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Anamika Gairola

Anamika Gairola
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Anamika is a research-oriented writer with experience in writing blogs on home decor and real estate industry. Simply put, she knows the trend and expectations of today’s industry. She is an avid reader, wishes to travel the world, and loves to cook her favorite recipes when not writing.

Latest update on Rajasthan RERA

By
Anamika Gairola
-

Rajasthan RERA Act

The real estate (regulation and development) act was brought into effect by the Government of India on May 1, 2016. The government of Rajasthan has notified the rules for the promotion and regulation of the real estate sector in the state. The government constituted the Rajasthan Real Estate Regulatory Authority (Raj.RERA) and Appellate Tribunal on March 6, 2019, to encourage the growth and promotion of a healthy, transparent, efficient and competitive real estate sector. 

Following are the key components of the Real Estate (Regulation and Development) Act 

Under the RERA Act, State Government is required to establish Real Estate Regulatory Authority to regulate and promote the real estate sector in the State. The Authority works to safeguard the interests of allottees, promoters, and real estate agents while promoting the growth of the real estate sector. additionally, the authority also establishes an adjudicating mechanism for sharp dispute redressal regarding registered projects. 

The Authority’s primary duties are as follows:

  • Ensuring Disclosures of Real Estate Projects by Promoters
  • Real Estate Projects Registration
  • Real Estate Agents Registration
  • Complaints Redressal
  • Provide advice to relevant Government on issues pertaining to the development & promotion of the real estate sector

Appellate Tribunal to hear appeals

The State Government had established an Appellate Tribunal to hear appeals from the decisions, directions, or orders of the RERA and Adjudicating Officer. Any aggrieved person of the direction of the Authority can file an appeal before the Appellate Tribunal and the appeal shall be dealt with by it as expeditiously as possible and the authority shall endeavor to dispose of the appeal within a period of sixty days.

Registration of Real Estate Projects 

All residential and commercial projects are required to be registered, except those with 

  • The total area of land that is to be developed does not exceed five hundred square meters
  • Inclusive all phases, the number of apartments proposed to be developed does not exceed eight 
  • If the promoter has received a completion certificate for a real estate project before the commencement of the RERA Act
  • for the purpose of renovation or repair and re-development which is not advertising, selling, of a plot or building under the real estate project

Without registering the real estate project with Rajasthan RERA, the promoter is not permitted to advertise or invite people to buy any plots, apartments, or buildings. The promoter of ongoing real estate projects, in which all buildings as per sanctioned plan have not been completed, is also required to register for such phase of the project.

The promoter is liable for a fine of 10 percent of the total cost of the project in case he fails to register as per the Act and in case of continuous violation, he is punishable with imprisonment for three years. additionally, promoters are required to provide updates on the status of the project to the Authority.

Registration of Real Estate Agents

No real estate agent is permitted to facilitate the sale or purchase of any property, in a real estate project or part of it, without being registered under this RERA Act.

On failure of registration, the real estate agent is liable to a penalty of Rs 10,000 per day in continuation of violation, which may extend up to five percent of the cost of the property for which the sale and purchase have been facilitated. 

Filing of complaints

Any aggrieved person may file a complaint with Rajasthan RERA or the Adjudicating Officer, regarding any registered project, for any contravention of the norms made under the RERA act. The Authority establishes an adjudicating mechanism for the sharp resolutions of such complaints.

Any person aggrieved by any direction of Rajasthan RERA, can file an appeal before the Appellate Tribunal, or even file a complaint to the High court if the person is aggrieved by Appellate Tribunal. 

Financial Discipline

The Act endeavors to make sure smooth financial discipline in the real estate sector. Some of its regulations are as follows: 

  • Without registration and written agreement for sale, a promoter is not permitted to ask for more than ten percent of the total cost of the property, as an advance payment or an application fee, from a person.
  • 70% of the funds received from the allottees for the real estate project  must be deposited from time to time in a separate account to be kept in a designated bank to cover the cost of construction and the cost of the land, and must only be used for that purpose.
  • Withdrawal must be certified by an engineer, an architect, and a chartered accountant in practice from such accounts, in proportion to the percentage of completion of the project.
  • The promoter must refund the buyer’s purchase price with interest for any false or inaccurate claims made by them.
  • Project Accounts to be Audited / FY. Copy to be provided to Rajasthan RERA
  • Provisions allowing Rajasthan RERA to freeze project bank accounts upon non-compliance
  • In case of non-compliance with RERA, provisions to levy stronger financial penalties.

Transparency

The Act endeavor to bring transparency in the real estate sector as follows:

  • All the details of the registered projects must be visible online for citizens including:
    • Layout plans, sanctioned plans, along with specifications, are approved by the competent authority.
    • The proposed plan and layout plan of the entire project and floor space index proposed to be developed in the whole project, by the promoter
    • approved number of the building(s) or wing(s) and the proposed number of buildings or wings to be built. 
    • the estimated time of completion of the project, including the provisions for public utilities such as water, sanitation, and electricity.
    • Update on the number and types of booked apartments on a quarterly basis
    • quarterly update on the list of total booked covered parking and garages
    • quarterly update of the list of taken and pending approvals subsequent to the commencement certificate
    • update on the status of the project every three months
    • other relevant documents and information as specified by the provisions of Rajasthan RERA.
  • The promoter must mention the website address of Rajasthan RERA, wherein all details of the registered project have been entered including the registration number obtained from the Authority in the advertisement or prospectus that is published.

Citizen Centricity

  • The Rajasthan RERA website discloses all information to the public relating to registered projects. This will make it possible to make well-informed decisions based on data.
  • Promoter is not permitted to make changes in the sanctioned plans, layout plans, etc. without the consent of a minimum of two-thirds of the buyers who are purchasing apartments in such building.
  • Without limiting any other available remedies, if the promoter is unable to deliver an apartment in accordance with the terms of the contract, he is responsible for paying interest on any additional delays and returning the amount received with interest in the event that the allottee decides to withdraw from the project.
  • Within three months from the date on which sixty percent of the total number of purchasers have booked their apartment, the promoter must establish a legal entity such as a cooperative society, company, association, federation, etc.
  • Within three months of the occupancy certificate’s issuance, or sixty percent of the building’s total number of purchasers must have paid the promoter the full consideration the promoter must execute a registered conveyance deed in favor of the allottee.

Refund

The registration fee to the extent of 5% paid or Rs. 25,000/- whichever is more shall be retained by the Authority and the remaining amount shall be refunded in case a promoter applies for withdrawal of application of the project before the expiry of the period of thirty days. Similar to this registration fee to the extent of 5% paid shall be retained by the Authority and the remaining amount shall be refunded in case of rejection of application for, registration of a Project or registration of a Real Estate Agent or extension of registration of a project or renewal of registration of Real Estate Agent.  

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DLF Reports 12.13% Increase in Net Profit for Q1 FY24

By
Anamika Gairola
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NEW DELHI: DLF, a leading real estate developer, has announced a notable growth of 12.13% in its net consolidated profit for the quarter ending on June 30, 2023. The company’s profit after tax reached Rs 526.11 crore in Q1 FY24, compared to Rs 469.21 crore in the corresponding quarter of the previous fiscal, as stated in a BSE filing.

During the same period, DLF’s net consolidated total income saw a marginal increase of 0.36%, reaching Rs 1,521.71 crore compared to Rs 1,516.28 crore recorded in a similar quarter last year.

Notable developments during the quarter include the approval of the scheme of amalgamation involving DLF Golf Resorts and DLF Homes Services with DLF Recreational Foundation by the National Company Law Tribunal (NCLT), Chandigarh bench, as per the order dated June 15, 2023.

Additionally, the board of directors of a wholly-owned subsidiary company approved the divestment of a 49% stake in Pegeen Builders & Developers in favor of a developer from Mumbai to undertake a project in Andheri West, Mumbai.

DLF achieved new sales bookings of Rs 2,040 crore during the quarter while maintaining a gross margin of 52%.

In a media release, the company emphasized its commitment to strengthening its balance sheet and generating cash. It highlighted strong collections that contributed to a further reduction in net debt, resulting in the lowest-ever net debt of Rs 57 crore.

DLF’s office portfolio exhibited stability, and its retail business continued to experience upward growth momentum.

DLF Cyber City Developers, a subsidiary, reported consolidated revenue of Rs 1,412 crore in Q1 FY24, reflecting year-on-year growth of 12%. The consolidated profit for the quarter stood at Rs 391 crore, showcasing a year-on-year growth of 21%.

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ED Uncovers Sujay Bhadra’s Connections with Multiple Kolkata Real Estate Companies in Bengal School Job Case

By
Anamika Gairola
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The Enforcement Directorate (ED) investigating the multi-crore school job case in West Bengal has revealed in its latest charge sheet the involvement of prominent real estate companies in Kolkata through which prime accused Sujay Krishna Bhadra allegedly channeled the proceeds of the scam.

According to sources, the charge sheet, filed at a special court of the Prevention of Money Laundering Act (PMLA) on July 28, sheds light on Bhadra’s network with these real estate companies to divert the funds. The charge sheet indicates that Bhadra’s two companies, in which he was the principal shareholder, engaged in “equipment supply agreements” with these real estate development agencies, receiving substantial amounts of money from them. The transactions were then recorded in their books as payments for equipment supply.

In recent raids at the offices of four real estate development entities, the ED procured crucial documents related to these transactions. Both of Bhadra’s companies were established in March 2020 during the Covid-19 lockdown.

The extensive 7,600-page charge sheet, with a principal charge sheet of 125 pages, also outlines Bhadra’s connections with influential individuals and how he artificially inflated the share price of a particular company with the help of a city-based chartered accountant.

Additionally, the charge sheet revealed Bhadra’s alleged role as a main link between the former state education minister and Trinamool Congress secretary general Partha Chatterjee and expelled youth Trinamool Congress leader Kuntal Ghosh, both of whom are currently in judicial custody for their alleged involvement in the school job case. Bhadra also maintained close ties with Trinamool Congress legislator and former president of the West Bengal Board of Secondary Education (WBBPE), Manik Bhattacharyya, who is also in judicial custody in connection with the same case.

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China’s Housing Official Urges Enhanced Efforts to Revive Real Estate Sector

By
Anamika Gairola
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China’s Minister of Housing and Urban-Rural Development, Ni Hong, has called for stronger measures from financial regulators and lenders to revitalize the country’s struggling property sector. In a recent meeting with property developers and builders, Minister Ni Hong proposed considering homebuyers who have paid off previous mortgages as first-time purchasers.

Currently, buyers with a mortgage history but without a property face higher down-payment rules. This move is part of the government’s efforts to stabilize the property market, which is a vital component of the world’s second-largest economy.

The property market crisis in China has been hindering the country’s economic recovery and has prompted expectations for additional government actions to stimulate demand. Home sales experienced further declines in June after a brief rebound earlier in the year, putting pressure on debt-laden developers and reducing demand for resources like iron ore.

Minister Ni Hong also urged for more measures, such as relaxing down-payment rules and reducing mortgage rates for first-home purchasers. Currently, purchasers of second homes are subjected to more restrictive borrowing limits.

The banking sector now holds a key role in implementing these measures. Earlier this month, financial regulators increased pressure on banks to ease terms for property companies by encouraging negotiations to extend outstanding loans. The aim is to ensure the delivery of homes under construction.

In a potential move to boost demand in China’s biggest cities, authorities are reportedly considering easing homebuying restrictions that have limited demand in cities like Beijing and Shanghai for years.

Minister Ni Hong’s meeting with developers followed signals from China’s top leaders that they would ease property policies. The government’s official readout of a Politburo meeting omitted President Xi Jinping’s long-used slogan “housing is for living, not for speculation,” indicating a shift toward supporting the property market.

Ni expressed the government’s strong support for home purchases to meet essential dwelling demand and the need for better housing. He also called for tax and fee relief for housing upgrades and replacements.

Stabilizing the construction industry and the real estate sector is crucial in promoting economic recovery, as both sectors play a significant role in the economy.

Despite policy efforts to reduce benchmark rates and mortgage rates, most Chinese households have not yet felt the benefits, as banks won’t reprice existing loans until the beginning of the next year. The policy push may impact earnings at banks already facing shrinking margins and tepid loan demand.

Some analysts are also concerned about the growing risks associated with debt-laden local government financing vehicles (LGFVs), as exposure to LGFVs could weaken capital positions and lead to lower dividend payouts for lenders. Market sentiment remains subdued as effective measures have yet to be fully implemented. The government appears to be preparing for further policy relaxation to address the challenges in the real estate sector.

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Chennai Witnesses ₹300 Crore Real Estate Deal as Equitas Small Finance Bank Acquires Prime Property on Anna Salai

By
Anamika Gairola
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Equitas Small Finance Bank has made a significant acquisition of a prime property on Anna Salai from Arihant Foundations and Housing Limited, marking another major real estate deal in Chennai. Industry sources reveal that the deal was finalized at approximately ₹300 crore. 

The transaction stands out as one of the largest commercial purchases in recent months within Chennai’s real estate sector. The scarcity of available large land parcels along the Anna Salai stretch adds to the significance of this transaction, according to a well-informed source within the real estate industry.

The property in question, located in Saidapet, was previously owned by Aruna Timbers. Situated diagonally opposite the Ashok Leyland office and in close proximity to the Little Mount Metro station, the property spans around 17 grounds (approximately 1.14 acres). Equitas has ambitious plans to develop a vast office space at this location. Presently operating from space at Spencer Plaza, the bank aims to construct a new office space covering 1.8 lahks sq. ft. Another industry insider confirmed Equitas’ plans and noted that the development work, undertaken by Arihant, is scheduled to commence in the coming months. The project is expected to be completed within a span of two years.

During a visit to the site, The Hindu team observed the Equitas signage displayed prominently while the clearing of debris was underway, indicating the bank’s imminent presence in the area.

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Indian REIT Firms in Discussions to Form Association for Industry Promotion

By
Anamika Gairola
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Kolkata: Real Estate Investment Trust (REIT) firms in India are engaging in discussions to create an association that would represent the industry and drive the promotion of this emerging investment product, which is still in its nascent stage. The envisioned association could follow the model of the Association of Mutual Funds in India (AMFI).

Currently, there are only four listed REIT entities in India. These include Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India REIT, which are office space-backed REITs, and Nexus Select Trust, the country’s first mall and retail-asset-backed REIT.

According to a senior official from a leading REIT firm, who requested anonymity, talks are underway to establish an association that would represent the REIT sector and facilitate collaborative efforts to raise awareness about this innovative product, which holds significant opportunities.

The formation of the association is currently being deliberated among all stakeholders, including the Securities and Exchange Board of India (Sebi), with details expected to be finalized within the current fiscal year. Another REIT official mentioned that the initiative is still in the preliminary stages.

The establishment of the association could play a pivotal role in setting industry standards and regulations for the REIT sector in India. This would foster a more robust and transparent market for REITs, ultimately benefiting investors, the official added.

Furthermore, the association would help promote the advantages of investing in REITs and increase awareness about this innovative investment vehicle.

REITs are investment vehicles that enable investors to acquire shares in a diversified portfolio of real estate assets. They offer a more liquid and diversified approach to real estate investment compared to individually purchasing properties.

India’s REIT sector holds significant untapped potential, with approximately 57% of existing Grade A office space, equivalent to 380 million square feet, eligible for listing as REITs. Presently, the total space managed under REITs is estimated to be around 100 million square feet, as per an official.

While the formation of the association is still in its early stages, it represents a positive development for the Indian REIT sector. The association’s establishment would help promote the product, making it more accessible to investors, as highlighted by officials.

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Maharashtra RERA Opens Window for Buyer Input on Delisting 39 Projects in Pune

By
Anamika Gairola
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PUNE: The Maharashtra Real Estate Regulatory Authority (RERA) has provided a 15-day window for flat buyers in Pune to submit suggestions or objections regarding the delisting of 39 projects in the city. This decision comes in response to the applications for deregistration submitted by the respective real estate developers.

Under the RERA Act of 2016, all real estate projects must be registered with the RERA in the states where they are being executed. The Act strictly prohibits booking, selling, marketing, or advertising a property without prior registration with the RERA. In Maharashtra, projects registered with the Maha RERA receive a certificate with a unique registration number. The regulator has the authority, as per sections 7 and 5 of the RERA Act, to revoke the registration of Maha RERA projects if the developer is found to be non-compliant or engaged in unfair practices.

To ensure that there are no pending rights or claims from buyers, Maha RERA has issued a public notice on its portal, inviting objections from home buyers within a 15-day timeframe. The reasons for delisting the projects include unviable projects coming to a halt, insufficient project funds, changes in government regulations, and internal disputes. The permission to delist these projects was granted by Maha RERA in February. An official from RERA stated that if no claims are received, all 39 projects will be deregistered.

According to Maha RERA, a project’s registration number is not permanent, and there can be instances where the number(s) expire or are revoked. The Maha RERA notice highlights that some projects are being abandoned, leaving no premises available for allotment as promised. In such cases, there is a need for legislative remedies to compel developers to complete projects they intend to abandon. Unfortunately, the existing Act does not provide a path to force a promoter to complete a project they have voluntarily declared themselves unable to complete in its present form.

The notice further states that none of the respondents challenging the termination of the allotment have claimed that the applicant-promoter is unable to complete the project due to financial fraud or misappropriation of funds provided by the allottees. Consequently, the authority sees no mechanism to force a developer’s hand in the absence of fraud or misappropriation.

Jehangir Dorabjee, a prominent builder and owner of Dorabjee Real Estate, commented that RERA delisting encourages developers who are unable to proceed or complete projects to consider deregistration when commercial viability within the stipulated deadline becomes unattainable.

One customer, Manish Ghule, who had invested in a project in Ambegaon Budruk, mentioned that his developer contacted him for a refund, which has been credited to his account. However, he expressed concern for other buyers who suffer significant losses due to sudden project halts after investing their life savings.

Deputy Chief Minister Devendra Fadnavis emphasized that the establishment of RERA is not meant to regulate the construction or real estate business but to promote honest work while curbing malpractices in the sector. Fadnavis, addressing members of the All India Forum of Real Estate Regulatory Authorities, highlighted that Maharashtra is the birthplace of RERA, as the state has been demanding a regulatory framework for real estate for 25 years. Taking advantage of the opportunity when the central government passed the RERA Act, Maharashtra established Maha RERA.

Fadnavis acknowledged the concerns of citizens who invest their life savings in properties in Mumbai and Pune, stating that RERA has become a hurdle for those trying to cheat unsuspecting individuals.

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RBI decided to keep REPO rate unchanged— Industry experts anticipating positive growth in the real estate sector

By
Anamika Gairola
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Abhishek Kapoor, CEO of Puravankara Limited, expressed satisfaction with the Monetary Policy Committee’s (MPC) decision to keep the policy rate unchanged at 6.5%. He believes this decision will have a positive impact on the real estate sector, as it brings stability to lending rates and supports the continued momentum in housing demand. Kapoor also mentioned the encouraging GDP growth and the strong launch pipeline by Grade A developers, which will further motivate homebuyers.

Shiwang Suraj, Founder & Director of Inframantra, stated that the RBI’s decision to maintain the repo rate would provide relief to homeowners, as it ensures steady home loan rates. Additionally, Suraj pointed out that this decision could address rupee-related challenges.

Ankush Kaul, Chief Business Officer of Ambience Group, commended the RBI’s commitment to maintaining balance and implementing prudent measures to safeguard the nation’s financial course. Kaul believes that such measures protect the Indian economy from adverse implications arising from global financial turmoil. Despite disruptions, India’s economy continues to exhibit resilience and promising growth in consumption patterns, which positively impacts home loan demand.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East, and Africa, CBRE, noted that the RBI’s decision reflects a balanced approach towards containing inflation and managing external volatilities. The magazine expects that the tightening cycle may be nearing its end, which would boost private capital expenditure and support domestic consumption.

Naveen Kulkarni, Chief Investment Officer of Axis Securities PMS, expressed that the RBI’s decision to maintain policy rates aligns with expectations, driven by a significant drop in retail inflation and the expectation of further softening inflationary pressures in the coming months. Kulkarni anticipates an extended pause on interest rates from the regulator, with banks’ earnings growth remaining healthy, albeit at a decelerated pace compared to FY23.

Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra, believes that the RBI’s decision will keep the real estate market favorable for buyers, potentially increasing demand in the mid-segment housing market. Yagnik also expects no change in the demand for upscale and exclusive properties. However, she acknowledged that the RBI Governor has cautioned that this decision may only provide short-term relief and may be necessary to curb inflationary trends in the country. Nevertheless, Yagnik believes that this decision will contribute to the consistent growth in the real estate sector.

While the RBI’s decision to maintain the policy rate was expected, it has been welcomed by industry experts in the real estate sector. They anticipate positive outcomes such as stable lending rates, increased demand, and continued growth in the sector.

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Gurugram Metro Project Approval Set to Revolutionize Real Estate and Connectivity in Dwarka Expressway Corridor

By
Anamika Gairola
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Realty experts affirm that the recent approval of the Gurugram Metro project will have a transformative effect on the city, generating increased investment and business opportunities. With the imminent completion of the Dwarka Expressway and the upcoming Rapid Rail Transport System (RRTS), the commencement of Metro line construction instills positive sentiments among buyers and investors alike.

Furthermore, the Metro and RRTS systems are expected to alleviate congestion and traffic issues in Gurugram and southern Haryana. Companies and corporations, previously focused on expanding solely in Noida and Greater Noida, are now compelled to reconsider their strategies. The enhanced connectivity facilitated by the Metro extension will link Gurugram railway station, the proposed interstate bus terminal, and eventually the Blue Line of Delhi Metro from Dwarka. This significant boost in mobility will attract further investments to Gurugram.

The high-potential corridor of Dwarka Expressway, which has already garnered favor among investors due to its attractive returns, is poised to benefit significantly from Metro’s approval. Vinod Behl, a real estate expert, asserts that the inclusion of the Delhi-Gurgaon-Alwar RRTS project in the National Infrastructure Pipeline (NIP), along with the Union approval for the Metro project, will significantly enhance both intra- and intercity connectivity.

Pradeep Agarwal, the founder, and chairman of Signature Global, foresees a realty upswing along the Dwarka Expressway and the new sectors with improved commuting options that will generate additional investments and job opportunities, benefiting the entire region.

Real estate consultants and executives echo the sentiment that the Metro and RRTS systems will resolve congestion and traffic woes, leading to a shift in companies’ preference towards Gurugram. The completion of the Metro within the next few years will establish seamless connectivity between commercial and residential micro-markets, attracting businesses and bolstering the potential of areas along the Dwarka Expressway.

As the Metro route develops and Metro stations emerge, property prices and rentals along the line are expected to witness a significant surge, similar to the scenario in Delhi. Enhanced connectivity and accessibility have historically attracted investors and homebuyers, stimulating demand for properties.

The commercial real estate market anticipates a surge in customers as the ease of commute increases. With the Metro project, more commercial establishments are expected to expand across Gurugram, leading to the creation of additional commercial spaces along the Metro alignment.

The Metro line is poised to alleviate traffic congestion, a long-standing challenge in Gurugram. The government’s expansion of the Metro network will have a positive impact on the real estate market, influencing property prices, investment opportunities, and overall demand for real estate in Gurugram, according to Navderp Sardana, chairman and managing director of Whiteland.

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Transindia Real Estate to Sell Stake in Logistics Parks to Blackstone-Backed Funds

By
Anamika Gairola
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In an exciting development, Transindia Real Estate has announced its plans to divest stakes in its logistics parks to funds managed by global investment firm Blackstone. This move comes as the company, which was demerged from Allcargo Logistics, aims to focus solely on its real estate business and fuel its growth plans.

The divestment includes the sale of a logistics park in Jhajjar, valued at approximately Rs 625 crore, and a 10 percent stake in several other parks. Among the parks involved in the stake sale are Malur Logistics & Industrial Parks Private Limited, Venkatapura Logistics & Industrial Parks Private Limited, Kalina Warehousing Private Limited, Panvel Warehousing Private Limited, and Allcargo Logistics & Industrial Park Private Limited. The equity consideration for this 10 percent stake amounts to around Rs 60 crore.

Transindia Real Estate Limited, the recipient of the cash proceeds, is expected to receive over Rs 400 crore from these divestments. The company believes that this infusion of funds will provide the necessary resources to drive growth and execute new projects in the real estate sector, particularly in the domain of logistics parks.

The decision to sell the stakes in the logistics parks and streamline its focus aligns with Allcargo Group’s long-term strategy. Shashi Kiran Shetty, Founder and Chairman of Allcargo Group, expressed that this transaction strengthens their balance sheet and allows them to build comprehensive capabilities in the real estate business, encompassing asset development, leasing, and sale.

Jatin Chokshi, Managing Director of Transindia Real Estate Limited, sees this transaction as a stepping stone towards future growth. With a stronger balance sheet, the company is well-equipped to undertake new projects and capitalize on key opportunities in the real estate sector.

The stake sale has generated a positive market response, as shares of Allcargo Logistics witnessed a 3.27 percent increase, closing at Rs 293.50.

Transindia Real Estate’s strategic decision to sell stakes in its logistics parks marks an important milestone in the company’s journey, enabling it to unlock cash proceeds, strengthen its position in the market, and pursue ambitious growth plans.

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