This follows a SEBI order on November 4 directing Embassy REIT to suspend Aravind Maiya from his role as Chief Executive Officer (CEO) and to appoint an interim CEO.
Embassy Real Estate Investment Trust (REIT) has appointed Ritwik Bhattacharjee as the interim CEO.
Embassy REIT has appointed Ritwik Bhattacharjee as its interim CEO, according to a regulatory filing on November 7. Bhattacharjee, formerly the Chief Investment Officer, has been with Embassy REIT since its listing, playing a key role as a founding member of the team that took Embassy REIT public in 2019. Prior to joining Embassy REIT, he spent over 12 years in investment banking with global firms such as Nomura, Citi, UBS, and JPMorgan, where he managed numerous REIT and real estate capital market transactions in New York and Singapore. This appointment follows a SEBI order dated November 4 that directed Embassy REIT to suspend Aravind Maiya from his position as CEO and appoint an interim CEO. The order noted that Maiya was barred by the National Financial Reporting Authority (NFRA) for the maximum permissible period due to serious lapses, and SEBI cited his gross negligence in connection with securities market fraud at Coffee Day Enterprises Ltd (CDEL).
Previously, Macrotech also acquired real estate firm Ivanhoe Cambridge’s stake in the three entities, aligning with its strategy to boost annuity income.
Abhishek Lodha
Macrotech Developers Ltd, a real estate developer, announced it has acquired Bain Capital’s entire stake in three of its digital infrastructure subsidiaries for a total of ₹307 crore. This acquisition aligns with the company’s long-term goal to increase annual annuity income to ₹1,500 crore under its Lodha Industrial and Logistics Park brand.
As per an exchange filing, the three entities involved are Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd, and Bellissimo In City FC Mumbai 1 Pvt Ltd. Bain Capital previously held a 30% stake in Bellissimo Digital Infrastructure and 33.33% in each of the other two entities.
In October, Macrotech, known under the Lodha brand, acquired the stakes held by Ivanhoe Cambridge’s Indian subsidiary in these three entities.
In a recent post-earnings call, Abhishek Lodha, Managing Director and CEO of Macrotech Developers, shared that the company aims to expand its revenue streams beyond its core residential business, focusing initially on its integrated development at Palava, near Mumbai. In October, Macrotech closed a deal with Amazon Web Services (AWS) to sell approximately 40 acres at around ₹12 crore per acre, where AWS plans to establish a data center.
Additionally, the company is in discussions with other data hyperscalers to sell more land at Palava for around ₹20 crore per acre, with data centers expected to become a significant source of rental income over the coming years.
LEED (Leadership in Energy and Environmental Design) certification has become a prestigious standard in the real estate sector, marking buildings that meet high sustainability, energy efficiency, and environmental standards.
Benefits of LEED-Certified Buildings for Investors and Tenants
For investors and tenants alike, LEED-certified buildings offer a range of compelling advantages, from cost savings to long-term asset value.
For investors, LEED certification provides enhanced property value and market appeal. These buildings typically attract higher occupancy rates due to growing demand for sustainable spaces, particularly among eco-conscious businesses and individuals. Additionally, LEED-certified buildings command higher rental and sale prices as tenants and buyers are willing to pay a premium for green properties. With lower utility and operational costs due to efficient energy and water use, investors also benefit from reduced overheads. Moreover, LEED buildings often receive favorable financing terms and tax incentives, making them financially attractive investments.
For tenants, LEED-certified spaces provide a healthier and more productive environment. With improved indoor air quality, natural lighting, and better temperature control, these buildings create an optimal workspace that can boost employee wellness, satisfaction, and productivity. Lower utility costs are another advantage, as LEED buildings consume less energy and water, resulting in reduced bills—a particularly appealing aspect for businesses managing operating expenses. Furthermore, being located in a LEED-certified building can enhance a company’s image and align it with sustainability values, an increasingly important factor in brand reputation and customer loyalty.
Overall, LEED certification benefits both investors and tenants by creating sustainable, cost-effective, and healthy environments that align with current demands for environmentally responsible buildings. As awareness and demand for green buildings continue to grow, LEED-certified properties represent a forward-thinking choice that benefits the planet while enhancing long-term value for stakeholders. Investing in LEED-certified real estate not only supports sustainable practices but also aligns with the broader market shift toward eco-friendly business operations.
From January to September 2024, QIP issuances across all sectors totaled ₹75,923 crore, with real estate accounting for 17% of the share, following renewable energy at 19%.
QIP issuances by real estate developers reached ₹12,801 crore from January to September 2024
The real estate sector has emerged as India’s second-largest contributor in Qualified Institutional Placements (QIP) after renewable energy, with developers raising around ₹12,801 crore in the first nine months of 2024.
Anuj Puri, Chairman of ANAROCK Group, stated that an analysis of listed developers on the National Stock Exchange (NSE) reveals that by the third quarter of 2024, the real estate sector held a 17% share of QIP issuances across all sectors, equating to ₹12,801 crore out of the total ₹75,923 crore raised.
The renewable energy sector led QIP fundraising with a 19% share (₹14,425 crore), followed by other prominent sectors: Metals (15%), Automotive and Transport (10%), Manufacturing (9%), IT/ITES (7%), Banks (5%), Oil and Gas (4%), Construction and Engineering (3%), and Others (10%).
Qualified Institutional Placements enable publicly traded companies to raise capital by offering equities or equity-convertible securities to select institutional investors.
“This high level of QIP activity underlines the real estate sector’s significant role in India’s capital markets and institutional investors’ rising confidence in Indian real estate,” said Puri. Additionally, strong post-pandemic demand for homes has driven developers to raise funds via Initial Public Offerings (IPOs) to finance new project launches across various regions.
Since 2021, six real estate firms have collectively raised ₹5,275 crore through IPOs. Macrotech Developers (Lodha Group) alone secured nearly ₹2,500 crore, with other developers such as Signature Global (₹730 crore), Keystone (₹635 crore), Sriram Properties (₹600 crore), Arkade Developers (₹410 crore), and Suraj Estate (₹400 crore) also raising funds.
Factors Driving QIP and IPO Growth
Experts highlight that robust housing sales, a strong post-pandemic recovery, increased residential sales values, and enhanced transparency in the sector are fueling growth in QIPs and IPOs.
Post-2020, the real estate sector rebounded strongly, led by Grade A developers. Market demand for high-quality residential projects has surged, and developers have responded by launching new projects.
Housing sales growth across top cities has been notable; ANAROCK research shows that over 13.62 lakh units were launched from 2021 to September 2024, while sales reached approximately 14.36 lakh units during the same period. In the first nine months of 2024, residential sales value reached ₹4.2 lakh crore—a 22.6% increase over 2023 and a 115% rise compared to 2021.
This surge in sales value boosts cash flow for developers, allowing them to meet rising demand and improving investor confidence.
“To support their ambitious growth, developers are turning to IPOs and QIPs,” Puri added. “Their success in these fundraising efforts demonstrates the sector’s continued appeal to both retail and institutional investors. We anticipate substantial growth in investor participation in the years ahead.”
Green building practices in real estate emphasize environmentally responsible and resource-efficient construction methods that reduce the environmental impact of buildings throughout their lifecycle.
Green Building Practices : Real Estate Future
This approach integrates sustainable design, construction, operation, and maintenance practices, with a focus on minimizing energy use, conserving water, reducing waste, and improving indoor air quality. By adopting these practices, developers create healthier, more comfortable spaces while supporting environmental sustainability.
One of the core principles of green building is energy efficiency. Buildings designed with energy-efficient lighting, heating, cooling, and insulation systems consume significantly less power than traditional constructions. Incorporating renewable energy sources like solar panels or wind turbines further reduces reliance on fossil fuels, which decreases carbon emissions and long-term operational costs.
Water conservation is another essential component of green building practices. Developers often use systems like rainwater harvesting, low-flow fixtures, and wastewater treatment units, which reduce water consumption and help preserve local water resources. Landscaping with native plants also reduces water usage, as these plants require minimal maintenance and are naturally adapted to the local climate.
Material selection plays a crucial role as well. Sustainable buildings prioritize the use of eco-friendly materials like recycled, reclaimed, or rapidly renewable resources, which lowers the environmental cost of production. Additionally, non-toxic materials improve indoor air quality, creating healthier spaces for occupants.
Green buildings not only benefit the environment but also have economic advantages. They often have higher property values, attract eco-conscious tenants, and offer lower operating costs. In this way, green building practices in real estate align financial incentives with environmental responsibility, making them increasingly popular among developers and investors who recognize the importance of sustainable development in shaping a greener future.
DLF Ltd Mumbai project, situated in Andheri (West), is an SRA (Slum Rehabilitation Authority) initiative developed in partnership with the Trident Group. This project signifies the listed real estate leader’s re-entry into Mumbai’s competitive market.
DLF is expected to launch the first phase of its Mumbai project in the fourth quarter of FY25
Delhi-National Capital Region (NCR)-based real estate developer DLF Limited, a publicly listed company, is expected to launch the first phase of its Mumbai project in the fourth quarter of FY 2025, ending March 31.
Located in Andheri (West), DLF’s Mumbai project is a Slum Rehabilitation Authority (SRA) initiative, developed in collaboration with the Trident Group. This venture marks DLF’s re-entry into the Mumbai market, as announced in July 2023.
During an investors’ call, Ashok Kumar Tyagi, CEO of DLF Ltd, stated that project approvals are in advanced stages, with the company anticipating a launch in the fourth quarter of the current financial year.
“Approvals for the next phase of Privana, as well as the Mumbai and Goa projects, are at advanced stages. I don’t foresee the Maharashtra election code of conduct impacting the Mumbai project approvals since these are routine approvals rather than policy-based. Barring any unforeseen circumstances, the Mumbai project launch is likely in the fourth quarter,” Tyagi noted in response to a question regarding potential delays from the upcoming Maharashtra assembly elections scheduled for November 20.
Winners of the hackathon will be awarded Rs 25 lakh and also a government contract to deploy solutions in a real world environment
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The Ministry of Electronics and Information Technology (MeitY), as part of its ₹10,738 crore IndiaAI initiative, in collaboration with the Ministry of Home Affairs, is seeking AI-based solutions to tackle cybercrime.
The government is particularly interested in natural language processing (NLP) models that can assist citizens in filing cybercrime complaints on the National Cyber Crime Reporting Portal (NCRP). They are also looking for AI models that can categorize victim complaints by the type of fraud and other key factors.
This effort is part of a hackathon launched by IndiaAI last week, aimed at harnessing AI to strengthen cybersecurity and address cyber fraud and crimes.
“With nearly 6,000 cases reported daily on the NCRP, this initiative aims to develop AI-driven solutions that can effectively manage and mitigate these threats,” said the ministry. “The hackathon offers a platform for participants to create advanced AI models that will improve cybersecurity and counter the increasing complexity of cybercrime.”
The government is inviting applications from institutions such as IITs, NITs, and other organizations to participate in the event.
The seller in this transaction is identified as Anushka Constructions, with the agreement registered on October 5. According to property registration documents, Micro Labs paid ₹6.22 crore in stamp duty for the purchase.
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Life sciences company Micro Labs Ltd has acquired a 3-acre plot in Hoodi, an eastern suburb of Bengaluru, for a total sum of Rs 111 crore, as per property registration documents accessed by PropStack. This transaction ranks among the most expensive real estate deals in Karnataka’s capital in recent years.
Bengaluru-headquartered Micro Labs, known for its prominence in various pharmaceutical therapies and active pharmaceutical ingredients, is best recognized for its Dolo-650 paracetamol tablets.
The seller in this deal has been identified as Anushka Constructions, with the agreement registered on October 5. Micro Labs paid Rs 6.22 crore in stamp duty for the purchase, according to the documents.
Moneycontrol has reached out to Micro Labs for comments regarding the intended use of the land, and updates will follow once a response is received.
In other major real estate transactions in Bengaluru this year, Quess Corp’s founder and chairman Aji Isaac purchased a 10,000 square foot plot in the Koramangala area for Rs 67.5 crore, while businessman Shrinibash Sahoo bought an 8,800 square foot plot in Indiranagar for Rs 47.5 crore.
Our homes are special places where we go to feel secure and at ease. We share some of the most memorable times of our lives there with the people we love. Everyone aspires to buy their own home at some point. However, sometimes the prices of properties make it difficult for a dream to come true. Fortunately, home loans are encouraging people to buy their dream houses. You can even apply for it jointly to improve your eligibility for home financing.
Joint Home Loan
A joint home loan can truly help you own a home you have always wanted. This article will help you have a better understanding of a joint home loan, its eligibility and criteria.
The Benefits of Joint Home Loan
Having some assistance when requesting a loan is always beneficial. The same is true when you apply for a home loan. Here are some of the major benefits of a joint home loan –
Higher sanctioned loan amount
The most obvious advantage of a joint home loan is the possibility of receiving a larger sanctioned loan amount. This happens because the lender would consider two incomes in the application instead of one. So, you can stop worrying about having to compromise on your dream home because of a lack of funds. Therefore, you can raise your budget and go for the flat or house you want in the locality you want. Since most of us only make this decision once in our lives, and would not want to settle for less than the ideal property just because we are short a few lakhs of rupees.
Repayment ease
The responsibility of repaying the loan is shared between two people. So, the heavy EMI burden is not only on one person. It is much simpler and brings peace of mind to know that two people are responsible for repaying the loan. While your spouse or other family members may agree to assist you with a housing loan that is in your name, formally adding them as joint applicants may increase their sense of ownership over the situation and make them more responsible for making timely EMI payments with you.
In addition, you might even pay off your debt earlier if you have a co-applicant on the loan. You can choose higher EMI values each month because you have two incomes available to pay the loan rather than just one. As a result, you can opt shorter term for your mortgage than 30 years, such as 20 years or less. You will save a lot of money by taking out a home loan for a shorter period of time rather than a longer one because you will not have to pay as much interest.
More tax benefits
Additionally, each co-applicant is eligible for their own tax advantages with regard to the home loan. Tax advantages apply to both the loan’s interest and principal. Section 80C of the Income Tax Act provides this home loan tax benefit for joint applicants and co-owners. To be eligible for these tax advantages, the co-applicant or co-borrower of the loan must also be a co-owner.
Who is eligible to Co-Apply for A Joint Home Loan?
To increase loan eligibility, a close relative can be added as a Co-Applicant on a home loan. Close relatives do not have to be co-owners of the property.
A close relative may be added as a co-applicant if he or she is also a co-owner of the property.
A non-resident Indian (NRI) can also be a co-applicant.
Eligibility and Documentation for a Joint Home Loan
You can easily check home loan eligibility for joint applicants on the website of your preferred bank or financial institution. The most important eligibility criterion is the co-borrower’s relationship with you. They should be your parent, sibling, or spouse. Some lenders even require the co-borrower to be a co-owner of the property.
Additionally, all relevant documents must be submitted by the joint applicants as required by the lender. These include identity proof, income proof, address proof, property sale documentation, and NOC of the property. All these documents need to be submitted by the main borrower as well as the co-applicant for the home loan.
You must check your credit score as well as the co-applicant’s credit score prior to applying for a home loan. Your home loan application can possibly be impacted if either of the applicants has a low credit score. You can check your credit report and your co-applicant’s credit report at CIBIL, CRIF Highmark, Experian, and Equifax which are the four credit bureaus in the country. Most major banks in the country provide customers with free online access to their Credit Bureau scores. It is good to check your CIBIL score for a home loan can help you understand whether your current score makes you eligible for a good deal on your home loan or whether you need to work towards increasing your score.
Tip: There are numerous advantages to co-owning your property with a female family member. She will pay lower stamp duty charges, which can help you save a lot of money. Even if the stamp duty reduction is only 1%, keep in mind that it is 1% of a very expensive property.
How to check eligibility for a Home Loan?
Eligibility for a home loan can be easily checked online. The home loan eligibility calculator is a special tool that can help you understand how much funding you qualify for. This tool is simple and free to use. You only need to enter a few basic details into the tool to determine your eligibility. These details will include –
Gross income
Tenure of the loan
Interest on the loan
Other liabilities, expenses, and EMIs
These details will assist you in estimating how much funding you can expect. Keep in mind that the final decision on your home loan will depend on other factors such as your age, CIBIL score, and existing loans. Co-applicants’ details will also be a factor in the equation.
It is suggested to close all other major loans prior to applying for a home loan. Having less debt in other areas will increase your eligibility for a larger home loan, and the same applies to the co-applicant too. Having a lot of debt will decrease their eligibility and impact the joint loan application.
Following the 1962 Indo-China War and the India-Pakistan Wars in 1965 and 1971, the Indian government took possession of the movable and immovable property left behind by those who fled India as a result of the wars. These properties spread across various Indian states and were regarded as enemy properties.
Enemy Property Image
The office of the Custodian of Enemy Property for India (CEPI), is in charge of enemy possessions in India which was created under the Defence of India Act of 1939. Via the Custodian, this center essentially controls all enemy possessions in India. India and Pakistan signed the Tashkent Declaration in 1966 following the 1965 war, in which they promised to discuss the possible restoration of assets captured by either side during the conflict.
What exactly is the “enemy property law”?
This Act established in 1968, provided for the custody and management of the enemy property. As a result, of an increase in succession claims by the legitimate heirs of the original owners of enemy assets, the center was obliged to revise the 50-year-old statute in 2017. The bill’s text states naming particular examples that there have been many rulings by various courts, negatively impacting the authority of the CEPI (Custodian) and the government of India as granted under the Act.
Example
A 2005 Supreme Court decision had a significant impact on the sharp rise in the number of these lawsuits. When it came to the ownership of the estate of the former Raja of Mahmudabad, the Supreme Court decided in favor of his son, who asserted possession after his father died in 1973. His father owned many historic properties in Sitapur, Lucknow, and Nainital and fled India for Iraq during the partition. In 1957, he obtained Pakistani citizenship and then relocated to London, where he died. Raja’s wife and son remained in India as Indian citizens, despite this Raja’s estate was considered enemy property under the 1968 enemy property statute.
Supreme Court returned Raja’s inheritance to his son after an almost four-decade legal fight. But when the 2017 law’s regulations took effect retroactively, the order was declared void. The Enemy Property (Amendment and Validation) Bill, of 2016, was brought with the intention of amending the Enemy Property Act of 1968 and the Public Premises (Eviction of Unauthorized Occupants) Act of 1971. The Bill was adopted in parliament in March 2017 when the Lok Sabha passed it to broaden the meaning of ‘enemy’ and ‘enemy subject,’. The 2017 legislation specified that heirs of persons who cannot claim ownership over enemy possessions, who left India during the conflicts of 1962, 1965, and 1971, regardless of nationality.
Key Components Of The 2017 Enemy Property Law
Enemy definition
The terms “enemy” and “enemy subject” refer to any enemy’s legal heir and successor, whether they are Indian citizens or citizens of other countries that are not enemies. Regardless of the nationality of its members or partners, it will also include the succeeding firm of an enemy firm in the designation of “enemy firm”.
It also specifies that the law of succession, as well as any customs or potential uses controlling succession, will not apply to enemy property.
In-charge
The Custodian retains ownership of enemy property as per the Defence of India Rules, 1962. The enemy property will remain to vest in the Custodian, even if the enemy, enemy person, or enemy firm ceases to be an enemy owing to death, extinction, business wound up, or change of nationality. This holds true regardless of whether the legal heir or successor is an Indian or a citizen of a country that is not an enemy.
With the prior consent of the federal government, only the custodian can dispose of such properties. It states that the transfer of any property vested in the custodian will be illegal and any adversary, enemy subject, or enemy firm has no right and is never to be believed to have any right to transfer any property.
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