web stats
Home Authors Posts by Unique Marodia

Unique Marodia

67 POSTS 0 COMMENTS
https://www.ipropunited.com

Embassy REIT raised Rs 4,600 crore to repay its existing zero-coupon bond

By
Unique Marodia
-

Embassy REIT has raised Rs 4,600 crore in a coupon-bearing debt at an attractive interest rate of 6.5 per cent.

Embassy REIT raised Rs 4,600 crore to repay its existing zero-coupon bond

Embassy Office Park REIT, the country’s first listed REIT, on October 18, said they have raised Rs 4,600 crore at an interest rate of 6.5 per cent to pay back its existing debts. The company said it will save around 135 crore annually on interest costs due to the low-interest rate.

The debt raised by Embassy REIT will be used to pay its existing coupon bond outstanding of Rs 4,530 crore. The company said the loan will help secure C.300 basis points interest saving annually.

“We are delighted to announce this comprehensive debt raise of Rs 4,600 crore which is a key milestone in our financing journey. With this refinancing, our consolidated debt cost reduces to 6.8% from the original 9.4% at the time of listing, thereby significantly reducing our interest cost to the benefit of our Unitholders. Also, we have been able to diversify our debt investor base by tapping into newer avenues of capital such as insurers, thereby underscoring the growing investor confidence in our business,” said Aravind Maiya, Chief Financial Officer of Embassy REIT.

The Debenture Committee approved the sum of Rs 3,100 crore under Series V Rupee- denominated, listed, rated, secured, redeemable, transferable NCDs through a private placement at an interest rate of 6.5%

The NCDs will be listed on the Wholesale Debt Market of BSE Limited Further, Embassy REIT got a term loan facility at SPV-level from a bank for Rs 1,500 crore at a 6.4% floating interest rate. Both these loans make up a total of Rs 4,600 crore. The funds will be used to redeem Series I NCDs on November 2.

The statement added rating agency CRISIL assigning the CRISIL AAA/Stable rating for the NCDs issued.

It added, Morgan Stanley, HSBC, and Kotak Mahindra Bank served as arrangers on the private placement and Talwar Thakore and Associates served as the legal counsel on the transaction.

Published by– Moneycontrol News

CG Power signs contract with Evie Real Estate to sell Kanjurmarg property worth Rs 382 crore

By
Unique Marodia
-

As per term sheet signed with Evie Real Estate, the sale of the property is fixed at Rs 382 crore, in addition to repayment of Rs 20 crore of deposit, under dispute.

CG Power signs contract with Evie Real Estate to sell Kanjurmarg property worth Rs 382 crore

On Monday, CG Power and Industrial Solution signed a contract with Evie Real Estate for the sale of property located in Kanjurmarg Mumbai at Rs 382 crore by March 2022.

According to the company’s regulatory filing, “As per the term sheet signed with the buyer [Evie Real Estate Pvt. Ltd.], the sale consideration has been fixed at ₹382 crores, in addition to repayment of ₹20 crores of deposit, under dispute. The transaction is scheduled to be completed on or before March 31, 2022 [long stop date].”

The company which is under the new management has negotiated about the purchase, reached a settlement and later both signed the term sheet on October 16.

CG Power entered into an agreement on October 28, 2015, with Evie Real Estate for the sale of the property located in Kanjurmarg. The CG Power was supposed to make the purchase by December 27, 2019.

However, the company mentioned the reason as multiple developments in the management which lead to a rise in claims and counter-claims between the parties, and thus, the transaction was not completed before the closing date under the agreement.

Published by– PTI

Chennai based realty firm raises Rs 165 crore from Kotak Realty Fund

By
Unique Marodia
-

The debt deal is made against an affordable project, Revolution One. Alliance Group has now taken around a total of Rs 800 crore from Kotak Realty Fund to complete its five projects in Chennai and Hyderabad.

Chennai based realty firm raises Rs 165 crore from Kotak Realty Fund

New Delhi: Alliance Group, a Chennai origin real estate firm has raised Rs 165 crore from the Kotak Realty Fund for an ongoing project called Revolution One.

The deal is made against Revolution One, an affordable residential project. Alliance Group has now taken around a total of Rs 800 crore from Kotak Realty Fund to complete its five projects in Chennai and Hyderabad.

The residential project is located on Old Mahabalipuram Road and has a total area of 12.5 acres providing 4,000 residential units starting from 30 lac each.

Manoj Namburu, Chairman of Alliance Group, said, “We closed two deals with Kotak during the pandemic and expanded our relationship to the Hyderabad market too. The latest round of funding was used to provide an exit to Indostar.”

The first investment from Kotak to Alliance Group came in 2016 when the Kotak Realty Fund raised $400 million from Abu Dhabi Investment Authority in 2014.

Alliance Group currently has 20,000 units under various construction stages and the company is looking to grow its unit size to 50,000 in the next three years.

Namburu added, “There are a lot of tailwinds, but having a strong financial partner helps us expand quickly. There is always an opportunity in diversity.”

Besides aiming to expand its business in the commercial sector, the company is also looking to collaborate with other funds and is currently in talks for its warehousing platform space.

Published by– India PR Distribution

Real estate developer buys commercial buildings of worth Rs 247.5 crore in Hyderabad

By
Unique Marodia
-

This is one of the largest commercial deals by real estate firm Aparna Construction in recent times.

Real estate developer buys commercial buildings of worth Rs 247.5 crore in Hyderabad

In a report gather by Propstack, Hyderabad records one of the largest commercial deals recently by Aparna Construction. The company bought office buildings with a total area of 4.3 lakh sq ft for Rs 247.5 crore in Hyderabad.

The sales deed of the following properties was registered on September 20, 2021.

The office building seller is ENN ENN Corp Limited, earlier known as Abhishek Group of Companies, which deals in real estate development, exports, carbon-free power generation, and asset leasing business.

The buyer is Hitec Cyberspazio LLP, which invested in a limited liability partnership firm with its registered office in Banjara Hills, Hyderabad. The sales deed shows the company represented by its authorized partner Aparna Infrahousing Pvt Ltd under C Venkateshwara Reddy and B Subba Reddy for executing the transaction.

The first property in Plot 8, Madhapur Main Road, which has a total area of 2, 52,000 sq ft was bought by the company at 141.57 crores. The property includes ground and four independent floors. While other property 3 and 4 has a total area of 1, 81,500 sqft having ground plus five floors sold at 105.93 crores.

Earlier in 2004, L&T Infocity Limited also applied for these three plots with an area of 7.88acres based on setting up an IT facility for IT/ITeS activities. The company got the allotment letter during the same year, and the construction for builders started in 2005.

In the property document history, L&T later sold the properties to ENN ENN in 2011. SCB Bank was named in charge of the property for loans takes by ENN ENN Corp. HSBC Electronic Data Processing India Pvt Ltd is the current tenant in the building and renewed its lease in September 2021.

HSBC Electronic Data Processing has executed two leases in the building. The first property is for the area 1,81,500 sq ft is for a tenure of 29 months from August 21 to December 23 at a rent of Rs 64.5 per sq ft per month at a rent of Rs 1.16 crore. The company has deposited Rs 6.97 crore.

The second lease is for the property with an area of 2,52,000 sq ft for a rent of Rs 43.7 per sq ft per month which is at a rent of Rs 1.1 crore. The company has paid a deposit of Rs 6.57 crore for the transaction.

The report by Knight Frank India for Q3 India has said Hyderabad city recording the second-highest transaction in the office space with 0.19 mn Sq m while new properties were at 0.20 mn sqm (2.2 mn sqft) during this period. The total office sales for the first nine months of 2021 were recorded at 0.33 mn sq m (3.7 mn sq ft).

Recently, Hyderabad has recorded a magnificent increase in commercial property transfers due to growth in demand by the IT and manufacturing sectors. The report points the benefit of infrastructure development and favourable government policies led to growth in the market.

Published by– Vandana Ramnani

 

Institutional investment in real estate up by 17% to USD721 million in July-Sep: Report

By
Unique Marodia
-

Institutional investment in real estate up by 17% to USD721 million in July-Sep Report

Institutional Investment in real estate is up by 17% from last year to USD 721 million in the July-September period. Experts believe better allocation of funds in housing, data centre, and warehousing project led to this rise in investment, according to JLL India.

Institutional investment usually comes from family offices, foreign corporate groups, foreign banks, proprietary books, pension funds, private equity, real estate fund-cum-developers, foreign-funded NBFCs and sovereign wealth funds. These institutional funds also include investment from anchor investors in REITS.

JLL India, a property consultant, said the report is prepared from the information available in the public domain. The investment period was based on the term sheet or transaction announcements which are not from the actual transfer of capital. Data centre investments were also included in the data.

The consultant reported a 17% increase in institutional investments during Q3 2021 (July-September) as investors continued to invest in deals despite uncertainty and disruptions. However, the investment was reduced to 47 per cent on a sequential basis.

Institutional investment in residential sector remained the same at USD 211 million in Q3 2021 periods. While the data centre and mixed-use projects got USD 161 million and USD 137 million investments in funding, against nil investment last year.

Investment by office space has declined significantly to USD 100 million in July-September from USD405 million during the last period.

“Office space transactions have been muted due to a likely delay in the due diligence process and investors gauging the unfolding of work from the office scenario,” the consultant said.

Warehousing and land earned investments of USD 94 million and USD 18 million, respectively, in Q3 2021 as compared to nil investment in the corresponding period of the previous year.

“Close analysts of investments during Q3 2021 reveals that it has been more balanced with the residential sector accounting for 29 per cent of the total investments, followed by alternative sector – Data Centre (DC) accounting for 22 per cent share. The mixed-use project of residential and commercial accounted for 19 per cent of the total investments, said Lata Pillai, Managing Director and Head, Capital Markets, India, JLL.

As per the data, Mumbai saw investment growth in the data centre industry, and capital flow in selected residential projects led to 39 per cent investment growth.

Bangalore reported investment in mixed-use (residential and commercial) projects leading to a 19 per cent share while NCR-Delhi with transactions in the residential and warehousing segment also had the same share.

Institutional investment increased up to USD2, 977 million in the January-September period from USD 1,534 million in the same period last year. The consultant is expecting to see a rise in investment in the fourth quarter this year.

Published By: PTI

China’s real estate association to hold meeting to tackle Evergrande crisis

By
Unique Marodia
-

Experts point out reasons such as sales decline, high risk business model and Chinese’s government crackdown to control housing market rise led Evergrande into crisis.

China’s real estate association to hold meeting to tackle Evergrande crisis

Beijing: Chinese’s country top real estate body is planning to hold a meeting on Friday amid the debt crisis at Evergrande to resolve the issues of the housing market in China. The situation has affected the Chinese’s real estate market badly.

The meeting will commence on Friday by the China Real Estate Association in the capital city of Beijing to resolve issues faced by real estate companies in the country, a source report to Global Times on the matter.

According to the Chinese media, the meeting will be attended by high-level executives from the housing market to resolve the issues faced by the Chinese housing market.

The pressure on the Chinese housing economy led the bank and research organization to cut the country’s growth. The crisis got worldwide attention when Evergrande Real Estate Group went into the debt crisis.

Evergrande, the second-biggest real estate developer in China, is currently a debt-ridden company.

The developer has a total debt of USD 380 billion which it took from banks, along with liabilities to contractors and suppliers. Experts believe various reasons such as sales decline, high-risk business model and Chinese’s government crackdown to control housing market rise led Evergrande into crisis.

As the property developer Evergrande fails to pay loan repayment, another developer Modern Land is also struggling to pay its loans.

Jill Disis from Hong Kong Stock Exchange said CNN that Modern Land asked the investors for more time to pay a USD 250 million bond which is due on October 25. Modern Land said it wants the deadline to extend till January 2022 to make sure it has enough liquidity and cash flow management so that it can avoid any payment defaults, wrote Disis.

In a separate regulatory filing, the company said Chairman Zhang Lei and President Zhang Peng will provide USD 124 million in loans to support the company.

Published by– ANI

Prestige Group clocks 88% growth in sales booking worth Rs 2,111.9 crore

By
Unique Marodia
-

Prestige Group clocks 88% growth in sales booking worth Rs 2,111.9 crore

Prestige Estates Project Limited reported 88 per cent year on year growth on Monday. In the quarter ending September, the group received revenue of Rs 2,111.9 crore in its sales bookings on better housing demand.

In the last fiscal year, the company received Rs 1,123.3 in its sales bookings.

The Bengaluru-based firm said that it received Rs 2,845.8 crore from sales booking in the first six months of this year as compared to Rs 1,584.4 crore in the same period last year.

Prestige Group Chairman Irfan Razack said, “Despite the challenging environment, Prestige has clocked highest quarterly sales and collections.”

The company clocked new bookings from its newly launched project, Prestige Great Acres and from the existing projects in various cities, he added.

The chief executive officer of Prestige Group, Venkat K Narayana said “H2F22 will be an exciting period backed by favorable macro fundamentals and a robust launch pipeline.”

He added, “Apart from the launches in the southern market, we are launching three projects in Mumbai and one project in NCR with a combined launch pipeline to the tune of 10 million sq. ft.”

Prestige Group is one of the leading real estate companies in India. It invests in the residential, office, retail, and hospitality segment of real estate in 12 metropolitan cities of India. The firm has successfully delivered 250 projects with a total developed area of 136 million sq. ft., and it is currently working on 50 ongoing projects, which are 62 million sq. ft. in total. The company has 68 million sq. ft. that is under planning and holds a land bank of 27 million sq. ft.

Published by– PTI

Independent floors and plots are becoming popular in Gurgaon: Report

By
Unique Marodia
-

Independent floors and plots are in popular demand in Gurgaon and Faridabad since the Covid-19 pandemic. The popularity has led to the launch of 20,000 such units in the next year, according to a report by Anarock.

Independent floors and plots are becoming popular in Gurgaon Report

Independent floors and plots are in popular demand in Gurgaon and Faridabad since the Covid-19 pandemic. The popularity has led to the launch of 20,000 such units in the next year, according to a report released by Anarock on Monday.

There are numerous reasons that these floors are popular, for instance, they are larger than apartments and delivery is quicker and can be easily customized as per buyer’s satisfaction.

The report by Anarock points that one of the major reasons such properties are in demand is because they offer lesser turnaround time than group housing projects and builders receives the payment quickly. Besides, money can be generated within a year from the independent floor but a high-rise project takes at least four years to pay off.

The size gap between the builder floor and apartment is huge, for instance, the builder floor is available in 2000 square feet, while the apartment is 1375 square feet.

Santhosh Kumar, vice-chairman, Anarock, said, “As many as 4,500 independent floors have already been launched in Gurugram and Faridabad in the first three quarters of 2021, accounting for over a 40% share of this period’s total supply in these two cities. Approximately 10,970 units, across different property types, have been launched in Gurugram and Faridabad between January and September 2021, of which 4,500 units are independent floor units.”

According to the report, these properties were quite popular between 2006 and 2010, when both cities sold 21,300 such flats. However, in the period between 2011 and 2015, the demand for these units significantly dropped. Between 2016 and 2020, since the demand was low thus only 2,900 flats were sold, but people’s preference seems to have changed over the years which led to a rise in independent floor popularity in recent times.

Pankaj Tomar, a Gurugram-based broker, confirmed the development and said that quick delivery time and Deen Dayal Upadhyaya Scheme, under which cheaper plots are being launched by developers has helped in boosting the sale of independent floors and plots. “The sale of floors has also increased after Haryana government allowed the construction of four floors along with stilt,” he said.

Published by– Hindustan Times

Bank of Baroda decreases rates for home loans by 6.5%

By
Unique Marodia
-

State run Bank of Baroda on Thursday reduced its home loan rates by 25 basis points (bps) to 6.5 per cent from 6.75 per cent.

Bank of Baroda decreases rates for home loans by 6.5%

On Thursday, Bank of Baroda joined the bandwagon of banks which reduced the home loan rates. It slashed home loan rates by 25 basis points (bps) to 6.5 per cent from 6.75 per cent.

The new loan rate will take effect on December 31, 2021, the bank said in a press release.

The new home loan rate is given to the customers who are applying for fresh home loans, loans transfers from other banks, or people who want to refinance their existing home loans.

General Manager (Mortgages and Other Retail Assets) H T Solanki said, “Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans is now offering the most competitive rates across categories for a limited period till December 31, 2021.”

The bank said that it is already offering no processing fees on home loans, and it has been extended till December 31, 2021.

Published by– PTI

Real estate in Andhra Pradesh sees new growth after Covid

By
Unique Marodia
-

Real estate developers in Andhra Pradesh are providing residential apartments at much less rate than the current market price that was increasing due to rising construction cost.

Real estate in Andhra Pradesh sees new growth after Covid

Vijayawada: After a long-overdue break of Covid-19, developers are seeing rising demand for residential apartments, especially from mid-segment housing. Now, the realtors are offering residential apartments at much less rates than the current market rates that were increasing due to the rising construction cost.

“Covid-19 pandemic has affected the realty sector and only for the past couple of months, it is limping back to normalcy. To retain customers, everyone is going the extra mile. Take our case, we were selling a 2BHK apartment for Rs 42 lakh before the pandemic and today we are selling it for the same price despite an increase in the cost of construction besides offering additional facilities,” explains Srikrishna of Pavan Builders.

“We are urging the State government to cut down on registration fees like West Bengal and Odisha, which helped the realty sectors in those States. Those states have cut down registration fees to 2 per cent, while ours is around 7.5 per cent. Just imagine the demand if the registration fee is reduced,” another builder said.

Realtor R Swamy said after December 2019, real estate in Andhra was already going through a bad phase due to several problems and the pandemic worsen the market. He said that real estate is slowly recovering and they expect the government to help by regulating the construction cost.

Ramana Rao of CREDAI said, “Those who faced problems in rented houses during Covid are more eager to own their houses. I feel it could be improved further if the government resolves the issues related to capital, construction costs and GST on building material.”

CREDAI general secretary Ramesh Ankineedu said that it has becoming easier to own a house because of the easy availability of home loans in the market. “The unsold inventory which was around 9 lakh before Covid is now 7 lakh in Vijayawada and surroundings, which is a good development,” he said.

Published by- S Guru Srinkanth

123...7Page 2 of 7

Latest News

© Copyrights Reserved iPropUnited.com - A DNA Ventures Company