our identity & change the demography (sic).”

The Apni Party, which is considered close to the BJP, also called this summit an “endeavour for undermining the domicile law”.

Apni Party president Syed Mohammad Altaf Bukhari on Monday in a statement said that efforts that aim at a holistic development and job creation in Jammu and Kashmir are welcome but not at the cost of domicile laws that safeguard land and employment rights of its permanent residents.

He said, “Our party will always welcome any efforts that will foster progress and prosperity in Jammu and Kashmir. But at the same time, we are pledged to resist any plans that will do away with the exclusive rights of the people on their land and jobs.”

He said the way term ‘permanent resident of the state’ has been omitted from the J&K Development Act, was totally unacceptable to the people of Jammu and Kashmir.

Emami Realty rolling 10% on CARE’s rating upgrade

By
Aishwarya Raj Singh
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On Monday the shares of Emami Realty skyrocketed almost 11% in early trade after the small cap real estate player received an upgrade for its long term rating. CARE has upgraded the credit rating of the long-term bank facilities to ‘BBB; Stable’ from ‘BBB-; Stable.

Emami Realty rolling 10% on CARE's rating upgrade

The counter surged to a high of Rs 103.40 as against the previous close of Rs 93.25 on the National Stock Exchange.

Earlier this month, the company, announced the launch of two large projects in Kolkata-Emami Business Bay and Emami Astha.

On Friday the company’s shares have witnessed a stellar run of late, with the scrip surging 14.86%, to rank as the fifth biggest gainer in the ‘B’ Group on the BSE.

Close to 2 lakh shares of the company exchanged hands on Friday against the average daily volumes of 25,288 shares in the past one month.

Speaking about the prospects of the realty sector in West Bengal, Managing Director and Chief Executive Officer Nitesh Kumar, earlier this month, expressed optimism, saying that the extension of the window for stamp duty reduction had benefited the real estate environment on the whole.

Kumar was quoted as saying in reports in early December, “Despite a slowdown in residential property registrations in November 2021 due to less registration in small units under 500 square feet, the sharp increase since July 2021 is encouraging for both developers and buyers moving forward.”

DDA & Yamuna authority launches housing scheme- 18,335 flats and 416 plots on offer

By
Aishwarya Raj Singh
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On December 23, Delhi Development Authority (DDA) Yamuna Expressway Industrial Development Authority (YEIDA) has come up with a fresh housing scheme with 18,335 flats and 416 plots on offer, respectively.

DDA & Yamuna authority launches housing scheme- 18,335 flats and 416 plots on offer

DDA said in a statement that these flats are at discounted rates as part of the PMAY scheme benefits as per the Credit Linked Subsidy Scheme. The scheme is available at discounted prices from December 23 to February 7.

DDA said, the cost of the flats is likely to increase w.e.f. 1st April, 2022.

The flats are available in the High Income Group (HIG), Middle Income Group (MIG), and Low Income Group (LIG), Economically Weaker Section (EWS) /Janta categories.

According to DDA, there are 203 high income group 3BHK flat are available in Jasola, Vasant Kunj, Paschim Vihar and Dwarka.

There are 3 HIG 2BHK flats in Vasant Kunj while 976 MIG 2BHK flats are available in Dwarka, Vasant Kunj, Rohini, Jahangirpuri and Narela.

11, 452 LIG 1BHK flats are available in Dwarka, Rohini, Narela, Ramgarh, Molarbund, Zafrabad, Kondli Gharoli, Siraspur, and Lok Nayak Puram while 5,702 flats for EWS are available in other areas.

Earlier, DDA on November 24 approved the launch of a special housing scheme for approximately 15,000 flats of different categories at various locations such as Dwarka, Narela, Rohini, Jasola, said DDA officials.

The Authority said in a statement, “The flats under this scheme are those that remained unsold in previous housing schemes of DDA, and are being offered at the old rates or cost in relaxation of the costing policy of DDA.”

In January this year, the DDA had also launched a housing scheme with 1,354 flats, mostly in the High Income Group (HIG) and Middle Income Group (MIG) categories.

As per the YEIDA, 416 vacant plots are available in Sector-16, 17, 18,20 and 21. The size of the plot varies from 120 sq. mt. to 4000 sq. mt.

The scheme starts on December 23 and the last date January 24. The allotment of the plot will be done as per draw which is on March 10. In order to know more about the scheme, refer to the brochure which can be downloaded from the official website.

YEIDA had also earlier, invited application for allotment of industrial plots in sector -29, 32 and 33. The opening date of the scheme was December 15 whereas the date of closing is December 31.

 

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